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, 2019

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: 001-36739  

STORE CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

Maryland	45-2280254
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

8377 East Hartford Drive, Suite 100, Scottsdale, Arizona 85255

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (480) 256-1100

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	STOR	New York Stock Exchange

Securities Registered Pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ⌧    No  ☐

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

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

Large accelerated filer	☒	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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of June 28, 2019 (the last business day of the registrant’s most recently completed second fiscal quarter), the aggregate market value of the registrant’s shares of common stock, $0.01 par value, held by non-affiliates of the registrant, was $7.6 billion based on the last reported sale price of $33.19 per share on the New York Stock Exchange on June 28, 2019.

As of February 19, 2020, there were 244,159,240 shares of the registrant’s common stock outstanding.

Documents Incorporated by Reference

Portions of Part III of this Form 10-K are incorporated by reference from the registrant’s definitive proxy statement for its 2020 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year.

TABLE OF CONTENTS

		Page Number
PART I
Item 1.	Business	2
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	32
Item 2.	Properties	32
Item 3.	Legal Proceedings	35
Item 4.	Mine Safety Disclosures	35
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	35
Item 6.	Selected Financial Data	37
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 8.	Financial Statements and Supplementary Data	54
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	84
Item 9A.	Controls and Procedures	84
Item 9B.	Other Information	84
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	84
Item 11.	Executive Compensation	85
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	85
Item 13.	Certain Relationships and Related Transactions, and Director Independence	85
Item 14.	Principal Accountant Fees and Services	85
PART IV
Item 15.	Exhibits and Financial Statement Schedules	86
Item 16.	Form 10-K Summary	90

PART I

In this Annual Report on Form 10-K, or this Annual Report, we refer to STORE Capital Corporation, a Maryland corporation, as “we,” “us,” “our,” “the Company,” “S|T|O|R|E” or “STORE Capital,” unless we specifically state otherwise or the context indicates otherwise.

Forward-Looking Statements

This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities and trends in our business, including trends in the market for long-term, triple-net leases of freestanding, single-tenant properties. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this Annual Report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see “Item 1A. Risk Factors” elsewhere in this Annual Report. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation:

● the performance and financial condition of our customers;

● our ability to raise debt and equity capital on attractive terms;

● real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for customers in such markets;

● potential defaults (including bankruptcy or insolvency) on, or non-renewal of, leases by customers;

● decreased rental rates or increased vacancy rates;

● real estate acquisition risks, including our ability to identify and complete acquisitions and/or failure of such acquisitions to perform in accordance with projections;

● potential natural disasters and other liabilities and costs associated with the impact of climate change;

● litigation, including costs associated with defending claims against us as a result of incidents on our properties, and any adverse outcomes;

● potential changes in the law or governmental regulations that affect us and interpretations of those laws and regulations, including changes in real estate and zoning or real estate investment trust tax laws;

● the impact of changes in the tax code as a result of federal tax legislation and uncertainty as to how such changes may be applied;

● financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and that we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms at all;

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● lack of or insufficient amounts of insurance;

● our ability to maintain our qualification as a real estate investment trust;

● our ability to retain key personnel;

● possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us; and

● the factors included in this report, including those set forth under the headings “Business,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Annual Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.

Item 1. BUSINESS

Overview

General. S|T|O|R|E is an internally managed net-lease real estate investment trust, or REIT, that is the leader in the acquisition, investment and management of Single Tenant Operational Real Estate, or STORE Properties, which is our target market and the inspiration for our name. A STORE Property is a real property location at which a company operates its business and generates sales and profits, which makes the location a profit center and, therefore, fundamentally important to that business.

S|T|O|R|E continues the investment activities of our senior leadership team, which has been investing in single-tenant operational real estate for over 30 years. We are one of the largest and fastest-growing net-lease REITs, and own a well-diversified portfolio that consists of investments in 2,504 property locations operated by 478 customers across 49 states as of December 31, 2019. Our customers operate across a wide variety of industries within the service, retail and manufacturing sectors of the U.S. economy, with restaurants, early childhood education centers, health clubs, furniture stores and automotive repair and maintenance services representing the top industries in our portfolio.

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The following table depicts the growth in our investment portfolio since our inception in 2011.

Our Total Investment Portfolio at Period End

Status as a REIT. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, which we refer to as the Code, commencing with our initial taxable year ended December 31, 2011. To continue to qualify as a REIT, we must continue to meet certain tests which, among other things, require that our assets consist primarily of real estate assets, our income be derived primarily from real estate assets, and that we distribute at least 90% of our REIT taxable income (other than our net capital gains) to our stockholders annually.

The Net-Lease Model. S|T|O|R|E is a net-lease REIT. Accordingly, we acquire STORE Properties from business owners, and then lease the properties back to the business owners under net-leases, substantially all of which are triple-net. Under a triple-net lease, our customer (the tenant) is solely responsible for operating the business conducted at the property subject to the lease, keeping property and improvements in good order and repair, remodeling and updating the building as it deems appropriate to maximize business value, and paying the insurance, property taxes and other property-related expenses.  Under the triple-net lease model, therefore, S|T|O|R|E is not a real estate operator; rather, we provide real estate financing solutions to customers seeking a long-term, lower-cost alternative to real estate ownership. Following our acquisition of a property, it is our customer, and not S|T|O|R|E, that controls the property, including with respect to decisions as to when and how to implement environmentally sustainable practices at a given property.

Our Corporate Responsibility. S|T|O|R|E’s beginning was inspired by our belief that we could make a positive difference for real estate intensive businesses across the U.S. by delivering innovative and superior real estate capital solutions. That belief has guided our efforts to bring much needed capital and liquidity opportunities to middle market businesses which, in turn, have brought value creation and growth to our most integral stakeholders: our customers, stockholders and employees. While we do not control the business operations at our properties, as the property owner, we nevertheless recognize that the operation of commercial real estate assets can have a meaningful impact on the environment – particularly with respect to resource consumption and waste generation – and on the health of building occupants. We believe that being conscious of, and seeking to address, environmental impacts within our control, and supporting our customers to do the same in their businesses, plays a role in building and sustaining successful enterprises and, thus, is material to the success of our own business. In addition, we are committed to operating our business responsibly, guarding our valuable reputation and creating long-term and sustainable value for our company through a robust business model and attentiveness to our many stakeholders.  S|T|O|R|E is committed to playing an important role for middle market and larger companies across the U.S. in order to help them succeed, while making a positive impact on our collective communities, both today and for future generations.

2019 Highlights

● During the year ended December 31, 2019, we invested approximately $1.7 billion in 350 property locations.

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● As of December 31, 2019, our total gross investment in real estate had reached approximately $8.8 billion, of which $5.3 billion was unencumbered. Our long-term outstanding debt totaled $3.6 billion at December 31, 2019, and, at that date, approximately $2.4 billion of our total long-term debt was secured debt and approximately $3.5 billion of our investment portfolio served as collateral for these outstanding borrowings.

● For the year ended December 31, 2019, we declared dividends totaling $1.36 per share of common stock to our stockholders. In the third quarter of 2019, we raised our quarterly dividend 6.1% from our previous quarterly dividend amount.

● During 2019, we raised aggregate net proceeds of $650.5 million from sales of shares under our “at the market”, or ATM, equity offering program. As of December 31, 2019, we had the ability to offer and sell up to an additional $700.0 million of our shares of common stock under our $900.0 million ATM authorization established in November 2019.

● In February 2019, we completed our second public debt offering, issuing $350.0 million in aggregate principal amount of unsecured, investment-grade rated 4.625% Senior Notes, due in March 2029.

● In November 2019, we marked our ninth issuance of net-lease mortgage notes under our STORE Master Funding debt program; we issued a total of $508.0 million of net-lease mortgage notes, of which $326.0 million are rated AAA with the remainder rated A+. Of the $508.0 million issued, $380.0 million has a 15-year term. The weighted average coupon rate of the AAA rated notes is 3.44% and the weighted average coupon rate of the A+ rated notes is 4.19%.

● In the fourth quarter of 2019, in conjunction with the $508.0 million STORE Master Funding debt issuance, we prepaid, without penalty, STORE Master Funding notes with an aggregate balance of approximately $186.1 million at the time of prepayment; these notes were scheduled to mature in 2020 or 2021 and bore a weighted average coupon rate of 4.22%.

Our Target Market

We are the leader in providing real estate financing solutions principally to middle-market and larger businesses that own STORE Properties and operate within the broad-based service, retail and manufacturing sectors of the U.S. economy. We have designed our net-lease solutions to provide a long-term, lower-cost way to improve our customers’ capital structures and, thus, be a preferred alternative to real estate ownership. We estimate the market for STORE Properties to exceed $3.4 trillion in market value and to include more than 2.0 million properties.

We define middle-market companies as those having approximate annual gross revenues of between $10 million and $1.0 billion, although approximately 20% of our customers have annual revenues in excess of $1.0 billion. The median annual revenues of our 478 customers was approximately $55 million and, on a weighted average basis, our average customer has revenues of approximately $853 million. Most of our customers do not have credit ratings, while some have ratings from rating agencies that service insurance companies or fixed-income investors. Most of these non-rated companies either prefer to be unrated or are simply too small to issue debt rated by a nationally recognized rating agency in a cost-efficient manner.

The financing marketplace for STORE Properties is highly fragmented, with few participants addressing the long-term capital needs of middle-market and larger non-rated companies. While we believe our net-lease financing solutions can add value to a wide variety of companies, we believe the largest underserved market and, therefore, our greatest opportunity is non-rated, bank-dependent, middle-market and larger companies that generally have less access to efficient sources of long-term capital.

Our customers typically have the choice either to own or to lease the real estate they use in their daily businesses. They choose to lease for various reasons, including the potential to lower their cost of capital, as leasing supplants traditional financing options that tie up equity in the real estate. Leasing is also viewed as an attractive alternative to our customers because it generally locks in scheduled payments, at lower levels and for longer periods, than traditional financing options; these factors are viewed favorably relative to the amounts funded.

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Whether companies elect to rent or own the real estate they use in their businesses is most often a financial decision. For the few highly capitalized large companies that possess investment-grade credit ratings, real estate leasing tends to be viewed as a substitute for corporate borrowings that they could otherwise access (so long as they remain highly rated and equitized). With real estate leases often bearing rental costs that exceed corporate term borrowing costs, such companies elect to rent for strategic reasons. Such reasons may include the long-term flexibility to vacate properties that are no longer strategic, the permanence of lease capital which lessens potential refinancing risk should corporate credit ratings deteriorate, the lack of corporate financial covenants associated with leasing and the ability to harness developers to effectively outsource their real estate development needs. The primary motivations for S|T|O|R|E’s middle market and larger customers tend to be different. For such companies, real estate leasing solutions offer the potential to lower their cost of capital. In addition to these primary economic motivations, real estate leasing offers the potential for greater corporate flexibility, which is a hallmark of S|T|O|R|E’s approach and which offers the potential for further tenant wealth creation. Important tenant concerns include lease assignability, property substitution rights, property closure rights and the ability of S|T|O|R|E to assist with property expansion and lease contract modification. We believe that our customers select us as their landlord of choice principally as a result of our service, comparative business flexibility and the tailored net-lease solutions we provide.

We believe the demand for our net-lease solutions has grown as a result of the current bank regulatory environment. In our view, the increased scrutiny and regulation of the banking industry in response to the collapse of the housing and mortgage industries from 2007 to 2009, particularly with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Dodd-Frank Act, and the Basel Accords issued by the Basel Committee on Banking Supervision, have constrained real estate lending practices and limited desirable term debt real estate borrowing options. Real estate leasing today represents a highly desirable component of corporate capitalization strategies due, in part, to the unavailability of long-term, fixed rate commercial real estate mortgage financing with important features such as affordable prepayment and modification options or loan assignability.

S|T|O|R|E was formed to capitalize on a large market opportunity resulting from the widespread need amongst middle market and larger companies for efficient corporate real estate capital solutions. We believe our opportunities include both gaining market share from the fragmented network of net-lease capital providers and growing the market by creating demand for our net-lease solutions that meet the long-term real estate capital needs of these companies.

The estimated $3.4 trillion market of STORE Properties is divided into three primary industry sectors and various industry sub-sectors. The primary sectors and their proportion of this $3.4 trillion market of STORE Properties are service at 42%, retail at 46% and manufacturing at 12%. The sub-sectors included within each primary sector are summarized in the table below.

Service	Retail	Manufacturing
Restaurants	Big box retail	Industrial profit-centers
Education	Specialty retail	Light manufacturing
Fitness centers	Grocery
Transportation	Drug stores
Automotive services	Automotive (new and used)
Family entertainment

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Within the sub-sectors, the market for STORE Properties is further subdivided into a wide variety of industries within the service, retail and manufacturing sectors, such as:

Automotive parts stores	Movie theaters
Cold storage facilities	Office supplies retailers
Department stores	Pet care facilities
Discount stores	Rental centers
Early childhood education	Secondary education
Family entertainment facilities	Supermarkets
Fast food restaurants	Truck stops
Full service restaurants	Wholesale clubs
Furniture stores

Although many of these industries are represented within our diverse property portfolio, S|T|O|R|E primarily targets service sector properties that represent a broad array of everyday services (such as restaurants and health clubs), are located near customers targeted by the business operating on the property and are for services not readily available online. Although not our primary focus, the retail sector assets we target are primarily located in retail corridors, tend to be internet resistant and include a high experiential component, such as furniture and hunting and fishing stores. In the manufacturing sector we typically target properties across a broad array of industries that are located in industrial parks near customers and suppliers, and that are operated by businesses that produce everyday necessities. As of December 31, 2019, our portfolio of investments in STORE Properties was diversified across more than 100 industries, of which 65% was in the service sector, 19% was in the retail sector and 16% was in the manufacturing sector, based on annualized revenue.

Our Asset Class: STORE Properties

STORE Properties are a unique asset class that inspired the formation of S|T|O|R|E and our company name. STORE (Single Tenant Operational Real Estate) Properties are profit-center real estate locations on which our customers conduct their businesses and generate revenues and profits. The defining characteristic of STORE Properties is the number of payment sources: STORE Properties have the following three payment sources, whereas all other commercial real estate assets have just two.

● Unit-Level Profitability. STORE Properties are distinguished by the primary source of their rent payment, which comes directly from the profits produced by the business operations at the real estate locations we own, which we refer to as unit-level profitability. While it is a common perception that the tenant under a lease is the primary source of the rent payment (as distinguished from the business unit operating at the leased site), we have observed a historic pattern in which tenants in corporate insolvencies seek to vacate unprofitable locations while retaining profitable ones, which indicates that the profitability of the location is the main indicator of a tenant’s long-term ability to pay. Because insolvent tenants historically retain profitable locations while seeking to vacate unprofitable ones, it is fundamentally important for S|T|O|R|E to collect and review the unit-level financial statements of the businesses our customers operate at our real estate locations, which is a key component of our business model. As of December 31, 2019, approximately 98% of the properties in our portfolio are subject to unit-level financial reporting requirements. Without access to unit-level financial reporting for the business activities conducted on the properties we own, it is difficult to accurately assess our customer’s business and, thus, the quality of the most important, and primary, source for our rent payments.

● Customer Credit Quality. In addition to the unit-level profitability of the business on the real estate we own, our customers’ overall financial health, or credit quality, serves as a secondary source of payment. Our customer’s credit can become the primary payment source if our unit is not profitable and our customer is required to divert cash flows from its other profitable locations or utilize other resources to pay our rents. However, we have seen that customer credit quality tends to be subject to greater volatility over time than unit-level profitability, because customer credit quality is not only a function of the unit-level profitability of the operations at our locations, but of the profitability of potentially many other existing and new assets owned and operated by our customer. Corporate financial health is also a function of many other decisions,

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such as optional changes in capital structure or growth strategies, as well as conditions in the marketplace for our customers’ products and services, that can change over time and that may have profound impacts on customer creditworthiness.

● Real Estate Residual Value. The final payment source that is common to all real estate investments is the residual value of the underlying real estate, which gives us the opportunity to receive rents from substitute tenants in the event our property becomes vacant. For S|T|O|R|E, this means more than just looking at comparable lease rates and transactions. Studies we have completed underscore the importance of investing in properties at or below their as-new replacement costs. We also review the local markets in which our properties are located and seek to have rents that are at or below prevailing market rents on a per square foot basis for comparable properties. Taking these steps protects S|T|O|R|E and our customers by making it easier for us to assign, sell or sublease properties that our customers may want to sell, reposition or vacate as part of their capital efficiency strategies.

Creating Investment-Grade Contracts

From our inception in 2011, based upon the experiences gained by our founding leadership team over more than 30 years and two prior successful public companies, we have emphasized and uniquely disclosed information regarding the net-lease contracts we create with our tenants. We believe that our net-lease contracts, and not simply tenant or real estate quality, are central to our potential to deliver superior long-term risk-adjusted rates of return to our stockholders. Contract quality embodies tenant and real estate characteristics, together with other investment attributes we believe are highly material. Contract attributes include the prices we pay for the real estate we own, inclusive of the prices relative to new construction cost. As of December 31, 2019, our average investment approximated 81% of replacement cost, a statistic that has been relatively stable since 2015. Other important contract attributes include the ability to receive unit-level financial statements, which allows us to evaluate unit-level cash flows relative to the rents we receive. As of December 31, 2019, the median ability of the properties we own to cover our rents, inclusive of an allowance for indirect costs, approximated 2.2:1, which has also held fairly stable since 2015. Likewise, over many years of providing real estate net-lease capital, we have determined that tenant alignments of interest are highly important. Such alignments of interest can include full parent company recourse, credit enhancements in the form of guarantees, cross default provisions and the use of master leases. Master leases are individual lease contracts that bind multiple properties and offer landlords greater security in the event of tenant insolvency and bankruptcy. Whereas individual property leases provide tenants with the opportunity to evaluate the desirability and viability of each individual property they rent in the event of a bankruptcy, master leases bind multiple properties, permitting landlords to benefit from aggregate property performance and limiting tenants’ ability to pick and choose which leases to retain. As of December 31, 2019, 92% of our multi-property net-lease contracts were in the form of master leases. Contract economic terms are also highly important because they can enhance margins of safety. During 2019, our weighted average initial lease rate was 7.8%, with annual contractual lease escalations averaging an added 1.9% of contract rents. We believe that our initial yields, on average, range from 10% to 15% above those expected by investors seeking real estate investment opportunities through the broker auction market, which provides us greater flexibility to preserve and enhance returns. Other important tenant contract considerations include indemnification provisions, lease renewal rights, and the ability to sublease and assign leases, as well as qualitative considerations, such as alternative real estate use assessment and the composition of a tenant’s capitalization structure.

Since our November 2014 initial public offering, S|T|O|R|E’s extensive contract attribute disclosure has uniquely included a tenant credit quality distribution chart, employing computed implied credit ratings applied to regularly received tenant financial statements using Moody’s Analytics RiskCalc. Since tenant credit ratings are merely one component of contract risk, we developed a means to deliver a base quantitative contract quality estimate. Our approach was to modify risk of tenant insolvency, as estimated by the Moody’s algorithm, by our own estimate of the likelihood of property closure, based on the regularly monitored profitability of the properties bound by each lease contract we create. To accomplish this, we established a simple range of property closure likelihood ranging from 10% to 100% based upon property profitability ranges from breakeven to a computed ability to cover our rents twice over. Multiplying tenant estimated insolvency probability (Moody’s Analytics RiskCalc) by our estimate of the probability of property closure results in a contract risk measurement that we call the STORE Score and which we regularly and uniquely disclose.

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Our Competitive Strengths

We have a market-leading platform for the acquisition, investment in and management of STORE Properties that simultaneously creates value for stockholders and customers through our five corporate competencies.

● Investment Origination. S|T|O|R|E was formed to fill a need for efficient long-term real estate capital for middle-market and larger customers. We do this principally through a solutions-oriented approach that includes the use of lease contracts that address our customers’ needs and that strive to provide superior value for our customers over other financial options they may have to capitalize their businesses. A S|T|O|R|E hallmark is our ability to directly market our real estate lease solutions to middle market and larger companies nation-wide, harnessing a geographically focused team of experienced relationship managers at our home office. Approximately 80% of our investments, by dollar volume, have been originated by our internal origination team through direct new customer solicitations and a strong level of repeat business from existing customers. By creating demand for our services, we maintain a large pipeline of investment opportunities, which we estimate to be $12.1 billion as of December 31, 2019. Our objective is to be both highly selective and achieve higher rates of return than our stockholders could achieve if they sought to acquire profit-center real estate on their own.

● Investment Underwriting. Our senior leadership team has developed our methods of risk evaluation over more than 30 years and across investments of more than $19.0 billion in approximately 10,000 STORE Properties. Our investment underwriting approach centers on evaluations of unit-level and corporate-level financial performance, together with detailed real estate valuation assessments, which is reflective of the characteristics of the STORE Property asset class. We have combined our underwriting approach with our portfolio management systems to capture and track computed customer credit ratings as well as the performance of the businesses conducted at the properties we own (unit-level performance). Our focus on STORE Properties, which are profit-centers for our tenants, enables us to create lease contracts having payment performance characteristics that are generally materially superior to the implied credit ratings of our diverse tenant base. Through our underwriting and portfolio management approach, we track, measure and report investment performance, with the investment underwriting goal to create a diverse portfolio centered on investment-grade quality contracts. As of December 31, 2019, we estimate that the net portfolio losses we have experienced due to credit events experienced by our customers have averaged 0.2% per year of the total investments we have made since we began in 2011 based on average annual credit events of 1.0% and average annual net credit losses of 0.3% offset by average annual gains on property sales of 0.1%, which is reflective of our underwriting and portfolio management guidelines.

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● Investment Documentation. Because we believe purchase and lease contracts are the principal determinants of investment risk, we have always emphasized the importance of our investment documentation. The purchase documentation process includes the validation of investment underwriting through our due diligence process, which includes our initiation and receipt of third-party real estate valuations, title insurance, property condition assessments and environmental reports. When we are satisfied with the results and outcome of our pre-acquisition due diligence process, we enter into a lease with the seller. Our lease documents incorporate lessons learned over decades to forge balanced contracts characterized by important alignments of interest, including strong enforcement provisions. Altogether, our documentation process, like our approach to investment underwriting, is integral to investment quality and designed to offer our investors a value that most could not create for themselves.

● Portfolio Management. Net-lease real estate investment portfolios require active management to realize superior risk-adjusted rates of return. S|T|O|R|E represents our senior leadership team’s third, and most highly developed and scalable, servicing platform. We are virtually paperless and can access detailed information on our large diversified portfolio from practically anywhere and at any time. For over 30 years, our senior leadership team has learned how to monitor unit-level profit and loss statements, customer corporate financial statements and the timely payment of property taxes and insurance in order to gauge portfolio quality. Having such systems is central to our ability to effectively monitor and reduce customer credit risk at the property level, which, in turn, allows us to place greater focus on effectively managing the minority of investments that may have higher risks. We believe these systems, when combined with our high degree of financial and operating flexibility, allow us to realize better stockholder risk-adjusted rates of return on our invested capital.

● Financial Reporting and Treasury. We consider and evaluate our corporate financing strategies with the same emphasis as our real estate investment strategies. Under our financing strategy, borrowings must: prudently improve stockholder returns; be structured to provide portfolio flexibility and minimize our exposure to changes in long-term interest rates; be structured to optimize our cost of financing in a way that will enhance investor rates of return; and contribute to corporate governance by enhancing corporate flexibility. Our senior leadership team has extensive experience with diverse liability strategies. Today, we are one of the few REITs able to employ our own AAA rated borrowing source, while simultaneously maintaining investment-grade corporate credit ratings. We have designed and implemented strategies that add value to our investors by offering a more efficient means to finance real estate than they could otherwise do on their own. At the same time, the flexibility we derive from our liability strategies can also result in important flexibility for our customers.

Our Business and Growth Strategies

Our objective is to continue to create stockholder value through sustained investment and management activities designed to increase distributable cash flows and deliver attractive risk-adjusted rates of return from a growing, diverse portfolio of STORE Properties. To accomplish this, our principal business and growth strategies are as follows:

● Focus on Middle-Market and Larger Companies Operating STORE Properties. We believe we have selected the most attractive investment opportunity within the net-lease market, STORE Properties, and targeted the most attractive customer type within that market, middle-market and larger non-investment-grade-rated companies. We focus on this market given its strong fundamentals and the limited long-term financing solutions available to the companies in it. Within the net-lease market for STORE Properties, our value proposition is most compelling to middle-market and larger, bank-dependent companies, most of which are not rated by any nationally recognized rating agency due to their size or capital markets preferences, but who have strong credit metrics and operate within broad-based industries having the potential for sustained relevance.

● Realize Stable Income and Internal Growth. We seek to make investments that generate strong and stable current income as a result of the difference, or spread, between the rate we earn on our assets (primarily our lease revenues) and the rate we pay on our liabilities (primarily our long-term debt). We augment that income with internal growth. We seek to realize superior internal growth through a combination of (1) a target

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dividend payout ratio that permits a meaningful level of free cash flow reinvestment and (2) cash generated from the estimated 1.8% weighted average annual escalation of base rent and interest in our portfolio (as of December 31, 2019, as if the escalations in all of our leases were expressed on an annual basis). We benefit from contractual rent escalations, as approximately 99% of our leases and loans (as of December 31, 2019, by annualized base rent and interest) have escalations that are either fixed (14% of our leases and loans) or based on the Consumer Price Index, or CPI (85% of our leases and loans). A final means of internal growth is the accretive redeployment of cash realized from the occasional sale of real estate. During 2019, we divested $428.9 million of real estate at a net gain of $18.8 million over our initial cost which we were able to redeploy. We believe these three means of internal growth will enable strong cash flow growth without relying exclusively on future common stock issuances to fund new portfolio investments.

● Capitalize on Direct Origination Capabilities for External Growth. As the market leader in STORE Property investment originations, we plan to complement our internal growth with external growth driven by continued new investments funded through future equity issuances and borrowings to expand our platform and raise investor cash flows.

● Actively Manage our Balance Sheet to Maximize Capital Efficiency. We seek funding sources that enable us to lock in long-term investment spreads and limit interest rate sensitivity. We also seek to maintain a prudent balance between the use of debt (which includes our own STORE Master Funding program, unsecured term notes, commercial mortgage-backed securities borrowings, insurance borrowings, bank borrowings and possibly preferred stock issuances) and equity financing. During 2017, we received a rating of Baa2, stable outlook, from Moody’s Investors Service and received a credit rating upgrade to BBB, stable outlook, from both S&P Global Ratings and Fitch Ratings. As of December 31, 2019, our secured and unsecured long-term debt had an aggregate outstanding principal balance of $3.6 billion, a weighted average maturity of approximately seven years and a weighted average interest rate of 4.3%.

● Increase our portfolio diversity. As of December 31, 2019, we had invested approximately $8.8 billion in 2,504 property locations, substantially all of which are profit centers for our customers. Our portfolio is highly diversified; built on an average transaction size of just over $9.0 million, we now have over 475 customers (having added an average of approximately 14 net new customers quarterly since inception) operating across more than 700 different brand names, or business concepts, across 49 states and over 100 industry groups. Our largest customer represented 2.8% of our portfolio as of December 31, 2019, based on annualized base rent and interest. Our portfolio’s diversity decreases the impact on us of an adverse event affecting a specific customer, industry or region, thereby increasing the stability of our cash flows. We expect that additional acquisitions in the future will further increase the diversity of our portfolio and, from time to time, we may sell properties in our portfolio to improve overall portfolio credit quality or diversity.

● Engage with our tenants. In 2019, we initiated a tenant outreach program designed to gauge our tenants’ current sustainability practices, provide them with sustainability education and support resources, and encourage them to engage in sustainable practices, including reducing power usage, saving water, assessing building equipment, and implementing other energy-efficiency upgrades. We believe that effective encouragement of sustainability initiatives, particularly related to energy, water and indoor environmental quality, can lead to the adoption of practices that can drive business and real estate value appreciation, decrease operating costs and mitigate regulatory risks.  

Environmental Risk Management

We are committed to environmental sustainability and the mitigation of environmental risks in connection with the development of our property portfolio. This commitment reflects the fact that the properties we acquire are subject to both state and federal environmental regulations, but, more importantly, it aligns with our belief that being conscious of, and seeking to address and manage environmental risks within our control, and supporting our customers to do the same in their businesses, plays a role in building and sustaining successful enterprises; and, thus, is material to the success of our own business.

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Our commitment to environmental sustainability begins before we acquire a real estate asset and is evident through each stage of the acquisition process.

● When assessing a target company, we engage a nationally recognized and insured environmental engineer to perform a Phase I environmental site assessment against current industry standards and evaluate any recognized environmental conditions (RECs) identified in the assessment. We also conduct a separate, property-level sustainability assessment through an independent third party.

● When we identify a REC, we take appropriate mitigating action, which may include conducting a Phase II environmental assessment, submitting the property into a voluntary clean-up program, purchasing an environmental insurance policy, and remediating the REC in accordance with regulatory requirements,

● When we are satisfied with the results and outcome of our pre-acquisition due diligence process, we enter into a lease with the seller pursuant to which the seller agrees to certain covenants and indemnities that typically require the seller to comply with applicable environmental laws and remediate or take other corrective action should any environmental issues arise.

We may take additional actions in situations where a target property may be subject to risks associated with climate change, particularly as a result of being located in a geographic area susceptible to floods, hurricanes, tornados, earthquakes or other climate-related occurrences. These additional steps and actions may include: maintaining comprehensive environmental insurance coverage for specified properties in our portfolio to ensure that there are financial resources available to conduct safe and timely remediation in the event of an unforeseen environmental issue; and preparing for climate-related natural disasters by requiring our tenants to carry insurance, including fire, wind/hail, earthquake, flood and other extended coverage where appropriate given the relative risk of loss, geographic location and industry best practices.

Competition

We face competition in the acquisition and financing of STORE Properties from numerous investors, including, but not limited to, traded and non-traded public REITs, private equity investors and other institutional investment funds, as well as private wealth management advisory firms that serve high net worth investors (also known as family offices), some of which have greater financial resources than we do, a greater ability to borrow funds to acquire properties and the willingness to accept more risk. We also believe that competition for real estate financing comes from middle-market business owners themselves, many of whom maintain a preference to own, rather than lease, the real estate they use in their businesses. The competition we face may increase the demand for STORE Properties and, therefore, reduce the number of suitable acquisition opportunities available to us or increase the price we must pay to acquire STORE Properties. This competition will increase if investments in real estate become more attractive relative to other forms of investment.

Human Capital

We believe that to continue to deliver strong financial results, we must provide and maintain a work environment that: attracts, develops, and retains top talent; affords our employees an engaging work experience that allows for career development and opportunities for meaningful civic involvement; and enables every employee at every level to be treated with dignity and respect, to be free from discrimination and harassment, and to devote their full attention and best efforts to performing their job to the best of their respective abilities. We have adopted a companywide Policy Statement on Human Rights that underscores our commitment to these principles. As part of our commitment:

● We seek to foster a diverse and vibrant workplace of individuals who possess a broad range of experiences, backgrounds and skills, starting at the top. At the executive level, three of our nine directors, two of our five executive officers, and eight of our fourteen officers at the level of senior vice president and above are women, and overall, we have a deep bench of men and women who are collectively fully capable of professionally operating the business and fulfilling the S|T|O|R|E vision.

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● We empower our employees through employee-run engagement committees that develop and influence new employee onboarding, personal growth and professional development programs, company social and team-building events, and health and wellness programs.

● We actively support charitable organizations that promote education and social well-being and we encourage our employees to personally volunteer with organizations that are meaningful to them. For example, we proudly sponsor local charities such as the Juvenile Diabetes Research Foundation and our employees volunteer in local charitable organizations such as Arizona Helping Hands and the Society of St. Vincent de Paul.

As of December 31, 2019, we had 97 full-time employees, an increase of 7.8% over the total at December 31, 2018, all of whom are located in our single office in Scottsdale, Arizona. None of our employees are subject to a collective bargaining agreement. We consider our employee relations to be good.

Insurance

Our leases and loan agreements typically require our customers to maintain insurance of the types and in the amounts that are usual and customary for similar commercial properties, including commercial general liability, fire and extended loss insurance provided by reputable companies, with commercially reasonable exclusions, deductibles and limits, all as verified by our independent insurance consultant.

Separately, we purchase contingent liability insurance, in excess of our customers’ liability coverage, to provide us with additional security in the event of a catastrophic claim.

Regulations and Requirements

Our properties are subject to various laws and regulations, including regulations relating to fire and safety requirements, as well as affirmative and negative contractual covenants and, in some instances, common area obligations.  Our customers have primary responsibility for complying with these regulations and other requirements pursuant to our lease and loan agreements.  We believe that each of our customers has the necessary permits and approvals to operate and conduct their businesses on our properties.

About Us & Available Information

We were incorporated under the laws of Maryland on May 17, 2011. Since our initial public offering in November 2014, shares of our common stock have traded under the ticker symbol “STOR” on the New York Stock Exchange, or NYSE. Our offices are located at 8377 E. Hartford Drive, Suite 100, Scottsdale, Arizona 85255. We currently lease approximately 27,800 square feet of office space from an unaffiliated third party. Our telephone number is (480) 256-1100 and our website is www.storecapital.com.

We electronically file with the Securities and Exchange Commission, or the SEC, our annual reports on
Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, pursuant to Section 13(a) of the Exchange Act. You may obtain a free copy of our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to those reports, on the day of filing with the SEC on our website, or by sending an email message to info@storecapital.com.

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Item 1A. RISK FACTORS

There are many factors that affect our business, financial condition, operating results, cash flows and distributions, as well as the market prices for our securities. The following is a description of important factors that may cause our actual results of operations in future periods to differ materially from those currently expected or discussed in forward-looking statements set forth in this Annual Report. The risks and uncertainties described below are not the only risks we face. Additional risks and uncertainties not presently known to us or that we may currently deem immaterial also may impair our business operations. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Annual Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law. See “Forward-Looking Statements.”

Risks Related to Our Business and Operations

The success of our business depends upon the success of our customers’ businesses.

We lease substantially all of our properties to customers who generate sales and profits from businesses operated at the leased properties. We underwrite and evaluate investment risk based on our belief that our customers’ most important, and primary, source of payment for our leases and loans is the profitability of the businesses operated at the leased properties, which we refer to as “unit-level profitability.” While a customer may have other sources of payment to meet its lease or loan obligations to us, we believe the success of our investments materially depends upon whether our customers successfully operate their businesses and maintain financial stability, and thus generate unit-level profitability, at the location or locations we acquire and lease back or finance. The financial failure of, or other default by, one of our customers under its lease is likely to cause a significant or complete reduction in the operating cash flow generated by the property leased to that customer and might decrease the value of that property and result in a non-cash impairment charge.

Changes in macroeconomic trends may adversely affect our customers.

The success of most of the businesses represented in our portfolio depends on the willingness of consumers to use discretionary income to purchase their products or services. Currently, we believe that many of the businesses operated by our customers are favorably impacted by current macroeconomic trends that support consumer spending, such as generally declining unemployment and positive consumer sentiment. Economic conditions are cyclical, and developments that discourage consumer spending, such as increasing unemployment, wage stagnation, decreases in the value of real estate and/or financial assets, inflation or increasing interest rates, or a downturn in the national economy or the regional and local economies where our properties are located, could adversely affect our customers, impair their ability to meet their lease obligations to us and materially and adversely affect us.

The value of our real estate is subject to fluctuation.

We are subject to all of the general risks associated with the ownership of real estate. While the revenues from our leases are not directly dependent upon the value of the real estate owned, significant declines in real estate values could adversely affect us in many ways, including a decline in the residual values of properties at lease expiration, possible lease abandonments by our customers, and a decline in the attractiveness of triple-net lease transactions to potential sellers.

Some service and retail customers may be susceptible to e-commerce pressures.

Most of our portfolio is leased to or financed with customers operating service or retail businesses on our property locations. Restaurants, early childhood education centers, health clubs, furniture stores, and automotive repair and maintenance services represent the largest industries in our portfolio; Fleet Farm, Ashley Furniture HomeStore, Art Van Furniture, Cabela’s and AMC Theaters represent the largest concepts in our portfolio. Service and retail businesses using physical outlets face increasing competition from alternate methods of purchasing goods and services, including online service providers and retailers. While we believe the businesses in our portfolio are generally more insulated from e-commerce pressure than many others, businesses previously thought to be internet resistant, such as the retail grocery industry, have proven to be susceptible to competition from online providers. Technology and business conditions, particularly in the retail industry, are rapidly changing, and our customers may be adversely affected by technological

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innovation, changing consumer preferences and competition from non-traditional sources. To the extent our customers face increased competition from non-traditional competitors, such as online vendors, some of which may have different business models and larger profit margins, their businesses could suffer. There can be no assurance that our customers will be successful in meeting any new competition, and a deterioration in our customers’ businesses could impair their ability to meet their lease obligations to us and materially and adversely affect us.

Default by one or more of our customers could materially and adversely affect us, and bankruptcy laws will limit our remedies.

Any of our customers may experience a downturn in its business at any time that may significantly weaken its financial condition or cause its failure. As a result, such customer may decline to extend or renew its lease upon expiration, fail to make rental payments when due or declare bankruptcy. Any claims against bankrupt customers for unpaid future rent would be subject to statutory limitations that would likely result in our receipt of rental revenues, if any, that are substantially less than the contractually specified rent we are owed under their leases. While we are generally subject to this risk because our triple-net leases generally involve a single tenant, this risk is magnified in situations where we lease multiple properties to a single customer under a master lease, as a customer failure or default under a master lease could reduce or eliminate rental revenue from multiple properties. In addition, any claim we have for unpaid past rent will most likely not be paid in full. If a customer becomes bankrupt or insolvent, federal law may prohibit us from evicting such customer based solely upon such bankruptcy or insolvency, and we may face issues recovering the premises from the tenant promptly or from a trustee or debtor-in-possession in any bankruptcy proceeding relating to the tenant. We may also be unable to re-lease a terminated or rejected space, on comparable terms or at all, or sell a vacant space. Following a vacancy at a property, we will be responsible for all of the operating costs at such property until it can be sold or re-let, if at all.

Our investments are concentrated in the middle-market sector, and we would be adversely affected by an economic downturn or an excess of STORE Properties for rent in that sector.

Our target market is middle-market companies that operate their businesses out of one or more locations that generate unit-level profitability for the business. Historically, many companies prefer to own, rather than lease, the real estate they use in their businesses. A failure to increase demand for our products by, among other ways, failing to convince middle-market companies to sell and lease back their STORE Properties, a decrease in the demand of middle-market companies to rent STORE Properties, or an increase in the availability of STORE Properties for rent could materially and adversely affect us.

Adverse economic conditions could harm our returns and profitability.

Our operating results may be affected by market and economic challenges and uncertainties, which may result from a continued or exacerbated general economic slowdown experienced by the nation as a whole, by the local economies where our properties are located or our customers conduct business, or by the real estate industry in particular. These economic challenges and uncertainties may result in:

● customer defaults or non-renewals under leases, including as a result of constricted access to credit;

● reduced demand for our net-lease solutions, forcing us to offer concessions or reduced rental rates when re-leasing properties; and

● adverse capital and credit market conditions that may restrict our operating activities.

Also, to the extent we purchase real estate in an unstable market, we are subject to the risk that if the real estate market ceases to attract the same level of capital investment in the future that it attracts at the time of our purchases, or the number of companies seeking to acquire properties decreases, the value of our investments may not appreciate or may decrease significantly below the amount we paid. The length and severity of any economic slowdown or downturn cannot be predicted. Our operations could be negatively affected to the extent that an economic slowdown or downturn is prolonged or becomes more severe.

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In addition, the U.S. government, beginning in early 2018, has imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, including as a result of the United Kingdom’s decision to leave the European Union, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect our customers’ business and, consequently, impact their ability to satisfy their financial obligations to us.

Geographic or industry concentrations lessen the diversity of our portfolio and may negatively affect our financial results.

Our operating performance is impacted by the economic conditions affecting the specific markets and industries in which we have concentrations of properties. As of December 31, 2019, the five states from which we derived the largest amount of our annualized base rent and interest were Texas (10.7%), Illinois (6.4%), Florida (5.4%), Georgia (5.2%) and Ohio (5.2%). In addition, as of December 31, 2019, 14.5% of the dollar amount of our investment portfolio was represented by properties dedicated to, and also 14.5% of our annualized base rent and interest was derived from customers operating in, the restaurant industry and, in the future, it is likely we will acquire additional restaurant properties. As a result of these concentrations, local economic and industry conditions, changes in state or local governmental rules and regulations, acts of nature and other factors in these states could result in a decrease in consumer demand for the products and services offered by our customers operating in those states or industries, which would have an adverse effect on our customers’ revenues, costs and results of operations, thereby adversely affecting their ability to meet their obligations to us. Because the restaurant industry represents a significant portion of our portfolio, a downturn in the restaurant industry may have a material adverse effect on us. As we continue to acquire properties, our portfolio may become more concentrated by customer, industry or geographic area. Such decreased diversity in our portfolio could cause us to be more sensitive to the bankruptcy or insolvency of fewer customers, to changes in consumer trends of a particular industry and to a general economic downturn in a particular geographic area. In addition, ongoing consolidation in the restaurant and retail industries could reduce the demand for our triple-net leases.

Failure of our underwriting and risk-management procedures to accurately evaluate a potential customer’s credit risk could materially and adversely affect our operating results and financial position.

Our success depends in part on the creditworthiness of our customers, which, since they are mostly middle-market companies, are not rated by any nationally recognized rating agency. We analyze the creditworthiness of our customers using Moody’s Analytics RiskCalc, our methodology of estimating probability of lease rejection and the STORE Score, each of which may be faulty, deficient, inaccurate or incomplete, or which otherwise may fail to adequately assess default risk. An expected default frequency (“EDF”) score from Moody’s Analytics RiskCalc is not the same as a published credit rating and lacks the extensive company participation that is typically involved when a rating agency publishes a rating; accordingly, an EDF score may not be as indicative of creditworthiness as a rating published by Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global, Inc. (“S&P”), or another nationally recognized statistical rating organization. Substantially all of our customers are required to provide corporate-level financial information to us periodically or, in some instances, at our request. EDF scores and the financial ratios we calculate are based on financial information provided to us by our customers and prospective customers without independent verification by us, may reflect only a limited operating history of the customer and require us to assume the appropriateness of estimates and judgments that were made by the party preparing the financial information. The probability of lease rejection we assign an investment may be inaccurate. Moreover, the risks we have identified as our principal risks may fail to incorporate significant risks of which we are unaware. If our underwriting procedures fail to properly assess the unit-level profitability, customer or corporate credit risk or real estate value of potential investments, then we may invest in properties and lease them to customers who ultimately default, and we may be unable to recover our investment by re-leasing or selling the related property, which could materially and adversely affect our operating results and financial position.

In addition, we use a proprietary information technology (“IT”) platform, which we developed to proactively manage our investment portfolio. Our IT platform offers customer relationship management and general ledger and servicing system integration, and includes the STORE Universal Database System (“SUDS”), which provides our management with access to lease abstracts, customer information, document scans, property data and servicing

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information. Our IT platform and SUDS may not capture all of the information needed to effectively mitigate the risk of customer default.

We have now, and may have in the future, exposure to contingent rent escalators, which may expose us to inflation risk and can hinder our growth and profitability.  

A substantial portion of our leases contain rent escalators, pursuant to which the base rent payable by the customer under the lease is periodically increased. Our leases that have contingent rent escalators indexed to future increases in the Consumer Price Index, or CPI, primarily adjust over a one-year period but may adjust over multiple-year periods. Generally, these escalators increase rent at the lesser of (i) 1 to 1.25 times the change in the CPI over a specified period or (ii) a fixed percentage. Under this formula, during periods of deflation or low inflation, small increases or decreases in the CPI will subject us to the risk of receiving lower rental revenue than we otherwise would have been entitled to receive if our rent escalators were based solely on fixed, rather than variable, rates. Conversely, in periods when inflation is higher, contingent rent increases may not keep up with the rate of inflation. In either event, our growth and profitability may be adversely affected. Higher inflation may also have an adverse impact on our customers if increases in their operating expenses exceed increases in revenue, which may adversely affect our customers’ ability to satisfy their financial obligations to us.

We depend on key personnel; the loss of their full service could impair our ability to operate successfully.

As an internally managed company, we rely on the experience, efforts and abilities of our senior leadership team and other key personnel. We cannot guarantee the continued employment of any of the members of our senior leadership team, each of whom could be difficult to replace, given their extensive market knowledge and the extent of the relationships they have developed with real estate professionals and financial institutions. The loss of services of one or more members of our senior leadership team, or our inability to attract and retain highly qualified personnel, could adversely affect our business and be negatively perceived in the capital markets, diminish our investment opportunities and weaken our relationships with lenders, business partners, and customers, all of which could materially and adversely affect us.

We may be unable to identify and complete acquisitions of suitable properties, which may impede our growth.

We acquire and intend to continue to acquire STORE Properties. Our ability to continue to acquire properties we believe to be suitable and compatible with our growth strategy may be constrained by numerous factors, including the following:

● We may be unable to locate properties that will produce a sufficient spread between our cost of capital and the lease rate we can obtain from a customer, in which case our ability to profitably grow our company will decrease.

● Because many customers we approach have historically preferred to own, rather than lease, their real estate, our ability to grow requires that we overcome those preferences and convince customers that it is in their best interests to lease, rather than own, their STORE Properties, and we may be unable to do so.

● After beginning to negotiate the terms of a transaction and during our real property, legal and financial due-diligence review with respect to a transaction, we may be unable to reach an agreement with the customer or discover previously unknown matters, conditions or liabilities and may be forced to abandon the opportunity after incurring significant costs and diverting management’s attention.

● We may fail to obtain sufficient equity, adequate capital resources or other financing available to complete acquisitions on favorable terms or at all.

We typically acquire only a small percentage (approximately 7%) of all properties that we evaluate (which we refer to as our “pipeline”). To the extent any of the foregoing decreases our pipeline or otherwise impacts our ability to continue to acquire suitable properties, our ability to grow our business will be adversely affected.

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We face significant competition for customers and the acquisition of STORE Properties, which may decrease or prevent increases in the occupancy and rental rates of our properties, and may reduce the number of acquisitions we are able to complete or may increase the cost of these acquisitions.

We compete with numerous developers, owners and operators of properties, many of which own properties similar to ours in the same markets in which our properties are located. If our competitors rent properties at rates below that which we currently charge our customers, we may be pressured to reduce our rental rates or to offer more substantial rent abatements, customer improvements, early termination rights, below-market renewal options or other lease incentive payments in order to retain customers when our leases expire or obtain new customers. Competition for customers could negatively impact the occupancy and rental rates of our properties, which could materially and adversely affect us.

We also face competition for acquisitions of real property from investors, including traded and non-traded public REITs, private equity investors and other institutional investment funds, as well as private wealth management advisory firms that serve high net worth investors (also known as family offices), some of which have greater financial resources than we do, a greater ability to borrow funds to acquire properties, the ability to offer more attractive terms to prospective customers and the willingness to accept greater risk or lower returns than we can prudently manage. This competition may increase the demand for the types of properties in which we typically invest and, therefore, reduce the number of suitable acquisition opportunities available to us and increase the prices we must pay for such acquisition properties. This competition will increase if investments in real estate become more attractive relative to other types of investment. Accordingly, competition for the acquisition of real property could materially and adversely affect us.

Some of our customers rely on government funding, and their failure to continue to qualify for such funding could adversely impact their ability to make timely lease payments to us.

Some of our customers operate businesses that depend, to various extents, on government funding or reimbursements. For example, customers operating in the education industry often rely extensively on local, state and federal government funding for their students’ tuition payments. In addition, customers in the healthcare and childcare-related industries typically receive local, state or federal funding, subsidies or reimbursements. The amount and timing of these government payments depend on various factors beyond our or our customers’ control, including government budgets and policies and political issues. Some of these customers also must satisfy certain licensure or certification requirements in order to qualify for government funding, subsidies or reimbursements. As we continue to grow our investment portfolio, we likely will continue to invest in properties leased by customers operating in these industries and expand our business into other industries that rely significantly on payments from government payors. If these customers fail to receive government funding, when and as needed, including as a result of tightened government budgets, revised funding policies or otherwise, or fail to comply with related regulations, their cash flow could be materially affected leading them to default on their leases and causing an adverse impact on our business.

Some of our customers operate under franchise or license agreements, which, if terminated or not renewed prior to the expiration of their leases with us, would likely impair their ability to pay us rent.

We frequently invest in properties operated by our customers under franchise or license agreements. Generally, franchise agreements have terms that end earlier than the respective expiration dates of the related leases. In addition, a customer’s rights as a franchisee or licensee typically may be terminated and the customer may be precluded from competing with the franchisor or licensor upon termination. A franchisor’s or licensor’s termination or refusal to renew a franchise or license agreement would likely have a material adverse effect on the ability of the customer to make payments under its lease or loan with us, which could materially and adversely affect us. In addition, we usually have no notice or cure rights with respect to such a termination and have no rights to assignment of any such franchise agreement. This may have an adverse effect on our ability to mitigate losses arising from a default by a terminated franchisee on any of our leases or loans.

If a customer defaults under either the ground lease or mortgage loan of a hybrid lease, we may be required to undertake foreclosure proceedings on the mortgage before we can re-lease or sell the property.

In certain circumstances, we may enter into hybrid leases with customers. A hybrid lease is a modified sale-leaseback transaction, where the customer sells us land and then we lease the land back to the customer under a

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ground lease and simultaneously make a mortgage loan to the customer secured by the improvements the customer continues to own. If a customer defaults under a hybrid lease, we may: (i) evict the customer under the ground lease and assume ownership of the improvements; or (ii) if required by a court, foreclose on the mortgage loan that is secured by the improvements. Under a ground lease, we as ground lessor generally become the owner of the improvements on the land at lease maturity or if the customer defaults. If, upon default, a court requires us to foreclose on the mortgage rather than evicting the customer, we might encounter delays and expenses in obtaining possession of the improvements, which in turn could delay our ability to sell or re-lease the property in a prompt manner, which could materially and adversely affect us.

As leases expire, we may be unable to renew those leases or re-lease the space on favorable terms or at all.  

As of December 31, 2019, leases and loans representing approximately 19.0% of our annualized base rent and interest will expire prior to 2030. We cannot guarantee that we will be able to renew leases or re-lease space without an interruption in the rental revenue from those properties, at or above our current rental rates or without having to offer substantial rent abatements, customer improvement allowances, early termination rights or below-market renewal options, and the terms of renewal, extension or re-lease may be less favorable to us than the prior lease. The difficulty, delay and cost of renewing leases, re-leasing space and leasing vacant space could materially and adversely affect us, and the terms of any new or renewed leases, and the related costs, will depend on prevailing market conditions at that time. In addition, some of our properties are designed for the particular needs of a customer and have been designed or physically modified for a particular customer’s business; thus, we may be required to renovate or decrease the rent we charge or provide other concessions in order to lease the property to another prospective customer. If we need to sell such properties, we may have difficulty selling it to a third party due to the property’s unique design. Real estate investments are generally less liquid than many other financial assets, which may limit our ability to quickly adjust our portfolio in response to changes in economic or other conditions.

Defaults by customers on mortgages we hold could lead to losses on our investments.

From time to time, we make or assume commercial mortgage loans. We have also made a limited amount of investments on properties we own or finance in the form of loans secured by equipment or other fixtures owned by our customers. A default by a customer on its loan payments to us that would prevent us from earning interest or receiving a return of the principal of our loan could materially and adversely affect us. In the event of a default, we may also experience delays in enforcing our rights as lender and may incur substantial costs in collecting the amounts owed to us and in liquidating any collateral.

Foreclosure and other similar proceedings used to enforce payment of real estate loans are generally subject to principles of equity, which are designed to relieve the indebted party from the legal effect of that party’s default. Foreclosure and other similar laws may limit our right to obtain a deficiency judgment against the defaulting party after a foreclosure or sale. The application of any of these principles may lead to a loss or delay in the payment on loans we hold. Further, in the event we have to foreclose on a property, the amount we receive from the foreclosure sale of the property may be inadequate to fully pay the amounts owed to us by the customer and our costs incurred to foreclose, repossess and sell the property. Any of such events could materially and adversely affect us.

We are subject to litigation in the ordinary course of our business, which could materially and adversely affect us.

From time to time, we are subject to litigation in connection with the ordinary course operation of our business, including instances in which we are named as defendants in lawsuits arising out of accidents causing personal injuries or other events that occur on the properties operated by our customers. We generally seek to have our customers defend, and assume liability for, the matters involving their properties. In other cases, we may defend ourselves, invoke our insurance coverage or the coverage of our customers, and/or pursue our rights to indemnification that we include in our leases. Resolution of these types of matters against us may result in our incurrence of significant legal fees and/or require us to pay significant fines, judgments or settlements, which, to the extent uninsured or in excess of insured limits, or not subject to indemnification, could adversely impact our earnings and cash flows, thereby materially and adversely affecting us. We also may become subject to litigation relating to our financing and other transactions. Certain types of litigation, if determined adversely to us, may affect the availability or cost of some of our insurance coverage, which could materially and adversely impact us, expose us to increased risks that would be uninsured and materially and adversely impact our ability to attract directors and officers.

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Construction and renovation risks could adversely affect our profitability.

In certain instances, we provide financing to our customers for the construction and/or renovation of their properties. We are therefore subject to the risks that this construction or renovation may not be completed. Construction and renovation costs for a property may exceed a customer’s original estimates due to increased costs for materials or labor or other costs that are unexpected. A customer may also be unable to complete construction or renovation of a property on schedule, which could result in increased debt service expense or construction costs. These additional expenses may affect the ability of the customer to make payments to us.

We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our IT networks and related systems.

We face risks associated with security breaches, through cyber-attacks or cyber intrusions over the internet, malware, computer viruses or other malicious codes, attachments to e-mails, ransomware, unauthorized access attempts, denial of service attacks, phishing, social engineering, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems, many of which are managed, hosted, provided and/or used by third parties or their vendors, to assist in conducting our business. The risk of a security breach or disruption, particularly through advanced persistent cyber-attack or cyber intrusion, including by computer hackers, foreign governments, criminal organizations or cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Our IT networks and related systems are essential to the operation of our business, the availability and integrity of our data, and our ability to perform day-to-day operations and, in some cases, may be critical to the operations of certain of our customers. We rely on information systems across our operations and corporate functions, including finance and accounting, and depend on such systems to ensure payment of obligations, collection of cash, data warehousing to support analytics, and other various processes and procedures. Our ability to efficiently manage our business depends significantly on the reliability and capacity of these systems. Although we are continually increasing our efforts and investments to maintain the ongoing security and integrity of our IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, including ongoing monitoring and updating of networks and systems, increasing specialized information security skills, deploying employee security training, and updating our security policies and procedures, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques, tools and tactics used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers, disaster recovery or other preventative or corrective measures, and thus it is impossible for us to entirely counteract this risk or fully mitigate the harms after such an attack, although we have seen no material impact on our business or operations from these attacks to date. And as we periodically must upgrade our IT systems or adopt new technologies, we face the risk that such a new system or technology may not function properly and expose us to increased cybersecurity breaches and failures, which would expose us to reputational, competitive, operational, financial and business harm as well as litigation and regulatory action. Our systems are also vulnerable to employee error, system error and faulty password management.

A security breach or other significant disruption involving our IT networks and related systems, or those of our third-party providers that we rely on, could disrupt the proper functioning of our networks and systems; result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines; result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT; result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes; require significant management attention and resources to remedy any damages that result; subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or damage our reputation among our customers and investors generally.

We rely on third-party vendors to assist us with our network and information technology requirements. While we carefully select these third-party vendors, we cannot control their actions. Any problems caused by these third parties, including those resulting from breakdowns or other disruptions in communication services provided by a vendor, failure of

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a vendor to handle current or higher volumes, cyber attacks and security breaches at a vendor could adversely affect our operations.

Our ability to fully control the maintenance of our net-leased properties may be limited.

Our customers are the tenants of our net-leased properties and are thus responsible for maintenance and other day-to-day management of our properties. If a property is not adequately maintained in accordance with the terms of the applicable lease, we may incur expenses for deferred maintenance or other liabilities once the property is no longer leased. We visit our properties periodically, but these visits are not comprehensive inspections and deferred maintenance items may go unnoticed. While our leases generally provide for recourse against a customer in these instances, a bankrupt or financially-troubled customer may be more likely to defer maintenance, and it may be more difficult to enforce remedies against such a customer. Although we endeavor to monitor compliance by our customers with their lease obligations and other factors that could affect the financial performance of our properties on an ongoing basis, we may not always be able to ascertain or forestall deterioration in the condition of a property or the financial circumstances of a given customer.

Risks Related to the Financing of Our Business

Our growth depends on external sources of capital, which are outside of our control and affect our ability to seize strategic opportunities, satisfy debt obligations and make distributions to our stockholders.

We rely on third-party sources to fund our capital needs.  Our access to third-party sources of capital depends, in part, on:

● general market conditions;

● the market’s perception of our growth potential;

● our current debt levels;

● our current and expected future earnings;

● our cash flows and cash distributions; and

● the market price per share of our common stock.

In addition, in order to maintain our qualification as a REIT, we are generally required under the Code to, among other things, distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, and we will be subject to income tax at the regular corporate rate to the extent that we distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. Because of these distribution requirements, without access to third-party sources of capital, we may not be able to acquire properties when strategic opportunities exist, meet the capital and operating needs of our existing properties, satisfy our debt service obligations or make the cash distributions to our stockholders necessary to maintain our qualification as a REIT.

Our operating results and financial condition could be adversely affected if we are unable to make required payments on our debt.

Our charter and bylaws do not limit the amount or percentage of indebtedness that we may incur, and we are subject to risks normally associated with debt financing, including the risk that our cash flows will be insufficient to meet required payments of principal and interest. If we are unable to make our debt service payments as required on loans secured by properties we own, a lender could foreclose on the property or properties securing its debt. This could cause us to lose part or all of our investment.

Failure of our subsidiaries to make required payments on borrowings secured by a significant portion of our assets could materially and adversely affect us.

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A significant portion of our investment portfolio consists of assets owned by our consolidated, bankruptcy remote, special purpose entity subsidiaries that have been pledged to secure the long-term borrowings of those subsidiaries. As of December 31, 2019, the total outstanding principal balance of non-recourse debt obligations of our consolidated special purpose entity subsidiaries was $2.4 billion and approximately $3.5 billion in assets held by those subsidiaries had been pledged to secure such borrowings. We or our other consolidated subsidiaries are the equity owners of these special purpose entities, meaning we are entitled to the excess cash flows after debt service and all other required payments are made on the debt of these entities. If our subsidiaries fail to make the required payments on such indebtedness or fail to maintain the required debt service coverage ratios, distributions of excess cash flows to us may be reduced or suspended and the indebtedness may become immediately due and payable. If the subsidiaries are unable to pay the accelerated indebtedness, the pledged assets could be foreclosed upon and distributions of excess cash flows to us may be suspended or terminated, which could reduce the value of our portfolio and revenues available for distribution to our stockholders, and have a material adverse impact on us.

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

In the recent past, the credit markets have experienced significant price volatility, displacement and liquidity disruptions, including the bankruptcy, insolvency or restructuring of certain financial institutions. These circumstances have materially impacted liquidity in the financial markets, making financing terms for customers less attractive, and in certain cases, have resulted in the unavailability of various types of debt financing. As a result, we may be unable to obtain debt financing on favorable terms or at all or fully refinance maturing indebtedness with new indebtedness (including indebtedness that requires us to make a lump-sum or “balloon” payment at maturity). Reductions in our available borrowing capacity or inability to obtain credit when required or when business conditions warrant could materially and adversely affect us. Furthermore, if prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. Higher interest rates on newly incurred debt may negatively impact us as well. If interest rates increase, our interest costs and overall costs of capital will increase, which could materially and adversely affect us.

The agreements governing some of our indebtedness contain restrictions and covenants which may limit our ability to enter into or obtain funding for certain transactions, operate our business or make distributions to our common stockholders.

The agreements governing some of our indebtedness contain restrictions and covenants, including financial covenants, that limit or will limit our ability to operate our business. These covenants, as well as any additional covenants to which we may be subject in the future because of additional indebtedness, could cause us to forego investment opportunities, reduce or eliminate distributions to our common stockholders or obtain financing that is more expensive than financing we could obtain if we were not subject to the covenants. In addition, the agreements may have cross default provisions, which provide that a default under one of our financing agreements would lead to a default on some or all of our debt financing agreements.

The covenants and other restrictions under our debt agreements may affect, among other things, our ability to:

● 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.

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Additionally, these restrictions may adversely affect our operating and financial flexibility and may limit our ability to respond to changes in our business or competitive environment, all of which may materially and adversely affect us.

Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on an investment in our company.

We attempt to mitigate our exposure to interest rate risk by entering into long-term fixed-rate financing through the combination of periodic debt offerings under our unsecured debt program and STORE Master Funding program, our asset-backed securities conduit, through discrete non-recourse secured borrowings, through insurance company and bank borrowings, by laddering our borrowing maturities and by using leases that generally provide for rent escalations during the term of the lease. However, the weighted average term of our borrowings does not match the weighted average term of our investments, and the methods we employ to mitigate our exposure to changes in interest rates involve risks, including the risk that the debt markets are volatile and tend to reflect the conditions of the then-current economic climate. Our efforts may not be effective in reducing our exposure to interest rate changes. Failure to effectively mitigate our exposure to changes in interest rates may materially and adversely affect us by increasing our cost of capital and reducing the net returns we earn on our portfolio.

We depend on the asset-backed securities (“ABS”) and the commercial mortgage-backed securities (“CMBS”) markets for a substantial portion of our long-term debt financing.

Historically, we have raised a significant amount of debt capital through our STORE Master Funding program, which accesses the ABS market, and, to a lesser extent, through our access to the CMBS market. A substantial portion of the long-term debt on our balance sheet has been obtained from debt offerings in the ABS and CMBS markets. This ABS debt is issued by bankruptcy remote, special purpose entities that we or our subsidiaries own. These special purpose entities issue multiple series of investment-grade ABS notes from time to time as additional collateral is added to the collateral pool. Our CMBS debt is generally in the form of first mortgage debt incurred by other special purpose entities that we or our subsidiaries own. Our ABS and CMBS debt is generally non-recourse. However, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities.

We have generally used the proceeds from these ABS and CMBS financings to repay debt and fund real estate acquisitions. Through December 31, 2019, we had issued nine series of notes under our STORE Master Funding program; an aggregate principal balance of $2.2 billion is outstanding as of December 31, 2019 representing eight series of notes. Collectively these notes are referred to as the “Master Trust Notes” and had a weighted average maturity of seven years, as of December 31, 2019. In addition, we had CMBS and other mortgage loans with an aggregate outstanding principal balance of $195 million and an average maturity of six years, as of December 31, 2019. Our obligations under these loans are generally secured by liens on certain of our properties. In the case of our STORE Master Funding program, subject to certain conditions and limitations, we may substitute real estate collateral for assets in the collateral pool from time to time. No assurance can be given that the ABS or the CMBS markets will be available to us in the future, whether to refinance existing debt or to raise additional debt capital. Moreover, we view our ability to substitute collateral under our STORE Master Funding program favorably, and no assurance can be given that financing facilities offering similar flexibility will be available to us in the future.

In the event of a disruption in the financial markets for ABS or CMBS debt, our ability to obtain long-term debt may be materially and adversely affected. As a result, we may acquire real estate assets at a lower than anticipated growth rate, or we may be unable to acquire additional real estate assets. In addition, this disruption may affect our return on equity as a result of the decrease in the availability of long-term debt or leverage for us. Furthermore, a reduction in the difference, or spread, between the rate we earn on our assets and the rate we pay on our liabilities (primarily our long-term debt), which would occur if the interest rates available to us on future debt issuances increase faster than the lease rates we can charge our customers on STORE Properties we acquire and lease back to them, could have a material and adverse effect on our financial condition.

A downgrade in our credit ratings could have a material adverse effect on our business and financial condition.

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The credit ratings assigned to us and our debt could change based upon, among other things, our historical and projected business, prospects, liquidity, results of operations and financial condition, or the real estate industry generally. These ratings are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that any rating will not be changed or withdrawn by a rating agency in the future if, in the applicable rating agency’s judgment, circumstances warrant. Moreover, these credit ratings do not apply to our common stock and are not recommendations to buy, sell or hold any other securities. Any downgrade of us or our debt could have a material adverse effect on the market price of our debt securities and our common stock. If any credit rating agency that has rated us or our debt downgrades or lowers its credit rating, or if any credit rating agency indicates that it has placed any such rating on a so-called “watch list” for a possible downgrading or lowering or otherwise indicates that its outlook for that rating is negative, it could also have a material adverse effect on our costs and availability of capital, which could in turn have a material adverse effect on our financial condition, results of operations, cash flows and our ability to satisfy our debt service obligations and to make dividends and distributions on our common shares.

General Real Estate Risks

Real estate investments are relatively illiquid.

We may desire to sell a property in the future because of changes in market conditions, poor customer performance or default under any mortgage we hold, or to avail ourselves of other opportunities. We may also be required to sell a property in the future to meet debt obligations or avoid a default. Certain types of real estate assets, such as movie theaters, cannot always be sold quickly, and we cannot assure you that we could always obtain a favorable price. We may be unable to realize our investment objective by sale, other disposition or refinancing at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy. In addition, as a REIT, the Code limits our ability to dispose of properties in ways that are not applicable to other types of real estate companies. In particular, the tax laws applicable to REITs effectively require that we hold our properties for investment, rather than primarily for sale in the ordinary course of business, which may cause us to forgo or defer sales of properties that otherwise would be in our best interest. We may be required to invest in the restoration or modification of a property before we can sell it. The inability to respond promptly to changes in the performance of our property portfolio could adversely affect our financial condition and ability to service our debt and pay dividends to our stockholders.

Property vacancies could result in significant capital expenditures.

The loss of a customer, either through lease expiration or customer bankruptcy or insolvency, may require us to spend significant amounts of capital to renovate the property before it is suitable for a new customer and cause us to incur significant costs in the form of ongoing expenses for property maintenance, taxes, insurance and other expenses.

Uninsured losses relating to real property may adversely affect our returns.

Our leases and loan agreements typically require that our customers maintain insurance of the types and in the amounts that are usual and customary for similar types of commercial property, as reviewed by our independent insurance consultant. Under certain circumstances, however, we may permit certain customers to self-insure. Depending on the location of the property or nature of its use, losses of a catastrophic nature, such as those caused by climate change, earthquakes, floods, riots, acts of war or other accidents may be covered by insurance policies that are held by our customers with limitations, such as large deductibles or co-payments that a customer may not be able to meet. In addition, factors such as inflation, changes in building codes and ordinances, environmental considerations and others, including active shooter situations, terrorism, acts of war or other public safety threats, may make any insurance proceeds we receive insufficient to repair or replace a property if it is damaged or destroyed. In that situation, the insurance proceeds we receive may not be adequate to restore our economic position with respect to the affected real property. In the event we experience a substantial or comprehensive loss of any of our properties, we may not be able to rebuild such property to its existing specifications without significant capital expenditures, which may exceed any amounts received under insurance policies, as reconstruction or improvement of such a property would likely require significant upgrades to meet zoning and building code requirements. The loss of our capital investment in, or anticipated future returns from, our properties due to material uninsured losses could materially and adversely affect us.

Certain provisions of our leases or loan agreements may be unenforceable, which could adversely impact us.

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Our rights and obligations with respect to our leases, mortgage loans or other loans are governed by written agreements. A court could determine that one or more provisions of such an agreement are unenforceable, such as a particular remedy (including rights to indemnification), a loan prepayment provision or a provision governing our security interest in the underlying collateral of a customer. We could be adversely impacted if, for example, this were to happen with respect to a master lease governing our rights relating to multiple properties.

Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make significant unanticipated expenditures that could materially and adversely affect us.

Our properties are subject to the Americans with Disabilities Act (“ADA”). Under the ADA, all public accommodations must meet federal requirements related to access and use by disabled persons. Compliance with the ADA could require us to modify the properties we own or may purchase to remove architectural and communication barriers in order to make our properties readily accessible to and usable by disabled individuals, and may restrict renovations on our properties. Failure to comply with the ADA could result in the imposition of fines or an award of damages to private litigants, as well as the incurrence of the costs of making modifications to attain compliance. Future legislation could impose additional obligations or restrictions on our properties. Our customers are generally responsible to maintain and repair our properties pursuant to our lease and loan agreements, including compliance with the ADA and other similar laws and regulations, but we could be held liable as the owner of the property for their failure to comply with the ADA or other similar laws and regulations. Any required changes could involve greater expenditures than anticipated or the changes might be made on a more accelerated basis than anticipated, either of which could adversely affect the ability of our customers to cover such costs. If we are subject to liability under the ADA or similar laws and regulations as an owner and our customers are unable to cover the cost of compliance or if we are required to expend our own funds to comply with the ADA or similar laws and regulations, we could be materially and adversely affected.

In addition, our properties are subject to various laws and regulations relating to fire, safety and other regulations, and in some instances, common-area obligations. Our customers have primary responsibility for compliance with these requirements pursuant to our lease and loan agreements. Our customers may not have the financial ability to fully comply with these regulations. If our customers are unable to comply with these regulations, they may be unable to pay rent on time or may default, or we may have to make substantial capital expenditures to comply with these regulations, which we may not be able to recoup from our customers. We may also face owner liability for failure to comply with these regulations, which may lead to the imposition of fines or an award of damages to private litigants. Therefore, the failure of our customers to comply with these regulations could materially and adversely affect us.

Environmentally hazardous conditions may adversely affect our operating results.

Our properties may be subject to known and unknown environmental liabilities under various federal, state and local laws and regulations relating to human health and the environment. Certain of these laws and regulations may impose joint and several liability on certain statutory classes of persons, including owners or operators, for the costs of investigation or remediation of contaminated properties. These laws and regulations apply to past and present business operations on the properties, and the use, storage, handling and recycling or disposal of hazardous substances or wastes. We may face liability regardless of our knowledge of the contamination, the timing of the contamination, the cause of the contamination or the party responsible for the contamination of the property. Our leases and loans typically impose obligations on our customers to indemnify us from all or most compliance costs we may experience as a result of the environmental conditions on our properties, but if a customer fails to, or cannot, comply, we may be required to pay such costs. We cannot predict whether in the future, new or more stringent environmental laws will be enacted or how such laws will impact the operations of businesses on our properties. Costs associated with an adverse environmental event could be substantial, and the potential liability as to any of our properties is generally not limited under such laws and regulations and could significantly exceed the value of such property. In acquiring properties, we conduct environmental due diligence, but there can be no assurance that our environmental due diligence will reveal all environmental conditions at the properties in which we have an interest.

Under the laws of many states, contamination on a site may give rise to a lien on the site for clean-up costs. In several states, such a lien has priority over all existing liens, including those of existing mortgages. In these states, a lien of a mortgage may lose its priority to such a “super lien.” If any of the properties on which we have a mortgage are or

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become contaminated and subject to a super lien, we may not be able to recover the full value of our investment and may be materially and adversely affected.

Certain federal, state and local laws, regulations and ordinances govern the use, removal and/or replacement of underground storage tanks in the event of a release on, or an upgrade or redevelopment of, certain properties. Such laws, as well as common-law standards, may impose liability for any releases of hazardous substances associated with the underground storage tanks and may provide for third parties to seek recovery from owners or operators of such properties for damages associated with such releases. If hazardous substances are released from any underground storage tanks on any of our properties, we may be materially and adversely affected.

In a few states, transfers of some types of sites are conditioned upon cleanup of contamination prior to transfer, including in cases where a lender has become the owner of the site through a foreclosure, deed in lieu of foreclosure or otherwise. If any of our properties are subject to such contamination, we may be subject to substantial clean-up costs before we are able to sell or otherwise transfer the property.

Certain federal, state and local laws, regulations and ordinances govern the removal, encapsulation or disturbance of asbestos-containing materials (“ACMs”) in the event of the remodeling, renovation or demolition of a building. Such laws, as well as common-law standards, may impose liability for releases of ACMs and may impose fines and penalties against us or our customers for failure to comply with these requirements or provide for third parties to seek recovery from us or our customers.

In addition, our properties may contain or develop harmful mold. Exposure to mold may cause a variety of adverse health effects and symptoms, including allergic or other reactions. If our customers or their employees or customers are exposed to mold at any of our properties, we could be required to undertake a costly remediation program to contain or remove the mold from the affected property. In addition, exposure to mold by our customers or others could subject us to liability if property damage or health concerns arise.

If we or our customers become subject to any of the above-mentioned environmental risks, we may be materially and adversely affected.

We may be subject to liabilities and costs associated with the impacts of climate change.

The potential physical impacts of climate change on our properties or operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate, including Florida, Georgia and Texas, although we have investments in 2,504 property locations across the United States. Such impacts may result from increased frequency of natural disasters, changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, rising energy and environmental costs, and changing temperatures. These impacts may adversely impact our business, results of operations and financial condition, including our or our tenants’ ability to obtain property insurance on acceptable terms. While 99% of our leases are triple-net, meaning that our tenants are generally responsible for the property-level operating costs such as taxes, insurance and maintenance, and our customers under our triple-net leases generally indemnify, defend and hold us harmless for the foregoing environmental liabilities arising under federal, state and local laws, regulations and ordinances, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease should the impacts of climate change adversely impact a particular property.

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Risks Related to Our Tax Status and Other Tax Related Matters

Failure to qualify as a REIT would reduce our net earnings available for investment or distribution.

We have elected to be taxed as a REIT under the Code. Our qualification as a REIT requires us to satisfy numerous requirements, some on an annual and quarterly basis, established under highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations, and which involves the determination of various factual matters and circumstances not entirely within our control. We expect that our current organization and methods of operation will enable us to continue to qualify as a REIT, but we may not so qualify or we may not be able to remain so qualified in the future.

If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax (including any applicable alternative minimum tax for taxable years ending prior to January 1, 2019), and increased state and local taxes, on our taxable income at the regular corporate rate, and would not be allowed to deduct dividends paid to our stockholders in computing our taxable income. Also, unless the Internal Revenue Service, or the IRS, granted us relief under certain statutory provisions, we could not re-elect REIT status until the fifth calendar year after the year in which we first failed to qualify as a REIT. The additional tax liability from the failure to qualify as a REIT would reduce or eliminate the amount of cash available for investment or distribution to our stockholders. This would likely have a significant adverse effect on the value of our securities and our ability to raise additional capital. In addition, we would no longer be required to make distributions to our stockholders. Even if we continue to qualify as a REIT, we will continue to be subject to certain federal, state and local taxes on our income and property.

Changes to tax law could affect our ability to qualify as a REIT and could adversely affect our stockholders.

U.S. federal income tax laws governing REITs and other corporations and the administrative interpretations of those laws may be amended at any time, potentially with retroactive effect, and we cannot predict whether, when or to what extent new federal tax laws, regulations, interpretations or rulings will be adopted. For example, the latest tax reform bill, informally known as the Tax Cuts and Jobs Act (“TCJA”), made significant changes to the U.S. federal income tax laws applicable to individuals and corporations, including REITs and their shareholders. While we believe our analysis and computations of the tax effects of the TCJA (including issued guidance) are properly reflected in our financial statements, future technical corrections or other amendments to the TCJA or administrative guidance interpreting the TCJA may increase the uncertainty as to the long-term effect of the TCJA on us. Any similar future legislation, new regulations, administrative interpretations or court decisions could adversely affect our ability to qualify as a REIT or adversely affect our stockholders.

Even if we qualify as a REIT for purposes of the Code, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to our stockholders.

As a REIT, we are subject to annual distribution requirements, which limit the amount of cash we retain for other business purposes, including amounts to fund our growth. We generally must distribute annually at least 90% of our net REIT taxable income to our stockholders, excluding any net capital gain, in order for our distributed earnings to not be subject to corporate income tax. Additionally, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions we pay in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. If we have net income from the sale of foreclosure property that we hold primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we must pay a tax on that income at the corporate income tax rate. Further, if we sell an asset, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business, our gain would be subject to the 100% “prohibited transaction” tax unless such sale were made by our TRS, or if we qualify for a safe harbor from tax. We do not intend to engage in prohibited transactions. We cannot assure you, however, that we will only make sales that satisfy the requirements of the safe harbors or that the IRS will not successfully assert that one or more of such sales are prohibited transactions, as this determination is generally a question of the facts and circumstances regarding a particular transaction, and we have not sought, and do not intend to seek, a ruling from the IRS regarding any dispositions.

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We intend to make distributions to our stockholders to comply with the requirements of the Code. However, differences in timing between the recognition of taxable income and the actual receipt of cash could require us to sell assets or borrow funds on a short-term or long-term basis to meet the 90% distribution requirement of the Code, even if the prevailing market conditions are not favorable for these borrowings.

Dividends paid by REITs generally do not qualify for reduced tax rates.

In general, the maximum U.S. federal income tax rate for dividends that constitute “qualified dividend income” paid to individuals, trusts and estates is 20%. Unlike dividends received from a corporation that is not a REIT, our distributions generally are not eligible for the reduced rates, unless the distributions are attributable to dividends received by the REIT from other corporations that would otherwise be eligible for the reduced rate. Beginning in 2018 and for taxable years prior to 2026, non-corporate stockholders are generally allowed to deduct up to 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations, which would reduce the maximum marginal effective tax rate for individuals on the receipt of such ordinary dividends to 29.6%. Although these rules do not adversely affect the taxation of REITs or dividends payable by REITs, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our common stock.

Recharacterization of sale-leaseback transactions may cause us to lose our REIT status.

The IRS may take the position that specific sale-leaseback transactions that we treat as leases are not true leases for federal income tax purposes but are, instead, financing arrangements or loans. If a sale-leaseback transaction were so re-characterized, we might fail to satisfy the REIT asset tests, the income tests or distribution requirements and consequently lose our REIT status effective with the year of re-characterization unless we elect to make an additional distribution to maintain our REIT status. Alternatively, the amount of our REIT taxable income could be recalculated which might also cause us to fail to meet the distribution requirement for a taxable year.

As a result of acquiring C corporations in carry-over basis transactions, we may inherit material tax liabilities and other tax attributes from such acquired corporations, and we may be required to distribute earnings and profits.

From time to time, we have and may continue to acquire C corporations in transactions in which the basis of the corporations’ assets in our hands is determined by reference to the basis of the assets in the hands of the acquired corporations, or carry-over basis transactions.

If we acquire any asset from a corporation that is or has been a C corporation in a carry-over basis transaction, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on which we acquired the asset, then we will be required to pay tax on such a built-in gain at the regular corporate tax rate on this gain to the extent of the excess of (1) the fair market value of the asset over (2) our adjusted basis in the asset, in each case determined as of the date on which we acquired the asset. Any taxes we pay as a result of such gain would reduce the amount available for distribution to our stockholders. The imposition of such tax may require us to forgo an otherwise attractive disposition of any assets we acquire from a C corporation in a carry-over basis transaction, and as a result may reduce the liquidity of our portfolio of investments. In addition, in such a carry-over basis transaction, we will succeed to any tax liabilities and earnings and profits of the acquired C corporation. To qualify as a REIT, we must distribute any non-REIT earnings and profits accumulated by the C corporation prior to the acquisition by the close of the taxable year in which we acquire the corporation.

We could face possible state and local tax audits and adverse changes in state and local tax laws.

As discussed in the risk factors above, because we are organized and qualify as a REIT, we are generally not subject to federal income taxes, but we are subject to certain state and local taxes. From time to time, changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax liability. A shortfall in tax revenues for states and municipalities in which we own properties may lead to an increase in the frequency and size of such changes. If such changes occur, we may be required to pay additional state and local taxes. These increased tax costs could adversely affect our financial condition and the amount of cash available for the payment of distributions to our

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stockholders. In the normal course of business, entities through which we own real estate may also become subject to tax audits. If such entities become subject to state or local tax audits, the ultimate result of such audits could have an adverse effect on our financial condition.

Risks Related to Our Organization and Structure

Our board of directors may change our investment strategy, financing strategy or leverage policies without stockholder consent.

Our board of directors has overall authority to oversee our operations and determine our major corporate policies. This authority includes significant flexibility. For example, our board of directors can do the following:

● change any of our strategies, policies or procedures with respect to property acquisitions and divestitures;

● amend our policies with respect to asset allocation, growth, operations, indebtedness, financing and distributions;

● within the limits provided in our charter, prevent the ownership, transfer and/or accumulation of shares in order to protect our status as a REIT or for any other reason deemed to be in the best interests of us and our stockholders;

● employ and compensate affiliates;

● change creditworthiness standards with respect to customers;

● make amendments to our equity incentive plans;

● direct our resources toward investments that do not ultimately appreciate over time; and

● determine that it is no longer in our best interests to continue to qualify as a REIT.

Any of these actions could increase our operating expenses, impact our ability to make distributions or reduce the value of our assets without giving our stockholders the right to vote.

Our board of directors’ power to increase or decrease the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval may negatively impact our existing stockholders.

Our charter authorizes us to issue up to 375,000,000 shares of common stock, and up to 125,000,000 shares of preferred stock, $0.01 par value per share. Our charter authorizes our board of directors, with the approval of a majority of the board of directors and without stockholder approval, to amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of any class or series of stock that we are authorized to issue, to authorize us to issue authorized but unissued shares of our common stock or preferred stock, to classify or reclassify any unissued shares of our common stock or preferred stock into one or more classes or series of stock and to set the terms of such newly classified or reclassified shares. Accordingly, our board of directors could authorize the issuance of shares of common stock or another class or series of stock, including a class or series of preferred stock, that could have the effect of delaying, deferring or preventing a change in control of us that our existing stockholders may view as favorable, with preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications, or terms or conditions of redemption that are senior to, or otherwise conflict with, the rights of our common stockholders. In addition, our board of directors may increase our authorized stock in order to issue additional shares in connection with future financings and other transactions. These additional issuances could dilute the ownership interests of our existing stockholders.

Limitations on share ownership and limitations on the ability of our stockholders to effect a change in control of us restrict the transferability of our stock and may prevent takeovers that are beneficial to our stockholders.

One of the requirements for maintenance of our qualification as a REIT for U.S. federal income tax purposes is that no more than 50% in value of our outstanding capital stock may be owned by five or fewer individuals, including entities specified in the Code, during the last half of any taxable year, and this capital stock must be beneficially owned by

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100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Our charter contains ownership and transfer restrictions relating to our stock to assist us in complying with this and other REIT ownership requirements, among other purposes. However, the restrictions may have the effect of preventing a change of control that does not threaten REIT status. These restrictions include a provision in our charter that generally limits ownership by any person of more than 9.8% of the value of our outstanding stock or 9.8% (in value or by number of shares, whichever is more restrictive) of our outstanding common stock, unless our board of directors exempts the person from such ownership limitation. Absent such an exemption from our board of directors, the transfer of our stock to any person in excess of the applicable ownership limit, or any transfer of shares of such stock in violation of the ownership requirements of the Code for REITs, may be void under certain circumstances, and the intended transferee of such stock will acquire no rights in such shares. These provisions of our charter may have the effect of delaying, deferring or preventing someone from taking control of us, even though a change of control might involve a premium price for our stockholders or might otherwise be in our stockholders’ best interests.

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

As permitted by Maryland law, our charter limits the liability of our directors and officers to stockholders for money damages, except for liability resulting from:

● actual receipt of an improper benefit or profit in money, property or services; or

● active and deliberate dishonesty by the director or officer that was established by a final judgment as being material to the cause of action adjudicated.

As a result, we and our stockholders have rights against our directors and officers that are more limited than might otherwise exist. Accordingly, in the event that actions taken in good faith by any of our directors or officers impede the performance of our company, our ability and the ability of our stockholders to recover damages from such director or officer will be limited. In addition, our charter authorizes us to obligate our company, and our bylaws require us, to indemnify our directors and officers for actions taken by them in those and certain other capacities to the maximum extent permitted by Maryland law.

We will continue to incur significant expenses as a result of being a public company, which will negatively impact our financial performance.

We incur, and will continue to incur, significant legal, accounting, insurance and other expenses as a result of being a public company. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Dodd-Frank Act, and the Sarbanes-Oxley Act, as well as related rules implemented by the SEC and the NYSE, have required changes in corporate governance practices of public companies. In addition, rules that the SEC is implementing or is required to implement pursuant to the Dodd-Frank Act are expected to require additional changes. We expect that compliance with these and other similar laws, rules and regulations, including compliance with Section 404 of the Sarbanes-Oxley Act, will substantially increase our expenses, including our legal and accounting costs, and make some activities more time-consuming and costly. We also expect these laws, rules and regulations to make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage, which may make it more difficult for us to attract and retain qualified persons to serve on our board of directors or as officers.

Risks Related to Ownership of Our Common Stock

Changes in market conditions and volatility of stock prices could adversely affect the market price of our common stock.

The stock markets, including the NYSE, on which our common stock is listed, have experienced significant price and volume fluctuations. As a result, the market price of our common stock could be similarly volatile, and investors in our common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. In addition to the risks discussed or referred to in this “Risk Factors” section, a number of factors could negatively affect the price per share of our common stock, including:

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● general market and economic conditions;

● actual or anticipated variations in our quarterly operating results or dividends or our payment of dividends in shares of our common stock, or those of our competitors;

● changes in our funds from operations, adjusted funds from operations or earnings estimates;

● difficulties or inability to access capital or extend or refinance existing debt;

● changes in market valuations of similar companies;

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

● the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities;

● general stock and bond market conditions, including changes in interest rates on fixed income securities, that may lead prospective purchasers of our stock to demand a higher annual yield from future dividends;

● a change in ratings issued by any analyst following us or any nationally recognized statistical rating organization;

● additions or departures of key management personnel;

● adverse market reaction to any additional debt we may incur or equity-related securities we issue in the future;

● speculation in the press or investment community;

● terrorist activity which may adversely affect the markets in which our securities trade, possibly increasing market volatility and causing further erosion of business and consumer confidence and spending;

● failure to continue to qualify as a REIT;

● strategic decisions by us or our competitors, such as acquisitions, divestments, spin-offs, joint ventures, strategic investments or changes in business strategy;

● failure to satisfy listing requirements of the NYSE;

● the financial condition, liquidity, results of operations, and prospects of our tenants;

● changes in our credit ratings;

● governmental regulatory action and changes in tax laws; and

● the issuance of additional shares of our common stock, or the perception that such sales might occur.

Many of the factors listed above are beyond our control. These factors may cause the market price of shares of our common stock to decline, regardless of our financial condition, results of operations, business or our prospects.

Furthermore, in recent years, the stock markets have experienced significant price and volume fluctuations. This volatility has had a significant impact on the market price of securities issued by many companies, including companies in our industry. The changes frequently appear to occur without regard to the operating performance of the affected companies. Hence, the price of our common stock could fluctuate based upon factors that have little or nothing to do with us in particular, and these fluctuations could materially reduce the price of our common stock and materially affect the value of an investment in us.

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Increases in market interest rates may have an adverse effect on the value of our common stock if prospective purchasers of our common stock expect a higher dividend yield and increased borrowing costs may decrease our funds available for distribution.

The market price of our common stock will generally be influenced by the dividend yield on our common stock (as a percentage of the price of our common stock) relative to market interest rates. An increase in market interest rates, which are currently at low levels relative to historical rates, may lead prospective purchasers of shares of our common stock to expect a higher dividend yield. However, higher market interest rates would likely increase our borrowing costs and potentially decrease funds available for distribution. Thus, higher market interest rates could cause the market price of our common stock to decrease.

Future offerings of debt, which would be senior to our common stock upon liquidation, or preferred equity securities, which may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock.

In the future, we may issue debt or preferred equity securities. Upon liquidation, holders of our debt securities and shares of preferred stock with a liquidation preference, and lenders with respect to other borrowings will receive distributions of our available assets prior to the holders of our common stock. Additional equity offerings, including convertible preferred stock, may dilute the holdings of our existing stockholders or otherwise reduce the market price of our common stock, or both. Holders of our common stock are not entitled to preemptive rights or other protections against dilution. Our preferred stock, if issued, could have a preference on liquidating distributions or a preference on distribution payments that could limit our ability to make distributions to holders of our common stock. Because our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, our stockholders bear the risk that future offerings may reduce the market price of our common stock and dilute their stock holdings in us.

A substantial portion of our total outstanding common stock may be sold into the market at any time, which could cause the market price of our common stock to drop significantly, even if our business is doing well, and make it difficult for us to sell equity securities in the future. 

The market price of our common stock could decline as a result of sales of a large number of shares of our common stock or the perception that such sales could occur. These sales, or the possibility that these sales may occur, also might make it difficult for us to sell equity securities in the future at times or prices that we deem appropriate. We filed a registration statement on Form S-8 under the Securities Act to register the offer and sale of up to 7,314,221 shares of our common stock or securities convertible into or exchangeable for shares of our common stock that may be issued pursuant to our 2012 Long Term Incentive Plan and our 2015 Omnibus Equity Incentive Plan. Such Form S-8 registration statement automatically became effective upon filing. Accordingly, recipients of shares issued pursuant to such registration statement may generally freely resell those shares in the open market, subject to limitations in the case of any such recipients who are our affiliates. In addition, we issue, and intend to continue to issue, additional equity securities periodically to finance our growth, including through our existing and any future “at the market” offering program. When we raise additional capital through the issuance of new equity securities, such issuances will dilute the interests of our existing stockholders and could adversely affect the value of their investments. If our performance or prospects decline and we are unable to access the equity markets when needed in the future, our ability to grow our business will be adversely impacted.

We may change the dividend policy for our common stock in the future.

The decision to declare and pay dividends on our common stock, as well as the form, timing and amount of any such future dividends, is at the sole discretion of our board of directors and will depend on our earnings, cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our board of directors considers relevant. Any change in our dividend policy could have a material adverse effect on the market price of our common stock.

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Item 1B. UNRESOLVED STAFF COMMENTS

None.

Item 2. PROPERTIES

As of December 31, 2019, our total investment in real estate and loans approximated $8.8 billion, representing investments in 2,504 property locations, substantially all of which are profit centers for our customers. These investments generate cash flows from approximately 725 contracts predominantly structured as net leases. The weighted average non-cancelable remaining term of our leases was approximately 14 years.

Our real estate portfolio is highly diversified. As of December 31, 2019, our 2,504 property locations were operated by 478 customers across 49 states. Our largest customer represented approximately 2.8% of our portfolio at December 31, 2019, and our top ten largest customers represented 17.9% of annualized base rent and interest. Our customers operate their businesses across more than 700 brand names or business concepts in over 100 industries.

The following tables summarize the diversification of our real estate portfolio based on the percentage of base rent and interest, annualized based on rates in effect on December 31, 2019, for all of our leases, loans and direct financing receivables in place as of that date.

Diversification by Customer

As of December 31, 2019, our 2,504 property locations were operated by 478 customers and the following table identifies our ten largest customers:

	% of
	Annualized
	Base Rent		Number
	and		of
Customer	Interest		Properties
Fleet Farm Group LLC	2.8	%	10
AVF Parent, LLC (Art Van Furniture)	2.5		23
Bass Pro Group, LLC (Cabela's)	1.9		10
Cadence Education, Inc. (Early childhood/elementary education)	1.8		49
CWGS Group, LLC (Camping World/Gander Outdoors)	1.7		20
Spring Education Group Inc. (Stratford School/Nobel Learning Communities)	1.6		19
American Multi-Cinema, Inc. (AMC/Carmike/Starplex)	1.5		14
Dufresne Spencer Group Holdings, LLC (Ashley Furniture HomeStore)	1.4		21
Zips Holdings, LLC	1.4		42
US LBM Holdings, LLC (Building materials distribution)	1.3		48
All other (468 customers)	82.1		2,248
Total	100.0	%	2,504

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Diversification by Concept

As of December 31, 2019, our customers operated their businesses across more than 700 concepts and the following table identifies the top ten concepts:

	% of
	Annualized
	Base Rent		Number
	and		of
Customer Business Concept	Interest		Properties
Fleet Farm	2.8	%	10
Ashley Furniture HomeStore	2.2		31
Art Van Furniture	1.8		16
Cabela's	1.7		8
AMC Theaters	1.5		14
Big R Stores	1.4		26
Zips Car Wash	1.4		42
Stratford School	1.2		6
At Home	1.2		9
America's Auto Auction	1.1		7
All other (698 concepts)	83.7		2,335
Total	100.0	%	2,504

Diversification by Industry

As of December 31, 2019, our customers’ business concepts were diversified across more than 100 industries within the service, retail and manufacturing sectors of the U.S. economy. The following table summarizes those industries into 75 industry groups:

	% of
	Annualized			Building
	Base Rent		Number	Square
	and		of	Footage
Customer Industry Group	Interest		Properties	(in thousands)
Service:
Restaurants—full service	9.4	%	395	2,712
Restaurants—limited service	5.1		393	1,065
Early childhood education centers	5.7		213	2,329
Health clubs	5.7		90	3,157
Automotive repair and maintenance	4.8		173	888
Movie theaters	4.0		38	1,916
Family entertainment centers	3.8		39	1,380
All other service (29 industry groups)	26.4		708	25,140
Total service	64.9		2,049	38,587
Retail:
Furniture stores	5.4		62	3,900
Farm and ranch supply stores	4.5		43	4,004
All other retail (15 industry groups)	9.3		130	5,465
Total retail	19.2		235	13,369
Manufacturing:
Metal fabrication	4.3		74	9,204
All other manufacturing (21 industry groups)	11.6		146	17,817
Total manufacturing	15.9		220	27,021
Total	100.0	%	2,504	78,977

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Diversification by Geography

Our portfolio is also highly diversified by geography, as we own properties in every state except Hawaii. The following table details the top ten geographical locations of the properties as of December 31, 2019:

	% of
	Annualized
	Base Rent
	and		Number of
State	Interest		Properties
Texas	10.7	%	261
Illinois	6.4		159
Florida	5.4		148
Georgia	5.2		145
Ohio	5.2		133
California	5.1		52
Wisconsin	4.6		58
Arizona	4.4		84
Michigan	4.2		89
Tennessee	3.8		111
All other (39 states) (1)	45.0		1,264
Total	100.0	%	2,504

(1) Includes one property in Ontario, Canada which represents 0.3% of annualized base rent and interest.

Contract Expirations

The following table sets forth the schedule of our lease, loan and direct financing receivable expirations as of December 31, 2019:

	% of
	Annualized
	Base Rent
	and		Number of
Year of Lease Expiration or Loan Maturity (1)	Interest		Properties (2)
2020	0.7	%	20
2021	0.6		7
2022	0.3		4
2023	0.7		21
2024	0.8		20
2025	1.5		27
2026	1.6		49
2027	2.6		57
2028	3.9		75
2029	6.4		179
Thereafter	80.9		2,033
Total	100.0	%	2,492

(1) Expiration year of contracts in place as of December 31, 2019, excluding any tenant option renewal periods.

(2) Excludes twelve properties which were vacant and not subject to a lease as of December 31, 2019.

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Item 3. LEGAL PROCEEDINGS

We are subject to various legal proceedings and claims that arise in the ordinary course of our business, including instances in which we are named as defendants in lawsuits arising out of accidents causing personal injuries or other events that occur on the properties operated by our customers. These matters are generally covered by insurance and/or by our customers pursuant to our contractual indemnification rights that we include in our leases. Management believes that the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or liquidity.

Item 4. MINE SAFETY DISCLOSURES

Not Applicable.

PART II

Item 5. MARKET FOR REGISTRANT’S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock is listed on the NYSE under the symbol “STOR”.

On February 19, 2020, there were 55 holders of record of the 244,159,240 outstanding shares of our common stock. Because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders. We have determined that, for federal income tax purposes, approximately 99.75% of distributions paid in 2019 represented taxable income and 0.25% represented a return of capital.

Distributions

The Company pays regular quarterly distributions to holders of its common stock. Future distributions will be at the discretion of our Board of Directors and will depend on our actual funds from operations, financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors.

Issuer Purchases of Equity Securities

During the three months ended December 31, 2019, the Company did not repurchase any of its equity securities.

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Stock Performance Graph

The following performance chart compares, for the five-year period commencing December 31, 2014 and ending December 31, 2019, the cumulative total stockholder return on our common stock with that of the Standard & Poor’s 500 Composite Stock Index, or the S&P 500, and the MSCI U.S. REIT Index. The chart assumes $100.00 was invested on December 31, 2014 and assumes the reinvestment of any dividends. The historical stock price performance reflected in the following graph is not necessarily indicative of future stock price performance.

	Period Ending
Index	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019
STORE Capital Corporation	100	112.57	124.98	138.30	157.63	215.48
S&P 500	100	101.38	113.51	138.29	132.23	173.86
MSCI US REIT (RMS)	100	102.52	111.34	116.98	111.64	140.48

The performance graph and the related chart and text are being furnished solely to accompany this Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K, and are not being filed for purposes of Section 18 of the Exchange Act and are not to be incorporated by reference into any filing of ours, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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Item 6. SELECTED FINANCIAL DATA

The following tables set forth selected consolidated financial and other information of the Company as of and for each of the years ended December 31, 2019, 2018, 2017, 2016 and 2015. The table should be read in conjunction with the Company’s consolidated financial statements and the notes thereto and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this Annual Report on Form 10-K.

	Year ended December 31,
(Dollars in thousands, except per share data)	2019			2018			2017				2016		2015
Statement of Operations Data:
Total revenues	$	665,714		$	540,756		$	452,847		$	376,343		$	284,762
Expenses:
Interest		158,381			129,061			120,478			105,180			81,782
Transaction costs		—			—			—			523			1,156
Property costs		10,793			4,250			4,773			4,067			1,515
General and administrative		54,274			45,725			40,990			33,972			27,972
Selling stockholder costs		—			—			—			800			—
Depreciation and amortization		221,975			181,826			150,279			119,618			88,615
Provisions for impairment		18,751			7,810			13,440			1,720			1,000
Total expenses		464,174			368,672			329,960			265,880			202,040
Net gain on dispositions of real estate		84,142			45,528			39,609			13,296			1,322
Income from operations before income taxes		285,682			217,612			162,496			123,759			84,044
Income tax expense		707			642			458			434			274
Net income	$	284,975		$	216,970		$	162,038		$	123,325		$	83,770
Per Common Share Data:
Net income —basic and diluted	$	1.24		$	1.06		$	0.90		$	0.82		$	0.68
Cash dividends declared		1.36			1.28			1.20			1.12			1.04
Balance Sheet Data (at period end):
Total real estate investments, at cost(1)	$	8,248,400		$	7,253,868		$	5,962,457		$	4,855,306		$	3,766,600
Carrying amount of loans and financing receivables		582,267			351,202			271,453			269,210			213,342
Operating ground lease assets		24,254			—			—			—			—
Total investment portfolio, gross(1)		8,854,921			7,605,070			6,233,910			5,124,516			3,979,942
Less accumulated depreciation and amortization(1)		(740,124)			(585,913)			(428,900)			(298,984)			(184,182)
Net investments		8,114,797			7,019,157			5,805,010			4,825,532			3,795,760
Cash and cash equivalents		99,753			27,511			42,937			54,200			67,115
Total assets		8,296,526			7,113,971			5,899,777			4,941,668			3,911,388
Credit facility		—			135,000			290,000			48,000			—
Senior unsecured notes and term loans payable, net		1,262,553			916,720			570,595			470,190			172,442
Non-recourse debt obligations of consolidated special purpose entities, net		2,328,489			2,008,592			1,736,306			1,833,481			1,597,505
Total liabilities		3,811,141			3,250,470			2,728,835			2,458,413			1,851,595
Total stockholders’ equity		4,485,385			3,863,501			3,170,942			2,483,255			2,059,793
Other Data:
Funds from Operations(2)	$	441,249		$	357,625		$	283,930		$	230,904		$	171,705
Adjusted Funds from Operations(2)	$	458,075		$	377,869		$	306,077		$	245,829		$	183,475
Number of investment property locations (at period end)		2,504			2,255			1,921			1,660			1,325
% of owned properties subject to a lease contract (at period end)		99.5	%		99.6	%		99.6	%		99.5	%		99.8	%

(1) Includes the dollar amount of investments ($18.7 million) and the accumulated depreciation and amortization ($2.0 million) related to real estate investments held for sale at December 31, 2017.

(2) For definitions and reconciliations of Funds from Operations and Adjusted Funds from Operations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures.”

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Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read together with the “Selected Consolidated Financial Data” and “Business” sections, as well as the consolidated financial statements and related notes in Part II, Item 8 in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategies for our business, includes forward-looking statements that involve risks and uncertainties. You should read “Item 1A. Risk Factors” and the “Forward-Looking Statements” sections of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by these forward-looking statements.

Overview

We were formed in 2011 to invest in and manage Single Tenant Operational Real Estate, or STORE Property, which is our target market and the inspiration for our name. A STORE Property is a property location at which a company operates its business and generates sales and profits, which makes the location a profit center and, therefore, fundamentally important to that business. Due to the long-term nature of our leases, we focus our acquisition activity on properties that operate in industries we believe have long-term relevance, the majority of which are service industries. Examples of single-tenant operational real estate in the service industry sector include restaurants, early childhood education centers, health clubs and movie theaters. By acquiring the real estate from the operators and then leasing the real estate back to them, the operators become our long-term tenants, and we refer to them as our customers. Through the execution of these sale-leaseback transactions, we fill a need for our customers by providing them a source of long-term capital that enables them to avoid the need to incur debt and/or employ equity in order to finance the real estate that is essential to their business.

We are a Maryland corporation organized as an internally managed real estate investment trust, or REIT. As a REIT, we will generally not be subject to federal income tax to the extent that we distribute all of our taxable income to our stockholders and meet other requirements.

On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law. The TCJA made significant changes to the U.S. federal income tax laws applicable to individuals and corporations and is generally effective for tax years beginning after December 31, 2017. We believe our analysis and computations of the tax effects of the TCJA (including issued guidance) are properly reflected in our financial statements. Future technical corrections or other amendments to the TCJA or administrative guidance interpreting the TCJA may increase the uncertainty as to the long-term effect of the TCJA on us.

Our shares of common stock have been listed on the New York Stock Exchange since our initial public offering, or IPO, in November 2014 and trade under the ticker symbol “STOR.”

Since our inception in 2011, we have selectively originated over $10.0 billion of real estate investments. As of December 31, 2019, our investment portfolio totaled approximately $8.8 billion, consisting of investments in 2,504 property locations across the United States. All of the real estate we acquire is held by our wholly owned subsidiaries, many of which are special purpose bankruptcy remote entities formed to facilitate the financing of our real estate. We predominantly acquire our single-tenant properties directly from our customers in sale-leaseback transactions where our customers sell us their operating properties and then simultaneously enter into long-term triple-net leases with us to lease the properties back. Accordingly, our properties are fully occupied and under lease from the moment we acquire them.

We generate our cash from operations primarily through the monthly lease payments, or “base rent”, we receive from our customers under their long-term leases with us. We also receive interest payments on loans receivable, which are a small part of our portfolio. We refer to the monthly scheduled lease and interest payments due from our customers as “base rent and interest”. Most of our leases contain lease escalations every year or every several years that are based on the lesser of the increase in the Consumer Price Index or a stated percentage (if such contracts are expressed on an annual basis, currently averaging approximately 1.8%), which allows the monthly lease payments we receive to increase somewhat in an inflationary economic environment. As of December 31, 2019, approximately 99% of our leases (based on annualized base rent) were “triple-net” leases, which means that our customers are responsible for all of the operating costs

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such as maintenance, insurance and property taxes associated with the properties they lease from us, including any increases in those costs that may occur as a result of inflation. The remaining leases have some landlord responsibilities, generally related to maintenance and structural component replacement that may be required on such properties in the future, although we do not currently anticipate incurring significant capital expenditures or property-level operating costs under such leases. Because our properties are single-tenant properties, almost all of which are under long-term leases, it is not necessary for us to perform any significant ongoing leasing activities on our properties. As of December 31, 2019, the weighted average remaining term of our leases (calculated based on annualized base rent) was approximately 14 years, excluding renewal options, which are exercisable at the option of our tenants upon expiration of their base lease term. Leases approximating 99% of our base rent as of that date provide for tenant renewal options (generally two to four five-year options) and leases approximating 11% of our base rent provide our tenants the option, at their election, to purchase the property from us at a specified time or times (generally at the greater of the then-fair market value or our cost, as defined in the lease contracts).

We have dedicated an internal team to review and analyze ongoing tenant financial performance, both at the corporate level and at each property we own, in order to identify properties that may no longer be part of our long-term strategic plan. As part of that continuous active-management process, we may decide to sell properties where we believe the property no longer fits within our plan. Because generally we have been able to originate assets at lease rates above the online commercial real estate auction marketplace, we have been able to sell these assets on both opportunistic and strategic bases, typically for a gain. This gain acts to partially offset any possible losses we may experience in the real estate portfolio.

Liquidity and Capital Resources

At the beginning of 2019, our real estate investment portfolio totaled $7.6 billion, consisting of investments in 2,255 property locations with base rent and interest due from our customers aggregating approximately $51.2 million per month, excluding future rent payment escalations. As of December 31, 2019, our investment portfolio had grown to approximately $8.8 billion, consisting of investments in 2,504 property locations with base rent and interest due from our customers aggregating approximately $59.5 million per month. Substantially all of our cash from operations is generated by our investment portfolio.

Our primary cash expenditures are the principal and interest payments we make on the debt we use to finance our real estate investment portfolio and the general and administrative expenses of managing the portfolio and operating our business. Since substantially all of our leases are triple net, our tenants are generally responsible for the maintenance, insurance and property taxes associated with the properties they lease from us. When a property becomes vacant through a tenant default or expiration of the lease term with no tenant renewal, we incur the property costs not paid by the tenant, as well as those property costs accruing during the time it takes to locate a substitute tenant or sell the property. The lease contracts related to just 12 of our properties are due to expire during 2020; 81% of our leases have ten years or more remaining in their base lease term. As of December 31, 2019, 12 of our 2,504 properties were vacant and not subject to a lease, which represents a 99.5% occupancy rate. We expect to incur some property-level operating costs from time to time in periods during which properties that become vacant are being remarketed. In addition, we may recognize an expense for certain property costs, such as real estate taxes billed in arrears, if we believe the tenant is likely to vacate the property before making payment on those obligations. The amount of such property costs can vary quarter to quarter based on the timing of property vacancies and the level of underperforming properties; however, we do not anticipate that such costs will be significant to our operations.

We intend to continue to grow through additional real estate investments. To accomplish this objective, we must identify real estate acquisitions that are consistent with our underwriting guidelines and raise future additional capital to make such acquisitions. We acquire real estate with a combination of debt and equity capital, proceeds from the sale of properties and cash from operations that is not otherwise distributed to our stockholders in the form of dividends. When we sell properties, we generally reinvest the cash proceeds from those sales in new property acquisitions. We also periodically commit to fund the construction of new properties for our customers or to provide them funds to improve and/or renovate properties we lease to them. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. As of December 31, 2019, we had commitments to our customers to fund improvements to owned or mortgaged real estate properties totaling approximately $119.3 million, the majority of which is expected to be funded in the next twelve months.

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Financing Strategy

Our debt capital is initially provided on a short-term, temporary basis through a multi-year, variable-rate unsecured revolving credit facility with a group of banks. We manage our long-term leverage position through the strategic and economic issuance of long-term fixed-rate debt on both a secured and unsecured basis. By matching the expected cash inflows from our long-term real estate leases with the expected cash outflows of our long-term fixed-rate debt, we “lock in”, for as long as is economically feasible, the expected positive difference between our scheduled cash inflows on the leases and the cash outflows on our debt payments. By locking in this difference, or spread, we seek to reduce the risk that increases in interest rates would adversely impact our profitability. In addition, we may use various financial instruments designed to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies such as interest rate swaps and caps, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We also ladder our debt maturities in order to minimize the gap between our free cash flow (which we define as our cash from operations less dividends plus proceeds from our sale of properties) and our annual debt maturities.

As of December 31, 2019, substantially all our long-term debt was fixed-rate debt or was effectively converted to a fixed-rate for the term of the debt and our weighted average debt maturity was 6.9 years. As part of our long-term debt strategy, we develop and maintain broad access to multiple debt sources. We believe that having access to multiple debt markets increases our financing flexibility because different debt markets may attract different kinds of investors, thus expanding our access to a larger pool of potential debt investors. Also, a particular debt market may be more competitive than another at any particular point in time.

The long-term debt we have issued to date is comprised of both secured non-recourse borrowings, the vast majority of which is investment-grade rated, and senior investment-grade unsecured borrowings. We are currently rated Baa2, stable outlook, from Moody’s Investors Service and BBB, stable outlook, by both S&P Global Ratings and Fitch Ratings. In conjunction with our investment-grade debt strategy, we target a level of debt net of cash and cash equivalents that approximates 5½ to 6 times our estimated annualized amount of earnings (excluding gains or losses on sales of real estate and provisions for impairment) before interest, taxes, depreciation and amortization (based on our current investment portfolio).

Our secured non-recourse borrowings are obtained through multiple debt markets – primarily the asset-backed securities debt market. The vast majority of our secured non-recourse borrowings were made through an investment-grade-rated debt program we designed, which we call our Master Funding debt program. By design, this program provides flexibility not commonly found in most secured non-recourse debt and which is described in Non-recourse Secured Debt below. To a lesser extent, we may also obtain fixed-rate non-recourse mortgage financing through the commercial mortgage-backed securities debt market or from banks and insurance companies secured by specific properties we pledge as collateral.

Our goal is to employ a prudent blend of secured non-recourse debt through our flexible Master Funding debt program, paired with senior unsecured debt that uses our investment grade credit ratings. By balancing the mix of secured and unsecured debt, we can effectively leverage those properties subject to the secured debt in the range of 60%-70% and, at the same time, target a more conservative level of overall corporate leverage by maintaining a large pool of properties that are unencumbered. As of December 31, 2019, our secured non-recourse borrowings had a weighted average loan-to-cost ratio of approximately 68% and approximately 40% of our investment portfolio serves as collateral for this long-term debt. The remaining 60% of our portfolio properties, aggregating approximately $5.3 billion at December 31, 2019, are unencumbered and this unencumbered pool of properties provides us the flexibility to access long-term unsecured borrowings. The result is that our growing unencumbered pool of properties can provide higher levels of debt service coverage on the senior unsecured debt than would be the case if we employed only unsecured debt at our overall corporate leverage level. We believe this debt strategy can lead to a lower cost of capital for the Company, especially now that we can issue AAA rated debt from our Master Funding debt program, as described further below.

The availability of debt to finance commercial real estate in the United States can, at times, be impacted by economic and other factors that are beyond our control. An example of adverse economic factors occurred during the recession of 2007 to 2009 when availability of debt capital for commercial real estate was significantly curtailed. We seek to reduce the risk that long-term debt capital may be unavailable to us by maintaining the flexibility to issue long-term debt in multiple debt capital markets, both secured and unsecured, and by limiting the period between the time we acquire our

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real estate and the time we finance our real estate with long-term debt. In addition, we have arranged our unsecured revolving credit facility to have a multi-year term with extension options in order to reduce the risk that short-term real estate financing would not be available to us. As we grow our real estate portfolio, we also intend to manage our debt maturities to reduce the risk that a significant amount of our debt will mature in any single year in the future. Because our long-term secured debt generally requires monthly payments of principal, in addition to the monthly interest payments, the resulting principal amortization also reduces our refinancing risk upon maturity of the debt. As our outstanding debt matures, we may refinance the maturing debt as it comes due or choose to repay it using cash and cash equivalents or our unsecured revolving credit facility. For example, as part of the STORE Master Funding Series 2018-1 notes issuance in October 2018, we prepaid, without penalty, an aggregate of $233.3 million of STORE Master Funding Series 2013-1 and Series 2013-2 Class A-1 notes that were scheduled to mature in 2020. During 2018, we also repaid two maturing secured notes payable totaling approximately $24.0 million which had a weighted average interest rate of 5.1%. Also, as part of the STORE Master Funding Series 2019-1 notes issuance discussed further below, we prepaid, without penalty, an aggregate of $186.1 million of STORE Master Funding Series 2013-3 and Series 2014-1 Class A-1 notes. Aside from one variable-rate $100 million extendable bank term loan scheduled to mature in March 2020 and an additional $100 million bank term loan scheduled to mature in April 2021, there are now no other significant debt maturities until 2022. Similar to the STORE Master Funding prepayments described above, we may prepay other existing long-term debt in circumstances where we believe it would be economically advantageous to do so.

Unsecured Revolving Credit Facility

Typically, we use our unsecured revolving credit facility to acquire our real estate properties, until those borrowings are sufficiently large to warrant the economic issuance of long-term fixed-rate debt, the proceeds from which we use to repay the amounts outstanding under our revolving credit facility. At December 31, 2019, we had no amounts outstanding under our unsecured credit facility.

Our unsecured credit facility has an immediate availability of $600 million and an accordion feature of $800 million, which gives us a maximum borrowing capacity of $1.4 billion. The facility matures in February 2022 and includes two six-month extension options, subject to certain conditions. Borrowings under the facility require monthly payments of interest at a rate selected by us of either (1) LIBOR plus a credit spread ranging from 0.825% to 1.55%, or (2) the Base Rate, as defined in the credit agreement, plus a credit spread ranging from 0.00% to 0.55%. The credit spread used is based on our credit rating as defined in the credit agreement. We are also required to pay a facility fee on the total commitment amount ranging from 0.125% to 0.30%. The currently applicable credit spread for LIBOR-based borrowings is 1.00% and the facility fee is 0.20%.

Under the terms of the facility, we are subject to various restrictive financial and nonfinancial covenants which, among other things, require us to maintain certain leverage ratios, cash flow and debt service coverage ratios, secured borrowing ratios and a minimum level of tangible net worth. Certain of these ratios are based on our pool of unencumbered assets, which aggregated approximately $5.3 billion at December 31, 2019. The facility is recourse to us and, as of December 31, 2019, we were in compliance with the financial and nonfinancial covenants under the facility.

Senior Unsecured Term Debt

In February 2019, we completed our second issuance of underwritten public notes in an aggregate principal amount of $350.0 million. These senior unsecured notes, which were issued at 99.260% of their principal amount, are due in March 2029 and bear a coupon rate of 4.625%; similar to our first issuance of public notes in March 2018, interest on these notes is paid semi-annually in March and September of each year. In December 2018, we entered into two treasury-lock agreements, which limited our exposure to increases in the 10-year treasury rate until the time the notes were issued; we made an aggregate cash payment of $6.7 million to the counterparties upon settlement of the agreements in February 2019, increasing the effective yield on these public notes to just under 5.0%. The net proceeds from the issuance of these notes were primarily used to pay down outstanding balances on our revolving credit facility. The supplemental indentures governing our public notes contain various restrictive covenants, including limitations on our ability to incur additional secured and unsecured indebtedness. As of December 31, 2019, we were in compliance with these covenants. Prior to our inaugural issuance of public debt in March 2018, our unsecured long-term debt had been issued through the private placement of notes to institutional investors and through groups of lenders who also participate in our unsecured revolving

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credit facility; the financial covenants of the privately placed notes and bank term loans are similar to our unsecured credit facility. In March 2019, we amended the credit agreement related to the $100 million bank term loan (originally issued in March 2017) which lowered the related credit spread by 10 basis points and extended the original term for one year to March 2020, while retaining the three one-year extension options. The interest rate on this loan resets monthly at one-month LIBOR plus a credit rating-based credit spread ranging from 0.90% to 1.75%; the credit spread currently applicable to the Company is 1.00%. The aggregate outstanding principal amount of our unsecured senior notes and term loans payable was $1.3 billion as of December 31, 2019.

Non-recourse Secured Debt

As of December 31, 2019, approximately 36% of our real estate investment portfolio served as collateral for outstanding borrowings under our STORE Master Funding debt program. We believe our STORE Master Funding program allows for flexibility not commonly found in non-recourse debt, often making it preferable to traditional debt issued in the commercial mortgage-backed securities market. Under the program, STORE serves as both master and special servicer for the collateral pool, allowing for active portfolio monitoring and prompt issue resolution. In addition, features of the program allowing for the sale or substitution of collateral, provided certain criteria are met, facilitate active portfolio management. Through this debt program, we arrange for bankruptcy remote, special purpose entity subsidiaries to issue multiple series of investment-grade asset-backed net-lease mortgage notes, or ABS notes, from time to time as additional collateral is added to the collateral pool and leverage can be added in incremental issuances based on the value of the collateral pool.

The ABS notes are generally issued by our wholly owned special purpose entity subsidiaries to institutional investors through the asset-backed securities market. These ABS notes are typically issued in two classes, Class A and Class B. At the time of issuance, the Class A notes represent approximately 70% of the appraised value of the underlying real estate collateral owned by the issuing subsidiaries and are currently rated AAA or A+ by S&P Global Ratings. The Series 2018-1 transaction in October 2018 marked our inaugural issuance of AAA rated notes and we believe it broadens the market for our STORE Master Funding debt program and gives us access to lower cost secured debt. In November 2019, our consolidated special purpose entities issued the ninth series, Series 2019-1, of net-lease mortgage notes under the STORE Master Funding debt program consisting of $508 million of notes issued in four Class A tranches as summarized below:

Class	Rating (a)	Amount (in millions)		Coupon Rate		Maturity Date
Class A-1	AAA	$	82.0	2.82	%	Nov. 2026
Class A-2	AAA		244.0	3.65	%	Nov. 2034
Class A-3	A+		46.0	3.32	%	Nov. 2026
Class A-4	A+		136.0	4.49	%	Nov. 2034
Total		$	508.0

(a) By S&P Global Ratings.

The Series 2019-1 transaction marked our inaugural issuance of 15-year notes, included $326 million of AAA rated notes and served to solidify our belief that the market for the STORE Master Funding program is broadening. The net proceeds from the issuance of the Class A notes were primarily used to pay down outstanding balances on our credit facility and to prepay, without penalty, STORE Master Funding Series 2013-3 and Series 2014-1 Class A-1 notes aggregating approximately $186.1 million at the time of prepayment; these notes were scheduled to mature in 2020 and 2021 and bore a weighted average interest rate of 4.2%.

The Class B notes, which are subordinated to the Class A notes as to principal repayment, represent approximately 5% of the appraised value of the underlying real estate collateral and are currently rated BBB by S&P Global Ratings. As part of the Series 2019-1 transaction, the Class B notes issued with previous series transactions were cancelled and were reissued under Series 2019-1; as of December 31, 2019, there was an aggregate $155.0 million in principal amount of Class B notes outstanding. We have historically retained these Class B notes and they are held by one of our bankruptcy remote, special purpose entity subsidiaries. The Class B notes are not reflected in our financial statements because they eliminate in consolidation. Since the Class B notes are considered issued and outstanding, they

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provide us with additional financial flexibility in that we may sell them to a third party in the future or use them as collateral for short-term borrowings as we have done from time to time in the past.

The ABS notes outstanding at December 31, 2019 totaled $2.2 billion in Class A principal amount and were supported by a collateral pool of approximately $3.1 billion representing 1,134 property locations operated by 206 customers. The amount of debt that can be issued in any new series is determined by the structure of the transaction and the aggregate amount of collateral in the pool at the time of issuance. In addition, the issuance of each new series of notes is subject to the satisfaction of several conditions, including that there is no event of default on the existing note series and that the issuance will not result in an event of default on, or the credit rating downgrade of, the existing note series.

A significant portion of our cash flow is generated by the special purpose entities comprising our STORE Master Funding debt program. For the year ended December 31, 2019, excess cash flow, after payment of debt service and servicing and trustee expenses, totaled $104 million on cash collections of $227 million, which represents an overall ratio of cash collections to debt service, or debt service coverage ratio (as defined in the STORE Master Funding program documents), of greater than 1.8 to 1 on the STORE Master Funding program. If at any time the debt service coverage ratio generated by the collateral pool is less than 1.3 to 1, excess cash flow from the STORE Master Funding entities will be deposited into a reserve account to be used for payments to be made on the net-lease mortgage notes, to the extent there is a shortfall. We anticipate that the debt service coverage ratio for the STORE Master Funding program will remain well above program minimums.

To a lesser extent, we also may obtain debt in discrete transactions through other bankruptcy remote, special purpose entity subsidiaries, which debt is solely secured by specific real estate assets and is generally non-recourse to us (subject to certain customary limited exceptions). These discrete borrowings are generally in the form of traditional mortgage notes payable, with principal and interest payments due monthly and balloon payments due at their respective maturity dates, which typically range from seven to ten years from the date of issuance. In March 2019, we obtained $41.7 million of discrete mortgage debt secured by approximately $64.3 million of specific properties; this debt carries a fixed rate of 4.80% and is due in March 2029. Our secured borrowings contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Certain of the notes also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the special purpose entity or the tenant. In March 2019, in connection with the pending disposition of a property that served as collateral for a note payable, we entered into an agreement to defease the remaining $6.7 million principal balance of the note payable. As a result of this agreement, we made a $7.4 million defeasance payment (including expenses), the collateral was released, and we were released from all obligations associated with the note payable.

Debt Summary

As of December 31, 2019, our aggregate secured and unsecured long-term debt had an outstanding principal balance of $3.6 billion, a weighted average maturity of 6.9 years and a weighted average interest rate of 4.3%. The following is a summary of the outstanding balance of our borrowings as well as a summary of the portion of our real estate investment portfolio that is either pledged as collateral for these borrowings or is unencumbered as of December 31, 2019:

			Gross Investment Portfolio Assets
			Special Purpose
	Outstanding		Entity		All Other
(In millions)	Borrowings		Subsidiaries		Subsidiaries		Total
STORE Master Funding net-lease mortgage notes payable	$	2,164	$	3,154	$	—	$	3,154
Other mortgage notes payable		195		343		—		343
Unsecured notes and term loans payable		1,275		—		—		—
Unsecured credit facility		—		—		—		—
Total debt		3,634		3,497		—		3,497
Unencumbered real estate assets		—		4,150		1,208		5,358
	$	3,634	$	7,647	$	1,208	$	8,855

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Our decision to use either senior unsecured term debt, STORE Master Funding or other non-recourse traditional mortgage loan borrowings depends on our view of the most strategic blend of unsecured versus secured debt that is needed to maintain our targeted level of overall corporate leverage as well as on borrowing costs, debt terms, debt flexibility and the tenant and industry diversification levels of our real estate assets. As we continue to acquire real estate, we expect to balance the overall degree of leverage on our portfolio by growing our pool of portfolio assets that are unencumbered. Our growing pool of unencumbered assets will increase our financial flexibility by providing us with assets that can support senior unsecured financing or that can serve as substitute collateral for existing debt. Should market factors, which are beyond our control, adversely impact our access to these debt sources at economically feasible rates, our ability to grow through additional real estate acquisitions will be limited to any undistributed amounts available from our operations and any additional equity capital raises.

Equity

We access the equity markets in various ways, such as, in 2017, a follow-on stock offering as well as a private placement of 18.6 million shares of our common stock to a wholly owned subsidiary of Berkshire Hathaway. We also establish “at the market” equity distribution programs, or ATM programs, pursuant to which, from time to time, we may offer and sell registered shares of our common stock through a group of banks acting as our sales agents. Most recently, in November 2019, we established a $900 million ATM program (the 2019 ATM Program) and terminated the prior program (the 2018-2 ATM Program).

The following tables outline the common stock issuances under these programs (in millions except share and per share information):

	Year Ended December 31, 2019
ATM Program	Shares Sold	Weighted Average Price per Share		Gross Proceeds		Sales Agents' Commissions		Other Offering Expenses		Net Proceeds
$900 million 2019 ATM Program	5,026,366	$	39.79	$	200.0	$	(1.9)	$	(0.3)	$	197.8
$750 million 2018-2 ATM Program	13,448,509	$	34.20		459.9		(6.9)		(0.3)		452.7
Total	18,474,875	$	35.72	$	659.9	$	(8.8)	$	(0.6)	$	650.5
	Inception of Program Through December 31, 2019
ATM Program	Shares Sold	Weighted Average Price per Share		Gross Proceeds		Sales Agents' Commissions		Other Offering Expenses		Net Proceeds
$900 million 2019 ATM Program	5,026,366	$	39.79	$	200.0	$	(1.9)	$	(0.3)	$	197.8
$750 million 2018-2 ATM Program	21,681,251	$	32.52		705.1		(10.6)		(0.7)		693.8
Total	26,707,617	$	33.89	$	905.1	$	(12.5)	$	(1.0)	$	891.6

Cash Flows

Substantially all of our cash from operations is generated by our investment portfolio. As shown in the following table, net cash provided by operating activities in 2019 increased by $66.7 million over the $391.7 million reported in 2018, which had increased $82.3 million over the $309.4 million reported in 2017, primarily due to the increase in the size of our real estate investment portfolio, which generated additional rental revenue and interest income. Cash flows from operations for 2019 include a $6.7 million payment we made in settlement of two treasury lock agreements; for 2018, cash flows from operations include a $4.3 million payment we received in settlement of a similar agreement. Investment activity in real estate, loans and financing receivables during 2019 was $102.0 million higher than in 2018 which was $232.3 million higher than 2017 and was primarily funded, in all years, with a combination of cash from operations, proceeds from the sale of real estate properties, proceeds from the issuance of long-term debt and proceeds from the

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issuance of stock. Proceeds received from the sale of real estate properties in 2019 increased $208.1 million over the proceeds received in 2018; during 2019 we sold 95 properties as compared to the sale of 80 properties in 2018. Net cash provided by financing activities was lower for 2019 as compared to 2018 primarily as a result of a lower volume of equity issued under our ATM programs in 2019 versus 2018. In recent years, we have funded a significant portion of our acquisitions with proceeds from equity offerings as compared to debt issuances, net of debt payments, as part of our overall strategy to reduce leverage. During 2019 and 2018, our net proceeds from the issuance of long-term debt were $884.8 million and $924.6 million, respectively. Long-term debt repayments were also very comparable in 2019 and 2018 as repayment activity included prepayments of STORE Master Funding debt in both years as noted earlier. Additionally, we paid dividends to our stockholders totaling $307.2 million in 2019, $255.6 million in 2018 and $209.9 million in 2017. We increased our quarterly dividend in the third quarter of 2019 by 6.1% to an annualized $1.40 per common share; we also increased our quarterly dividend by 6.5% in the third quarter of 2018 to an annualized $1.32 per common share.

	Year Ended December 31,
(In thousands)	2019		2018		2017
Net cash provided by operating activities	$	458,334	$	391,678	$	309,425
Net cash used in investing activities		(1,249,813)		(1,367,038)		(1,100,871)
Net cash provided by financing activities		859,843		969,199		767,458
Net increase (decrease) in cash, cash equivalents and restricted cash		68,364		(6,161)		(23,988)
Cash, cash equivalents and restricted cash, beginning of period		43,017		49,178		73,166
Cash, cash equivalents and restricted cash, end of period	$	111,381	$	43,017	$	49,178
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	99,753	$	27,511	$	42,937
Restricted cash included in other assets		11,628		15,506		6,241
Total cash, cash equivalents and restricted cash	$	111,381	$	43,017	$	49,178

Management believes that the cash generated by our operations, our current borrowing capacity on our revolving credit facility and our access to long-term debt capital, will be sufficient to fund our operations for the foreseeable future and allow us to acquire the real estate for which we currently have made commitments. In order to continue to grow our real estate portfolio in the future beyond the excess cash generated by our operations and our ability to borrow, we intend to raise additional equity capital through the sale of our common stock.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements as of December 31, 2019.

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Contractual Obligations

The following table provides information with respect to our contractual commitments as of December 31, 2019, including any guaranteed or minimum commitments under contractual obligations.

			Payment Due by Period
									More than
			1 year		1 - 3 years		3 - 5 years		5 years
(In thousands)	Total		(2020)		(2021 - 2022)		(2023 - 2024)		(after 2024)
Credit facility (1)	$	—	$	—	$	—	$	—	$	—
Long-term debt obligations (secured and unsecured):
Principal		3,634,310		135,333		376,278		736,244		2,386,455
Interest		1,060,395		154,579		294,604		248,752		362,460
Commitments to customers (2)		119,285		114,322		4,963		—		—
Operating ground lease obligations paid by STORE Capital		3,230		31		62		62		3,075
Operating ground lease obligations paid by STORE Capital's tenants (3)		47,611		2,332		4,649		8,033		32,597
Corporate office operating lease obligation		6,129		761		1,566		1,623		2,179
Total	$	4,870,960	$	407,358	$	682,122	$	994,714	$	2,786,766

(1) We had no amounts outstanding on our $600 million credit facility as of December 31, 2019; amounts outstanding bear interest at one-month LIBOR plus a credit rating-based credit spread of 1.00%. We also pay a facility fee on the total commitment amount of 0.20%.

(2) Represents our commitments to fund improvements to real estate properties previously acquired or mortgaged; these construction improvement commitments are similar to property acquisitions or new loans as they will result in increases to rental revenue or interest income due under the related contracts.

(3) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to pay the ground lease rent, we would be primarily responsible for the payment, assuming we do not re-tenant the property or sell the leasehold interest. Of the total $47.6 million commitment, $16.5 million is due for periods beyond the current term of our leases with the tenants. Excludes contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales.

Recently Issued Accounting Pronouncements

See Note 2 to the December 31, 2019 consolidated financial statements.

Critical Accounting Policies and Estimates

Our discussion and analysis of our historical financial condition and results of operations is based upon our consolidated financial statements, which are prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ materially from those estimates. The accounting policies discussed below are considered critical because changes to certain judgments and assumptions inherent in these policies could affect the financial statements. For more information on our accounting policies, please refer to the notes to our consolidated financial statements.

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Accounting for Real Estate Investments

Classification and Cost

We record the acquisition of real estate properties at cost, including acquisition and closing costs. We allocate the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of our lease contracts allow our tenants the option, at their election, to purchase the leased property from us at a specified time or times (generally at the greater of the then-fair market value or our cost, as defined in the lease contracts). Subsequent to the adoption of Accounting Standards Update (ASU) 2016-02, Leases (Topic 842)(ASC Topic 842) on January 1, 2019, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, we will account for such acquisition as a financing arrangement and record the investment in loans and financing receivables on the consolidated balance sheet.

In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs.

The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease.

Impairment

We review our real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Events or changes in circumstances may also include an expectation to sell certain assets in accordance with our long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. An asset is considered impaired if the carrying value of the asset exceeds its estimated undiscounted cash flows and the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results.

Results of Operations

In July 2019, the Financial Accounting Standards Board issued ASU 2019-07, Codification Updates to SEC Sections-Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, which makes a number of changes meant to simplify certain disclosures in financial condition and results of operations, particularly by eliminating year-to-year comparisons between prior periods previously disclosed. In complying with the relevant aspects of the rule covering the current year annual report, we now include disclosures on results of operations for fiscal year 2019 versus 2018 only. For discussion of our fiscal year 2018 compared to our fiscal year 2017 see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report filed with the SEC for the fiscal year ended December 31, 2018.

Overview

As of December 31, 2019, our real estate investment portfolio had grown to approximately $8.8 billion, consisting of investments in 2,504 property locations in 49 states, operated by over 475 customers in various industries. Approximately 94% of the real estate investment portfolio represents commercial real estate properties subject to long-term

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leases, 6% represents mortgage loan and financing receivables on commercial real estate properties and a nominal amount represents loans receivable secured by our tenants’ other assets.

Year Ended December 31, 2019 Compared to Year Ended December 31, 2018

	Year Ended
	December 31,				Increase
(In thousands)	2019		2018		(Decrease)
Total revenues	$	665,714	$	540,756	$	124,958
Expenses:
Interest		158,381		129,061		29,320
Property costs		10,793		4,250		6,543
General and administrative		54,274		45,725		8,549
Depreciation and amortization		221,975		181,826		40,149
Provisions for impairment		18,751		7,810		10,941
Total expenses		464,174		368,672		95,502
Net gain on dispositions of real estate		84,142		45,528		38,614
Income from operations before income taxes		285,682		217,612		68,070
Income tax expense		707		642		65
Net income	$	284,975	$	216,970	$	68,005

Revenues

The increase in revenues year over year was driven primarily by the growth in the size of our real estate investment portfolio, which generated additional rental revenues and interest income. Our real estate investment portfolio grew from approximately $7.6 billion in gross investment amount representing 2,255 properties at the end of 2018 to approximately $8.8 billion in gross investment amount representing 2,504 properties at December 31, 2019. The weighted average real estate investment amounts outstanding during the years were approximately $8.2 billion in 2019 and $6.8 billion in 2018. Our real estate investments were made throughout the years presented and were not all outstanding for the entire period; accordingly, a portion of the increase in revenues between years is related to recognizing a full year of revenue in 2019 on acquisitions that were made during 2018. Similarly, the full revenue impact of acquisitions made during 2019 will not be seen until 2020. A smaller component of the increase in revenues between years is related to rent escalations recognized on our lease contracts; these rent increases can provide a strong source of revenue growth. Additionally, during 2019, primarily in connection with the sale of certain properties, we collected $4.1 million in early lease termination payments which are included in other income.

The initial rental or capitalization rates we achieve on sale-leaseback transactions, calculated as the initial annualized base rent divided by the purchase price of the properties, vary from transaction to transaction based on many factors, such as the terms of the lease, the property type including the property’s real estate fundamentals and the market rents in the area on the various types of properties we target across the United States. The majority of our transactions are sale-leaseback transactions where we acquire the property and simultaneously negotiate a lease directly with the tenant based on the tenant’s business needs. There are also online commercial real estate auction marketplaces for real estate transactions; properties acquired through these online marketplaces are often subject to existing leases and offered by third-party sellers. In general, because we provide tailored customer lease solutions in sale-leaseback transactions, our lease rates historically have been higher and subject to less short-term market influences than what we have seen in the auction marketplace as a whole. In addition, since our real estate lease contracts are a substitute for both borrowings and equity that our customers would otherwise have to commit to their real estate locations, we believe there is a relationship between lease rates and market interest rates and that lease rates are also influenced by overall capital availability. During 2019, the weighted average lease rate attained on our new investments was approximately 0.1% lower as compared to 2018 with the decrease primarily occurring during the latter half of the year. The weighted average initial capitalization rate on the properties we acquired during 2019 and 2018 was approximately 7.8% and 7.9%, respectively. Based on our experience, our expectations for the future include the possibility that we could see similar slight movements in lease rates as market interest rates change.

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Interest Expense

We fund the growth in our real estate investment portfolio with excess cash flow from our operations after dividends and principal payments on debt, net proceeds from periodic sales of real estate, net proceeds from equity issuances and proceeds from issuances of long-term fixed-rate debt. We use our unsecured revolving credit facility to temporarily finance the properties we acquire.

The following table summarizes our interest expense.

	For the Year Ended
	December 31,
(Dollars in thousands)	2019			2018
Interest expense - credit facility	$	2,573		$	6,009
Interest expense - credit facility fees		1,217			1,195
Interest expense - long-term debt (secured and unsecured)		145,767			115,763
Capitalized interest		(1,600)			(2,641)
Loss (gain) on defeasance/extinguishment of debt		735			(814)
Amortization of deferred financing costs and other		9,689			9,549
Total interest expense	$	158,381		$	129,061
Credit facility:
Average debt outstanding	$	74,198		$	201,677
Average interest rate during the period (excluding facility fees)		3.5	%		3.0	%
Long-term debt (secured and unsecured):
Average debt outstanding	$	3,310,378		$	2,645,152
Average interest rate during the period		4.4	%		4.4	%

The increases in average outstanding long-term debt were the primary driver for the increases in interest expense on long-term debt. Long-term debt added during 2019 primarily consisted of $350 million of 4.625% senior unsecured notes issued in February 2019 and $508 million of STORE Master Funding Series 2019-1 notes issued in November 2019 which bear a weighted average interest rate of 3.71%. As part of the Series 2019-1 note issuance, we prepaid, without penalty, STORE Master Funding Series 2013-3 and Series 2014-1 Class A-1 notes aggregating approximately $186.1 million at the time of prepayment; these notes were scheduled to mature in 2020 and 2021 and bore a weighted average interest rate of 4.2%. As of December 31, 2019, we had $3.6 billion of long-term debt outstanding with a weighted average interest rate of 4.3%.

Interest expense for 2019 included a $0.7 million loss incurred in connection with the defeasance of secured debt on a property pending disposition; we made a $7.4 million payment (including expenses) to defease the note payable, which had a remaining outstanding principal balance of $6.7 million. Interest expense for 2018 included a $0.8 million gain on the extinguishment of debt. Interest expense for 2019 and 2018 included $1.1 million and $2.1 million, respectively, in accelerated amortization of deferred financing costs primarily related to the STORE Master Funding prepayments discussed above.

We use our revolving credit facility on a short-term, temporary basis to acquire real estate properties until those borrowings are sufficiently large to warrant the economic issuance of long-term fixed-rate debt, the proceeds of which we generally use to pay down the amounts outstanding under our revolving credit facility. Interest expense associated with our revolving credit facility decreased in 2019 as compared to 2018 due to lower average outstanding borrowings. This decrease between years was partially offset by an increase in the weighted average interest rate incurred on our borrowings due to increases in one-month LIBOR. During 2019, the average one-month LIBOR was approximately 0.2% higher than during 2018. The amount and timing of real estate acquisition activity and long-term debt and/or equity transactions will affect the level of borrowing activity on our credit facility.

From time to time, we may have construction activities on one or more of our real estate properties. Interest capitalized as a part of those activities represented approximately $1.6 million and $2.6 million in 2019 and 2018, respectively.

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Property Costs

Approximately 99% of our leases are triple net, meaning that our tenants are generally responsible for the property-level operating costs such as taxes, insurance and maintenance. Accordingly, we generally do not expect to incur property-level operating costs or capital expenditures, except during any period when one or more of our properties is no longer under lease. Our need to expend capital on our properties is further reduced due to the fact that some of our tenants will periodically refresh the property at their own expense to meet their business needs or in connection with franchisor requirements. As of December 31, 2019, we owned 12 properties that were vacant and not subject to a lease and the lease contracts related to just 12 owned properties are due to expire during 2020. We expect to incur some property costs related to the vacant properties until such time as those properties are either leased or sold.

As of December 31, 2019, we had entered into operating ground leases as part of several real estate investment transactions. As a result of the adoption of ASC Topic 842, the ground lease payments made by our tenants directly to the ground lessors are presented on a gross basis in the condensed consolidated statement of income, both as rental revenues and as property costs. Prior to 2019, the ground lease payments made directly by our tenants to the ground lessor had been presented on a net basis in our consolidated statements of income. Also as a result of the adoption of ASC Topic 842, for the few lease contracts where we collect property taxes from our tenants and remit those taxes to governmental authorities, we now reflect those payments on a gross basis as both rental revenue and as property costs; prior to 2019, those property taxes were presented on a net basis in the consolidated statements of income.

The following is a summary of property costs (in thousands):

	Year Ended December 31,
	2019		2018
Property-level operating costs (a)	$	5,462	$	3,752
Ground lease-related intangibles amortization expense		469		469
Operating ground lease payments made by STORE Capital		29		29
Operating ground lease payments made by STORE Capital tenants		2,219		—
Operating ground lease straight-line rent expense		56		—
Property taxes payable from tenant impounds		2,558		—
Total property costs	$	10,793	$	4,250

(a) Property-level operating costs primarily include those expenses associated with vacant or nonperforming properties, property management costs for the few properties that have specific landlord obligations and the cost of performing property site inspections from time to time.

General and Administrative Expenses

General and administrative expenses include compensation and benefits; professional fees such as portfolio servicing, legal, accounting and rating agency fees; and general office expenses such as insurance, office rent and travel costs. General and administrative costs totaled $54.3 million in 2019 as compared to $45.7 million in 2018 with the increase primarily due to the growth of our portfolio and related staff additions as well as approximately $2.0 million of executive severance costs incurred in the second quarter of 2019. Certain expenses, such as property-related insurance costs and the costs of servicing the properties and loans comprising our real estate portfolio, increase in direct proportion to the increase in the size of the portfolio. During the third quarter of 2018, we transitioned the outsourced administrative portion of our portfolio servicing to a new provider, reducing the base cost for these services. Our employee base grew from 90 employees at December 31, 2018 to 97 employees as of December 31, 2019. We expect that general and administrative expenses will continue to rise in some measure as our real estate investment portfolio grows; however, we expect that such expenses as a percentage of the portfolio will decrease over time due to efficiencies and economies of scale.

Depreciation and Amortization Expense

Depreciation and amortization expense, which increases in proportion to the increase in the size of our real estate portfolio, rose from $181.8 million in 2018 to $222.0 million in 2019.

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Provisions for Impairment

During 2019, we recognized provisions for impairment of real estate totaling $18.8 million. During 2018, we recognized provisions for impairment aggregating $7.8 million. Of this amount, $5.2 million represented provisions for impairment of real estate and $2.6 million represented provisions for loan losses.

Net Gain on Dispositions of Real Estate

As part of our ongoing active portfolio management process, we sell properties from time to time in order to enhance the diversity and quality of our real estate portfolio and to take advantage of opportunities to recycle capital. During 2019, we recognized an $84.1 million aggregate net gain on the dispositions of real estate which included an $80.2 million net gain on the sale of 95 properties and a $3.9 million non-cash gain resulting from the substitution of ten properties with a single tenant. Of the 95 properties sold during 2019, 17 properties were sold as part of an actively-managed, tax-deferred exchange program under Section 1031 of the Internal Revenue Code. All proceeds from these sales were used to acquire qualified replacement properties. In comparison, during 2018, we recognized a $45.5 million aggregate net gain on the sale of 80 properties. The net proceeds from the dispositions of real estate during 2019 aggregated $448 million as compared to an aggregate original investment amount of $429 million. As noted earlier, during 2019, we also collected $4.1 million of early lease termination payments in connection with certain property sales. For properties sold during 2018, net proceeds aggregated $252 million as compared to an aggregate original investment amount of $228 million.

Net Income

For the year ended December 31, 2019, our net income rose to $285.0 million, an increase from $217.0 million in 2018. Our net income rose primarily due to the growth in the size of our real estate investment portfolio, which generated additional rental revenues and interest income, and due to the increase in gains on dispositions of real estate, offset by the impact of impairments and accelerated amortization of lease incentives and deferred financing costs, all as discussed above.

Non-GAAP Financial Measures

Our reported results are presented in accordance with U.S. generally accepted accounting principles, or GAAP. We also disclose Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO, both of which are non-GAAP measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or to cash flows from operations as reported on a statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income, excluding gains (or losses) from extraordinary items and sales of depreciable property, real estate impairment losses, and depreciation and amortization expense from real estate assets, including the pro rata share of such adjustments of unconsolidated subsidiaries.

To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain revenues and expenses that have no impact on our long-term operating performance, such as straight-line rents, amortization of deferred financing costs and stock-based compensation. In addition, in deriving AFFO, we exclude certain other costs not related to our ongoing operations, such as the amortization of lease-related intangibles.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. Management believes that AFFO provides more useful information to investors and analysts because it modifies FFO to exclude certain additional

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revenues and expenses such as straight-line rents, including construction period rent deferrals, and the amortization of deferred financing costs, stock-based compensation and lease-related intangibles as such items have no impact on long-term operating performance. As a result, we believe AFFO to be a more meaningful measurement of ongoing performance that allows for greater performance comparability. Therefore, we disclose both FFO and AFFO and reconcile them to the most appropriate GAAP performance metric, which is net income. STORE Capital’s FFO and AFFO may not be comparable to similarly titled measures employed by other companies.

The following is a reconciliation of net income (which we believe is the most comparable GAAP measure) to FFO and AFFO.

	Year Ended December 31,
(In thousands)	2019		2018		2017
Net Income	$	284,975	$	216,970	$	162,038
Depreciation and amortization of real estate assets		221,665		180,851		149,556
Provision for impairment of real estate		18,751		5,202		11,940
Net gain on dispositions of real estate (a)		(84,142)		(45,398)		(39,604)
Funds from Operations		441,249		357,625		283,930
Adjustments:
Straight-line rental revenue:
Fixed rent escalations accrued		(6,021)		(6,121)		(6,414)
Construction period rent deferrals		1,604		6,622		3,056
Amortization of:
Equity-based compensation		11,703		8,608		7,931
Deferred financing costs and other (b)		9,689		9,549		9,978
Lease-related intangibles and costs (c)		2,856		2,433		7,043
Provision for loan losses		—		2,608		1,500
Lease termination fees		(4,096)		—		—
Capitalized interest		(1,600)		(2,641)		(1,243)
Executive severance costs		1,956		—		296
Loss (gain) on defeasance/extinguishment of debt		735		(814)		—
Adjusted Funds from Operations	$	458,075	$	377,869	$	306,077

(a) For the years ended December 31, 2018 and 2017, includes $130,000 and $5,000, respectively, of income tax expense associated with gains recognized on the dispositions of certain properties.

(b) For the years ended December 31, 2019, 2018 and 2017, includes $1.1 million, $2.1 million and $2.0 million, respectively, of accelerated amortization of deferred financing costs primarily related to the prepayment of debt.

(c) For the year ended December 31, 2017, includes a $4.6 million charge related to accelerated amortization of lease incentives associated with terminated lease contracts.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Our interest rate risk management objective is to limit the impact of future interest rate changes on our earnings and cash flows. We seek to match the cash inflows from our long-term leases with the expected cash outflows on our long-term debt. To achieve this objective, our consolidated subsidiaries primarily borrow on a fixed-rate basis for longer-term debt issuances. At December 31, 2019, substantially all of our long-term debt carried a fixed interest rate, or was effectively converted to a fixed-rate through the use of interest rate swaps for the term of the debt, and the weighted average debt maturity was approximately 6.9 years. We are exposed to interest rate risk between the time we enter into a sale-leaseback transaction and the time we finance the related real estate with long-term fixed-rate debt. In addition, when

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that long-term debt matures, we may have to refinance the real estate at a higher interest rate. Market interest rates are sensitive to many factors that are beyond our control.

We address interest rate risk by employing the following strategies to help insulate us from any adverse impact of rising interest rates:

● We seek to minimize the time period between acquisition of our real estate and the ultimate financing of that real estate with long-term fixed-rate debt.

● By using serial issuances of long-term debt, we intend to ladder out our debt maturities to avoid a significant amount of debt maturing during any single period and to minimize the gap between free cash flow and annual debt maturities; free cash flow includes cash from operations less dividends plus proceeds from our sales of properties.

● Our secured long-term debt generally provides for some amortization of the principal balance over the term of the debt, which serves to reduce the amount of refinancing risk at debt maturity to the extent that we can refinance the reduced debt balance over a revised long-term amortization schedule.

● We seek to maintain a large pool of unencumbered real estate assets to give us the flexibility to choose among various secured and unsecured debt markets when we are seeking to issue new long-term debt.

● We may also use derivative instruments, primarily cash flow hedges such as interest rate swaps, caps and treasury lock agreements, to limit our exposure to interest rate movements with respect to various debt instruments.

Although substantially all of our long-term debt carries a fixed rate, we often temporarily fund our property acquisitions with our revolving credit facility, which carries a variable rate. During the year ended December 31, 2019, we had average daily outstanding borrowings of $74.2 million on our variable-rate credit facility, which primarily bears interest based on one-month LIBOR, plus a credit spread of 1.0% based on our current credit rating. We monitor our market interest rate risk exposures using a sensitivity analysis. Our sensitivity analysis estimates the exposure to market risk sensitive instruments assuming a hypothetical adverse change in interest rates. Based on the results of our sensitivity analysis, which assumes a 1% adverse change in interest rates, the estimated market risk exposure for our variable-rate debt was approximately $0.7 million, or approximately 0.2% of net cash provided by operating activities for the year ended December 31, 2019. In addition, we may use various financial instruments designed to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We do not use derivative instruments for trading or speculative purposes. See Note 2 to our Consolidated Financial Statements for further information on derivatives.

In July 2017, the Financial Conduct Authority, or FCA (the authority that regulates LIBOR), announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee, or ARRC, has identified the Secured Overnight Financing Rate, or SOFR, as the preferred alternative to LIBOR for use in derivatives and other financial contracts that are currently indexed to LIBOR. We are not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form.

At December 31, 2019, the Company does have contracts that are indexed to LIBOR and continues to monitor and evaluate the related risks, including future negotiations with lenders and other counterparties; the $600 million unsecured revolving credit facility, which matures in February 2022, is the Company’s only contract indexed to LIBOR with a maturity date beyond 2021. While we expect LIBOR to be available in substantially its current form until the end of 2021, it is possible that LIBOR will become unavailable prior to that point. This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the transition to an alternative reference rate could be accelerated.

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Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of STORE Capital Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of STORE Capital Corporation (the Company) as of December 31, 2019 and 2018, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2019, the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework and our report dated February 21, 2020 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Acquisition of real estate investments

Description of the Matter

As described in Notes 2 and 3 to the financial statements, the Company recorded $1.3 billion in acquisitions to real estate during 2019. Auditing the Company’s accounting for the 2019 acquisitions was complex and required specialized skills and knowledge due to the estimation involved in the allocation of the purchase price to the assets acquired, including land, buildings, improvements and intangible lease assets. The Company utilized multiple sources to estimate such values including third party appraisers and other data such as market rents and comparables.

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How We Addressed the Matter in Our Audit We obtained an understanding and tested the design and operating effectiveness of controls over the accounting for acquisitions, including controls over the initiation and approval of purchases, inputs and assumptions used in the valuation estimates, and allocation of value among the assets acquired. For a sample of acquisitions, we read the purchase agreements, evaluated the significant assumptions and methods used in developing the allocation estimates, and tested the recording of the assets acquired. ​ Our audit procedures included evaluating whether any intangible assets were properly identified and the appropriateness of market data and other significant assumptions, including land comparables and replacement costs. We reviewed the valuations completed by third party appraisers including a review of the underlying market data utilized. We further compared the allocations to those historically recognized by the Company and reviewed for any allocation outliers in the population. We involved valuation specialists to assist in the evaluation of significant assumptions used and the appropriateness of the approach selected and the qualifications of the third-party appraisers.

	Real estate impairment
Description of the Matter	The Company reviews its real estate investments for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. As more fully described in Note 2 to the financial statements, during 2019, the Company recorded impairment losses on certain real estate assets. Based on the factors impacting a property’s value, such as vacancy, undiscounted cash flows from the lease, and market trends as well as hold versus sale scenarios, the Company evaluated certain properties for recoverability and determined that specific assets were impaired. As a result, the Company recognized $18.8 million in impairment losses, which represented the amount by which the carrying values exceeded the estimated fair values of these assets. Auditing the Company's identification and measurement of impairment was complex as estimates underlying the determination of recoverability and fair value involved a high degree of subjectivity. Significant assumptions used in the Company’s fair value estimates were market comparable values, bona fide purchase offers on the properties, market rents, and terminal values.
How We Addressed the Matter in Our Audit	We obtained an understanding and tested the design and operating effectiveness of controls over the Company’s processes to identify indicators of impairment and measure the fair value of the real estate assets that were impaired. Our audit procedures also included, among others, evaluating the significant assumptions used to estimate the undiscounted cash flows, including market rents and comparables, tenant conditions and hold or sell strategies. For assets that the book value was greater than the estimated undiscounted cash flows, we tested the fair value measurement through comparison of market transactions, purchase agreements, appraisals, considering market rents, and capitalization rates. We also involved a valuation specialist to assist in our evaluation of certain assumptions, such as market rents or comparable market property values without an active purchase agreement.

/s/ Ernst & Young LLP  

We have served as the Company’s auditor since 2011.

Phoenix, Arizona

February 21, 2020

55

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of STORE Capital Corporation

Opinion on Internal Control Over Financial Reporting

We have audited STORE Capital Corporation’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, STORE Capital Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2019 and 2018, and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2019, the related notes and the financial statement schedules listed in the Index at Item 15(a) and our report dated February 21, 2020 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Phoenix, Arizona

February 21, 2020

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STORE Capital Corporation

Consolidated Balance Sheets

(In thousands, except share and per share data)

	December 31,
	2019		2018
Assets
Investments:
Real estate investments:
Land and improvements	$	2,634,285	$	2,280,280
Buildings and improvements		5,540,749		4,888,440
Intangible lease assets		73,366		85,148
Total real estate investments		8,248,400		7,253,868
Less accumulated depreciation and amortization		(740,124)		(585,913)
		7,508,276		6,667,955
Operating ground lease assets		24,254		—
Loans and financing receivables		582,267		351,202
Net investments		8,114,797		7,019,157
Cash and cash equivalents		99,753		27,511
Other assets, net		81,976		67,303
Total assets	$	8,296,526	$	7,113,971
Liabilities and stockholders’ equity
Liabilities:
Credit facility	$	—	$	135,000
Unsecured notes and term loans payable, net		1,262,553		916,720
Non-recourse debt obligations of consolidated special purpose entities, net		2,328,489		2,008,592
Dividends payable		83,938		72,954
Operating lease liabilities		29,347		—
Accrued expenses, deferred revenue and other liabilities		106,814		117,204
Total liabilities		3,811,141		3,250,470
Stockholders’ equity:
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 239,822,900 and 221,071,838 shares issued and outstanding, respectively		2,398		2,211
Capital in excess of par value		4,787,932		4,129,082
Distributions in excess of retained earnings		(302,609)		(267,651)
Accumulated other comprehensive loss		(2,336)		(141)
Total stockholders’ equity		4,485,385		3,863,501
Total liabilities and stockholders’ equity	$	8,296,526	$	7,113,971

See accompanying notes.

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STORE Capital Corporation

Consolidated Statements of Income

(In thousands, except share and per share data)

	Year Ended December 31,
	2019		2018		2017
Revenues:
Rental revenues	$	625,415	$	513,302	$	427,943
Interest income on loans and financing receivables		33,826		25,741		22,565
Other income		6,473		1,713		2,339
Total revenues		665,714		540,756		452,847
Expenses:
Interest		158,381		129,061		120,478
Property costs		10,793		4,250		4,773
General and administrative		54,274		45,725		40,990
Depreciation and amortization		221,975		181,826		150,279
Provisions for impairment		18,751		7,810		13,440
Total expenses		464,174		368,672		329,960
Net gain on dispositions of real estate		84,142		45,528		39,609
Income from operations before income taxes		285,682		217,612		162,496
Income tax expense		707		642		458
Net income	$	284,975	$	216,970	$	162,038
Net income per share of common stock—basic and diluted	$	1.24	$	1.06	$	0.90
Weighted average common shares outstanding:
Basic		229,734,497		204,322,298		178,586,266
Diluted		230,289,541		204,933,292		178,656,676

See accompanying notes.

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STORE Capital Corporation

Consolidated Statements of Comprehensive Income

(In thousands)

	Year Ended December 31,
	2019		2018		2017
Net income	$	284,975	$	216,970	$	162,038
Other comprehensive (loss) income:
Unrealized (losses) gains on cash flow hedges		(1,142)		(1,353)		720
Cash flow hedge (gains) losses reclassified to interest expense		(1,053)		(1,547)		630
Total other comprehensive (loss) income		(2,195)		(2,900)		1,350
Total comprehensive income	$	282,780	$	214,070	$	163,388

See accompanying notes.

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STORE Capital Corporation

Consolidated Statements of Stockholders’ Equity

For the Years Ended December 31, 2019, 2018 and 2017

(In thousands, except share data)

						Distributions		Accumulated
				Capital in		in Excess of		Other		Total
	Common Stock			Excess of		Retained		Comprehensive		Stockholders’
	Shares	Par Value		Par Value		Earnings		Income (Loss)		Equity
Balance at December 31, 2016	159,341,955	$	1,593	$	2,631,845	$	(151,592)	$	1,409	$	2,483,255
Net income	—		—		—		162,038		—		162,038
Other comprehensive income	—		—		—		—		1,350		1,350
Issuance of common stock, net of costs of $11,766	34,323,728		343		742,247		—		—		742,590
Equity-based compensation	157,268		2		7,931		12		—		7,945
Shares repurchased under stock compensation plan	(56,097)		—		(933)		(413)		—		(1,346)
Common dividends declared ($1.20 per common share) and dividend equivalents on restricted stock units	—		—		—		(224,890)		—		(224,890)
Balance at December 31, 2017	193,766,854		1,938		3,381,090		(214,845)		2,759		3,170,942
Net income	—		—		—		216,970		—		216,970
Other comprehensive loss	—		—		—		—		(2,900)		(2,900)
Issuance of common stock, net of costs of $12,253	27,125,559		271		741,394		—		—		741,665
Equity-based compensation	293,373		3		8,606		31		—		8,640
Shares repurchased under stock compensation plan	(113,948)		(1)		(2,008)		(826)		—		(2,835)
Common dividends declared ($1.28 per common share) and dividend equivalents on restricted stock units	—		—		—		(268,981)		—		(268,981)
Balance at December 31, 2018	221,071,838		2,211		4,129,082		(267,651)		(141)		3,863,501
Net income	—		—		—		284,975		—		284,975
Other comprehensive loss	—		—		—		—		(2,195)		(2,195)
Issuance of common stock, net of costs of $9,422	18,474,875		185		650,336		—		—		650,521
Equity-based compensation	443,330		4		11,698		27		—		11,729
Shares repurchased under stock compensation plan	(167,143)		(2)		(3,184)		(1,846)		—		(5,032)
Common dividends declared ($1.36 per common share) and dividend equivalents on restricted stock units	—		—		—		(318,114)		—		(318,114)
Balance at December 31, 2019	239,822,900	$	2,398	$	4,787,932	$	(302,609)	$	(2,336)	$	4,485,385

See accompanying notes.

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STORE Capital Corporation

Consolidated Statements of Cash Flows

(In thousands)

	Year Ended December 31,
	2019		2018		2017
Operating activities
Net income	$	284,975	$	216,970	$	162,038
Adjustments to net income:
Depreciation and amortization		221,975		181,826		150,279
Amortization of deferred financing costs and other noncash interest expense		9,689		9,549		9,978
Amortization of equity-based compensation		11,703		8,608		7,931
Provisions for impairment		18,751		7,810		13,440
Net gain on dispositions of real estate		(84,142)		(45,528)		(39,609)
Loss (gain) on defeasance/extinguishment of debt		735		(814)		—
Noncash revenue and other		(1,865)		2,291		3,733
Payments (made) received in settlement of cash flow hedges		(6,735)		4,288		—
Changes in operating assets and liabilities:
Other assets		(5,608)		(4,926)		(4,126)
Accrued expenses, deferred revenue and other liabilities		8,856		11,604		5,761
Net cash provided by operating activities		458,334		391,678		309,425
Investing activities
Acquisition of and additions to real estate		(1,451,269)		(1,514,718)		(1,335,305)
Investment in loans and financing receivables		(253,552)		(88,088)		(35,229)
Collections of principal on loans and financing receivables		16,377		5,205		29,770
Proceeds from dispositions of real estate		438,631		230,563		239,893
Net cash used in investing activities		(1,249,813)		(1,367,038)		(1,100,871)
Financing activities
Borrowings under credit facility		822,100		988,000		642,000
Repayments under credit facility		(957,100)		(1,143,000)		(400,000)
Borrowings under unsecured notes and term loans payable		347,410		348,303		100,000
Borrowings under non-recourse debt obligations of consolidated special purpose entities		549,596		591,843		134,961
Repayments under non-recourse debt obligations of consolidated special purpose entities		(228,252)		(283,770)		(237,998)
Financing and defeasance costs paid		(12,206)		(15,521)		(2,764)
Proceeds from the issuance of common stock		659,943		753,918		754,357
Stock issuance costs paid		(9,459)		(12,167)		(11,834)
Shares repurchased under stock compensation plans		(5,032)		(2,835)		(1,346)
Dividends paid		(307,157)		(255,572)		(209,918)
Net cash provided by financing activities		859,843		969,199		767,458
Net increase (decrease) in cash, cash equivalents and restricted cash		68,364		(6,161)		(23,988)
Cash, cash equivalents and restricted cash, beginning of period		43,017		49,178		73,166
Cash, cash equivalents and restricted cash, end of period	$	111,381	$	43,017	$	49,178
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	99,753	$	27,511	$	42,937
Restricted cash included in other assets		11,628		15,506		6,241
Total cash, cash equivalents and restricted cash	$	111,381	$	43,017	$	49,178
Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvements included in real estate investments	$	17,464	$	34,769	$	25,884
Net real estate assets surrendered to lender		—		12,573		—
Seller financing provided to purchasers of real estate sold		9,000		—		—
Acquisition of collateral property securing a mortgage note receivable		13,574		—		2,000
Non-recourse debt obligation assumed by purchaser of real estate		—		20,845		—
Non-recourse debt forgiven by lender in exchange for collateral assets		—		12,874		—
Accrued financing and stock issuance costs		80		211		101
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	$	142,933	$	115,425	$	109,898
Cash paid during the period for income and franchise taxes		2,362		1,930		1,666

See accompanying notes.

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STORE Capital Corporation

Notes to Consolidated Financial Statements

December 31, 2019

1. Organization

STORE Capital Corporation (STORE Capital or the Company) was incorporated under the laws of Maryland on May 17, 2011 to acquire single-tenant operational real estate to be leased on a long-term, net basis to companies that operate across a wide variety of industries within the service, retail and manufacturing sectors of the United States economy. From time to time, it also provides mortgage financing to its customers.

On November 21, 2014, the Company completed the initial public offering (IPO) of its common stock. The shares began trading on the New York Stock Exchange on November 18, 2014 under the ticker symbol “STOR”.

STORE Capital has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a real estate investment trust (REIT) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. As a REIT, it will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its stockholders and meets other specific requirements.

2. Summary of Significant Accounting Principles

Basis of Accounting and Principles of Consolidation

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These consolidated statements include the accounts of STORE Capital and its subsidiaries which are wholly owned and controlled by the Company through its voting interest. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all of the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation.

Certain of the Company’s wholly owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At December 31, 2019 and 2018, these special purpose entities held assets totaling $7.0 billion and $6.1 billion, respectively, and had third-party liabilities totaling $2.4 billion and $2.1 billion, respectively. These assets and liabilities are included in the accompanying consolidated balance sheets.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.

Segment Reporting

The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting, established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment.

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Investment Portfolio

STORE Capital invests in real estate assets through three primary transaction types as summarized below. Effective January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842)(ASC Topic 842) which had an impact on certain accounting related to the Company’s investment portfolio.

● Real Estate Investments – investments are generally made through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them through long-term leases which are generally classified as operating leases; the operators become the Company’s long-term tenants (its customers). Certain of the lease contracts that are associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which will result in the transaction being accounted for as a financing arrangement due to the adoption of ASC Topic 842 rather than as an investment in real estate subject to an operating lease.

● Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serve as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans.

● Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate transactions are expected to be accounted for as operating leases of the land and mortgage loans on the buildings and improvements.

Accounting for Real Estate Investments

Classification and Cost

STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, the Company will account for such acquisition as a financing arrangement and record the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments.

In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases.

The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the fixed-rate renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations.

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The Company’s real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 30 to 40 years for buildings and is generally 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated closing costs. Any properties classified as held for sale are not depreciated.

Revenue Recognition

STORE Capital leases real estate to its tenants under long-term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the consolidated balance sheets. Prior to 2019, the Company provided for an estimated reserve for uncollectible straight-line operating lease receivables based on management’s assessment of the risks inherent in those lease contracts, giving consideration to industry default rates for long-term receivables. At December 31, 2018, there was $25.7 million of straight-line operating lease receivables, net of an allowance of $4.3 million. Subsequent to the adoption of ASC Topic 842 in 2019, the Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. The Company had $28.3 million of straight-line operating lease receivables at December 31, 2019. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (CPI) may adjust over a one-year period or over multiple-year periods. Generally, these escalators increase rent at the lesser of (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred.

In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. Approximately 2.7% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has generally been less than 0.1% of rental revenues.

The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of a receivable with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment.

Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of income.

Impairment

STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Events or changes in circumstances may also include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement below. An asset is considered impaired if the carrying value of the asset exceeds its estimated undiscounted cash flows and the impairment is

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calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results.

During the year ended December 31, 2019, the Company recognized an aggregate provision for impairment of real estate of $18.8 million; the estimated fair value of the impaired real estate assets at the time of impairment aggregated $32.2 million. The Company recognized aggregate provisions for the impairment of real estate of $5.2 million and $11.9 million during the years ended December 31, 2018 and 2017, respectively.

Accounting for Loans Receivable

Classification and Cost

STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any.

Revenue Recognition

The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2019 and 2018, the Company had loans receivable with an aggregate outstanding principal balance of $15.6 million and $8.5 million, respectively, on nonaccrual status.

Impairment and Provision for Loan Losses

The Company periodically evaluates the collectibility of its loans receivable, including accrued interest, by analyzing the underlying property-level economics and trends, collateral value and quality and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. At both December 31, 2019 and 2018, there was $2.5 million of allowances for loan losses.

Accounting for Direct Financing Receivables

Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified.

Accounting for Operating Ground Lease Assets

As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. As a result of the adoption of ASC Topic 842, the Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments.

Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term only if it is reasonably likely the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent

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escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues.

Cash and Cash Equivalents

Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money-market funds of a major financial institution, consisting predominantly of U.S. Government obligations.

Restricted Cash

Restricted cash may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $11.6 million and $15.5 million of restricted cash at December 31, 2019 and 2018 respectively, which were included in other assets, net, on the consolidated balance sheets.

Deferred Costs

Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Deferred financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the consolidated balance sheets.

Derivative Instruments and Hedging Activities

The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations.

The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures.  The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction.

As of December 31, 2019, the Company had one interest rate floor and two interest rate swap agreements in place. The two interest rate swaps and related interest rate floor transaction have an aggregate notional amount of $100 million and were designated as a cash flow hedge of the Company’s $100 million variable-rate bank term loan due in 2021 (Note 4). In December 2018, the Company entered into two treasury lock agreements which were designated as cash flow hedges associated with the expected public offering of the senior unsecured notes issued by the Company at the end of February 2019 (Note 4). The agreements were settled in accordance with their terms in February 2019 and the Company made an aggregate payment of $6.7 million to the counterparties which was recognized as a deferred loss in accumulated other comprehensive loss.

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Fair Value Measurement

The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access.

● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs.

● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions.

Share-based Compensation

Directors and key employees of the Company have been granted long-term incentive awards, including restricted stock awards (RSAs) and restricted stock unit awards (RSUs), which provide such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders.

The Company estimates the fair value of RSAs based on the closing price per share of the common stock on the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight-line basis or the amount vested.

The Company’s RSUs granted in 2015 through 2017 contain both a market condition and a service condition and RSUs granted in 2018 and 2019 contain both a market condition and a performance condition as well as a service condition. The Company values the RSUs with a market condition using a Monte Carlo simulation model and values the RSUs with a performance condition based on the fair value of the awards expected to be earned and recognizes those amounts in general and administrative expense on a tranche by tranche basis ratably over the vesting periods.

Income Taxes

As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (TRS) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes.

Net Income Per Common Share

Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares, which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per common share. The

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following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands):

	Year Ended December 31,
	2019		2018		2017
Numerator:
Net income	$	284,975	$	216,970	$	162,038
Less: earnings attributable to unvested restricted shares		(403)		(398)		(445)
Net income used in basic and diluted income per share	$	284,572	$	216,572	$	161,593
Denominator:
Weighted average common shares outstanding		230,030,535		204,666,034		178,958,667
Less: Weighted average number of shares of unvested restricted stock		(296,038)		(343,736)		(372,401)
Weighted average shares outstanding used in basic income per share		229,734,497		204,322,298		178,586,266
Effects of dilutive securities:
Add: Treasury stock method impact of potentially dilutive securities (a)		555,044		610,994		70,410
Weighted average shares outstanding used in diluted income per share		230,289,541		204,933,292		178,656,676

(a) For the years ended December 31, 2019, 2018 and 2017, excludes 122,224 shares, 113,895 shares and 118,443 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or the SEC. The Company adopts the new pronouncements as of the specified effective date. When permitted, the Company may elect to early adopt the new pronouncements. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and, therefore, will have minimal, if any, impact on the Company’s financial position, results of operations or cash flows upon adoption.

In February 2016, the FASB issued ASC Topic 842 to amend the accounting for leases. The new standard requires lessees and lessors to classify leases as either finance or operating leases and for lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months.  The standard also eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, lease modifications, recognition of a lease-related receivables allowance and lease executory costs for all entities.

The Company adopted ASC Topic 842 on January 1, 2019, using the modified retrospective approach in accordance with the provisions of ASU 2018-11, Leases (Topic 842), Targeted Improvements. As such, the Company’s financial statements only reflect the impact of ASC Topic 842 for the current reporting period. There was no impact to beginning retained earnings at the time of adoption and, therefore, no cumulative-effect adjustment was recorded. Upon adoption the Company elected to use certain practical expedients including:

● a package of practical expedients allowing the Company to not reassess the classification of existing lease contracts, whether existing or expired contracts contain a lease or whether a portion of initial direct costs for existing leases should have been expensed.

● a practical expedient allowing the Company to not evaluate land easements that existed prior to or at the time of adoption, as leases in accordance with Topic 842.

The new standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in obtaining a lease. Although there have been changes in the manner in which initial direct costs are recorded, the amount recorded has remained materially consistent. While primarily a lessor, the Company is also a lessee under several operating ground lease contracts and under its corporate office lease. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and a lease liability of approximately $24.9 million and $25.5 million, respectively, in relation to these leases. For most of the operating ground leases, the

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sublessees, or the Company’s tenants, are responsible for making payment directly to the ground lessors. Prior to the new standard, these amounts were presented on a net basis; however, such amounts are now presented on a gross basis in the consolidated statements of income as both rental revenue and property costs. ASC Topic 842 also requires the Company to assess the probability of collecting substantially all of its rental revenue and make direct adjustments to rental revenue for operating lease receivables that are not believed to be collectible. As such, the Company will no longer recognize an allowance for doubtful accounts. The new standard had no impact on the Company’s cash flows.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for most financial assets. This guidance requires an entity, at each reporting date, to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected. Under this new standard, the Company will record allowances that were not previously required under legacy GAAP. The guidance does not prescribe how such allowances should be calculated; in-scope assets should be evaluated collectively, based on similar risk characteristics. The Company’s approach utilizes the borrower’s credit rating before considering the term to maturity and collateral value, if any, to determine the expected credit loss.

The standard was effective for the Company on January 1, 2020 and was adopted retrospectively as of the beginning of the period of adoption. As a result, the Company’s investments in loans, certain leases that are accounted for as loans and financing receivables are directly impacted, requiring a cumulative-effect adjustment to retained earnings. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, which clarified that receivables arising from operating leases are within the scope of the leasing standard (ASC Topic 842) discussed above. The adoption will not materially impact the Company’s consolidated financial statements with an adjustment to beginning retained earnings of less than 0.25% of total assets. Additionally, the adoption had no material impact on the Company’s internal control framework.

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3. Investments

At December 31, 2019, STORE Capital had investments in 2,504 property locations representing 2,452 owned properties (of which 43 are accounted for as financing arrangements and 57 are accounted for as direct financing receivables), 21 properties where all the related land is subject to an operating ground lease and 31 properties which secure mortgage loans. The gross investment portfolio totaled $8.85 billion at December 31, 2019 and consisted of the gross acquisition cost of the real estate investments totaling $8.25 billion, loans and financing receivables with an aggregate carrying amount of $582.3 million and operating ground lease assets totaling $24.3 million. As of December 31, 2019, approximately 40% of these investments are assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities (Note 4).

The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. During 2017, 2018 and 2019, the Company had the following gross real estate and other investment activity (dollars in thousands):

	Number of	Dollar
	Investment	Amount of
	Locations	Investments
Gross investments, December 31, 2016	1,660	$	5,124,516
Acquisition of and additions to real estate (a)(b)(c)	313		1,339,682
Investment in loans and direct financing receivables	5		35,229
Sales of real estate	(55)		(219,640)
Principal collections on loans and direct financing receivables (c)	(2)		(31,770)
Provisions for impairment			(13,440)
Other			(667)
Gross investments, December 31, 2017	1,921		6,233,910
Acquisition of and additions to real estate (a)(d)	389		1,538,015
Investment in loans and direct financing receivables	29		88,088
Sales of real estate	(80)		(227,135)
Principal collections on loans and direct financing receivables	(2)		(5,205)
Provisions for impairment			(7,810)
Other (e)	(2)		(14,793)
Gross investments, December 31, 2018	2,255		7,605,070
Acquisition of and additions to real estate (a)(f)(g)	305		1,440,399
Investment in loans and direct financing receivables (h)	48		262,552
Sales of real estate	(95)		(415,736)
Principal collections on loans and direct financing receivables (i)	(9)		(29,952)
Operating ground lease assets, net (j)			24,254
Provisions for impairment			(18,751)
Other			(12,915)
Gross investments, December 31, 2019			8,854,921
Less accumulated depreciation and amortization			(740,124)
Net investments, December 31, 2019	2,504	$	8,114,797

(a) Includes $1.2 million during 2017, $2.6 million during 2018 and $1.6 million during 2019 of interest capitalized to properties under construction.

(b) Excludes $23.5 million of tenant improvement advances disbursed in 2017 which were accrued as of December 31, 2016.

(c) One loan receivable was repaid in full through a $2.0 million non-cash transaction in which the Company acquired the underlying mortgaged property and leased it back to the borrower.

(d) Excludes $14.4 million of tenant improvement advances disbursed in 2018 which were accrued as of December 31, 2017.

(e) Includes $14.3 million representing the gross carrying amount of two real estate properties surrendered to the lender in exchange for the release of the related indebtedness (Note 4).

(f) Excludes $36.5 million of tenant improvement advances disbursed in 2019 which were accrued as of December 31, 2018.

(g) During the year ended December 31, 2019, the Company completed a $21.2 million substitution transaction in which ten properties the Company owned and leased to a single tenant were substituted for ten other properties the tenant previously owned and are now leased to that same tenant; the Company recognized a $3.9 million non-cash gain on this transaction which is included in net gain on dispositions of real estate in the consolidated statement of income.

(h) Includes $9.0 million related to a mortgage loan made to the purchaser of a real estate property sold.

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(i) Includes $13.6 million of non-cash principal collections primarily related to loans receivable transactions in which the Company acquired three underlying mortgaged properties and leased them back to the borrowers.

(j) Includes $20.0 million of operating ground lease (or right-of-use) assets recognized upon initial adoption of ASC Topic 842 and $4.3 million of activity (new operating ground lease assets recognized net of asset amortization) during the year ended December 31, 2019.

The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands):

	Year Ended December 31,
	2019		2018		2017
Rental revenues:
Operating leases (a)	$	625,477	$	515,299	$	434,764
Sublease income - operating ground leases (b)		2,227		—		—
Amortization of lease related intangibles and costs		(2,289)		(1,997)		(6,821)
Total rental revenues	$	625,415	$	513,302	$	427,943
Interest income on loans and financing receivables:
Mortgage and other loans receivable	$	13,866	$	12,339	$	12,432
Sale-leaseback transactions accounted for as financing arrangements		5,785		—		—
Direct financing receivables		14,175		13,402		10,133
Total interest income on loans and financing receivables	$	33,826	$	25,741	$	22,565

(a) For the year ended December 31, 2019, includes $2.6 million of property tax tenant reimbursement revenue and includes variable lease revenue of $123,000, $450,000 and $183,000 for the years ended December 31, 2019, 2018 and 2017, respectively.

(b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments.

In connection with the adoption of ASC Topic 842 in 2019, the Company elected to combine qualifying lease and nonlease components and will not allocate the consideration in its lease contracts to the lease and nonlease components; it will instead account for them as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease.

Significant Credit and Revenue Concentration

STORE Capital’s real estate investments are leased or financed to approximately 480 customers geographically dispersed throughout 49 states. Only one state, Texas (11%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at December 31, 2019. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at December 31, 2019, with the largest customer representing 2.8% of the total investment portfolio. On an annualized basis, the largest customer also represented 2.8% of the Company’s total annualized investment portfolio revenues as of December 31, 2019. The Company’s customers operate their businesses across more than 700 concepts and the largest of these concepts represented 2.8% of the Company’s total annualized investment portfolio revenues as of December 31, 2019.

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The following table shows information regarding the diversification of the Company’s total investment portfolio among the different industries in which its tenants and borrowers operate as of December 31, 2019 (dollars in thousands):

				Percentage of
	Number of	Dollar		Total Dollar
	Investment	Amount of		Amount of
	Locations	Investments		Investments
Restaurants	788	$	1,290,225	14	%
Health clubs	90		497,035	6
Early childhood education centers	213		489,097	5
Furniture stores	62		481,621	5
Automotive repair and maintenance	173		433,391	5
Farm and ranch supply stores	43		410,933	5
Metal fabrication	74		371,182	4
All other service industries	785		2,984,508	34
All other retail industries	130		880,356	10
All other manufacturing industries	146		1,016,573	12
Total	2,504	$	8,854,921	100	%

Real Estate Investments

The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at December 31, 2019 was approximately 14 years. Substantially all of the leases are triple-net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At December 31, 2019, 12 of the Company’s properties were vacant and not subject to a lease.

Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of December 31, 2019, are as follows (in thousands):

2020	$	668,805
2021		668,159
2022		668,839
2023		667,094
2024		664,047
Thereafter		6,180,491
Total future minimum rentals (a)	$	9,517,435

(a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below.

Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rentals such as lease escalations based on future changes in CPI.

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Intangible Lease Assets

The following details intangible lease assets and related accumulated amortization at December 31 (in thousands):

	2019		2018
In-place lease assets	$	44,425	$	54,293
Ground lease-related intangibles		19,449		21,363
Above-market lease assets		9,492		9,492
Total intangible lease assets		73,366		85,148
Accumulated amortization		(28,948)		(29,223)
Net intangible lease assets	$	44,418	$	55,925

Aggregate lease intangible amortization included in expense was $5.4 million, $5.8 million and $6.3 million during the years ended December 31, 2019, 2018 and 2017, respectively. The amount amortized as a decrease to rental revenue for capitalized above-market lease intangibles was $1.1 million for each of the three years ended December 31, 2019.

Based on the balance of the intangible assets as of December 31, 2019, the aggregate amortization expense is expected to be $4.1 million in 2020, $3.9 million in 2021, $3.8 million in 2022, $3.3 million in 2023 and $2.8 million in 2024; the amount expected to be amortized as a decrease to rental revenue is $1.1 million in 2020, $0.6 million in 2021 and $0.4 million in each of the years 2022 through 2024. The weighted average remaining amortization period is approximately eight years for the in-place lease intangibles, approximately 44 years for the amortizing ground lease interests and approximately six years for the above-market lease intangibles.

Operating Ground Lease Assets

As of December 31, 2019, STORE Capital had operating ground lease assets aggregating $24.3 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $2.3 million, $29,000 and $29,000 during the years ended December 31, 2019, 2018 and 2017, respectively. For the year ended December 31, 2019, the Company also recognized in rental revenues $2.2 million of sublease revenue associated with its operating ground leases. The Company’s ground leases have remaining terms ranging from one year to 92 years, some of which have one or more options to extend the lease for terms ranging from three years to ten years. The weighted average remaining non-cancelable lease term for the ground leases was 23 years at December 31, 2019. The weighted average discount rate used in calculating the operating lease liabilities was 6.0%.

The future minimum lease payments to be paid under the operating ground leases as of December 31, 2019 were as follows (in thousands):

			Ground
	Ground		Leases
	Leases		Paid by
	Paid by		STORE Capital's
	STORE Capital		Tenants (a)		Total
2020	$	31	$	2,332	$	2,363
2021		31		2,347		2,378
2022		31		2,302		2,333
2023		31		6,052		6,083
2024		31		1,981		2,012
Thereafter		3,075		32,597		35,672
Total lease payments		3,230		47,611		50,841
Less imputed interest		(2,617)		(23,914)		(26,531)
Total operating lease liabilities - ground leases	$	613	$	23,697	$	24,310

(a) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to pay the ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $47.6 million commitment, $16.5 million is due for periods

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beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales.

Loans and Financing Receivables

The Company’s loans and financing receivables are summarized below (dollars in thousands):

	Interest		Maturity	December 31,
Type	Rate (a)		Date	2019		2018
Five mortgage loans receivable	8.13	%	2020 - 2022	$	33,073	$	49,934
Five mortgage loans receivable	8.43	%	2032 - 2038		18,760		17,666
Eleven mortgage loans receivable (b)	8.51	%	2051 - 2059		149,766		88,019
Total mortgage loans receivable					201,599		155,619
Equipment and other loans receivable	8.47	%	2020 - 2026		25,066		12,013
Total principal amount outstanding—loans receivable					226,665		167,632
Unamortized loan origination costs					1,197		1,249
Allowance for loan losses					(2,538)		(2,538)
Sale-leaseback transactions accounted for as financing arrangements (c)	7.81	%	2034 - 2043		186,614		—
Direct financing receivables					170,329		184,859
Total loans and financing receivables				$	582,267	$	351,202

(a) Represents the weighted average interest rate as of the balance sheet date.

(b) Four of these mortgage loans allow for prepayment in whole, but not in part, with penalties ranging from 20% to 70% depending on the timing of the prepayment.

(c) In accordance with ASC Topic 842, represents transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2043 and the purchase options expire between 2024 and 2039.

Loans Receivable

At December 31, 2019, the Company held 47 loans receivable with an aggregate carrying amount of $225.3 million. Twenty-one of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on 11 of the mortgage loans are subject to increases over the term of the loans. Five of the mortgage loans are shorter-term loans (maturing prior to 2023) that generally require monthly interest-only payments for an established period and then monthly principal and interest payments with a balloon payment at maturity. The remaining mortgage loans receivable generally require the borrowers to make monthly principal and interest payments based on a 40-year amortization period with balloon payments, if any, at maturity or earlier upon the occurrence of certain other events. The equipment and other loans generally require the borrower to make monthly interest-only payments with a balloon payment at maturity.

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The long-term mortgage loans receivable generally allow for prepayments in whole, but not in part, without penalty or with penalties ranging from 1% to 20%, depending on the timing of the prepayment, except as noted in the table above. All other loans receivable allow for prepayments in whole or in part without penalty. Absent prepayments, scheduled maturities are expected to be as follows (in thousands):

	Scheduled
	Principal		Balloon		Total
	Payments		Payments		Payments
2020	$	3,464	$	25,279	$	28,743
2021		1,919		12,722		14,641
2022		3,210		6,974		10,184
2023		3,422		1,203		4,625
2024		3,771		—		3,771
Thereafter		145,484		19,217		164,701
Total principal payments	$	161,270	$	65,395	$	226,665

Sale-Leaseback Transactions Accounted for as Financing Arrangements

As of December 31, 2019, the Company had $186.6 million of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future payments (excluding any contingent payments) to be received under these agreements as of December 31, 2019, were as follows (in thousands):

2020	$	14,546
2021		14,613
2022		14,684
2023		14,761
2024		14,896
Thereafter		224,812
Total future scheduled payments	$	298,312

Direct Financing Receivables

As of December 31, 2019 and 2018, the Company had $170.3 million and $184.9 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands):

	2019		2018
Minimum lease payments receivable	$	378,659	$	424,305
Estimated residual value of leased assets		22,610		24,053
Unearned income		(230,940)		(263,499)
Net investment	$	170,329	$	184,859

As of December 31, 2019, the future minimum lease payments to be received under the direct financing lease receivables is expected to average approximately $16.8 million for each of the next five years.

4. Debt

Credit Facility

The Company has an unsecured revolving credit facility with a group of lenders that is used to partially fund real estate acquisitions pending the issuance of long-term, fixed-rate debt. The credit facility has immediate availability of $600 million and an accordion feature of $800 million, which allows the size of the facility to be increased up to $1.4 billion. The amended facility matures in February 2022 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. At December 31, 2019, the Company had no borrowings outstanding on the facility.

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Borrowings under the facility require monthly payments of interest at a rate selected by the Company of either (1) LIBOR plus a credit spread ranging from 0.825% to 1.55%, or (2) the Base Rate, as defined in the credit agreement, plus a credit spread ranging from 0.00% to 0.55%. The credit spread used is based on the Company’s credit rating as defined in the credit agreement. The Company is required to pay a facility fee on the total commitment amount ranging from 0.125% to 0.30%. Currently, the applicable credit spread for LIBOR-based borrowings is 1.00% and the facility fee is 0.20%.

Under the terms of the amended facility, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios, secured borrowing ratios and a minimum level of tangible net worth. Certain of these ratios are based on the Company’s pool of unencumbered assets, which aggregated approximately $5.3 billion at December 31, 2019.

The facility is recourse to the Company and, as of December 31, 2019, the Company was in compliance with the covenants under the facility.

At December 31, 2019 and 2018, unamortized financing costs related to the Company’s credit facility totaled $2.1 million and $3.1 million, respectively, and are included in other assets, net, on the consolidated balance sheets.

Unsecured Notes and Term Loans Payable, net

In both March 2018 and February 2019, the Company completed public offerings of $350 million in aggregate principal amount of senior unsecured notes (Public Notes). The Public Notes have coupon rates of 4.50% and 4.625%, respectively, and interest is payable semi-annually in arrears in March and September of each year. The notes were issued at 99.515% and 99.260%, respectively, of their principal amounts.

The supplemental indenture governing the Public Notes contains various restrictive covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. As of December 31, 2019, the Company was in compliance with these covenants. The Public Notes can be redeemed, in whole or in part, at par within three months of their maturity date or at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest and (ii) the make-whole premium, as defined in the supplemental indenture governing these notes.

The Company has entered into Note Purchase Agreements (NPAs) with institutional purchasers that provided for the private placement of three series of senior unsecured notes aggregating $375 million (the Notes). Interest on the Notes is payable semi-annually in arrears in May and November of each year. On each interest payment date, the interest rate on each series of Notes may be increased by 1.0% should the Company’s Applicable Credit Rating (as defined in the NPAs) fail to be an investment-grade credit rating; the increased interest rate would remain in effect until the next interest payment date on which the Company obtains an investment grade credit rating. The Company may prepay at any time all, or any part, of any series of Notes, in an amount not less than 5% of the aggregate principal amount of the series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPAs). The Notes are senior unsecured obligations of the Company.

The NPAs contain a number of financial covenants that are similar to the Company’s unsecured credit facility as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes will become due and payable at the option of the purchasers. As of December 31, 2019, the Company was in compliance with its covenants under the NPAs.

In April 2016, the Company entered into a $100 million floating-rate, unsecured five-year term loan and, in March 2017, the Company entered into a second $100 million floating-rate, unsecured term loan. This second loan was originally a two-year loan; in March 2019, the Company amended the related credit agreement and extended the original loan for one year to March 2020, while retaining the three one-year extension options. The interest rate on these loans resets monthly at one-month LIBOR plus a credit rating-based credit spread ranging from 0.90% to 1.75%; the credit spread currently applicable to the Company is 1.10% for the 2016 loan and 1.00% for the amended 2017 loan. The Company has entered into interest rate swap agreements that effectively convert the variable interest rate on the 2016 term loan to a fixed rate. The term loans were arranged with lenders who also participate in the Company’s unsecured revolving credit facility. The financial covenants of the term loans match the covenants of the unsecured credit facility. The term loans are senior unsecured obligations of the Company and may be prepaid at any time without penalty.

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The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands):

	Maturity	Interest		December 31,
	Date	Rate		2019		2018
Notes Payable:
Series A issued November 2015	Nov. 2022	4.95	%	$	75,000	$	75,000
Series B issued November 2015	Nov. 2024	5.24	%		100,000		100,000
Series C issued April 2016	Apr. 2026	4.73	%		200,000		200,000
Public Notes issued March 2018	Mar. 2028	4.50	%		350,000		350,000
Public Notes issued February 2019	Mar. 2029	4.625	%		350,000		—
Total notes payable					1,075,000		725,000
Term Loans:
Term Loan issued March 2017	Mar. 2020	2.69	% (a)		100,000		100,000
Term Loan issued April 2016	Apr. 2021	2.44	% (b)		100,000		100,000
Total term loans					200,000		200,000
Unamortized discount					(3,766)		(1,563)
Unamortized deferred financing costs					(8,681)		(6,717)
Total unsecured notes and term loans payable, net				$	1,262,553	$	916,720

(a) Loan is a variable-rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.00% at December 31, 2019.

(b) Loan is a variable-rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.10% at December 31, 2019. The Company has entered into interest rate swap agreements that effectively convert the floating rate to the fixed rate noted above as of December 31, 2019.

Non-recourse Debt Obligations of Consolidated Special Purpose Entities, net

During 2012, the Company implemented the STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non-recourse net-lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes are generally segregated into Class A amortizing notes and Class B non-amortizing notes. The Company has retained the Class B notes which aggregate $155.0 million at December 31, 2019.

The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 or 36 months prior to maturity. As of December 31, 2019, the aggregate collateral pool securing the net-lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $3.1 billion.

In conjunction with the issuance of the STORE Master Funding Series 2019-1 notes in November 2019, the Company prepaid, without penalty, the Series 2013-3, Class A-1 notes and Series 2014-1, Class A-1 notes; these notes had an aggregate outstanding balance of $186.1 million at the time of prepayment, were issued in 2013 and 2014, scheduled to mature in 2020 and 2021, and bore interest rates of 4.24% and 4.21%, respectively. The Company recognized $1.1 million of accelerated amortization of deferred financing costs associated with this debt.

A number of additional consolidated special purpose entity subsidiaries of the Company have financed their real estate properties with traditional first mortgage debt. The notes generally require monthly principal and interest payments with balloon payments due at maturity. In general, these mortgage notes payable can be prepaid in whole or in part upon payment of a yield maintenance premium. The mortgage notes payable are collateralized by real estate properties owned by these consolidated special purpose entity subsidiaries with an aggregate investment amount of approximately $343.2 million at December 31, 2019.

The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non-recourse, there are customary limited exceptions

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to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants. In March 2019, in connection with the pending disposition of a property that served as collateral for a note payable, the Company, through an indirect wholly owned subsidiary, entered into an agreement to defease the remaining outstanding principal balance of $6.7 million note payable. As a result of this agreement, the Company made a $7.4 million defeasance payment including expenses, the collateral was released, and the Company was released from all obligations associated with the note payable. The Company recognized a $0.7 million loss on the extinguishment of this debt, which is included in interest expense on the consolidated statement of income.

The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands):

	Maturity	Interest		December 31,
	Date	Rate		2019		2018
Non-recourse net-lease mortgage notes:
$77,000 Series 2013-3, Class A-1				$	—	$	70,589
$120,000 Series 2014-1, Class A-1					—		117,250
$95,000 Series 2015-1, Class A-1	Apr. 2022	3.75	%		92,783		93,258
$102,000 Series 2013-1, Class A-2	Mar. 2023	4.65	%		89,775		91,841
$97,000 Series 2013-2, Class A-2	Jul. 2023	5.33	%		86,445		88,320
$100,000 Series 2013-3, Class A-2	Nov. 2023	5.21	%		89,773		91,675
$140,000 Series 2014-1, Class A-2	Apr. 2024	5.00	%		136,092		136,792
$150,000 Series 2018-1, Class A-1	Oct. 2024	3.96	%		146,384		149,484
$50,000 Series 2018-1, Class A-3	Oct. 2024	4.40	%		49,708		49,958
$270,000 Series 2015-1, Class A-2	Apr. 2025	4.17	%		263,700		265,050
$200,000 Series 2016-1, Class A-1 (2016)	Oct. 2026	3.96	%		188,347		192,187
$82,000 Series 2019-1, Class A-1	Nov. 2026	2.82	%		81,859		—
$46,000 Series 2019-1, Class A-3	Nov. 2026	3.32	%		45,981		—
$135,000 Series 2016-1, Class A-2 (2017)	Apr. 2027	4.32	%		128,443		130,984
$228,000 Series 2018-1, Class A-2	Oct. 2027	4.29	%		222,504		227,215
$164,000 Series 2018-1, Class A-4	Oct. 2027	4.74	%		163,043		163,863
$244,000 Series 2019-1, Class A-2	Nov. 2034	3.65	%		243,582		—
$136,000 Series 2019-1, Class A-4	Nov. 2034	4.49	%		135,943		—
Total non-recourse net-lease mortgage notes					2,164,362		1,868,466
Non-recourse mortgage notes:
$7,750 note issued February 2013					—		6,723
$6,500 note issued December 2012					—		5,560
$16,100 note issued February 2014	Mar. 2021	4.83	%		13,973		14,388
$13,000 note issued May 2012	May 2022	5.195	%		10,727		11,081
$26,000 note issued August 2012	Sept. 2022	5.05	%		21,608		22,315
$6,400 note issued November 2012	Dec. 2022	4.707	%		5,319		5,496
$11,895 note issued March 2013	Apr. 2023	4.7315	%		10,004		10,328
$17,500 note issued August 2013	Sept. 2023	5.46	%		15,150		15,583
$10,075 note issued March 2014	Apr. 2024	5.10	%		9,188		9,365
$65,000 note issued June 2016	Jul. 2026	4.75	%		61,531		62,609
$41,690 note issued March 2019	Mar. 2029	4.80	%		41,690		—
$6,944 notes issued March 2013	Apr. 2038	4.50	% (a)		5,758		5,957
Total non-recourse mortgage notes					194,948		169,405
Unamortized discount					(471)		(455)
Unamortized deferred financing costs					(30,350)		(28,824)
Total non-recourse debt obligations of consolidated special purpose entities, net				$	2,328,489	$	2,008,592

(a) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate.

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Credit Risk Related Contingent Features

The Company has agreements with derivative counterparties, which provide generally that the Company could be declared in default on its derivative obligations if the Company defaults on the underlying indebtedness following acceleration of the indebtedness by the lender. As of December 31, 2019, the Company had no interest rate swaps that were in a liability position.

Long-term Debt Maturity Schedule

As of December 31, 2019, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are expected to be as follows (in thousands):

	Scheduled
	Principal		Balloon
	Payments		Payments		Total
2020	$	35,333	$	100,000	$	135,333
2021		33,329		113,466		146,795
2022		28,654		200,829		229,483
2023		24,339		265,357		289,696
2024		19,634		426,914		446,548
Thereafter		57,199		2,329,256		2,386,455
	$	198,488	$	3,435,822	$	3,634,310

5. Income Taxes

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

	Year ended December 31,
	2019		2018		2017
Federal income tax	$	42	$	106	$	35
State income tax		665		536		423
Total current income tax expense	$	707	$	642	$	458

The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities were immaterial for 2019, 2018 and 2017.

The Company files federal, state and local income tax returns. Certain state income tax returns filed for 2015 and tax returns filed for 2016 through 2018 remain subject to examination. The Company has a net operating loss carryforward (NOL) for income tax purposes of $1.5 million that was generated during the year ended December 31, 2011 and, therefore, has no impact on income tax expense for the three years ended December 31, 2019. This loss is available to reduce future REIT taxable income until it expires in 2031. At this time, the Company does not believe it is likely it will use the NOL to reduce future taxable income; therefore, any deferred tax asset associated with such NOL has been fully reserved.

Management of the Company determines whether any tax positions taken or expected to be taken meet the “more-likely-than-not” threshold of being sustained by the applicable federal, state or local tax authority. As of December 31, 2019 and 2018, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2019 and 2018.

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The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share):

	Year ended December 31,
	2019			2018			2017
Ordinary income dividends	$	1.2244		$	1.1125		$	0.9883
Capital gain dividends		0.0965			0.1632			0.1590
Return of capital		0.0034			—			0.0327
Total	$	1.3243	(a)	$	1.2757	(a)	$	1.1800

(a) Reflects $0.0157 of distributions per share paid in January 2019, treated as paid December 31, 2018.

6. Stockholders’ Equity

In November 2019, the Company established its fourth “at the market” equity distribution program, or ATM program, pursuant to which, from time to time, it may offer and sell up to $900 million of registered shares of common stock through a group of banks acting as its sales agents (the 2019 ATM Program) and terminated its previous program begun in November 2018 (the 2018-2 ATM Program).

The following tables outline the common stock issuances under these programs (in millions except share and per share information):

	Year Ended December 31, 2019
ATM Program	Shares Sold	Weighted Average Price per Share		Gross Proceeds		Sales Agents' Commissions		Other Offering Expenses		Net Proceeds
$900 million 2019 ATM Program	5,026,366	$	39.79	$	200.0	$	(1.9)	$	(0.3)	$	197.8
$750 million 2018-2 ATM Program	13,448,509	$	34.20		459.9		(6.9)		(0.3)		452.7
Total	18,474,875	$	35.72	$	659.9	$	(8.8)	$	(0.6)	$	650.5
	Inception of Program Through December 31, 2019
ATM Program	Shares Sold	Weighted Average Price per Share		Gross Proceeds		Sales Agents' Commissions		Other Offering Expenses		Net Proceeds
$900 million 2019 ATM Program	5,026,366	$	39.79	$	200.0	$	(1.9)	$	(0.3)	$	197.8
$750 million 2018-2 ATM Program	21,681,251	$	32.52		705.1		(10.6)		(0.7)		693.8
Total	26,707,617	$	33.89	$	905.1	$	(12.5)	$	(1.0)	$	891.6

The Company declared dividends payable to common stockholders totaling $316.8 million, $267.9 million and $223.8 million during the years ended December 31, 2019, 2018 and 2017, respectively.

7. Long-Term Incentive Plans

In November 2014, the Company’s Board of Directors approved the adoption of the STORE Capital Corporation 2015 Omnibus Equity Incentive Plan (the 2015 Plan), which permits the issuance of up to 6,903,076 shares of common stock, which represented 6% of the number of issued and outstanding shares of the Company’s common stock upon the completion of the IPO. As of December 31, 2019, 4,362,348 shares are available for grant under the 2015 Plan.

In 2012, the Company’s Board of Directors established the STORE Capital Corporation 2012 Long-Term Incentive Plan (the 2012 Plan) which permits the issuance of up to 1,035,400 shares of common stock. As of December 31, 2019, 252,907 shares remain available for grant under the 2012 Plan.

Both the 2015 and 2012 Plans allow for awards to officers, directors and key employees of the Company in the form of restricted shares of the Company’s common stock and other equity-based awards including performance-based grants.

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The following table summarizes the restricted stock award (RSA) activity:

	2019			2018			2017
		Weighted			Weighted			Weighted
	Number of	Average Share		Number of	Average Share		Number of	Average Share
	Shares	Price (1)		Shares	Price (1)		Shares	Price (1)
Outstanding non-vested shares, beginning of year	331,001	$	24.10	403,751	$	22.24	459,716	$	19.95
Shares granted	131,158	$	32.35	135,496	$	24.14	166,575	$	23.92
Shares vested	(162,315)	$	24.24	(192,011)	$	20.27	(213,233)	$	18.55
Shares forfeited	(14,606)	$	26.84	(16,235)	$	23.33	(9,307)	$	23.80
Outstanding non-vested shares, end of year	285,238	$	27.70	331,001	$	24.10	403,751	$	22.24

(1) Grant date fair value

The Company grants RSAs to its officers, directors and key employees. Generally, restricted shares granted to the Company’s employees and its chairman vest in 25% increments in February of each year. The other independent directors receive annual grants that vest at the end of each term served. As permitted, the Company does not estimate a forfeiture rate for non-vested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of the 2015 and 2012 Plans, the Company pays non-refundable dividends to the holders of non-vested shares. Applicable accounting guidance requires that the dividends paid to holders of these non-vested shares be charged as compensation expense to the extent that they relate to non-vested shares that do not or are not expected to vest. The Company estimates the fair value of RSAs at the date of grant and recognizes that amount in expense over the vesting period as the greater of the amount amortized on a straight-line basis or the amount vested. The fair value of the RSAs is based on the closing price per share of the Company’s common stock on the date of the grant.

The Company has granted restricted stock unit awards (RSUs) with (a) both a market and a performance condition or (b) a market condition to its executive officers; these awards also contain a service condition. The number of common shares to be earned from each grant range from zero to 100% of the total RSUs granted over a three-year performance period. The following table summarizes the RSU activity:

	Number of RSUs
	2019	2018	2017
Non-vested and outstanding, beginning of year	1,015,861	919,041	719,434
RSUs granted	628,909	540,975	373,719
RSUs vested	(284,775)	(289,556)	(174,112)
RSUs forfeited	(156,977)	(79,745)	—
RSUs not earned	—	(74,854)	—
Non-vested and outstanding, end of year	1,203,018	1,015,861	919,041

For the 2019 and 2018 grants, one-half of the common shares to be earned is based on the Company’s total shareholder return (TSR) measured against a market index and one-half of the number of shares to be earned is based on the growth in a key Company performance indicator over a three-year period. For the 2017 grants, one-half of the number of common shares to be earned is based on the Company’s TSR measured against the benchmark TSR of a peer group or market index and one-half of the number of shares to be earned is based on the Company’s TSR measured against pre-determined thresholds. The TSR is a measure of stock price appreciation plus dividends paid during the measurement period. To the extent market and service conditions are met, the earned RSUs from each grant awarded in 2017 vest 50% at the end of the three-year performance period and, subject to continued employment, 50% at the end of one additional year. The 2019 and 2018 awards vest 100% at the end of the three-year performance period to the extent market, performance and service conditions are met. The RSUs accrue dividend equivalents which are paid only if the award vests. During the years ended December 31, 2019, 2018 and 2017, the Company accrued dividend equivalents expected to be paid on earned awards of $1.3 million, $1.1 million and $1.1 million, respectively; during the years ended December 31, 2019 and 2018, the Company paid $1.3 million and $585,000 of these accrued dividend equivalents to its executive officers.

The Company valued the RSUs with a performance condition based on the closing price per share of the Company’s common stock on the date of the grant multiplied by the number of awards expected to be earned. The Company valued the RSUs with a market condition using a Monte Carlo simulation model on the date of grant which resulted in grant date fair values of $5.6 million, $3.1 million and $3.6 million for the 2019, 2018 and 2017 grants, respectively. The estimated fair value is amortized to expense on a tranche by tranche

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basis ratably over the vesting periods. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the RSUs with a market condition for each grant year:

	2019		2018		2017
Volatility	21.14	%	21.00	%	21.00	%
Risk-free interest rate	2.38	%	2.38	%	1.54	%
Dividend yield	0.00	%	0.00	%	0.00	%

The 2015 and 2012 Plans each allow the Company’s employees to elect to satisfy the minimum statutory tax withholding obligation due upon vesting of RSAs and RSUs by allowing the Company to repurchase an amount of shares otherwise deliverable on the vesting date having a fair market value equal to the withholding obligation. During the years ended December 31, 2019, 2018 and 2017, the Company repurchased an aggregate 167,143 shares, 113,948 shares and 56,097 shares, respectively, in connection with this tax withholding obligation.

Compensation expense for equity-based payments totaled $11.7 million, $8.6 million and $7.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is included in general and administrative expenses. At December 31, 2019, STORE Capital had $16.7 million of unrecognized compensation cost related to non-vested equity-based compensation arrangements which will be recognized through February 2023.

8. Commitments and Contingencies

The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations.

In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of December 31, 2019, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $119.3 million, of which $114.3 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts.

The Company has entered into a lease agreement with an unrelated third party for its corporate office space that will expire in July 2027; the lease allows for one five-year renewal period at the option of the Company. During the years ended December 31, 2019, 2018 and 2017, total rent expense was $724,000, $721,000, and $711,000, respectively, which is included in general and administrative expense on the consolidated statements of income. At December 31, 2019, the Company’s future minimum rental commitment under this noncancelable operating lease, excluding the renewal option period, was approximately $761,000 in 2020, $776,000 in 2021, $790,000 in 2022, $804,000 in 2023, $819,000 in 2024 and $2.2 million thereafter. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and lease liability related to this lease; at December 31, 2019, the balance of the right-of-use asset was $4.5 million, which is included in other assets, net on the consolidated balance sheet, and the balance of the related lease liability was $5.0 million, using a discount rate of 5.3%.

The Company has employment agreements with each of its executive officers that provide for minimum annual base salaries, and annual cash and equity incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives to be adopted by the Company’s Board of Directors each year. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for cash severance, continuation of healthcare benefits and, in some instances, accelerated vesting of equity awards that he or she has been awarded as part of the Company’s incentive compensation program.

The Company has a defined contribution retirement savings plan qualified under Section 401(a) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan is available to employees who have completed at least six consecutive months of service or, if earlier, one year of service with the Company. STORE Capital provides a matching contribution in cash, up to a maximum of 4% of compensation, which vests immediately. The matching contributions made by the Company totaled approximately $478,000 in 2019, $406,000 in 2018, and $345,000 in 2017.

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9. Fair Value of Financial Instruments

The Company’s derivatives are required to be measured at fair value in the Company’s consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. The fair value of the Company’s derivative instruments was an asset of $317,000 at December 31, 2019 and an asset of $253,000 and a liability of $4.3 million at December 31, 2018; derivative assets are included in other assets, net, and derivative liabilities are included in accrued expenses, deferred revenue and other liabilities on the consolidated balance sheets. Had the Company elected not to offset derivatives in the consolidated balance sheet as of December 31, 2018, the Company would have had derivative assets of $2.8 million associated with three interest rate swap and related interest rate floor agreements and gross derivative liabilities of $6.9 million associated with two treasury lock agreements.

In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks at December 31, 2019 and 2018. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.

Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and tenant deposits. Generally these assets and liabilities are short-term in duration and are recorded at fair value on the consolidated balance sheets. The Company believes the carrying value of the borrowings on its credit facility approximate fair value based on their nature, terms and variable interest rate. Additionally, the Company believes the carrying values of its fixed-rate loans receivable approximate fair values based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads.

The estimated fair values of the Company’s aggregate long-term debt obligations have been derived based on market observable inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 within the fair value hierarchy. At December 31, 2019, these debt obligations had an aggregate carrying value of $3,591.0 million and an estimated fair value of $3,812.7 million. At December 31, 2018, these debt obligations had an aggregate carrying value of $2,925.3 million and an estimated fair value of $2,988.8 million.

10. Quarterly Financial Information (Unaudited)

The following table summarizes the unaudited consolidated quarterly financial information for 2019 and 2018. All adjustments (consisting of only normal recurring accruals) necessary for a fair presentation of the interim periods presented are included. The calculation of basic and diluted per share amounts for each quarter is based on the weighted average shares outstanding for that period; consequently, the sum of the quarters may not necessarily be equal to the full year basic and diluted net income per share (amounts in thousands, except per share amounts):

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2019
Total revenues	$	156,638	$	163,787	$	171,834	$	173,455	$	665,714
Net income		45,556		67,964		111,618		59,837		284,975
Net income per share of common stock—basic and diluted		0.20		0.30		0.48		0.25		1.24
Dividends declared per common share		0.33		0.33		0.35		0.35		1.36

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2018
Total revenues	$	125,842	$	131,205	$	137,005	$	146,704	$	540,756
Net income		49,960		62,201		48,225		56,584		216,970
Net income per share of common stock—basic and diluted		0.26		0.31		0.23		0.26		1.06
Dividends declared per common share		0.31		0.31		0.33		0.33		1.28

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Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Item 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the end of the period covered by this Annual Report on Form 10-K, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of the end of the period covered by this Annual Report on Form 10-K, the Company’s disclosure controls and procedures were effective.

Management’s Report on Internal Control over Financial Reporting

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) for the Company. Under the supervision and with the participation of management, the Chief Executive Officer and Chief Financial Officer of the Company conducted an evaluation of the effectiveness of the internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations (2013 Framework) (COSO). Based on such evaluation, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2019.

The Company’s internal control over financial reporting as of December 31, 2019 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.

Changes in Internal Control over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter to which this report relates that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of the Company.

Item 9B. OTHER INFORMATION

None.

PART III

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information regarding Director Nominations under the heading “Governance – Proposal No. 1-Election of Directors,” the information regarding Executive Officers under the heading “Executive Compensation – Executive Officers,” the information regarding our Code of Business Conduct and Ethics under the heading “Governance – Additional Corporate Governance Features,” and the information regarding the Audit Committee under the heading “Governance – Board and Committee Governance” in the Company's 2020 Proxy Statement is incorporated herein by reference.

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Item 11. EXECUTIVE COMPENSATION

The information regarding director compensation under the heading “Governance – 2019 Director Compensation” and the information under the subheadings “Compensation Discussion and Analysis,” “Compensation Committee Report on Executive Compensation,” “Compensation Committee Interlocks and Insider Participation,” “Compensation Tables,” and “Payments on Termination or Change in Control” under the principal heading “Executive Compensation” in the Company's 2020 Proxy Statement is incorporated herein by reference.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information regarding share ownership under the heading “Ownership of Our Stock – Beneficial Ownership of Our Common Stock by Certain Beneficial Owners and Management” in the Company's 2020 Proxy Statement is incorporated herein by reference.

Securities Authorized for Issuance Under Equity Compensation Plans

The following information reflects certain information about our equity compensation plans as of December 31, 2019:

	Number of securities		Number of securities
	to be issued upon	Weighted-average	available for future issuance
	exercise of	exercise price of	under equity compensation
	outstanding options,	outstanding options,	plans (excluding securities
Plan category	warrants and rights	warrants and rights	reflected in column (a))
	(a)	(b)	(c)
Equity compensation plans approved by stockholders			4,615,255	(1)​
Equity compensation plans not approved by stockholders
Total	—	—	4,615,255

(1) Represents 4,362,348 shares available for future issuance under the STORE Capital Corporation 2015 Omnibus Equity Incentive Plan and 252,907 shares available for future issuance under the STORE Capital Corporation 2012 Long-Term Incentive Plan.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information regarding director independence and related party transactions under the heading “Governance – Director Independence and Related Party Transactions” in the Company's 2020 Proxy Statement is incorporated herein by reference.

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information regarding Audit Fees, Audit-Related Fees, Tax Fees, All Other Fees and the Audit Committee’s policies and procedures on pre-approval of audit and permissible non-audit services of independent auditors under the heading “Audit Matters” in the Company's 2020 Proxy Statement is incorporated herein by reference.

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PART IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as part of this Annual Report:

1. Financial Statements. (see Item 8)

Reports of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2019 and 2018

Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017

Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017

Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2019, 2018 and 2017

Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017

Notes to Consolidated Financial Statements

2. Financial Statement Schedules. (see schedules beginning on page F-1)

Schedule III—Real Estate and Accumulated Depreciation

Schedule IV—Mortgage Loans on Real Estate

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

3. Exhibits.

The exhibits listed below are filed as part of this Annual Report. References under the caption “Location” to exhibits or other filings indicate that the exhibit or other filing has been filed, that the indexed exhibit and the exhibit referred to are the same and that the exhibit referred to is incorporated by reference. Management contracts and compensatory plans or arrangements filed as exhibits to this Annual Report are identified by an asterisk.

Exhibit	Description	Location
3.1	Articles of Amendment and Restatement of STORE Capital Corporation filed with the State Department of Assessments and Taxation of the State of Maryland on June 5, 2018.	Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2018 filed with the SEC on August 3, 2018.
3.2	Fourth Amended and Restated Bylaws of STORE Capital Corporation, effective May 30, 2019.	Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 30, 2019 and filed with the SEC on May 31, 2019.
4.1	Form of Common Stock Certificate.	Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 18, 2014 and filed with the SEC on November 21, 2014.
4.2	Description of the Company’s Common Stock.	Filed herewith.

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4.3	Third Amended and Restated Master Indenture dated as of May 6, 2014, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, and STORE Master Funding V, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.1 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 dated and filed with the SEC as of September 23, 2014.
4.4	Series 2013-1 Indenture Supplement dated as of March 27, 2013, by and between STORE Master Funding I, LLC and STORE Master Funding II, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.3 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 dated and filed with the SEC as of September 23, 2014.
4.5	Series 2013-2 Indenture Supplement dated as of July 25, 2013, between STORE Master Funding I, LLC, STORE Master Funding II, LLC, and STORE Master Funding III, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.4 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 dated and filed with the SEC as of September 23, 2014.
4.6	Series 2013-3 Indenture Supplement dated as of December 3, 2013, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, and STORE Master Funding IV, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.5 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 dated and filed with the SEC as of September 23, 2014.
4.7	Series 2014-1 Indenture Supplement dated as of May 6, 2014, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, and STORE Master Funding V, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.6 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 dated and filed with the SEC as of September 23, 2014.
4.8	Fourth Amended and Restated Master Indenture dated as of April 16, 2015, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC and STORE Master Funding VI, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.1 to the Company’s Current Report on Form 8-K dated April 16, 2015 and filed with the SEC on April 20, 2015.
4.9	Series 2015-1 Indenture Supplement dated as of April 16, 2015, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC and STORE Master Funding VI, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.2 to the Company’s Current Report on Form 8-K dated April 16, 2015 and filed with the SEC on April 20, 2015.
4.10	Fifth Amended and Restated Master Indenture dated as of October 18, 2016, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, and STORE Master Funding VII, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.1 to the Company’s Current Report on Form 8-K dated October 18, 2016 and filed with the SEC on October 21, 2016.

87

4.11		Series 2016-1 Indenture Supplement dated as of October 18, 2016, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC STORE Master Funding VI, LLC, and STORE Master Funding VII, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.2 to the Company’s Current Report on Form 8-K dated October 18, 2016 and filed with the SEC on October 21, 2016.
4.12		Indenture, dated as of March 15, 2018, by and between STORE Capital Corporation and Wilmington Trust, National Association.	Exhibit 4.1 to the Company’s Current Report on Form 8-K dated and filed with the SEC on March 15, 2018.
4.13		Supplemental Indenture No. 1, dated as of March 15, 2018, by and between STORE Capital Corporation and Wilmington Trust, National Association.	Exhibit 4.2 to the Company’s Current Report on Form 8-K dated and filed with the SEC on March 15, 2018.
4.14		Supplemental Indenture No. 2, dated as of February 28, 2019, by and between STORE Capital Corporation and Wilmington Trust, National Association.	Exhibit 4.1 to the Company’s Current Report on Form 8-K dated and filed with the SEC on February 28, 2019.
4.15		Sixth Amended and Restated Master Indenture, dated as of October 22, 2018, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, and STORE Master Funding VII, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee, relating to Net-Lease Mortgage Notes.	Exhibit 4.1 to the Company’s Current Report on Form 8-K dated October 22, 2018 and filed with the SEC on October 23, 2018.
4.16		Series 2018-1 Indenture Supplement, dated as of October 22, 2018, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, and STORE Master Funding VII, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.2 to the Company’s Current Report on Form 8-K dated October 22, 2018 and filed with the SEC on October 23, 2018.
4.17		Seventh Amended and Restated Master Indenture, dated as of November 13, 2019, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, STORE Master Funding VII, LLC, and STORE Master Funding XIV, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee, relating to Net-Lease Mortgage Notes.	Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 13, 2019 and filed with the SEC on November 14, 2019.
4.18		Series 2019-1 Indenture Supplement, dated as of November 13, 2019, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, STORE Master Funding VII, LLC, and STORE Master Funding XIV, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee.	Exhibit 4.2 to the Company’s Current Report on Form 8-K dated November 13, 2019 and filed with the SEC on November 14, 2019.
10.1	*	STORE Capital Corporation 2015 Omnibus Equity Incentive Plan.	Exhibit 10.3 to the Company’s Current Report on Form 8-K dated November 20, 2014 and filed with the SEC on November 26, 2014.

88

10.2	*	STORE Capital Corporation 2012 Long-Term Incentive Plan.	Exhibit 10.7 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 dated and filed with the SEC as of September 23, 2014.
10.3	*	Form of 2012 Long-Term Incentive Award Plan Restricted Stock Award Grant Agreement.	Exhibit 10.8 to Amendment No. 1 to the Company’s Registration Statement on Form S-11 dated and filed with the SEC as of September 23, 2014.
10.4	*	Form of Indemnification Agreement by and between STORE Capital Corporation and each of its directors and executive officers.	Exhibit 10.10 to the Company’s Current Report on Form 8-K dated November 20, 2014 and filed with the SEC on November 26, 2014.
10.5	*	Employment Agreement dated as of November 2, 2017, by and among STORE Capital Corporation, STORE Capital Advisors, LLC, and Christopher H. Volk.	Exhibit 10.7 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 23, 2018.
10.6	*	Employment Agreement dated as of November 2, 2017, by and among STORE Capital Corporation, STORE Capital Advisors, LLC, and Catherine Long.	Exhibit 10.9 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 23, 2018.
10.7	*	Employment Agreement dated as of November 2, 2017, by and among STORE Capital Corporation, STORE Capital Advisors, LLC, and Mary Fedewa.	Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 23, 2018.
10.8	*	Form of 2015 Omnibus Equity Incentive Plan Restricted Share Award Agreement.	Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 27, 2015 and filed with the SEC on March 30, 2015.
10.9	*	Form of 2015 Omnibus Equity Incentive Plan Restricted Share Award Agreement for Directors (2019).	Exhibit 10.12 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on February 22, 2019
10.10	*	Form of 2015 Omnibus Equity Incentive Plan Restricted Share Unit Award Agreement.	Exhibit 10.2 to the Company’s Current Report on Form 8-K dated March 27, 2015 and filed with the SEC on March 30, 2015.
10.11	*	Form of 2015 Omnibus Equity Incentive Plan Restricted Share Unit Award Agreement (2018).	Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2018 filed with the SEC on May 4, 2018.
10.12	*	Form of 2015 Omnibus Equity Incentive Plan Restricted Share Unit Award Agreement (2019).	Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 filed with the SEC on May 3, 2019.
10.13		Note Purchase Agreement dated as of November 19, 2015, by and among STORE Capital Corporation and the Purchasers identified therein.	Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 19, 2015 and filed with the SEC on November 23, 2015.
10.14		Note Purchase Agreement dated as of April 28, 2016, by and among STORE Capital Corporation and the Purchasers identified therein.	Exhibit 10.1 to the Company’s Current Report on Form 8-K dated April 26, 2016 and filed with the SEC on May 2, 2016.

89

10.15	Amended and Restated Credit Agreement, dated as of February 9, 2018, by and among STORE Capital Corporation, as Borrower, KeyBank National Association, as Lender and Administrative Agent, the other Lenders party thereto, KeyBank Capital Markets Inc. and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo Bank, National Association, as Syndication Agent, and BMO Harris Bank N.A., Capital One Bank, Regions Bank, SunTrust Bank and U.S. Bank National Association, as Co-Documentation Agents.	Exhibit 10.1 to the Company’s Current Report on Form 8-K dated February 9, 2018 and filed with the SEC on February 12, 2018.
10.16	First Amendment to Amended and Restated Credit Agreement, dated as of March 27, 2019, by and among STORE Capital Corporation, as Borrower, KeyBank National Association, as a 2017 Term Loan Lender and Administrative Agent, and the other 2017 Term Loan Lenders party thereto.	Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 filed with the SEC on May 3, 2019.
10.17	Sixth Amended and Restated Property Management and Servicing Agreement, dated as of November 13, 2019, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, STORE Master Funding VII, LLC, and STORE Master Funding XIV, LLC, collectively as Issuers, STORE Capital Corporation, as Property Manager and Special Servicer, KeyBank National Association, as Back-Up Manager, and Citibank, N.A., as Indenture Trustee.	Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 13, 2019 and filed with the SEC on November 14, 2019.
21	List of Subsidiaries.	Filed herewith.
23	Consent of Independent Registered Public Accounting Firm.	Filed herewith.
31.1	Rule 13a-14(a) Certification of the Chief Executive Officer.	Filed herewith.
31.2	Rule 13a-14(a) Certification of the Chief Financial Officer.	Filed herewith.
32.1	Section 1350 Certification of the Chief Executive Officer.	Filed herewith.
32.2	Section 1350 Certification of the Chief Financial Officer.	Filed herewith.
101	The following financial statements from STORE Capital Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, are formatted in Inline Extensible Business Reporting Language: (i) consolidated balance sheets, (ii) consolidated statements of comprehensive income, (iii) consolidated statements of cash flows, and (iv) notes to consolidated financial statements.	Filed herewith.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).	Filed herewith.

*Indicates management contract or compensatory plan.

Item 16. Form 10-K Summary

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	STORE CAPITAL CORPORATION
Date: February 21, 2020	By:	/s/ Christopher H. Volk
		Christopher H. Volk
		Chief Executive Officer and President (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below on February 21, 2020 by the following persons on behalf of the registrant and in the capacities indicated.

Signature	Title	Date
/s/Christopher H. Volk	President, Chief Executive Officer and Director	February 21, 2020
Christopher H. Volk	(principal executive officer)
/s/Catherine Long	Executive Vice President, Chief Financial Officer and Treasurer	February 21, 2020
Catherine Long	(principal financial officer)
/s/Stacy M. LaFrance	Senior Vice President, Chief Accounting Officer and Assistant Treasurer	February 21, 2020
Stacy M. LaFrance	(principal accounting officer)
/s/Morton H. Fleischer	Chairman of the Board of Directors	February 21, 2020
Morton H. Fleischer
/s/Mary Fedewa	Chief Operating Officer and Director	February 21, 2020
Mary Fedewa
/s/Joseph M. Donovan	Director	February 21, 2020
Joseph M. Donovan
/s/William F. Hipp	Director	February 21, 2020
William F. Hipp
	Director	February 21, 2020
Tawn Kelley
/s/Catherine D. Rice	Director	February 21, 2020
Catherine D. Rice
/s/Einar A. Seadler	Director	February 21, 2020
Einar A. Seadler
/s/Quentin P. Smith, Jr.	Director	February 21, 2020
Quentin P. Smith, Jr.

91

STORE Capital Corporation

Schedule III - Real Estate and Accumulated Depreciation

(Dollars in Thousands)

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Limited Service	Benson	MN	$	(f)	$	187	$	627	$	28	$	197	$	215	$	824	$	1,039	$	(273)	1987	07/29/2011
Restaurants -- Limited Service	Glencoe	MN		(f)		369		772		10		240		379		1,012		1,391		(332)	1986	07/29/2011
Restaurants -- Limited Service	Little Falls	MN		(f)		456		803		17		208		473		1,011		1,484		(399)	1983	07/29/2011
Restaurants -- Limited Service	Minneapolis	MN		(f)		243		590		34		169		277		759		1,036		(277)	1996	07/29/2011
Restaurants -- Limited Service	Sauk Rapids	MN		(f)		224		887		-		225		224		1,112		1,336		(318)	1996	07/29/2011
Restaurants -- Limited Service	Staples	MN		(f)		213		729		19		206		232		935		1,167		(296)	1987	07/29/2011
Restaurants -- Limited Service	Wadena	MN		(f)		171		731		-		250		171		981		1,152		(271)	1980	07/29/2011
Restaurants -- Limited Service	Valley City	ND		(f)		217		676		170		55		387		731		1,118		(344)	1984	07/29/2011
Restaurants -- Limited Service	Wahpeton	ND		(f)		314		589		3		222		317		811		1,128		(258)	1987	07/29/2011
Restaurants -- Limited Service	Mobridge	SD		(f)		336		517		-		225		336		742		1,078		(316)	1993	07/29/2011
Furniture Stores	Austin	TX		(f)		2,212		3,600		-		-		2,212		3,600		5,812		(888)	2006	09/02/2011
Furniture Stores	Live Oak	TX		(f)		1,885		3,927		-		-		1,885		3,927		5,812		(936)	2005	09/02/2011
Furniture Stores	New Braunfels	TX		(f)		1,692		6,926		-		-		1,692		6,926		8,618		(2,190)	1995	09/02/2011
Furniture Stores	San Antonio	TX		(f)		2,361		3,952		-		-		2,361		3,952		6,313		(983)	2006	09/02/2011
Restaurants -- Limited Service	Florence	AL		(f)		398		540		-		-		398		540		938		(184)	1994	09/08/2011
Restaurants -- Limited Service	Vestavia	AL		(f)		310		354		-		-		310		354		664		(117)	1972	09/08/2011
Restaurants -- Limited Service	Jacksonville	FL		(f)		310		325		-		-		310		325		635		(114)	1982	09/08/2011
Restaurants -- Limited Service	Bainbridge	GA		(f)		147		381		-		-		147		381		528		(131)	1989	09/08/2011
Restaurants -- Limited Service	Winder	GA		(f)		348		366		-		-		348		366		714		(156)	1986	09/08/2011
Restaurants -- Limited Service	Evansville	IN		(f)		226		380		-		-		226		380		606		(152)	1988	09/08/2011
Restaurants -- Limited Service	Louisville	KY		(f)		310		383		-		-		310		383		693		(152)	1973	09/08/2011
Restaurants -- Limited Service	Florissant	MO		(f)		460		400		-		-		460		400		860		(150)	1981	09/08/2011
Restaurants -- Limited Service	Jackson	MS		(f)		253		460		-		-		253		460		713		(159)	1993	09/08/2011
Restaurants -- Limited Service	Jackson	MS		(f)		225		342		-		-		225		342		567		(113)	1983	09/08/2011
Restaurants -- Limited Service	Cincinnati	OH		(f)		148		467		-		-		148		467		615		(162)	1987	09/08/2011
Restaurants -- Limited Service	Owasso	OK		(f)		275		301		-		-		275		301		576		(105)	1986	09/08/2011
Restaurants -- Limited Service	Tulsa	OK		(f)		209		328		-		-		209		328		537		(142)	1977	09/08/2011
Restaurants -- Limited Service	Antioch	TN		(f)		391		264		-		150		391		414		805		(126)	1978	09/08/2011
Restaurants -- Limited Service	Clarksville	TN		(f)		239		425		-		124		239		549		788		(168)	1993	09/08/2011
Restaurants -- Limited Service	Knoxville	TN		(f)		371		323		-		-		371		323		694		(120)	1987	09/08/2011
Restaurants -- Limited Service	Princeton	WV		(f)		246		408		-		-		246		408		654		(135)	1977	09/08/2011
Wood Product Manufacturing	Delaware	OH		(f)		308		478		-		-		308		478		786		(161)	1969	09/27/2011
Wood Product Manufacturing	Hillsboro	OR		(f)		879		167		-		-		879		167		1,046		(84)	1965	09/27/2011
Wood Product Manufacturing	Stayton	OR		(f)		2,254		2,526		-		-		2,254		2,526		4,780		(810)	1985	09/27/2011
Family Entertainment Centers	Webster	TX		(f)		2,135		6,355		-		-		2,135		6,355		8,490		(1,625)	2007	09/30/2011
Child Day Care Services	Laveen	AZ		(f)		1,427		3,012		35		210		1,462		3,222		4,684		(795)	2008	10/07/2011
Child Day Care Services	Maricopa	AZ		(f)		2,212		4,080		-		-		2,212		4,080		6,292		(1,010)	2008	10/07/2011
Beer, Wine, and Liquor Stores	McAllen	TX		(f)		1,397		2,220		-		-		1,397		2,220		3,617		(879)	1955	10/07/2011
Beer, Wine, and Liquor Stores	Pharr	TX		(f)		699		1,362		-		-		699		1,362		2,061		(500)	1989	10/07/2011
Restaurants -- Full Service	Canton	GA		(f)		1,101		973		-		-		1,101		973		2,074		(355)	1998	10/17/2011
Restaurants -- Full Service	Ft. Oglethorpe	GA		(f)		957		986		-		-		957		986		1,943		(329)	2003	10/17/2011
Restaurants -- Full Service	Stockbridge	GA		(f)		1,135		1,276		-		-		1,135		1,276		2,411		(453)	2000	10/17/2011
Restaurants -- Full Service	Camby	IN		(f)		636		1,297		-		-		636		1,297		1,933		(450)	2008	10/17/2011
Restaurants -- Full Service	Greenwood	IN		(f)		518		1,196		-		-		518		1,196		1,714		(392)	2005	10/17/2011
Restaurants -- Full Service	Georgetown	KY		(f)		727		1,076		-		-		727		1,076		1,803		(371)	2002	10/17/2011
Restaurants -- Full Service	Owensboro	KY		(f)		585		1,427		-		-		585		1,427		2,012		(540)	1996	10/17/2011

F-1

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Springdale	OH		(f)		1,286		897		-		-		1,286		897		2,183		(287)	1996	10/17/2011
Restaurants -- Full Service	Cookeville	TN		(f)		1,528		1,511		691		-		2,219		1,511		3,730		(567)	1994	10/17/2011
Restaurants -- Full Service	Knoxville	TN		(f)		1,161		1,221		-		-		1,161		1,221		2,382		(484)	2003	10/17/2011
Restaurants -- Full Service	Harrisonburg	VA		(f)		468		1,067		-		-		468		1,067		1,535		(389)	2003	10/17/2011
Restaurants -- Full Service	Panama City	FL				230		1,451		-		-		230		1,451		1,681		(442)	2001	10/17/2011
Restaurants -- Full Service	Cumming	GA				1,375		946		-		-		1,375		946		2,321		(361)	1998	10/17/2011
Restaurants -- Full Service	Mansfield	OH				725		1,156		-		-		725		1,156		1,881		(444)	2003	10/17/2011
Restaurants -- Full Service	Cleveland	TN				1,169		1,346		-		-		1,169		1,346		2,515		(536)	1996	10/17/2011
Restaurants -- Full Service	Lebanon	TN				1,037		1,134		-		-		1,037		1,134		2,171		(426)	1997	10/17/2011
Restaurants -- Full Service	Morristown	TN				803		1,578		-		-		803		1,578		2,381		(613)	2000	10/17/2011
Restaurants -- Full Service	Lynchburg	VA				903		1,078		-		-		903		1,078		1,981		(504)	2001	10/17/2011
Restaurants -- Limited Service	Bradenton	FL		(f)		785		276		-		-		785		276		1,061		(267)	1984	10/19/2011
Restaurants -- Limited Service	Sarasota	FL		(f)		848		410		-		-		848		410		1,258		(354)	1981	10/19/2011
Automotive Repair and Maintenance	Prescott Valley	AZ		(f)		241		259		-		-		241		259		500		(85)	2003	11/01/2011
Automotive Repair and Maintenance	Snowflake	AZ		(f)		276		134		-		-		276		134		410		(49)	1998	11/01/2011
Restaurants -- Full Service	Davenport	IA		(f)		1,613		2,210		-		141		1,613		2,351		3,964		(849)	2003	11/07/2011
Restaurants -- Full Service	Eagan	MN		(f)		1,481		2,958		14		137		1,495		3,095		4,590		(776)	1998	11/07/2011
Health Clubs	Edinburg	TX		(f)		865		4,109		-		116		865		4,225		5,090		(1,298)	1994	11/18/2011
Health Clubs	McAllen	TX		(f)		1,423		1,540		583		1,293		2,006		2,833		4,839		(587)	2004	11/18/2011
Health Clubs	Mission	TX		(f)		692		2,408		-		49		692		2,457		3,149		(647)	2000	11/18/2011
Movie Theaters	Owasso	OK		(f)		986		3,926		-		-		986		3,926		4,912		(1,353)	1992	12/16/2011
Other Personal Services	Erlanger	KY		(f)		604		1,809		-		-		604		1,809		2,413		(601)	2000	12/22/2011
Other Personal Services	Louisville	KY		(f)		492		2,022		-		-		492		2,022		2,514		(624)	2003	12/22/2011
Other Personal Services	Cincinnati	OH		(f)		547		1,967		-		-		547		1,967		2,514		(639)	2005	12/22/2011
Other Chemical Product and Preparation Manufacturing	Elk Grove Village	IL		(f)		854		1,460		-		-		854		1,460		2,314		(469)	1964	12/29/2011
Other Chemical Product and Preparation Manufacturing	Wheeling	IL		(f)		1,463		3,064		-		-		1,463		3,064		4,527		(1,006)	1966	12/29/2011
Restaurants -- Limited Service	Leadington	MO		(f)		494		499		-		-		494		499		993		(199)	1978	12/30/2011
Restaurants -- Limited Service	St. Louis	MO		(f)		395		393		-		-		395		393		788		(129)	1977	12/30/2011
Child Day Care Services	Blue Ash	OH		(f)		739		2,463		-		-		739		2,463		3,202		(603)	1979	12/30/2011
Restaurants -- Limited Service	Marietta	OH		(f)		435		676		-		-		435		676		1,111		(263)	1986	12/30/2011
Restaurants -- Limited Service	Salem	OH		(f)		205		676		-		-		205		676		881		(231)	1969	12/30/2011
Restaurants -- Limited Service	Warren	OH		(f)		328		612		-		-		328		612		940		(232)	1988	12/30/2011
Restaurants -- Limited Service	McKees Rocks	PA		(f)		556		692		-		-		556		692		1,248		(246)	1984	12/30/2011
Restaurants -- Limited Service	Pittsburgh	PA		(f)		364		440		-		-		364		440		804		(152)	1989	12/30/2011
Restaurants -- Limited Service	Clinton	TN		(f)		454		653		-		-		454		653		1,107		(255)	1984	12/30/2011
Child Day Care Services	Franklin	TN		(f)		1,782		2,422		-		-		1,782		2,422		4,204		(846)	2010	12/30/2011
Restaurants -- Limited Service	Greeneville	TN		(f)		566		490		-		-		566		490		1,056		(218)	1985	12/30/2011
Restaurants -- Limited Service	Knoxville	TN		(f)		405		702		-		-		405		702		1,107		(285)	1986	12/30/2011

F-2

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Limited Service	Maryville	TN		(f)		542		414		45		309		587		723		1,310		(262)	1983	12/30/2011
Restaurants -- Limited Service	Newport	TN		(f)		484		623		-		-		484		623		1,107		(274)	1987	12/30/2011
Restaurants -- Limited Service	New Martinsville	WV		(f)		269		475		-		-		269		475		744		(174)	1978	12/30/2011
Restaurants -- Limited Service	Parkersburg	WV		(f)		245		461		-		-		245		461		706		(163)	1987	12/30/2011
Restaurants -- Limited Service	Parkersburg	WV		(f)		769		301		-		-		769		301		1,070		(133)	1986	12/30/2011
Restaurants -- Limited Service	Wheeling	WV		(f)		357		714		-		-		357		714		1,071		(274)	1986	12/30/2011
Family Entertainment Centers	Frisco	TX		(f)		3,705		5,109		-		-		3,705		5,109		8,814		(1,381)	2008	01/27/2012
Family Entertainment Centers	Lubbock	TX		(f)		2,056		6,658		-		-		2,056		6,658		8,714		(1,768)	2007	01/27/2012
Elementary and Secondary Schools	Milpitas	CA				5,749		8,840		1,218		4,622		6,967		13,462		20,429		(2,990)	1987	02/29/2012
Elementary and Secondary Schools	Stockton	CA		10,727		1,789		3,557		-		24		1,789		3,581		5,370		(1,205)	1990	02/29/2012
Movie Theaters	Bethlehem	GA		(f)		1,888		5,168		-		-		1,888		5,168		7,056		(1,195)	2011	03/15/2012
Restaurants -- Limited Service	Cherryville	NC		(f)		461		650		-		-		461		650		1,111		(197)	2005	03/28/2012
Restaurants -- Limited Service	Hudson	NC		(f)		215		996		-		-		215		996		1,211		(231)	1984	03/28/2012
Restaurants -- Limited Service	Maiden	NC		(f)		557		533		-		-		557		533		1,090		(164)	1987	03/28/2012
Restaurants -- Limited Service	Marion	NC		(f)		322		637		-		-		322		637		959		(190)	1999	03/28/2012
Restaurants -- Limited Service	Richfield	NC		(f)		361		720		-		-		361		720		1,081		(215)	2007	03/28/2012
Restaurants -- Limited Service	West Jefferson	NC		(f)		358		854		-		-		358		854		1,212		(249)	1996	03/28/2012
Restaurants -- Full Service	Naperville	IL		(f)		1,869		3,154		-		-		1,869		3,154		5,023		(694)	2011	03/30/2012
Restaurants -- Full Service	Wheeling	IL		(f)		824		2,441		-		-		824		2,441		3,265		(473)	2008	03/30/2012
Child Day Care Services	Arlington	TX		(f)		183		574		-		-		183		574		757		(248)	1984	03/30/2012
Child Day Care Services	Cedar Hill	TX		(f)		285		569		-		-		285		569		854		(247)	1984	03/30/2012
Child Day Care Services	Grand Prairie	TX		(f)		292		581		-		-		292		581		873		(258)	1985	03/30/2012
Child Day Care Services	Haltom City	TX		(f)		362		415		-		-		362		415		777		(182)	1985	03/30/2012
Child Day Care Services	Watauga	TX		(f)		174		622		-		-		174		622		796		(273)	1986	03/30/2012
Furniture Stores	Tacoma	WA		(f)		2,213		3,319		-		817		2,213		4,136		6,349		(914)	1994	04/20/2012
Other Personal Services	Dayton	OH		(f)		574		1,937		-		-		574		1,937		2,511		(578)	2008	04/30/2012
Child Day Care Services	Tucson	AZ		(f)		2,674		4,120		-		-		2,674		4,120		6,794		(1,441)	2008	05/08/2012
Furniture Stores	Tucson	AZ		(f)		1,371		4,170		-		-		1,371		4,170		5,541		(1,127)	2003	05/10/2012
Restaurants -- Full Service	Troy	MI		(f)		1,503		2,506		-		120		1,503		2,626		4,129		(491)	2012	05/15/2012
Movie Theaters	Ardmore	OK		(f)		1,302		3,095		-		-		1,302		3,095		4,397		(815)	2008	05/17/2012
Restaurants -- Limited Service	Cedartown	GA		(f)		319		502		4		119		323		621		944		(168)	1981	05/18/2012
Restaurants -- Limited Service	College Park	GA		(f)		918		227		7		104		925		331		1,256		(82)	1973	05/18/2012
Restaurants -- Limited Service	Dalton	GA		(f)		337		483		16		80		353		563		916		(161)	1980	05/18/2012
Restaurants -- Limited Service	Decatur	GA		(f)		378		484		4		92		382		576		958		(232)	1981	05/18/2012
Restaurants -- Limited Service	Lithonia	GA		(f)		469		706		56		86		525		792		1,317		(328)	1979	05/18/2012
Restaurants -- Limited Service	Macon	GA		(f)		379		715		19		101		398		816		1,214		(325)	1975	05/18/2012
Restaurants -- Limited Service	McDonough	GA		(f)		304		719		2		113		306		832		1,138		(229)	2001	05/18/2012
Restaurants -- Limited Service	Riverdale	GA		(f)		241		873		35		365		276		1,238		1,514		(441)	1976	05/18/2012
Restaurants -- Limited Service	Savannah	GA		(f)		422		946		159		241		581		1,187		1,768		(347)	1973	05/18/2012
Restaurants -- Full Service	Franklin	NC		(f)		573		1,087		-		-		573		1,087		1,660		(362)	2008	05/24/2012
Restaurants -- Full Service	Morganton	NC		(f)		1,125		708		-		-		1,125		708		1,833		(222)	2002	05/24/2012
Restaurants -- Full Service	Rockingham	NC		(f)		1,111		870		-		-		1,111		870		1,981		(276)	2005	05/24/2012
Restaurants -- Full Service	Aiken	SC		(f)		1,009		974		-		-		1,009		974		1,983		(321)	2006	05/24/2012

F-3

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Rock Hill	SC		(f)		1,121		778		-		-		1,121		778		1,899		(243)	2004	05/24/2012
Child Day Care Services	Pearland	TX		(f)		1,345		6,258		608		2,526		1,953		8,784		10,737		(1,787)	2011	06/20/2012
Restaurants -- Full Service	Aiken	SC		(f)		547		1,587		-		-		547		1,587		2,134		(402)	2009	06/21/2012
Health Clubs	Fairfield	CA		(f)		1,564		1,949		542		1,758		2,106		3,707		5,813		(950)	1978	06/27/2012
Restaurants -- Limited Service	Altamonte Springs	FL		(f)		438		-		-		-		438		-		438		-	1978	06/27/2012
Restaurants -- Limited Service	Apopka	FL		(f)		550		-		-		-		550		-		550		-	1988	06/27/2012
Restaurants -- Limited Service	Fort Pierce	FL		(f)		153		-		-		-		153		-		153		-	1979	06/27/2012
Restaurants -- Limited Service	Jacksonville	FL		(f)		550		-		-		-		550		-		550		-	1986	06/27/2012
Restaurants -- Limited Service	Jacksonville	FL		(f)		234		-		-		-		234		-		234		-	1985	06/27/2012
Restaurants -- Limited Service	Jacksonville	FL		(f)		326		-		-		-		326		-		326		-	1981	06/27/2012
Restaurants -- Limited Service	Jacksonville	FL		(f)		275		-		-		-		275		-		275		-	1980	06/27/2012
Restaurants -- Limited Service	Jacksonville	FL		(f)		285		-		-		-		285		-		285		-	1982	06/27/2012
Restaurants -- Limited Service	Kissimmee	FL		(f)		601		-		-		-		601		-		601		-	1981	06/27/2012
Restaurants -- Limited Service	Lake City	FL		(f)		224		-		-		-		224		-		224		-	1978	06/27/2012
Restaurants -- Limited Service	Merritt Island	FL		(f)		316		-		-		-		316		-		316		-	1983	06/27/2012
Restaurants -- Limited Service	Orange Park	FL		(f)		326		-		-		-		326		-		326		-	1985	06/27/2012
Restaurants -- Limited Service	Orlando	FL		(f)		285		-		-		-		285		-		285		-	1981	06/27/2012
Restaurants -- Limited Service	Palatka	FL		(f)		1,110		-		-		-		1,110		-		1,110		-	1997	06/27/2012
Restaurants -- Limited Service	Plant City	FL		(f)		621		-		-		-		621		-		621		-	1988	06/27/2012
Restaurants -- Limited Service	Sanford	FL		(f)		407		-		-		-		407		-		407		-	1986	06/27/2012
Restaurants -- Limited Service	Tallahassee	FL		(f)		306		-		-		-		306		-		306		-	1978	06/27/2012
Restaurants -- Limited Service	Fairview Heights	IL		(f)		326		-		-		-		326		-		326		-	1986	06/27/2012
Child Day Care Services	South Elgin	IL		(f)		574		2,508		13		55		587		2,563		3,150		(557)	2009	06/27/2012
Restaurants -- Limited Service	Monroe	LA		(f)		266		-		-		-		266		-		266		-	1998	06/27/2012
Restaurants -- Limited Service	West Monroe	LA		(f)		511		-		-		-		511		-		511		-	2000	06/27/2012
Restaurants -- Limited Service	Brookhaven	MS		(f)		337		-		-		-		337		-		337		-	1979	06/27/2012
Restaurants -- Limited Service	Byram	MS		(f)		306		-		-		-		306		-		306		-	1993	06/27/2012
Restaurants -- Limited Service	Canton	MS		(f)		133		-		-		-		133		-		133		-	1991	06/27/2012
Restaurants -- Limited Service	Clarksdale	MS		(f)		276		-		-		-		276		-		276		-	1979	06/27/2012
Restaurants -- Limited Service	Cleveland	MS		(f)		-		-		-		-		-		-		-		-	1991	06/27/2012
Restaurants -- Limited Service	Clinton	MS		(f)		337		-		-		-		337		-		337		-	1994	06/27/2012
Restaurants -- Limited Service	McComb	MS		(f)		337		-		-		-		337		-		337		-	1985	06/27/2012
Restaurants -- Limited Service	Starkville	MS		(f)		184		-		-		-		184		-		184		-	1991	06/27/2012
Restaurants -- Limited Service	Tupelo	MS		(f)		317		-		-		-		317		-		317		-	1990	06/27/2012
Child Day Care Services	Sicklerville	NJ		(f)		403		2,527		20		67		423		2,594		3,017		(546)	2008	06/27/2012
Child Day Care Services	Collegeville	PA		(f)		546		2,182		19		55		565		2,237		2,802		(482)	2008	06/27/2012
Child Day Care Services	Woodbridge	VA		(f)		777		2,204		245		65		1,022		2,269		3,291		(706)	2002	06/27/2012
Grocery Stores	Alabaster	AL				399		1,900		-		-		399		1,900		2,299		(68)	1985	06/29/2012
Grocery Stores	Atmore	AL				292		1,568		-		-		292		1,568		1,860		(432)	1990	06/29/2012
Grocery Stores	Brewton	AL				234		1,625		-		107		234		1,732		1,966		(456)	1990	06/29/2012
Grocery Stores	Luverne	AL				234		1,425		-		-		234		1,425		1,659		(394)	1992	06/29/2012
Grocery Stores	Muscle Shoals	AL				521		2,089		-		-		521		2,089		2,610		(592)	1982	06/29/2012
Grocery Stores	Troy	AL				511		2,209		-		-		511		2,209		2,720		(652)	1984	06/29/2012
Grocery Stores	Milledgeville	GA				652		2,317		-		-		652		2,317		2,969		(654)	1994	06/29/2012
Other Motor Vehicle Dealers	Oklahoma City	OK		(f)		5,451		3,275		438		1,227		5,889		4,502		10,391		(3,168)	1997	06/29/2012
Health Clubs	Visalia	CA				1,382		4,928		-		-		1,382		4,928		6,310		(1,446)	1975	07/06/2012
Restaurants -- Full Service	Alpharetta	GA		(f)		842		3,520		-		-		842		3,520		4,362		(951)	2001	07/17/2012

F-4

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Newnan	GA		(f)		1,114		1,847		4		65		1,118		1,912		3,030		(577)	2005	07/17/2012
Restaurants -- Full Service	Peachtree City	GA		(f)		1,280		1,750		22		57		1,302		1,807		3,109		(610)	1999	07/17/2012
Restaurants -- Full Service	Suwanee	GA		(f)		1,325		1,954		-		33		1,325		1,987		3,312		(588)	2006	07/17/2012
Restaurants -- Full Service	Suwanee	GA		(f)		1,168		1,624		-		27		1,168		1,651		2,819		(523)	2005	07/17/2012
Restaurants -- Limited Service	South St. Paul	MN		(f)		357		498		60		240		417		738		1,155		(343)	1987	07/19/2012
Elementary and Secondary Schools	Scottsdale	AZ		(f)		3,729		6,288		-		-		3,729		6,288		10,017		(1,722)	1991	07/25/2012
Home Furnishings Stores	Dayton	OH		(f)		369		1,318		-		-		369		1,318		1,687		(389)	1996	07/26/2012
Home Furnishings Stores	Fairborn	OH		(f)		418		872		-		-		418		872		1,290		(253)	2006	07/26/2012
Home Furnishings Stores	Heath	OH		(f)		818		1,171		-		-		818		1,171		1,989		(307)	2004	07/26/2012
Other Personal Services	Columbus	OH		(f)		853		1,655		-		-		853		1,655		2,508		(533)	2012	07/27/2012
Movie Theaters	Corpus Christi	TX				5,954		9,373		-		-		5,954		9,373		15,327		(3,734)	1995	08/21/2012
Movie Theaters	Forney	TX				2,740		2,904		-		-		2,740		2,904		5,644		(918)	2006	08/21/2012
Movie Theaters	Fort Worth	TX		21,608		3,105		7,677		-		-		3,105		7,677		10,782		(2,339)	2010	08/21/2012
Movie Theaters	Irving	TX				1,976		1,172		-		-		1,976		1,172		3,148		(470)	1995	08/21/2012
Movie Theaters	Rio Grande City	TX				1,933		3,196		-		-		1,933		3,196		5,129		(993)	2008	08/21/2012
Restaurants -- Limited Service	Hancock	MD		(f)		490		347		-		-		490		347		837		(138)	1987	08/29/2012
Restaurants -- Limited Service	Chambersburg	PA		(f)		539		666		-		-		539		666		1,205		(220)	1989	08/29/2012
Restaurants -- Limited Service	Greencastle	PA		(f)		767		638		-		-		767		638		1,405		(222)	1986	08/29/2012
Child Day Care Services	Gilbert	AZ				453		1,639		-		-		453		1,639		2,092		(350)	1996	08/30/2012
Child Day Care Services	Gilbert	AZ				393		1,699		-		-		393		1,699		2,092		(346)	2002	08/30/2012
Child Day Care Services	Phoenix	AZ				877		2,311		-		-		877		2,311		3,188		(557)	2003	08/30/2012
Child Day Care Services	Phoenix	AZ				595		2,094		-		-		595		2,094		2,689		(464)	2006	08/30/2012
Other Motor Vehicle Dealers	Garner	NC		(f)		2,163		342		1,603		2,002		3,766		2,344		6,110		(1,078)	1997	09/13/2012
Other Motor Vehicle Dealers	Hope Mills	NC		(f)		1,462		1,437		-		-		1,462		1,437		2,899		(576)	1993	09/13/2012
Restaurants -- Full Service	Lumberton	NC		(f)		676		451		-		-		676		451		1,127		(144)	1999	09/25/2012
Restaurants -- Full Service	Morrisville	NC		(f)		891		235		-		-		891		235		1,126		(90)	1999	09/25/2012
Restaurants -- Full Service	Roanoke Rapids	NC		(f)		464		471		-		-		464		471		935		(149)	1998	09/25/2012
Restaurants -- Full Service	Rocky Mount	NC		(f)		514		45		-		-		514		45		559		-	1994	09/25/2012
Restaurants -- Full Service	Smithfield	NC		(f)		702		384		-		-		702		384		1,086		(141)	1998	09/25/2012
Restaurants -- Full Service	Wilson	NC		(f)		631		304		-		-		631		304		935		(107)	2001	09/25/2012
Restaurants -- Full Service	Charleston	WV		(f)		496		399		-		-		496		399		895		(128)	2004	09/25/2012
Child Day Care Services	Columbus	OH		(f)		937		1,135		-		-		937		1,135		2,072		(339)	1992	09/28/2012
Furniture Stores	Fairfield	CA				2,618		2,633		-		-		2,618		2,633		5,251		(698)	2006	10/01/2012
Furniture Stores	Rohnert Park	CA		5,319		2,115		3,362		-		-		2,115		3,362		5,477		(878)	2006	10/01/2012
Child Day Care Services	Oak Creek	WI		(f)		781		1,657		6		55		787		1,712		2,499		(407)	2009	10/02/2012
Restaurants -- Full Service	Auburn	IN		(f)		750		1,420		-		-		750		1,420		2,170		(453)	2000	10/05/2012
Restaurants -- Full Service	Fort Wayne	IN		(f)		946		1,335		-		-		946		1,335		2,281		(386)	1993	10/05/2012
Restaurants -- Full Service	Fort Wayne	IN		(f)		964		1,337		-		-		964		1,337		2,301		(380)	1993	10/05/2012
Restaurants -- Full Service	Fort Wayne	IN		(f)		1,239		1,614		-		-		1,239		1,614		2,853		(439)	2002	10/05/2012
Restaurants -- Full Service	Goshen	IN		(f)		612		1,451		-		-		612		1,451		2,063		(450)	1999	10/05/2012
Restaurants -- Full Service	Portage	IN		(f)		555		1,374		-		-		555		1,374		1,929		(415)	1999	10/05/2012
Restaurants -- Full Service	Valparaiso	IN		(f)		507		1,502		-		-		507		1,502		2,009		(443)	1995	10/05/2012

F-5

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Fremont	OH		(f)		728		1,443		-		-		728		1,443		2,171		(418)	2000	10/05/2012
Restaurants -- Full Service	Lima	OH		(f)		765		1,576		-		-		765		1,576		2,341		(444)	1996	10/05/2012
Restaurants -- Full Service	Lima	OH		(f)		755		1,536		-		-		755		1,536		2,291		(434)	2005	10/05/2012
Restaurants -- Full Service	Northwood	OH		(f)		615		1,716		-		-		615		1,716		2,331		(488)	2004	10/05/2012
Child Day Care Services	Bradenton	FL		(f)		545		2,149		-		-		545		2,149		2,694		(629)	1982	10/19/2012
Restaurants -- Full Service	Chicago	IL		(f)		504		3,959		-		-		504		3,959		4,463		(785)	1886	10/29/2012
Restaurants -- Full Service	Chicago	IL		(f)		900		2,410		-		-		900		2,410		3,310		(643)	1923	10/29/2012
Restaurants -- Full Service	Chicago	IL		(f)		810		5,559		18		470		828		6,029		6,857		(1,117)	2008	10/29/2012
Restaurants -- Limited Service	Baton Rouge	LA		(f)		700		162		-		-		700		162		862		(70)	2005	11/09/2012
Restaurants -- Limited Service	Baton Rouge	LA		(f)		742		212		-		-		742		212		954		(99)	2005	11/09/2012
Restaurants -- Limited Service	Denham	LA		(f)		831		444		-		-		831		444		1,275		(200)	2001	11/09/2012
Restaurants -- Limited Service	Donaldsonville	LA		(f)		327		562		-		-		327		562		889		(238)	1981	11/09/2012
Restaurants -- Limited Service	Gonzales	LA		(f)		547		599		-		-		547		599		1,146		(231)	1981	11/09/2012
Restaurants -- Limited Service	Gonzales	LA		(f)		617		419		-		-		617		419		1,036		(178)	1996	11/09/2012
Restaurants -- Limited Service	Kentwood	LA		(f)		243		600		-		-		243		600		843		(190)	2006	11/09/2012
Restaurants -- Limited Service	Larose	LA		(f)		418		756		-		-		418		756		1,174		(337)	1986	11/09/2012
Restaurants -- Limited Service	Port Vincent	LA		(f)		692		207		-		-		692		207		899		(79)	2006	11/09/2012
Restaurants -- Limited Service	Prairieville	LA		(f)		724		165		-		-		724		165		889		(106)	1995	11/09/2012
Restaurants -- Limited Service	Walker	LA		(f)		508		776		-		-		508		776		1,284		(351)	2001	11/09/2012
Scientific Research and Development Services	Columbia	MO		10,004		807		13,794		-		620		807		14,414		15,221		(2,396)	2008	11/29/2012
Restaurants -- Full Service	Orland Park	IL		(f)		1,267		4,320		-		-		1,267		4,320		5,587		(827)	2005	11/30/2012
Child Day Care Services	Cincinnati	OH		(f)		1,074		1,610		-		-		1,074		1,610		2,684		(465)	2001	12/10/2012
Child Day Care Services	Powell	OH		(f)		1,102		1,602		-		-		1,102		1,602		2,704		(462)	1998	12/10/2012
Child Day Care Services	Manassas	VA		(f)		938		2,580		-		-		938		2,580		3,518		(677)	2005	12/10/2012
Restaurants -- Limited Service	Dalton	GA		(f)		418		1,133		-		-		418		1,133		1,551		(308)	1984	12/11/2012
Restaurants -- Limited Service	Chattanooga	TN		(f)		426		984		-		-		426		984		1,410		(271)	1984	12/11/2012
Restaurants -- Limited Service	East Ridge	TN		(f)		481		807		-		-		481		807		1,288		(231)	1982	12/11/2012
Restaurants -- Full Service	Abilene	TX		(f)		593		2,023		-		-		593		2,023		2,616		(584)	1961	12/11/2012
Health Clubs	Mesa	AZ		(f)		1,112		3,684		-		-		1,112		3,684		4,796		(766)	2003	12/20/2012
Health Clubs	Scottsdale	AZ		(f)		2,029		4,716		-		-		2,029		4,716		6,745		(1,046)	2003	12/20/2012
Restaurants -- Full Service	Dekalb	IL		(f)		615		747		-		-		615		747		1,362		(248)	2000	12/27/2012
Restaurants -- Full Service	Effingham	IL		(f)		514		717		-		-		514		717		1,231		(211)	2003	12/27/2012
Restaurants -- Full Service	Skokie	IL		(f)		737		1,189		-		174		737		1,363		2,100		(338)	2000	12/27/2012
Restaurants -- Full Service	Merrillville	IN		(f)		981		1,795		-		-		981		1,795		2,776		(573)	1979	12/27/2012
Restaurants -- Full Service	Emporia	KS		(f)		730		1,541		-		-		730		1,541		2,271		(559)	1998	12/27/2012
Restaurants -- Full Service	Louisville	KY		(f)		1,127		1,577		-		-		1,127		1,577		2,704		(532)	1973	12/27/2012
Restaurants -- Full Service	Louisville	KY		(f)		1,122		1,415		-		-		1,122		1,415		2,537		(492)	1974	12/27/2012

F-6

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Maryville	MO		(f)		682		1,727		-		-		682		1,727		2,409		(527)	2005	12/27/2012
Restaurants -- Full Service	Grand Island	NE		(f)		749		1,922		-		-		749		1,922		2,671		(475)	1999	12/27/2012
Restaurants -- Full Service	Lincoln	NE		(f)		672		1,539		-		-		672		1,539		2,211		(429)	1993	12/27/2012
Restaurants -- Full Service	Ada	OK		1,412		1,252		1,438		-		-		1,252		1,438		2,690		(391)	2006	12/27/2012
Restaurants -- Full Service	Altus	OK		986		732		1,147		-		-		732		1,147		1,879		(318)	2005	12/27/2012
Restaurants -- Full Service	Ardmore	OK		(f)		946		1,539		-		-		946		1,539		2,485		(459)	1998	12/27/2012
Restaurants -- Full Service	Lawton	OK		1,144		923		1,258		-		-		923		1,258		2,181		(430)	1996	12/27/2012
Restaurants -- Full Service	Goodlettsville	TN		(f)		969		1,616		-		-		969		1,616		2,585		(607)	1973	12/27/2012
Restaurants -- Full Service	Memphis	TN		(f)		1,244		1,580		-		-		1,244		1,580		2,824		(577)	2002	12/27/2012
Restaurants -- Full Service	Nashville	TN		(f)		979		1,319		-		-		979		1,319		2,298		(489)	1978	12/27/2012
Restaurants -- Full Service	Nashville	TN		(f)		626		2,270		-		-		626		2,270		2,896		(576)	1910	12/27/2012
Restaurants -- Full Service	Amarillo	TX		1,149		927		1,330		-		-		927		1,330		2,257		(446)	1995	12/27/2012
Restaurants -- Full Service	Lubbock	TX		1,067		1,289		808		-		-		1,289		808		2,097		(275)	1994	12/27/2012
Restaurants -- Full Service	Gillette	WY		(f)		1,322		1,990		-		-		1,322		1,990		3,312		(591)	2001	12/27/2012
Restaurants -- Full Service	Omaha	NE		(f)		920		1,324		-		-		920		1,324		2,244		(391)	2005	12/28/2012
Restaurants -- Full Service	Oklahoma City	OK		(f)		507		556		-		-		507		556		1,063		(235)	1999	12/28/2012
Restaurants -- Full Service	Oklahoma City	OK		(f)		186		390		-		-		186		390		576		(136)	1984	12/28/2012
Restaurants -- Full Service	Oklahoma City	OK		(f)		500		603		-		-		500		603		1,103		(234)	1968	12/28/2012
Restaurants -- Full Service	Oklahoma City	OK		(f)		398		427		-		-		398		427		825		(159)	1995	12/28/2012
Restaurants -- Full Service	Oklahoma City	OK		(f)		291		384		-		-		291		384		675		(151)	1997	12/28/2012
Restaurants -- Full Service	Yukon	OK		(f)		408		426		-		-		408		426		834		(187)	2002	12/28/2012
Restaurants -- Full Service	Bartlett	TN		(f)		1,182		1,297		-		-		1,182		1,297		2,479		(423)	1998	12/28/2012
Other Motor Vehicle Dealers	Liberty Lake	WA		(f)		2,458		2,687		1,570		2,068		4,028		4,755		8,783		(1,332)	2006	12/28/2012
Restaurants -- Limited Service	Welch	WV		(f)		542		997		-		-		542		997		1,539		(210)	1984	12/28/2012
Restaurants -- Full Service	Jonesboro	GA		(f)		477		664		16		324		493		988		1,481		(232)	2000	12/31/2012
Restaurants -- Full Service	Lawrenceville	GA		(f)		675		446		-		175		675		621		1,296		(168)	2000	12/31/2012
Restaurants -- Limited Service	Altoona	IA		(f)		368		468		-		-		368		468		836		(127)	1995	12/31/2012
Restaurants -- Limited Service	Ankeny	IA		(f)		423		474		-		-		423		474		897		(153)	1986	12/31/2012
Restaurants -- Limited Service	Boone	IA		(f)		308		538		-		-		308		538		846		(135)	1974	12/31/2012
Restaurants -- Limited Service	Des Moines	IA		(f)		419		901		-		-		419		901		1,320		(226)	2003	12/31/2012
Restaurants -- Limited Service	Des Moines	IA		(f)		382		555		-		-		382		555		937		(172)	2008	12/31/2012
Restaurants -- Limited Service	Des Moines	IA		(f)		250		536		-		-		250		536		786		(163)	1991	12/31/2012
Restaurants -- Limited Service	West Des Moines	IA		(f)		366		652		-		-		366		652		1,018		(167)	2010	12/31/2012
Restaurants -- Limited Service	West Des Moines	IA		(f)		490		628		-		-		490		628		1,118		(165)	1995	12/31/2012
Restaurants -- Full Service	Fishers	IN		(f)		750		1,622		-		440		750		2,062		2,812		(535)	2004	01/03/2013
Restaurants -- Full Service	Fishers	IN		(f)		730		1,181		8		-		738		1,181		1,919		(274)	2009	01/03/2013
Restaurants -- Full Service	Greenwood	IN		(f)		1,418		1,194		-		164		1,418		1,358		2,776		(569)	2007	01/03/2013
Restaurants -- Full Service	Lafayette	IN		(f)		679		1,953		198		388		877		2,341		3,218		(581)	2006	01/03/2013

F-7

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Health Clubs	North Las Vegas	NV		(f)		1,609		6,621		-		-		1,609		6,621		8,230		(1,237)	2009	01/17/2013
Restaurants -- Full Service	Peoria	AZ		(f)		510		1,630		-		-		510		1,630		2,140		(407)	2003	01/22/2013
Electronics and Appliance Stores	Las Cruces	NM		(f)		1,350		4,043		-		-		1,350		4,043		5,393		(803)	1981	01/31/2013
Electronics and Appliance Stores	Houston	TX		(f)		1,538		4,829		61		483		1,599		5,312		6,911		(1,046)	2007	01/31/2013
Electronics and Appliance Stores	McAllen	TX		(f)		1,321		2,917		-		-		1,321		2,917		4,238		(590)	2006	01/31/2013
Electronics and Appliance Stores	Mesquite	TX		(f)		1,795		5,838		-		-		1,795		5,838		7,633		(1,077)	1973	01/31/2013
Restaurants -- Full Service	Norcross	GA		(f)		499		190		2		31		501		221		722		(74)	1999	02/05/2013
Restaurants -- Full Service	Norcross	GA		(f)		687		351		5		92		692		443		1,135		(150)	1996	02/05/2013
Restaurants -- Full Service	Stockbridge	GA		(f)		704		1,274		6		104		710		1,378		2,088		(413)	1996	02/05/2013
Movie Theaters	Lewisville	TX		(f)		1,330		3,294		-		-		1,330		3,294		4,624		(958)	1994	02/08/2013
Restaurants -- Limited Service	Charlotte	NC		(f)		997		109		-		-		997		109		1,106		(54)	2005	02/27/2013
Restaurants -- Limited Service	Charlotte	NC		(f)		978		128		-		-		978		128		1,106		(63)	2007	02/27/2013
Restaurants -- Limited Service	Gastonia	NC		(f)		703		244		-		-		703		244		947		(111)	2004	02/27/2013
Restaurants -- Limited Service	Indian Trail	NC		(f)		830		78		-		-		830		78		908		(39)	2003	02/27/2013
Restaurants -- Limited Service	Mooresville	NC		(f)		874		34		-		-		874		34		908		(17)	2002	02/27/2013
Restaurants -- Limited Service	Morganton	NC		(f)		703		28		-		-		703		28		731		(16)	2003	02/27/2013
Restaurants -- Limited Service	Newton	NC		(f)		594		403		-		-		594		403		997		(202)	2002	02/27/2013
Home Furnishings Stores	Oklahoma City	OK		(f)		2,898		5,889		-		-		2,898		5,889		8,787		(1,687)	1995	03/15/2013
Home Furnishings Stores	Tulsa	OK		(f)		3,406		5,372		-		-		3,406		5,372		8,778		(1,659)	1996	03/15/2013
Furniture Stores	Prescott	AZ		(f)		1,937		3,216		67		406		2,004		3,622		5,626		(727)	2007	03/26/2013
Foundries	Fayetteville	AR		(f)		968		2,227		-		-		968		2,227		3,195		(513)	2005	03/28/2013
Foundries	Harrison	AR		(f)		224		1,322		-		53		224		1,375		1,599		(342)	1998	03/28/2013
Foundries	Harrison	AR		(f)		920		2,378		-		2,519		920		4,897		5,817		(1,153)	1950	03/28/2013
Foundries	Harrison	AR		(f)		211		1,438		-		64		211		1,502		1,713		(360)	1988	03/28/2013
Restaurants -- Limited Service	Ashland	KY		(f)		1,224		1,986		-		-		1,224		1,986		3,210		(587)	1996	03/28/2013
Foundries	Chelmsford	MA		(f)		542		571		-		-		542		571		1,113		(403)	1963	03/28/2013
Restaurants -- Limited Service	Ironwood	MI		(f)		171		415		-		376		171		791		962		(152)	1999	03/28/2013
Restaurants -- Limited Service	Ishpeming	MI		(f)		384		597		-		-		384		597		981		(159)	1999	03/28/2013
Foundries	Arden Hills	MN		(f)		1,176		1,359		-		-		1,176		1,359		2,535		(522)	1964	03/28/2013
Foundries	St. Charles	MO		(f)		988		825		163		1,069		1,151		1,894		3,045		(445)	1995	03/28/2013
Restaurants -- Limited Service	Lillington	NC		(f)		188		377		-		-		188		377		565		(97)	1970	03/28/2013
Foundries	Dover	NH		(f)		1,125		1,688		-		-		1,125		1,688		2,813		(623)	1970	03/28/2013
Foundries	Loyalhanna	PA		(f)		237		1,928		650		82		887		2,010		2,897		(438)	1989	03/28/2013
Restaurants -- Limited Service	Jefferson City	TN		(f)		450		440		-		-		450		440		890		(117)	1988	03/28/2013

F-8

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Limited Service	Houston	TX		(f)		912		913		-		-		912		913		1,825		(242)	1988	03/28/2013
Restaurants -- Limited Service	Cross Lanes	WV		(f)		1,490		2,067		-		-		1,490		2,067		3,557		(662)	1999	03/28/2013
Restaurants -- Limited Service	Huntington	WV		(f)		1,042		2,287		-		-		1,042		2,287		3,329		(677)	1997	03/28/2013
Restaurants -- Limited Service	Parkersburg	WV		(f)		1,288		2,428		-		-		1,288		2,428		3,716		(715)	2004	03/28/2013
Colleges, Universities, and Professional Schools	San Marcos	CA		15,150		4,528		22,213		-		-		4,528		22,213		26,741		(3,389)	2008	03/29/2013
Other Personal Services	Wheat Ridge	CO		(f)		590		211		-		-		590		211		801		(84)	1953	03/29/2013
Other Personal Services	Avon	CT		(f)		747		215		-		-		747		215		962		(182)	1964	03/29/2013
Other Personal Services	Bethany	CT		(f)		257		435		-		-		257		435		692		(321)	1970	03/29/2013
Restaurants -- Full Service	Snellville	GA		(f)		427		1,005		4		65		431		1,070		1,501		(311)	1985	03/29/2013
Restaurants -- Full Service	Stone Mountain	GA		(f)		894		1,148		6		108		900		1,256		2,156		(369)	1984	03/29/2013
Other Personal Services	Prairie View	IL		(f)		780		2,415		-		-		780		2,415		3,195		(1,037)	1975	03/29/2013
Other Personal Services	Carmel	IN		(f)		299		783		-		-		299		783		1,082		(298)	1984	03/29/2013
Other Personal Services	Boxford	MA		(f)		1,185		829		-		-		1,185		829		2,014		(596)	1955	03/29/2013
Other Personal Services	Wakefield	MA		(f)		401		901		-		-		401		901		1,302		(310)	1965	03/29/2013
Other Personal Services	Clinton Township	MI		(f)		511		451		-		-		511		451		962		(207)	1977	03/29/2013
Other Personal Services	Cinnaminson	NJ		(f)		378		323		-		-		378		323		701		(127)	1949	03/29/2013
Other Personal Services	Windsor	NJ		(f)		691		170		-		-		691		170		861		(70)	1985	03/29/2013
Other Personal Services	Cincinnati	OH		(f)		605		276		-		-		605		276		881		(126)	1972	03/29/2013
Other Personal Services	Chadds Ford	PA		(f)		837		666		-		-		837		666		1,503		(247)	1979	03/29/2013
Other Personal Services	Houston	TX		(f)		237		1,015		-		-		237		1,015		1,252		(357)	1975	03/29/2013
Other Personal Services	Spring	TX		(f)		1,828		3,561		-		-		1,828		3,561		5,389		(1,090)	1973	03/29/2013
Automotive Parts, Accessories, and Tire Stores	La Salle	IL		(f)		1,620		8,166		-		-		1,620		8,166		9,786		(2,173)	1997	04/17/2013
Restaurants -- Full Service	Amarillo	TX		(f)		840		1,954		-		-		840		1,954		2,794		(509)	2002	05/06/2013
Restaurants -- Full Service	Lubbock	TX		(f)		635		829		-		-		635		829		1,464		-	2004	05/06/2013
Other Motor Vehicle Dealers	Byron	GA				1,726		3,656		932		-		2,658		3,656		6,314		(1,338)	2007	05/16/2013
Restaurants -- Full Service	Clovis	NM		(f)		253		787		-		-		253		787		1,040		(235)	2013	05/28/2013
Restaurants -- Full Service	Ruidoso	NM		(f)		518		346		72		528		590		874		1,464		(321)	1961	05/28/2013
Restaurants -- Full Service	Tucumcari	NM		(f)		130		508		12		193		142		701		843		(253)	1985	05/28/2013
Restaurants -- Full Service	Beeville	TX		(f)		189		449		14		411		203		860		1,063		(295)	1986	05/28/2013
Restaurants -- Full Service	Corpus Christi	TX		(f)		473		470		-		268		473		738		1,211		(269)	2005	05/28/2013
Restaurants -- Full Service	Fort Stockton	TX		(f)		344		657		35		182		379		839		1,218		(280)	1978	05/28/2013
Restaurants -- Full Service	Lamesa	TX		(f)		220		447		31		581		251		1,028		1,279		(366)	1978	05/28/2013
Wholesale Automobile Auction	Washington	PA		(f)		6,508		1,380		165		1,233		6,673		2,613		9,286		(1,998)	1975	05/31/2013
Health and Personal Care Stores	Marion	IL		(f)		500		337		-		-		500		337		837		(16)	2010	06/14/2013
Health and Personal Care Stores	Cave City	KY		(f)		256		437		-		-		256		437		693		(21)	2010	06/14/2013
Health and Personal Care Stores	Hartford	KY		(f)		216		479		-		-		216		479		695		(7)	2012	06/14/2013
Health and Personal Care Stores	Gautier	MS		(f)		567		24		-		-		567		24		591		-	2011	06/14/2013
Health and Personal Care Stores	Leakesville	MS		(f)		269		677		-		-		269		677		946		(9)	2012	06/14/2013
Health and Personal Care Stores	Pascagoula	MS		(f)		490		101		-		-		490		101		591		-	2011	06/14/2013
Restaurants -- Full Service	LaVale	MD		(f)		1,313		1,629		-		-		1,313		1,629		2,942		(437)	2005	06/27/2013

F-9

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Child Day Care Services	Columbus	OH		(f)		452		1,687		-		-		452		1,687		2,139		(370)	2006	06/27/2013
Child Day Care Services	Columbus	OH		(f)		253		943		-		-		253		943		1,196		(207)	2006	06/27/2013
Child Day Care Services	Delaware	OH		(f)		1,130		1,029		-		-		1,130		1,029		2,159		(252)	2005	06/27/2013
Child Day Care Services	Delaware	OH		(f)		647		590		-		-		647		590		1,237		(144)	2005	06/27/2013
Child Day Care Services	Hilliard	OH		(f)		278		852		-		-		278		852		1,130		(196)	2003	06/27/2013
Child Day Care Services	Hilliard	OH		(f)		485		1,485		-		-		485		1,485		1,970		(341)	2003	06/27/2013
Child Day Care Services	Marysville	OH		(f)		237		949		-		-		237		949		1,186		(206)	2005	06/27/2013
Child Day Care Services	Marysville	OH		(f)		424		1,696		-		-		424		1,696		2,120		(367)	2005	06/27/2013
Child Day Care Services	Powell	OH		(f)		735		2,303		-		-		735		2,303		3,038		(527)	2004	06/27/2013
Child Day Care Services	Powell	OH		(f)		286		895		-		-		286		895		1,181		(205)	2004	06/27/2013
Child Day Care Services	Westerville	OH		(f)		315		918		-		-		315		918		1,233		(213)	2005	06/27/2013
Child Day Care Services	Westerville	OH		(f)		550		1,601		-		-		550		1,601		2,151		(372)	2005	06/27/2013
Restaurants -- Full Service	Midlothian	VA		(f)		729		2,037		-		-		729		2,037		2,766		(502)	1992	06/27/2013
Restaurants -- Full Service	Martinsburg	WV		(f)		1,115		1,267		-		-		1,115		1,267		2,382		(342)	1995	06/27/2013
Other Motor Vehicle Dealers	Holiday	FL		(f)		2,444		2,723		1,881		829		4,325		3,552		7,877		(1,030)	1974	06/28/2013
Other Motor Vehicle Dealers	Jacksonville	FL		(f)		1,758		2,450		460		1,375		2,218		3,825		6,043		(1,088)	2010	06/28/2013
Restaurants -- Limited Service	Charlotte	NC		(f)		1,545		2,176		-		-		1,545		2,176		3,721		(633)	2009	06/28/2013
Child Day Care Services	Maineville	OH		(f)		685		1,575		-		-		685		1,575		2,260		(442)	2008	06/28/2013
Restaurants -- Limited Service	Glen Allen	VA		(f)		2,184		-		-		-		2,184		-		2,184		-	1995	06/28/2013
Restaurants -- Limited Service	North Chesterfield	VA		(f)		1,945		-		-		-		1,945		-		1,945		-	1993	06/28/2013
Restaurants -- Full Service	Harker Heights	TX		(f)		860		149		577		1,811		1,437		1,960		3,397		(439)	2014	07/09/2013
Restaurants -- Limited Service	Broken Arrow	OK		(f)		366		597		-		-		366		597		963		(142)	2007	07/12/2013
Restaurants -- Limited Service	Moore	OK		(f)		179		744		-		-		179		744		923		(159)	2000	07/12/2013
Restaurants -- Limited Service	Oklahoma City	OK		(f)		161		554		-		-		161		554		715		(155)	1978	07/12/2013
Restaurants -- Limited Service	Oklahoma City	OK		(f)		400		473		-		-		400		473		873		(141)	1998	07/12/2013
Child Day Care Services	Conover	NC		(f)		250		644		-		-		250		644		894		(170)	1985	07/26/2013
Child Day Care Services	Conover	NC		(f)		257		780		-		-		257		780		1,037		(213)	1986	07/26/2013
Child Day Care Services	Dobson	NC		(f)		73		413		-		-		73		413		486		(112)	1996	07/26/2013
Child Day Care Services	Millers Creek	NC		(f)		219		321		-		-		219		321		540		(128)	1997	07/26/2013
Child Day Care Services	Wilson	NC		(f)		601		568		-		-		601		568		1,169		(156)	1987	07/26/2013
Child Day Care Services	Charlottesville	VA		(f)		708		328		-		-		708		328		1,036		(116)	1990	07/26/2013
Child Day Care Services	Charlottesville	VA		(f)		935		123		-		-		935		123		1,058		(52)	1992	07/26/2013
Restaurants -- Full Service	Champaign	IL		(f)		777		1,640		-		-		777		1,640		2,417		(480)	1984	07/31/2013
Restaurants -- Full Service	Rockford	IL		(f)		1,012		1,643		-		-		1,012		1,643		2,655		(403)	1992	07/31/2013
Restaurants -- Limited Service	Gulfport	MS		(f)		2,288		1,674		-		-		2,288		1,674		3,962		(500)	2008	07/31/2013
Home Furnishings Stores	Centerville	OH		(f)		341		948		-		-		341		948		1,289		(248)	1994	08/08/2013
Restaurants -- Full Service	Tempe	AZ		(f)		1,696		545		-		-		1,696		545		2,241		(414)	1988	08/13/2013
Plastics Product Manufacturing	Milesburg	PA		(f)		2,563		4,327		-		-		2,563		4,327		6,890		(2,001)	1970	08/23/2013
Machinery, Equipment, and Supplies Merchant Wholesalers	Davie	FL		(f)		2,198		1,973		956		2,688		3,154		4,661		7,815		(731)	1996	08/28/2013
Machinery, Equipment, and Supplies Merchant Wholesalers	Fort Myers	FL		(f)		1,384		4,797		-		-		1,384		4,797		6,181		(859)	2007	08/28/2013

F-10

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Machinery, Equipment, and Supplies Merchant Wholesalers	Tampa	FL		(f)		2,063		4,869		318		1,182		2,381		6,051		8,432		(1,340)	2000	08/28/2013
Furniture Stores	Huntsville	AL		(f)		1,812		4,314		-		-		1,812		4,314		6,126		(885)	1987	08/29/2013
Furniture Stores	Tuscaloosa	AL		(f)		1,273		3,856		-		-		1,273		3,856		5,129		(665)	2007	08/29/2013
Restaurants -- Full Service	Tulsa	OK		(f)		3,210		3,773		20		826		3,230		4,599		7,829		(1,590)	1991	08/30/2013
Outpatient Care Centers	Charleston	SC		(f)		1,005		1,802		-		-		1,005		1,802		2,807		(336)	1968	08/30/2013
Restaurants -- Limited Service	Athens	TN		(f)		318		-		-		-		318		-		318		-	2005	08/30/2013
Restaurants -- Limited Service	Cleveland	TN		(f)		346		-		-		-		346		-		346		-	2001	08/30/2013
Restaurants -- Limited Service	Dayton	TN		(f)		271		-		-		-		271		-		271		-	1997	08/30/2013
Restaurants -- Limited Service	Kimball	TN		(f)		271		-		-		-		271		-		271		-	1987	08/30/2013
Restaurants -- Limited Service	Madisonville	TN		(f)		243		-		-		-		243		-		243		-	2005	08/30/2013
Home Furnishings Stores	Fort Worth	TX		(f)		3,783		9,559		-		-		3,783		9,559		13,342		(1,844)	1998	08/30/2013
Other Motor Vehicle Dealers	Flint	MI		(f)		919		6,382		28		468		947		6,850		7,797		(2,246)	1992	09/16/2013
Other Motor Vehicle Dealers	Peoria	IL		(f)		850		2,768		-		610		850		3,378		4,228		(537)	2001	09/18/2013
Other Motor Vehicle Dealers	Jackson	TN		(f)		3,437		4,634		11		685		3,448		5,319		8,767		(1,012)	2007	09/18/2013
Health Clubs	Weslaco	TX		(f)		1,565		224		354		3,020		1,919		3,244		5,163		(584)	2014	09/27/2013
Consumer Goods Rental	Bradenton	FL		(f)		365		524		-		-		365		524		889		(129)	1964	09/30/2013
Consumer Goods Rental	Dade City	FL		(f)		533		752		-		-		533		752		1,285		(200)	1995	09/30/2013
Consumer Goods Rental	Lake City	FL		(f)		192		465		-		-		192		465		657		(112)	1973	09/30/2013
Consumer Goods Rental	Plant City	FL		(f)		412		985		-		-		412		985		1,397		(249)	1979	09/30/2013
Consumer Goods Rental	Tampa	FL		(f)		752		4,014		-		-		752		4,014		4,766		(941)	1967	09/30/2013
Consumer Goods Rental	Tampa	FL		(f)		139		457		-		-		139		457		596		(110)	1967	09/30/2013
Consumer Goods Rental	Tampa	FL		(f)		347		380		-		-		347		380		727		(113)	1999	09/30/2013
Consumer Goods Rental	Adel	GA		(f)		102		544		-		-		102		544		646		(130)	1978	09/30/2013
Consumer Goods Rental	Moultrie	GA		(f)		142		1,073		-		-		142		1,073		1,215		(244)	1960	09/30/2013
Outpatient Care Centers	Ballwin	MO				233		1,297		-		-		233		1,297		1,530		(210)	2011	09/30/2013
Outpatient Care Centers	Ballwin	MO				610		3,390		-		-		610		3,390		4,000		(548)	2004	09/30/2013
Consumer Goods Rental	Auburn	WA		(f)		236		835		-		-		236		835		1,071		(168)	1953	10/11/2013
Consumer Goods Rental	Centralia	WA		(f)		298		711		-		-		298		711		1,009		(193)	1975	10/11/2013
Consumer Goods Rental	Moses Lake	WA		(f)		451		569		-		-		451		569		1,020		(177)	1993	10/11/2013
Consumer Goods Rental	Wenatchee	WA		(f)		535		259		-		-		535		259		794		(70)	2005	10/11/2013
Outpatient Care Centers	Jacksonville	FL		(f)		1,372		6,666		3,579		18,675		4,951		25,341		30,292		(3,312)	1972	10/31/2013
Machinery, Equipment, and Supplies Merchant Wholesalers	Williams	IA		(f)		2,134		4,246		-		-		2,134		4,246		6,380		(1,346)	2013	11/08/2013
Metal and Mineral Merchant Wholesalers	Melrose Park	IL		(f)		1,285		3,249		-		-		1,285		3,249		4,534		(793)	1966	11/08/2013
Metal and Mineral Merchant Wholesalers	Northlake	IL		(f)		593		2,234		-		-		593		2,234		2,827		(516)	1964	11/08/2013
Metal and Mineral Merchant Wholesalers	Northlake	IL		(f)		770		1,055		-		-		770		1,055		1,825		(316)	1958	11/08/2013
Metal and Mineral Merchant Wholesalers	Rockford	IL		(f)		513		1,211		-		-		513		1,211		1,724		(292)	1977	11/08/2013
Metal and Mineral Merchant Wholesalers	South Bend	IN		(f)		359		1,464		-		-		359		1,464		1,823		(390)	1983	11/08/2013
Metal and Mineral Merchant Wholesalers	Benton Harbor	MI		(f)		659		1,475		-		-		659		1,475		2,134		(440)	1957	11/08/2013
Metal and Mineral Merchant Wholesalers	Coldwater	MI		(f)		757		2,484		-		-		757		2,484		3,241		(747)	1995	11/08/2013
Metal and Mineral Merchant Wholesalers	St. Marys	PA		(f)		447		2,098		-		-		447		2,098		2,545		(506)	1987	11/08/2013
Furniture Stores	Southaven	MS		(f)		1,969		4,553		-		-		1,969		4,553		6,522		(792)	2007	11/12/2013

F-11

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Furniture Stores	Chattanooga	TN		(f)		2,897		3,891		-		-		2,897		3,891		6,788		(873)	1996	11/12/2013
Furniture Stores	Jackson	TN		(f)		1,956		3,757		-		-		1,956		3,757		5,713		(792)	2004	11/12/2013
Furniture Stores	Gadsden	AL		(f)		1,849		299		297		4,003		2,146		4,302		6,448		(722)	2014	11/15/2013
Other Personal Services	Charlotte	NC		(f)		681		2,905		-		-		681		2,905		3,586		(514)	2002	11/22/2013
Restaurants -- Full Service	Alcoa	TN		(f)		572		1,295		-		-		572		1,295		1,867		(331)	1997	11/22/2013
Restaurants -- Full Service	Knoxville	TN		(f)		861		2,073		-		-		861		2,073		2,934		(555)	1995	11/22/2013
Health Clubs	Humble	TX		(f)		1,209		2,816		-		-		1,209		2,816		4,025		(546)	2012	11/27/2013
Movie Theaters	Spring Hill	TN		(f)		1,976		180		1,475		6,596		3,451		6,776		10,227		(1,227)	2015	12/12/2013
Restaurants -- Full Service	Waco	TX		(f)		888		123		692		2,483		1,580		2,606		4,186		(554)	2014	12/12/2013
Lumber and Other Construction Materials Merchant Wholesalers	Conway	SC		(f)		1,727		3,668		-		-		1,727		3,668		5,395		(1,217)	2002	12/13/2013
Other Motor Vehicle Dealers	Cicero	NY				2,861		7,013		1,729		3,229		4,590		10,242		14,832		(1,426)	2004	12/19/2013
Health Clubs	Denver	CO		(f)		608		4,393		12		453		620		4,846		5,466		(1,142)	1997	12/30/2013
Restaurants -- Limited Service	Evansville	IN		(f)		381		840		-		-		381		840		1,221		(227)	2005	12/30/2013
Outpatient Care Centers	Knoxville	TN		(f)		223		1,508		-		-		223		1,508		1,731		(370)	1981	12/30/2013
Outpatient Care Centers	Knoxville	TN		(f)		214		1,444		-		-		214		1,444		1,658		(354)	1973	12/30/2013
Outpatient Care Centers	Knoxville	TN		(f)		72		485		-		-		72		485		557		(119)	1989	12/30/2013
Restaurants -- Limited Service	Hamden	CT		(f)		346		349		-		-		346		349		695		(104)	1985	12/31/2013
Restaurants -- Limited Service	Manchester	CT		(f)		114		602		-		-		114		602		716		(142)	1953	12/31/2013
Restaurants -- Limited Service	New Britain	CT		(f)		394		1,038		-		-		394		1,038		1,432		(252)	1988	12/31/2013
Restaurants -- Limited Service	New Haven	CT		(f)		231		613		-		-		231		613		844		(143)	1982	12/31/2013
Restaurants -- Limited Service	West Hartford	CT		(f)		316		917		-		-		316		917		1,233		(217)	1998	12/31/2013
Other Motor Vehicle Dealers	Lake Park	GA		(f)		2,108		2,897		-		-		2,108		2,897		5,005		(877)	2013	12/31/2013
Restaurants -- Full Service	Olathe	KS		(f)		787		2,119		-		-		787		2,119		2,906		(505)	2005	12/31/2013
Restaurants -- Full Service	Springfield	MO		(f)		1,684		5,405		86		201		1,770		5,606		7,376		(1,329)	1977	12/31/2013

F-12

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Semiconductor and Other Electronic Component Manufacturing	State College	PA		9,188		4,398		11,502		-		-		4,398		11,502		15,900		(4,159)	1960	12/31/2013
Elementary and Secondary Schools	Arlington	TX		(f)		744		5,783		-		-		744		5,783		6,527		(977)	1945	12/31/2013
Child Day Care Services	Houston	TX		(f)		706		2,798		-		-		706		2,798		3,504		(482)	2003	12/31/2013
Child Day Care Services	Alexandria	KY		(f)		317		852		-		-		317		852		1,169		(201)	1997	01/03/2014
Child Day Care Services	Covington	KY		(f)		240		989		-		-		240		989		1,229		(200)	1990	01/03/2014
Child Day Care Services	Crescent Springs	KY		(f)		205		692		-		-		205		692		897		(176)	1990	01/03/2014
Child Day Care Services	Crestview Hills	KY		(f)		566		1,862		-		-		566		1,862		2,428		(369)	2007	01/03/2014
Child Day Care Services	Erlanger	KY		(f)		295		1,277		-		-		295		1,277		1,572		(289)	2000	01/03/2014
Child Day Care Services	Florence	KY		(f)		418		1,426		-		-		418		1,426		1,844		(328)	1992	01/03/2014
Child Day Care Services	Florence	KY		(f)		289		699		-		-		289		699		988		(191)	1988	01/03/2014
Child Day Care Services	Hebron	KY		(f)		350		1,555		-		-		350		1,555		1,905		(354)	1997	01/03/2014
Child Day Care Services	Independence	KY		(f)		440		1,141		-		-		440		1,141		1,581		(308)	2000	01/03/2014
Child Day Care Services	Taylor Mill	KY		(f)		658		752		-		-		658		752		1,410		(217)	1995	01/03/2014
Child Day Care Services	Walton	KY		(f)		269		1,253		-		-		269		1,253		1,522		(270)	1998	01/03/2014
Warehousing and Storage	Mason City	IA		(f)		401		8,703		-		-		401		8,703		9,104		(1,358)	2003	01/10/2014
Casinos	Cripple Creek	CO				513		16,128		-		2,835		513		18,963		19,476		(2,451)	2008	01/17/2014
Casinos	Cripple Creek	CO				293		-		534		972		827		972		1,799		(220)	2016	01/17/2014
Child Day Care Services	Jamestown	NC		(f)		477		730		-		-		477		730		1,207		(245)	1989	01/24/2014
Health Clubs	Louisville	KY		(f)		1,997		1,590		-		-		1,997		1,590		3,587		-	1972	01/31/2014
Health Clubs	Lexington	KY				1,164		8,000		51		-		1,215		8,000		9,215		(1,325)	2004	01/31/2014
Health Clubs	Lexington	KY		13,973		1,251		6,619		-		-		1,251		6,619		7,870		(1,088)	2005	01/31/2014
Health Clubs	Antioch	TN				1,400		5,388		-		-		1,400		5,388		6,788		(1,014)	2002	01/31/2014
Child Day Care Services	Fayetteville	AR		(f)		465		1,866		-		-		465		1,866		2,331		(361)	2012	02/14/2014
Restaurants -- Full Service	Eagan	MN		(f)		1,405		2,162		-		-		1,405		2,162		3,567		(412)	1996	02/19/2014
Restaurants -- Full Service	Maplewood	MN		(f)		915		1,848		-		-		915		1,848		2,763		(356)	2000	02/19/2014
Restaurants -- Full Service	Naperville	IL		(f)		2,000		489		501		1,564		2,501		2,053		4,554		(466)	2014	03/06/2014
Colleges, Universities, and Professional Schools	Columbia	SC				562		11,878		-		810		562		12,688		13,250		(2,501)	1995	03/10/2014
Colleges, Universities, and Professional Schools	Columbia	SC				638		5,017		-		-		638		5,017		5,655		(997)	2010	03/10/2014
Colleges, Universities, and Professional Schools	Columbia	SC				244		-		766		3,351		1,010		3,351		4,361		(652)	2015	03/10/2014
Child Day Care Services	Cumming	GA		(f)		826		3,449		-		-		826		3,449		4,275		(562)	2006	03/11/2014
Restaurants -- Full Service	Athens	GA		(f)		731		1,065		-		-		731		1,065		1,796		(255)	2007	03/21/2014
Restaurants -- Full Service	Winder	GA		(f)		752		1,045		-		-		752		1,045		1,797		(182)	2005	03/21/2014
Restaurants -- Full Service	Lenoir	NC		(f)		975		1,065		-		-		975		1,065		2,040		(188)	2008	03/21/2014
Restaurants -- Full Service	Anderson	SC		(f)		900		825		-		-		900		825		1,725		(215)	2006	03/21/2014
Restaurants -- Full Service	Camden	SC		(f)		765		1,275		-		-		765		1,275		2,040		(255)	2006	03/21/2014
Restaurants -- Full Service	Cheraw	SC		(f)		626		947		-		-		626		947		1,573		(186)	2007	03/21/2014
Restaurants -- Full Service	Clinton	SC		(f)		697		1,515		-		-		697		1,515		2,212		(291)	2006	03/21/2014
Restaurants -- Full Service	Greenwood	SC		(f)		808		1,181		-		-		808		1,181		1,989		(307)	1995	03/21/2014

F-13

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Bristol	TN		(f)		776		1,020		-		-		776		1,020		1,796		(260)	2005	03/21/2014
Restaurants -- Full Service	Kingsport	TN		(f)		814		1,053		-		-		814		1,053		1,867		(257)	2006	03/21/2014
Restaurants -- Full Service	Dublin	VA		(f)		947		971		-		-		947		971		1,918		(211)	2008	03/21/2014
Restaurants -- Limited Service	Jacksonville	FL		(f)		494		-		-		-		494		-		494		-	1997	03/27/2014
Restaurants -- Limited Service	Miami	FL		(f)		1,210		-		-		-		1,210		-		1,210		-	1981	03/27/2014
Restaurants -- Limited Service	Orlando	FL		(f)		625		-		-		-		625		-		625		-	1997	03/27/2014
Restaurants -- Limited Service	Tampa	FL		(f)		474		-		-		-		474		-		474		-	1999	03/27/2014
Restaurants -- Limited Service	Warner Robins	GA		(f)		373		-		-		-		373		-		373		-	1996	03/27/2014
Machinery, Equipment, and Supplies Merchant Wholesalers	Irving	TX		(f)		1,375		4,661		-		-		1,375		4,661		6,036		(804)	1982	03/27/2014
Family Entertainment Centers	Tempe	AZ		(f)		3,288		6,268		-		-		3,288		6,268		9,556		(1,279)	2013	03/28/2014
Restaurants -- Limited Service	Los Fresnos	TX		(f)		250		772		14		86		264		858		1,122		(217)	2014	03/28/2014
Medical and Diagnostic Laboratories	Boynton Beach	FL		(f)		301		4,727		-		-		301		4,727		5,028		(1,094)	2005	03/31/2014
Medical and Diagnostic Laboratories	Jupiter	FL		(f)		158		4,457		-		-		158		4,457		4,615		(771)	2011	03/31/2014
Medical and Diagnostic Laboratories	Wellington	FL		(f)		860		4,652		-		-		860		4,652		5,512		(916)	2009	03/31/2014
Child Day Care Services	Fort Mill	SC		(f)		707		3,271		-		-		707		3,271		3,978		(603)	2007	03/31/2014
Other Miscellaneous Manufacturing	Bozeman	MT		(f)		2,127		348		-		-		2,127		348		2,475		(149)	1977	04/09/2014
Other Miscellaneous Manufacturing	Nashville	TN		(f)		4,264		4,273		-		-		4,264		4,273		8,537		(1,368)	1975	04/09/2014
Medical and Diagnostic Laboratories	Fort Pierce	FL		(f)		806		2,953		-		-		806		2,953		3,759		(849)	2007	04/10/2014
Medical and Diagnostic Laboratories	Palm Beach Gardens	FL		(f)		43		1,337		-		-		43		1,337		1,380		(255)	2005	04/10/2014
Medical and Diagnostic Laboratories	Palm Beach Gardens	FL		(f)		32		1,288		-		-		32		1,288		1,320		(275)	2005	04/10/2014
Medical and Diagnostic Laboratories	Vero Beach	FL		(f)		233		2,529		-		-		233		2,529		2,762		(661)	2009	04/10/2014
Medical and Diagnostic Laboratories	Wellington	FL		(f)		272		1,421		-		-		272		1,421		1,693		(171)	2008	04/10/2014
Health Clubs	Phoenix	AZ		(f)		-		-		1,411		4,841		1,411		4,841		6,252		(1,021)	2014	04/16/2014
Junior Colleges	Youngstown	OH		(f)		471		5,075		-		1,126		471		6,201		6,672		(1,092)	1974	04/16/2014
Junior Colleges	Middletown	OH		(f)		404		5,441		-		371		404		5,812		6,216		(1,119)	1969	04/23/2014
Child Day Care Services	Gastonia	NC		(f)		184		1,212		-		-		184		1,212		1,396		(257)	2003	04/25/2014
Machinery, Equipment, and Supplies Merchant Wholesalers	Rapid City	SD		(f)		812		1,211		-		494		812		1,705		2,517		(371)	1992	04/30/2014
Medical and Diagnostic Laboratories	Jupiter	FL		(f)		742		5,525		-		-		742		5,525		6,267		(966)	2007	05/02/2014
Home Furnishings Stores	Columbus	OH		(f)		753		1,047		-		-		753		1,047		1,800		(204)	2014	05/07/2014
Forging and Stamping	Pharr	TX		(f)		1,343		1,863		-		-		1,343		1,863		3,206		(418)	1999	05/07/2014
Restaurants -- Full Service	Schaumburg	IL		(f)		2,063		-		1,056		1,623		3,119		1,623		4,742		(536)	2015	05/15/2014
Child Day Care Services	Cincinnati	OH		(f)		537		1,765		-		-		537		1,765		2,302		(293)	2004	05/15/2014
Other Motor Vehicle Dealers	Fort Worth	TX				2,009		-		1,355		5,726		3,364		5,726		9,090		(952)	2014	05/21/2014
Machinery, Equipment, and Supplies Merchant Wholesalers	Tucson	AZ		(f)		1,107		932		-		-		1,107		932		2,039		(293)	1980	05/22/2014
Consumer Goods Rental	Florence	AL				492		634		-		-		492		634		1,126		(119)	2004	05/23/2014
Other Professional, Scientific, and Technical Services	Scottsdale	AZ		(f)		821		1,285		-		-		821		1,285		2,106		(272)	2006	05/23/2014
Bakeries and Tortilla Manufacturing	West Monroe	LA		(f)		902		3,827		-		-		902		3,827		4,729		(981)	2004	05/23/2014
Consumer Goods Rental	Lenoir	NC				548		578		-		-		548		578		1,126		(102)	2005	05/23/2014
Other Professional, Scientific, and Technical Services	Waxhaw	NC		(f)		570		934		-		-		570		934		1,504		(229)	1968	05/23/2014
Consumer Goods Rental	Lynchburg	VA		(f)		259		865		-		-		259		865		1,124		(132)	1961	05/23/2014
Grocery Stores	Lodi	CA				1,431		7,215		-		-		1,431		7,215		8,646		(1,179)	2004	05/30/2014
Machinery, Equipment, and Supplies Merchant Wholesalers	Commerce City	CO		(f)		1,283		1,448		103		1,035		1,386		2,483		3,869		(619)	1980	05/30/2014

F-14

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Other General Purpose Machinery Manufacturing	Saltillo	MS				605		15,409		-		-		605		15,409		16,014		(3,007)	1974	06/05/2014
Restaurants -- Full Service	Shawnee	OK		(f)		192		1,016		-		-		192		1,016		1,208		(180)	1982	06/06/2014
Restaurants -- Full Service	San Antonio	TX		(f)		1,578		1,632		-		-		1,578		1,632		3,210		(274)	2008	06/06/2014
Forging and Stamping	Wickliffe	OH		(f)		617		2,725		-		-		617		2,725		3,342		(802)	1958	06/12/2014
Packaging and Labeling Services	Mills River	NC				1,027		2,862		1,119		1,255		2,146		4,117		6,263		(1,170)	2001	06/16/2014
Child Day Care Services	Columbus	GA		(f)		377		1,007		-		-		377		1,007		1,384		(181)	2014	06/19/2014
Medical Equipment and Supplies Manufacturing	Buford	GA				2,680		24,103		-		-		2,680		24,103		26,783		(3,554)	1998	06/20/2014
Medical Equipment and Supplies Manufacturing	Buford	GA				225		2,681		-		-		225		2,681		2,906		(512)	1993	06/20/2014
Corporate Aircraft Repair and Maintenance Facilities	East Alton	IL		(f)		1,883		14,234		-		-		1,883		14,234		16,117		(1,600)	1988	06/20/2014
Medical Equipment and Supplies Manufacturing	North Attleboro	MA				1,541		8,900		-		-		1,541		8,900		10,441		(1,392)	1981	06/20/2014
Foundation, Structure, and Building Exterior Contractors	Indian Trail	NC		(f)		526		311		-		-		526		311		837		(91)	1968	06/20/2014
Foundation, Structure, and Building Exterior Contractors	Amarillo	TX		(f)		269		457		-		-		269		457		726		(67)	1954	06/20/2014
Foundation, Structure, and Building Exterior Contractors	Humble	TX		(f)		269		467		-		-		269		467		736		(103)	1982	06/20/2014
Foundation, Structure, and Building Exterior Contractors	Milwaukee	WI		(f)		515		3,318		-		-		515		3,318		3,833		(671)	1968	06/20/2014
Restaurants -- Full Service	Calumet City	IL		(f)		521		983		-		12		521		995		1,516		(225)	1983	06/23/2014
Restaurants -- Full Service	Lansing	IL		(f)		406		877		74		-		480		877		1,357		(299)	1973	06/23/2014
Outpatient Care Centers	Ballwin	MO				696		1,814		-		-		696		1,814		2,510		(383)	1977	06/23/2014
Restaurants -- Full Service	Rockford	IL		(f)		239		409		-		-		239		409		648		(148)	1993	06/24/2014
Restaurants -- Full Service	Beloit	WI		(f)		218		528		-		-		218		528		746		(180)	1983	06/24/2014
Restaurants -- Full Service	Mauston	WI		(f)		226		432		-		-		226		432		658		(153)	2000	06/24/2014
Restaurants -- Full Service	Monroe	WI		(f)		344		711		-		-		344		711		1,055		(200)	1977	06/24/2014
Other Personal Services	Lexington	KY		(f)		943		1,967		-		-		943		1,967		2,910		(340)	2005	06/25/2014
Child Day Care Services	Anderson Township	OH		(f)		273		829		-		-		273		829		1,102		(201)	1995	06/26/2014
Child Day Care Services	Forney	TX		(f)		511		2,785		-		-		511		2,785		3,296		(401)	2004	06/26/2014
Health Clubs	Oakdale	CA		(f)		1,073		4,560		-		-		1,073		4,560		5,633		(960)	1973	06/27/2014
Other Professional, Scientific, and Technical Services	Orlando	FL		(f)		461		385		-		-		461		385		846		(95)	1998	06/27/2014
Restaurants -- Limited Service	Saint Martinville	LA		(f)		264		921		-		-		264		921		1,185		(283)	1987	06/27/2014
Health Clubs	Chanhassen	MN		(f)		511		2,168		-		-		511		2,168		2,679		(334)	1999	06/27/2014
Health Clubs	Maple Grove	MN		(f)		1,372		1,386		-		-		1,372		1,386		2,758		(476)	2001	06/27/2014
Health Clubs	Chapel Hill	NC		(f)		1,198		1,926		-		115		1,198		2,041		3,239		(499)	2005	06/30/2014
Health Clubs	Hanahan	SC		(f)		412		722		1		23		413		745		1,158		(168)	2008	06/30/2014
Health Clubs	Mount Pleasant	SC		(f)		1,615		1,943		7		212		1,622		2,155		3,777		(371)	1985	06/30/2014
Health Clubs	Mount Pleasant	SC		(f)		1,427		3,281		12		127		1,439		3,408		4,847		(518)	2004	06/30/2014
Health Clubs	North Charleston	SC		(f)		1,618		800		46		298		1,664		1,098		2,762		(268)	1986	06/30/2014
Child Day Care Services	Colorado Springs	CO		(f)		855		1,851		2		23		857		1,874		2,731		(301)	2008	07/24/2014
Child Day Care Services	Loveland	CO		(f)		629		1,005		6		14		635		1,019		1,654		(221)	2003	07/24/2014
Child Day Care Services	Cartersville	GA		(f)		343		601		2		47		345		648		993		(142)	1997	07/24/2014
Child Day Care Services	Kennesaw	GA		(f)		557		714		-		71		557		785		1,342		(161)	1997	07/24/2014
Child Day Care Services	Norcross	GA		(f)		487		521		4		11		491		532		1,023		(114)	1988	07/24/2014
Child Day Care Services	Stockbridge	GA		(f)		426		891		10		81		436		972		1,408		(200)	1997	07/24/2014
Child Day Care Services	Tucker	GA		(f)		450		585		-		68		450		653		1,103		(135)	1994	07/24/2014
Child Day Care Services	Woodstock	GA		(f)		537		299		47		47		584		346		930		(86)	1992	07/24/2014
Child Day Care Services	Charlotte	NC		(f)		625		783		7		86		632		869		1,501		(190)	2001	07/24/2014
Child Day Care Services	Greensboro	NC		(f)		325		193		10		94		335		287		622		(64)	1983	07/24/2014
Child Day Care Services	Greensboro	NC		(f)		628		244		9		129		637		373		1,010		(76)	1968	07/24/2014
Child Day Care Services	Greensboro	NC		(f)		330		360		71		99		401		459		860		(106)	1970	07/24/2014

F-15

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Child Day Care Services	Greensboro	NC		(f)		500		300		1		87		501		387		888		(81)	1978	07/24/2014
Child Day Care Services	Greensboro	NC		(f)		544		173		-		103		544		276		820		(61)	1981	07/24/2014
Child Day Care Services	Winston Salem	NC		(f)		519		362		1		94		520		456		976		(112)	1969	07/24/2014
Child Day Care Services	Winston Salem	NC		(f)		364		517		1		188		365		705		1,070		(140)	1983	07/24/2014
Child Day Care Services	Aiken	SC		(f)		164		508		16		151		180		659		839		(132)	1985	07/24/2014
Child Day Care Services	Aiken	SC		(f)		281		563		5		53		286		616		902		(143)	1992	07/24/2014
Child Day Care Services	Duncan	SC		(f)		428		326		32		67		460		393		853		(135)	1997	07/24/2014
Child Day Care Services	Florence	SC		(f)		147		489		-		39		147		528		675		(108)	1983	07/24/2014
Child Day Care Services	Greenwood	SC		(f)		317		183		1		105		318		288		606		(62)	1978	07/24/2014
Child Day Care Services	Greenwood	SC		(f)		367		396		5		26		372		422		794		(105)	1984	07/24/2014
Child Day Care Services	Greer	SC		(f)		125		633		16		36		141		669		810		(165)	2002	07/24/2014
Child Day Care Services	Mauldin	SC		(f)		296		231		22		110		318		341		659		(76)	1981	07/24/2014
Child Day Care Services	North Augusta	SC		(f)		257		561		29		59		286		620		906		(140)	1983	07/24/2014
Child Day Care Services	North Charleston	SC		(f)		272		300		7		71		279		371		650		(84)	1987	07/24/2014
Child Day Care Services	Spartanburg	SC		(f)		334		293		-		2		334		295		629		(78)	1987	07/24/2014
Child Day Care Services	Spartanburg	SC		(f)		185		560		-		137		185		697		882		(130)	1973	07/24/2014
Child Day Care Services	Summerville	SC		(f)		678		185		7		134		685		319		1,004		(72)	1984	07/24/2014
Child Day Care Services	Frisco	TX		(f)		509		1,253		24		30		533		1,283		1,816		(199)	1996	07/24/2014
Child Day Care Services	Little Elm	TX		(f)		454		1,018		18		144		472		1,162		1,634		(222)	1989	07/24/2014
Other Motor Vehicle Dealers	Rothschild	WI		(f)		2,440		10,171		3,937		788		6,377		10,959		17,336		(1,789)	2003	07/29/2014
Electronics and Appliance Stores	Phoenix	AZ		(f)		3,480		3,209		-		-		3,480		3,209		6,689		(563)	1988	07/31/2014
Electronics and Appliance Stores	Colorado Springs	CO		(f)		2,223		4,197		-		-		2,223		4,197		6,420		(749)	1995	07/31/2014
Movie Theaters	Berlin	CT		(f)		2,937		6,719		-		-		2,937		6,719		9,656		(1,678)	1990	07/31/2014
Lessors of Real Estate	Sugar Hill	GA		(f)		1,658		4,507		-		-		1,658		4,507		6,165		(1,028)	2013	07/31/2014
Movie Theaters	Ridgefield Park	NJ		(f)		44		10,848		-		-		44		10,848		10,892		(1,974)	1991	07/31/2014
Movie Theaters	Boerne	TX		(f)		4,186		3,413		-		-		4,186		3,413		7,599		(1,026)	2013	07/31/2014
Lessors of Real Estate	Corinth	TX		(f)		2,517		4,173		-		-		2,517		4,173		6,690		(932)	2009	07/31/2014
Lessors of Real Estate	Houston	TX		(f)		2,650		3,644		-		-		2,650		3,644		6,294		(854)	2005	07/31/2014
Electronics and Appliance Stores	Lubbock	TX		(f)		2,220		4,148		-		-		2,220		4,148		6,368		(732)	2014	07/31/2014
Child Day Care Services	Monroe	NC		(f)		753		1,560		-		-		753		1,560		2,313		(308)	2000	08/08/2014
Child Day Care Services	McDonough	GA		(f)		310		812		-		-		310		812		1,122		(158)	1999	08/11/2014
Other Professional, Scientific, and Technical Services	Tucson	AZ		(f)		1,200		5,810		-		-		1,200		5,810		7,010		(895)	2004	08/21/2014
Other Professional, Scientific, and Technical Services	Baltimore	MD		(f)		1,235		1,347		-		-		1,235		1,347		2,582		(373)	1950	08/28/2014
Furniture Stores	Memphis	TN		(f)		1,367		3,771		-		-		1,367		3,771		5,138		(569)	2005	09/02/2014
Child Day Care Services	Huntersville	NC		(f)		1,118		1,719		-		-		1,118		1,719		2,837		(262)	2006	09/05/2014
Consumer Goods Rental	Immokalee	FL		(f)		548		686		-		-		548		686		1,234		(107)	1999	09/09/2014
Consumer Goods Rental	Lewiston	ID		(f)		390		996		-		-		390		996		1,386		(226)	2008	09/10/2014
Consumer Goods Rental	Hardin	MT		(f)		45		513		-		-		45		513		558		(137)	1920	09/10/2014
Consumer Goods Rental	Moses Lake	WA		(f)		459		1,034		-		-		459		1,034		1,493		(239)	2009	09/10/2014
Consumer Goods Rental	Casper	WY		(f)		506		846		-		-		506		846		1,352		(197)	2009	09/10/2014
Consumer Goods Rental	Puyallup	WA		(f)		743		392		-		-		743		392		1,135		(137)	1982	09/16/2014
Other Professional, Scientific, and Technical Services	Albany	GA		(f)		176		438		-		-		176		438		614		(97)	1974	09/17/2014
Health Clubs	Southaven	MS		(f)		2,264		3,039		-		-		2,264		3,039		5,303		(739)	1999	09/18/2014
Movie Theaters	Parker	CO				1,773		4,252		-		-		1,773		4,252		6,025		(869)	2002	09/23/2014
Restaurants -- Full Service	Morristown	TN		(f)		552		958		-		-		552		958		1,510		(220)	1987	09/23/2014

F-16

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Other Ambulatory Health Care Services	Birmingham	AL				316		1,628		-		-		316		1,628		1,944		(237)	2008	09/24/2014
Other Ambulatory Health Care Services	Glendale	AZ				357		3,099		-		-		357		3,099		3,456		(441)	1982	09/24/2014
Other Ambulatory Health Care Services	Glendale	AZ				283		1,510		-		-		283		1,510		1,793		(293)	1985	09/24/2014
Other Ambulatory Health Care Services	Council Bluffs	IA				946		2,010		-		-		946		2,010		2,956		(353)	2009	09/24/2014
Other Ambulatory Health Care Services	Rexburg	ID				139		1,204		-		-		139		1,204		1,343		(214)	1976	09/24/2014
Other Motor Vehicle Dealers	Forest Lake	MN		(f)		5,403		7,570		193		1,777		5,596		9,347		14,943		(1,478)	2003	09/24/2014
Other Ambulatory Health Care Services	Cleveland	OH				274		1,990		-		-		274		1,990		2,264		(319)	2009	09/24/2014
Other Ambulatory Health Care Services	Fort Worth	TX				1,584		2,053		-		-		1,584		2,053		3,637		(319)	2009	09/24/2014
Other Ambulatory Health Care Services	Salt Lake City	UT				543		649		-		-		543		649		1,192		(128)	1972	09/24/2014
Restaurants -- Full Service	Ellsworth	ME		(f)		249		552		-		-		249		552		801		(165)	1979	09/29/2014
Restaurants -- Full Service	Farmington	ME		(f)		365		648		-		-		365		648		1,013		(153)	1993	09/29/2014
Restaurants -- Full Service	Presque Isle	ME		(f)		172		416		-		-		172		416		588		(137)	1980	09/29/2014
Restaurants -- Full Service	Concord	NH		(f)		563		359		-		-		563		359		922		(121)	1973	09/29/2014
Restaurants -- Full Service	Dover	NH		(f)		832		678		-		-		832		678		1,510		(207)	1979	09/29/2014
Restaurants -- Full Service	Galloway	NJ		(f)		819		498		-		-		819		498		1,317		(155)	1991	09/29/2014
Restaurants -- Full Service	Bennington	VT		(f)		480		482		-		-		480		482		962		(153)	1998	09/29/2014
Restaurants -- Full Service	Rutland	VT		(f)		475		346		-		-		475		346		821		(108)	1983	09/29/2014
Restaurants -- Full Service	Eden Prairie	MN		(f)		1,252		2,873		-		-		1,252		2,873		4,125		(431)	1994	09/30/2014
Machinery, Equipment, and Supplies Merchant Wholesalers	Watertown	SD		(f)		2,425		7,933		-		-		2,425		7,933		10,358		(1,713)	2014	09/30/2014
Building Material and Supplies Dealers	Columbus	OH		(f)		1,475		3,704		-		-		1,475		3,704		5,179		(1,244)	1994	10/03/2014
Junior Colleges	Warren	OH		(f)		195		340		-		943		195		1,283		1,478		(214)	1968	10/03/2014
Health Clubs	Carmichael	CA		(f)		1,301		3,840		168		499		1,469		4,339		5,808		(811)	1977	10/31/2014
Restaurants -- Full Service	Indianapolis	IN				468		1,570		-		-		468		1,570		2,038		(304)	1985	10/31/2014
Used Merchandise Stores	Shawnee	OK				624		1,294		-		-		624		1,294		1,918		(244)	2011	11/12/2014
Movie Theaters	La Vista	NE				807		251		504		7,175		1,311		7,426		8,737		(914)	2015	11/14/2014
Child Day Care Services	Collierville	TN		(f)		544		1,986		-		-		544		1,986		2,530		(374)	1999	11/14/2014
Child Day Care Services	Collierville	TN		(f)		579		1,316		-		-		579		1,316		1,895		(214)	2009	11/14/2014
Furniture Stores	Wichita Falls	TX				1,198		5,038		-		240		1,198		5,278		6,476		(787)	2006	11/19/2014
Child Day Care Services	Stockbridge	GA		(f)		206		315		80		269		286		584		870		(119)	2006	11/21/2014
Restaurants -- Full Service	Chicago	IL		(f)		1,130		3,699		-		-		1,130		3,699		4,829		(479)	1908	11/26/2014
Restaurants -- Full Service	Chicago	IL		(f)		1,697		3,360		-		-		1,697		3,360		5,057		(450)	1892	11/26/2014
Wholesale Automobile Auction	Mechanicsburg	PA		(f)		9,019		1,771		-		-		9,019		1,771		10,790		(1,129)	1980	12/05/2014
Restaurants -- Limited Service	Bessemer	AL				517		830		-		-		517		830		1,347		(173)	1994	12/10/2014
Restaurants -- Limited Service	Birmingham	AL				701		706		-		-		701		706		1,407		(157)	1991	12/10/2014
Restaurants -- Limited Service	Birmingham	AL				726		752		-		-		726		752		1,478		(166)	2002	12/10/2014
Restaurants -- Limited Service	Birmingham	AL				566		841		-		-		566		841		1,407		(178)	1995	12/10/2014
Restaurants -- Limited Service	Decatur	AL				235		1,012		-		-		235		1,012		1,247		(200)	1996	12/10/2014
Restaurants -- Limited Service	Fairfield	AL				583		765		-		-		583		765		1,348		(161)	1995	12/10/2014
Restaurants -- Limited Service	Forestdale	AL				559		769		-		-		559		769		1,328		(160)	1991	12/10/2014
Restaurants -- Limited Service	Gardendale	AL				915		492		-		-		915		492		1,407		(119)	1988	12/10/2014

F-17

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Limited Service	Hueytown	AL				886		282		-		-		886		282		1,168		(104)	1988	12/10/2014
Restaurants -- Limited Service	Huntsville	AL				368		910		-		-		368		910		1,278		(180)	1976	12/10/2014
Restaurants -- Limited Service	Huntsville	AL				404		873		-		-		404		873		1,277		(183)	2004	12/10/2014
Restaurants -- Limited Service	Madison	AL				511		756		-		-		511		756		1,267		(169)	1986	12/10/2014
Restaurants -- Limited Service	Madison	AL				468		1,009		-		-		468		1,009		1,477		(221)	1999	12/10/2014
Restaurants -- Limited Service	Meridianville	AL				598		1,358		-		-		598		1,358		1,956		(277)	2001	12/10/2014
Child Day Care Services	Huntsville	AL		(f)		298		1,187		-		-		298		1,187		1,485		(226)	1994	12/12/2014
Child Day Care Services	Huntsville	AL		(f)		694		1,181		-		-		694		1,181		1,875		(223)	2003	12/12/2014
Consumer Goods Rental	Jacksonville	FL		(f)		543		893		-		-		543		893		1,436		(202)	2014	12/12/2014
Consumer Goods Rental	Jacksonville	FL		(f)		594		1,276		-		-		594		1,276		1,870		(252)	2014	12/12/2014
Restaurants -- Limited Service	Boise	ID				670		-		-		-		670		-		670		-	2000	12/15/2014
Restaurants -- Limited Service	Boise	ID				610		-		-		-		610		-		610		-	2003	12/15/2014
Restaurants -- Limited Service	Emmett	ID				350		-		-		-		350		-		350		-	2006	12/15/2014
Restaurants -- Limited Service	Garden City	ID				410		-		-		-		410		-		410		-	2005	12/15/2014
Restaurants -- Limited Service	Meridian	ID				490		-		-		-		490		-		490		-	2003	12/15/2014
Restaurants -- Limited Service	Nampa	ID				480		-		-		-		480		-		480		-	2006	12/15/2014
Restaurants -- Limited Service	Nampa	ID				410		-		-		-		410		-		410		-	2006	12/15/2014
Restaurants -- Full Service	Chicago	IL		(f)		2,298		2,425		-		-		2,298		2,425		4,723		(320)	1911	12/15/2014
Health and Personal Care Stores	Syracuse	NY				357		1,610		-		-		357		1,610		1,967		(287)	1986	12/16/2014
Foundation, Structure, and Building Exterior Contractors	Chandler	AZ				1,884		6,218		-		-		1,884		6,218		8,102		(787)	2010	12/17/2014
Restaurants -- Full Service	Woodbury	MN		(f)		2,758		2,275		-		-		2,758		2,275		5,033		(355)	2008	12/18/2014
Restaurants -- Full Service	Portage	IN				1,406		2,351		-		38		1,406		2,389		3,795		(403)	2007	12/19/2014
Movie Theaters	Nicholasville	KY				4,505		3,506		428		4,112		4,933		7,618		12,551		(1,114)	2005	12/19/2014
Restaurants -- Full Service	Lenoir	NC		(f)		537		454		-		-		537		454		991		(138)	1997	12/22/2014
Restaurants -- Full Service	Mt. Airy	NC		(f)		331		450		-		-		331		450		781		(129)	1996	12/22/2014
Restaurants -- Full Service	Sanford	NC		(f)		323		479		-		-		323		479		802		(130)	1997	12/22/2014
Grocery Stores	Hot Springs Village	AR				362		1,299		-		190		362		1,489		1,851		(364)	1991	12/23/2014
Grocery Stores	Redfield	AR				415		333		-		60		415		393		808		(157)	1999	12/23/2014
Child Day Care Services	Bremen	GA		(f)		550		488		-		-		550		488		1,038		(114)	2005	12/23/2014
Child Day Care Services	McDonough	GA		(f)		1,826		748		530		1,199		2,356		1,947		4,303		(184)	2006	12/23/2014
Child Day Care Services	Villa Rica	GA		(f)		665		792		-		-		665		792		1,457		(150)	2004	12/23/2014
Child Day Care Services	Villa Rica	GA		(f)		855		783		40		210		895		993		1,888		(189)	1999	12/23/2014

F-18

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Child Day Care Services	Elkin	NC		(f)		278		768		-		-		278		768		1,046		(192)	1995	12/23/2014
Child Day Care Services	Greensboro	NC		(f)		725		421		-		-		725		421		1,146		(96)	1994	12/23/2014
Child Day Care Services	High Point	NC		(f)		462		733		-		-		462		733		1,195		(163)	1996	12/23/2014
Child Day Care Services	King	NC		(f)		313		882		-		-		313		882		1,195		(173)	2008	12/23/2014
Child Day Care Services	Mount Airy	NC		(f)		176		820		-		-		176		820		996		(170)	1999	12/23/2014
Child Day Care Services	Mount Airy	NC		(f)		260		737		-		-		260		737		997		(145)	2006	12/23/2014
Child Day Care Services	Mount Airy	NC		(f)		207		739		-		-		207		739		946		(150)	1995	12/23/2014
Other Miscellaneous Manufacturing	Utica	NY		(f)		102		988		-		-		102		988		1,090		(172)	1965	12/23/2014
Sporting Goods, Hobby, and Musical Instrument Stores	North Canton	OH		(f)		1,574		6,043		-		-		1,574		6,043		7,617		(1,169)	1989	12/23/2014
Other Miscellaneous Manufacturing	Warrensville Heights	OH		(f)		842		767		-		-		842		767		1,609		(150)	1982	12/23/2014
Sporting Goods, Hobby, and Musical Instrument Stores	Monroeville	PA		(f)		1,621		6,552		-		-		1,621		6,552		8,173		(1,318)	1977	12/23/2014
Other Miscellaneous Manufacturing	Cookeville	TN		(f)		797		3,689		-		-		797		3,689		4,486		(642)	1973	12/23/2014
Colleges, Universities, and Professional Schools	Austin	TX				1,721		7,175		-		-		1,721		7,175		8,896		(924)	2012	12/29/2014
Freight Transportation Arrangement	Cartersville	GA				1,119		6,093		-		-		1,119		6,093		7,212		(1,168)	2000	12/31/2014
Other Professional, Scientific, and Technical Services	Elmwood Park	IL		(f)		258		1,027		-		-		258		1,027		1,285		(262)	1960	12/31/2014
Freight Transportation Arrangement	Spartanburg	SC				1,698		8,619		-		-		1,698		8,619		10,317		(1,631)	1997	12/31/2014
Restaurants -- Full Service	Anderson	SC		(f)		1,161		1,134		-		-		1,161		1,134		2,295		(235)	1997	01/05/2015
Health Clubs	Eden Prairie	MN		(f)		1,466		3,073		-		-		1,466		3,073		4,539		(853)	1974	01/09/2015
Family Entertainment Centers	San Diego	CA				351		10,144		-		-		351		10,144		10,495		(1,796)	2001	01/15/2015
Child Day Care Services	Cedar Park	TX				1,482		3,346		-		-		1,482		3,346		4,828		(543)	2010	01/30/2015
Restaurants -- Limited Service	Demopolis	AL		(f)		312		549		-		-		312		549		861		(136)	1994	02/06/2015
Restaurants -- Limited Service	Huntsville	AL		(f)		384		725		-		-		384		725		1,109		(161)	1992	02/06/2015
Restaurants -- Limited Service	Talladaga	AL		(f)		352		470		-		-		352		470		822		(123)	1982	02/06/2015
Restaurants -- Limited Service	Benton	AR		(f)		410		411		-		-		410		411		821		(104)	1982	02/06/2015
Restaurants -- Limited Service	Jacksonville	AR		(f)		316		347		-		-		316		347		663		(89)	1981	02/06/2015
Restaurants -- Limited Service	Little Rock	AR		(f)		389		512		-		-		389		512		901		(116)	1977	02/06/2015
Restaurants -- Limited Service	Searcy	AR		(f)		327		484		-		-		327		484		811		(120)	1983	02/06/2015
Restaurants -- Limited Service	DeLand	FL		(f)		525		365		-		-		525		365		890		(151)	1986	02/06/2015
Restaurants -- Limited Service	Jacksonville	FL		(f)		526		374		-		-		526		374		900		(163)	1983	02/06/2015
Restaurants -- Limited Service	Atlanta	GA		(f)		383		923		-		-		383		923		1,306		(165)	1982	02/06/2015
Restaurants -- Limited Service	Cartersville	GA		(f)		361		1,064		-		-		361		1,064		1,425		(212)	1986	02/06/2015
Restaurants -- Limited Service	College Park	GA		(f)		254		488		-		-		254		488		742		(93)	1988	02/06/2015
Restaurants -- Limited Service	Columbus	GA		(f)		428		314		-		-		428		314		742		(65)	1985	02/06/2015
Restaurants -- Limited Service	Hinesville	GA		(f)		209		741		-		-		209		741		950		(166)	1990	02/06/2015
Restaurants -- Limited Service	Marietta	GA		(f)		234		567		-		-		234		567		801		(96)	1985	02/06/2015
Restaurants -- Limited Service	Tucker	GA		(f)		367		247		-		-		367		247		614		(70)	1976	02/06/2015
Restaurants -- Limited Service	Waycross	GA		(f)		154		538		-		-		154		538		692		(125)	1991	02/06/2015
Restaurants -- Limited Service	Edwardsville	IL		(f)		446		355		-		-		446		355		801		(94)	1986	02/06/2015
Restaurants -- Limited Service	Clarksville	IN		(f)		286		763		-		-		286		763		1,049		(154)	1977	02/06/2015
Restaurants -- Limited Service	Vincennes	IN		(f)		323		429		-		-		323		429		752		(138)	1978	02/06/2015
Restaurants -- Limited Service	Bowling Green	KY		(f)		355		368		-		-		355		368		723		(81)	1978	02/06/2015
Restaurants -- Limited Service	St. Ann	MO		(f)		367		583		-		-		367		583		950		(111)	1982	02/06/2015
Restaurants -- Limited Service	St. Louis	MO		(f)		365		793		-		-		365		793		1,158		(146)	1983	02/06/2015

F-19

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Limited Service	Columbus	MS		(f)		409		422		-		-		409		422		831		(112)	1982	02/06/2015
Restaurants -- Limited Service	Greenville	NC		(f)		280		403		-		-		280		403		683		(70)	1986	02/06/2015
Restaurants -- Limited Service	Columbus	OH		(f)		342		291		-		-		342		291		633		(86)	1987	02/06/2015
Restaurants -- Limited Service	Huber Heights	OH		(f)		358		295		-		-		358		295		653		(88)	1986	02/06/2015
Restaurants -- Limited Service	Cayce	SC		(f)		509		795		-		-		509		795		1,304		(233)	1980	02/06/2015
Restaurants -- Limited Service	North Charleston	SC		(f)		388		434		-		-		388		434		822		(141)	1985	02/06/2015
Restaurants -- Limited Service	Chattanooga	TN		(f)		305		417		-		-		305		417		722		(97)	1981	02/06/2015
Restaurants -- Limited Service	Dickson	TN		(f)		424		951		-		119		424		1,070		1,494		(230)	1981	02/06/2015
Restaurants -- Limited Service	Rockwood	TN		(f)		296		367		-		-		296		367		663		(82)	1992	02/06/2015
Restaurants -- Limited Service	Beckley	WV		(f)		303		588		-		-		303		588		891		(138)	1982	02/06/2015
Health Clubs	Glendale	AZ		(f)		1,298		168		1,052		5,046		2,350		5,214		7,564		(835)	2015	02/13/2015
Restaurants -- Limited Service	Bristol	TN		(f)		223		709		-		-		223		709		932		(133)	2001	02/13/2015
Restaurants -- Limited Service	Elizabethton	TN		(f)		269		537		-		-		269		537		806		(104)	2004	02/13/2015
Restaurants -- Limited Service	Kingsport	TN		(f)		69		902		-		-		69		902		971		(170)	2000	02/13/2015
Restaurants -- Limited Service	Norton	VA		(f)		167		542		-		-		167		542		709		(101)	1979	02/13/2015
Restaurants -- Full Service	Opelika	AL				627		-		-		-		627		-		627		-	2008	02/17/2015
Restaurants -- Limited Service	Burton	MI		(f)		177		304		-		-		177		304		481		(80)	2003	02/18/2015
Restaurants -- Limited Service	Burton	MI		(f)		563		995		-		-		563		995		1,558		(227)	1980	02/18/2015
Restaurants -- Limited Service	Detroit	MI		(f)		392		243		-		-		392		243		635		(64)	2011	02/18/2015
Restaurants -- Limited Service	Fenton	MI		(f)		403		453		-		-		403		453		856		(147)	1980	02/18/2015
Restaurants -- Limited Service	Ferndale	MI		(f)		428		447		-		-		428		447		875		(98)	1983	02/18/2015
Restaurants -- Limited Service	Flint	MI		(f)		659		745		-		-		659		745		1,404		(232)	1974	02/18/2015
Restaurants -- Limited Service	Flint	MI		(f)		481		471		-		-		481		471		952		(160)	1976	02/18/2015
Restaurants -- Limited Service	Flint	MI		(f)		164		259		-		-		164		259		423		(83)	1987	02/18/2015
Restaurants -- Limited Service	Flint	MI		(f)		190		406		-		-		190		406		596		(113)	1929	02/18/2015
Restaurants -- Limited Service	Grand Blanc	MI		(f)		260		384		-		-		260		384		644		(93)	2011	02/18/2015
Restaurants -- Limited Service	Ortonville	MI		(f)		231		384		-		-		231		384		615		(97)	2011	02/18/2015
Health Clubs	South Lake Tahoe	CA		(f)		683		1,696		498		-		1,181		1,696		2,877		(389)	1981	02/19/2015
Colleges, Universities, and Professional Schools	Blairsville	PA				1,245		7,284		-		-		1,245		7,284		8,529		(1,604)	2003	02/25/2015
Outpatient Care Centers	Allen	TX				742		4,837		-		-		742		4,837		5,579		(539)	2013	02/25/2015
Outpatient Care Centers	Frisco	TX				598		3,938		-		-		598		3,938		4,536		(444)	2008	02/25/2015
Foundries	Maple Lake	MN		(f)		352		1,210		1,251		6,555		1,603		7,765		9,368		(1,550)	1987	03/05/2015
Health Clubs	Bloomingdale	IL				605		1,550		273		152		878		1,702		2,580		(304)	1986	03/06/2015
Other Ambulatory Health Care Services	Cedar City	UT				392		-		403		3,869		795		3,869		4,664		(513)	2016	03/06/2015
Movie Theaters	Tulare	CA				573		10,253		-		1,218		573		11,471		12,044		(1,379)	2004	03/11/2015
Furniture Stores	Lexington	KY		(f)		2,222		3,745		-		-		2,222		3,745		5,967		(690)	2008	03/11/2015
Furniture Stores	Cookeville	TN		(f)		1,013		1,980		-		-		1,013		1,980		2,993		(350)	2004	03/11/2015
Restaurants -- Limited Service	Flint	MI		(f)		161		538		-		-		161		538		699		(152)	1979	03/12/2015
Restaurants -- Limited Service	Grand Blanc	MI		(f)		635		478		-		-		635		478		1,113		(155)	1998	03/12/2015
Restaurants -- Limited Service	Mt. Morris	MI		(f)		77		317		-		-		77		317		394		(88)	1995	03/12/2015
Automotive Repair and Maintenance	Bentonville	AR		(f)		865		2,240		-		-		865		2,240		3,105		(482)	2009	03/16/2015
Automotive Repair and Maintenance	Fayetteville	AR		(f)		1,056		1,014		-		-		1,056		1,014		2,070		(228)	2005	03/16/2015
Automotive Repair and Maintenance	Little Rock	AR		(f)		852		1,007		-		-		852		1,007		1,859		(235)	2011	03/16/2015
Automotive Repair and Maintenance	North Little Rock	AR		(f)		707		1,222		-		-		707		1,222		1,929		(274)	2009	03/16/2015
Automotive Repair and Maintenance	Rogers	AR		(f)		1,307		1,988		-		-		1,307		1,988		3,295		(461)	2006	03/16/2015
Automotive Repair and Maintenance	Shreveport	LA		(f)		544		1,194		-		-		544		1,194		1,738		(282)	2006	03/16/2015
Automotive Repair and Maintenance	Shreveport	LA		(f)		731		2,865		-		-		731		2,865		3,596		(590)	2006	03/16/2015

F-20

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Automotive Repair and Maintenance	Shreveport	LA		(f)		479		1,340		-		-		479		1,340		1,819		(291)	2011	03/16/2015
Automotive Repair and Maintenance	Lapeer	MI		(f)		76		174		8		44		84		218		302		(39)	1986	03/16/2015
Automotive Repair and Maintenance	Royal Oak	MI		(f)		296		136		20		71		316		207		523		(43)	1987	03/16/2015
Automotive Repair and Maintenance	Sterling Heights	MI		(f)		275		114		21		61		296		175		471		(46)	1960	03/16/2015
Automotive Repair and Maintenance	Olive Branch	MS		(f)		546		781		-		-		546		781		1,327		(175)	2009	03/16/2015
Automotive Repair and Maintenance	Broken Arrow	OK		(f)		326		910		-		-		326		910		1,236		(206)	2011	03/16/2015
Automotive Repair and Maintenance	Norman	OK		(f)		937		1,243		-		-		937		1,243		2,180		(261)	2005	03/16/2015
Automotive Repair and Maintenance	Oklahoma City	OK		(f)		1,187		1,174		-		-		1,187		1,174		2,361		(294)	2005	03/16/2015
Automotive Repair and Maintenance	Oklahoma City	OK		(f)		757		1,172		-		-		757		1,172		1,929		(273)	2011	03/16/2015
Automotive Repair and Maintenance	Oklahoma City	OK		(f)		908		1,041		-		-		908		1,041		1,949		(255)	2007	03/16/2015
Automotive Repair and Maintenance	Tulsa	OK		(f)		1,065		1,216		-		-		1,065		1,216		2,281		(275)	2011	03/16/2015
Automotive Repair and Maintenance	Tulsa	OK		(f)		1,110		1,452		-		-		1,110		1,452		2,562		(362)	2006	03/16/2015
Automotive Repair and Maintenance	Cordova	TN		(f)		878		1,885		-		-		878		1,885		2,763		(411)	2006	03/16/2015
Automotive Repair and Maintenance	Memphis	TN		(f)		437		1,381		-		-		437		1,381		1,818		(287)	2005	03/16/2015
Automotive Repair and Maintenance	Memphis	TN		(f)		911		1,269		-		-		911		1,269		2,180		(273)	2006	03/16/2015
Junior Colleges	New Bedford	MA				178		8,653		-		-		178		8,653		8,831		(2,057)	1920	03/17/2015
Restaurants -- Full Service	Bluffton	SC		(f)		657		1,871		-		-		657		1,871		2,528		(254)	2006	03/24/2015
Restaurants -- Full Service	Hilton Head Island	SC		(f)		1,184		1,127		-		150		1,184		1,277		2,461		(248)	1996	03/24/2015
Restaurants -- Full Service	North Charleston	SC		(f)		2,208		1,760		-		150		2,208		1,910		4,118		(346)	2003	03/24/2015
Foundries	Muscle Shoals	AL		(f)		415		1,091		-		-		415		1,091		1,506		(327)	1968	03/25/2015
Foundries	Grafton	WI		(f)		531		3,575		-		123		531		3,698		4,229		(874)	1948	03/25/2015
Restaurants -- Limited Service	Evansville	IN				266		701		-		-		266		701		967		(138)	1981	03/27/2015
Restaurants -- Limited Service	Evansville	IN				278		464		-		-		278		464		742		(104)	1994	03/27/2015
Restaurants -- Limited Service	Mayfield	KY				437		412		-		-		437		412		849		(169)	1993	03/27/2015
Restaurants -- Limited Service	Paducah	KY				702		713		-		-		702		713		1,415		(234)	2006	03/27/2015
Restaurants -- Limited Service	Paducah	KY				578		379		-		-		578		379		957		(161)	1991	03/27/2015
Restaurants -- Limited Service	Paducah	KY				581		463		-		-		581		463		1,044		(156)	2000	03/27/2015
Restaurants -- Limited Service	Paducah	KY				392		399		-		-		392		399		791		(124)	1995	03/27/2015
Restaurants -- Limited Service	Cape Girardeau	MO				332		536		-		-		332		536		868		(139)	2005	03/27/2015
Restaurants -- Limited Service	Cape Girardeau	MO				260		560		-		-		260		560		820		(114)	1980	03/27/2015
Restaurants -- Limited Service	Doniphan	MO				445		502		-		-		445		502		947		(179)	1990	03/27/2015
Restaurants -- Limited Service	Jackson	MO				445		482		-		-		445		482		927		(173)	1992	03/27/2015
Restaurants -- Limited Service	Malden	MO				446		511		-		-		446		511		957		(178)	2002	03/27/2015
Restaurants -- Limited Service	Springfield	MO				559		563		-		-		559		563		1,122		(184)	2000	03/27/2015
Restaurants -- Limited Service	Elizabethton	TN				284		741		-		-		284		741		1,025		(144)	1978	03/27/2015
Restaurants -- Limited Service	Morristown	TN				509		584		-		-		509		584		1,093		(143)	1978	03/27/2015
Packaging and Labeling Services	Winona	MN		(f)		303		1,896		-		-		303		1,896		2,199		(311)	1993	03/31/2015
Packaging and Labeling Services	Mason	OH		(f)		470		3,738		-		260		470		3,998		4,468		(646)	1993	03/31/2015
Packaging and Labeling Services	Mason	OH		(f)		383		1,360		-		-		383		1,360		1,743		(241)	1997	03/31/2015
Packaging and Labeling Services	Algoma	WI		(f)		313		5,462		46		-		359		5,462		5,821		(916)	1955	03/31/2015
Packaging and Labeling Services	Algoma	WI		(f)		227		2,037		-		-		227		2,037		2,264		(353)	2000	03/31/2015
Restaurants -- Full Service	Canonsburg	PA		(f)		1,357		857		21		31		1,378		888		2,266		(240)	1977	04/06/2015
Restaurants -- Full Service	Franklin	PA		(f)		346		897		22		42		368		939		1,307		(259)	1984	04/06/2015
Restaurants -- Full Service	Gibsonia	PA		(f)		442		801		21		41		463		842		1,305		(158)	1994	04/06/2015
Restaurants -- Full Service	Kittanning	PA		(f)		591		912		19		40		610		952		1,562		(253)	1993	04/06/2015
Restaurants -- Full Service	Leechburg	PA		(f)		810		1,454		17		37		827		1,491		2,318		(291)	2004	04/06/2015
Restaurants -- Full Service	Meadville	PA		(f)		263		889		24		45		287		934		1,221		(171)	1983	04/06/2015

F-21

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Monaca	PA		(f)		616		1,077		43		60		659		1,137		1,796		(212)	1990	04/06/2015
Restaurants -- Full Service	Monroeville	PA		(f)		596		646		7		39		603		685		1,288		(134)	1972	04/06/2015
Restaurants -- Full Service	Somerset	PA		(f)		603		840		14		78		617		918		1,535		(177)	1992	04/06/2015
Restaurants -- Full Service	Petoskey	MI		(f)		396		364		-		-		396		364		760		(106)	2004	04/07/2015
Used Merchandise Stores	Edmond	OK				499		2,551		-		-		499		2,551		3,050		(248)	2015	04/09/2015
Restaurants -- Full Service	Loganville	GA		(f)		545		1,073		-		-		545		1,073		1,618		(311)	1982	04/16/2015
Child Day Care Services	Cedar Park	TX		(f)		761		178		603		2,116		1,364		2,294		3,658		(373)	2016	04/17/2015
Restaurants -- Full Service	Shelby	NC		(f)		619		624		8		567		627		1,191		1,818		(172)	2000	04/20/2015
Restaurants -- Full Service	Addison	IL				1,029		793		-		-		1,029		793		1,822		(117)	2005	04/22/2015
Restaurants -- Full Service	Chicago	IL				668		902		-		-		668		902		1,570		(126)	1920	04/22/2015
Restaurants -- Full Service	Mount Prospect	IL				830		755		18		199		848		954		1,802		(183)	2005	04/22/2015
Restaurants -- Full Service	Oak Park	IL				703		426		-		-		703		426		1,129		(66)	2005	04/22/2015
Restaurants -- Full Service	Oakbrook Terrace	IL				1,967		870		-		-		1,967		870		2,837		(159)	1998	04/22/2015
Restaurants -- Full Service	Oswego	IL				1,094		869		-		-		1,094		869		1,963		(127)	2005	04/22/2015
Restaurants -- Full Service	Willowbrook	IL				869		796		-		-		869		796		1,665		(151)	1979	04/22/2015
Restaurants -- Full Service	Adrian	MI		(f)		356		602		-		-		356		602		958		(139)	2001	04/24/2015
Restaurants -- Full Service	Brooklyn	MI		(f)		432		466		-		-		432		466		898		(187)	1995	04/24/2015
Restaurants -- Full Service	Tecumseh	MI		(f)		171		708		-		-		171		708		879		(138)	1880	04/24/2015
Outpatient Care Centers	Barbourville	KY				424		893		-		-		424		893		1,317		(150)	2014	04/29/2015
Outpatient Care Centers	Bowling Green	KY				190		504		-		-		190		504		694		(96)	1987	04/29/2015
Outpatient Care Centers	Danville	KY				244		756		-		-		244		756		1,000		(117)	2010	04/29/2015
Outpatient Care Centers	Frankfort	KY				206		479		-		-		206		479		685		(78)	2011	04/29/2015
Outpatient Care Centers	Morehead	KY				199		710		-		-		199		710		909		(100)	2012	04/29/2015
Health Clubs	Roanoke	VA		(f)		1,799		2,834		-		-		1,799		2,834		4,633		(794)	1961	04/29/2015
Agriculture, Construction, and Mining Machinery Manufacturing	Woodridge	IL				432		-		-		-		432		-		432		-	1990	04/30/2015
Amusement and Theme Parks	West Berlin	NJ		(f)		3,864		13,408		329		2,176		4,193		15,584		19,777		(3,248)	2009	04/30/2015
Restaurants -- Limited Service	Norfolk	VA				545		646		22		153		567		799		1,366		(127)	1979	04/30/2015
Restaurants -- Full Service	Douglasville	GA		(f)		1,608		2,711		-		-		1,608		2,711		4,319		(497)	1999	05/06/2015
Child Day Care Services	Minneapolis	MN		(f)		580		1,293		-		-		580		1,293		1,873		(156)	1954	05/06/2015
Child Day Care Services	Minneapolis	MN		(f)		981		665		102		1,153		1,083		1,818		2,901		(435)	1959	05/06/2015
Health Clubs	Modesto	CA		(f)		1,297		3,526		-		-		1,297		3,526		4,823		(630)	1978	05/08/2015
Restaurants -- Full Service	Athens	AL				1,038		1,681		-		-		1,038		1,681		2,719		(276)	2008	05/13/2015
Restaurants -- Full Service	Bryant	AR				505		1,569		-		-		505		1,569		2,074		(237)	2011	05/13/2015
Movie Theaters	Clarksville	IN				1,620		4,214		-		-		1,620		4,214		5,834		(946)	2006	05/13/2015
Restaurants -- Full Service	Richmond	KY				1,164		1,784		-		-		1,164		1,784		2,948		(337)	2008	05/13/2015
Restaurants -- Full Service	Pearl	MS				1,329		2,214		-		-		1,329		2,214		3,543		(372)	2010	05/13/2015
Restaurants -- Full Service	Yukon	OK				915		1,636		-		-		915		1,636		2,551		(248)	2010	05/13/2015
Restaurants -- Full Service	Chattanooga	TN				1,502		1,694		-		-		1,502		1,694		3,196		(278)	2010	05/13/2015
Restaurants -- Full Service	Manchester	TN				983		1,696		-		-		983		1,696		2,679		(329)	2010	05/13/2015
Restaurants -- Full Service	Buda	TX				714		1,618		-		-		714		1,618		2,332		(258)	2010	05/13/2015
Automotive Repair and Maintenance	Edinburg	TX				1,796		1,793		-		-		1,796		1,793		3,589		(418)	2014	05/13/2015
Automotive Repair and Maintenance	Harlingen	TX				1,657		2,349		-		-		1,657		2,349		4,006		(527)	2014	05/13/2015

F-22

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Automotive Repair and Maintenance	League City	TX				1,385		2,502		-		-		1,385		2,502		3,887		(526)	2011	05/13/2015
Automotive Repair and Maintenance	Weslaco	TX				1,196		2,513		-		-		1,196		2,513		3,709		(531)	2014	05/13/2015
Car Dealers	Toledo	OH				474		957		-		-		474		957		1,431		(223)	1972	05/15/2015
Car Dealers	Erie	PA				430		1,009		-		-		430		1,009		1,439		(219)	2000	05/15/2015
Health Clubs	Summerville	SC		(f)		368		1,920		-		-		368		1,920		2,288		(347)	2012	05/15/2015
Miscellaneous Nondurable Goods Merchant Wholesalers	Grand Haven	MI				11,429		6,038		-		-		11,429		6,038		17,467		(2,728)	1950	05/22/2015
Miscellaneous Nondurable Goods Merchant Wholesalers	Sims	NC				2,823		786		-		-		2,823		786		3,609		(37)	1985	05/22/2015
Miscellaneous Nondurable Goods Merchant Wholesalers	Hulbert	OK				6,712		2,188		-		-		6,712		2,188		8,900		(2,083)	1995	05/22/2015
Automotive Repair and Maintenance	Davenport	IA				216		283		-		-		216		283		499		(62)	1997	06/01/2015
Automotive Repair and Maintenance	Bourbonnais	IL				192		521		-		-		192		521		713		(100)	2001	06/01/2015
Automotive Repair and Maintenance	East Peoria	IL				262		227		-		-		262		227		489		(67)	1996	06/01/2015
Automotive Repair and Maintenance	Galesburg	IL				115		324		-		-		115		324		439		(62)	1990	06/01/2015
Automotive Repair and Maintenance	Moline	IL				116		200		-		-		116		200		316		(59)	1997	06/01/2015
Automotive Repair and Maintenance	Pekin	IL				165		395		-		-		165		395		560		(82)	1996	06/01/2015
Automotive Repair and Maintenance	Streator	IL				63		161		-		-		63		161		224		(47)	1990	06/01/2015
Automotive Repair and Maintenance	Washington	IL				204		366		-		-		204		366		570		(77)	1994	06/01/2015
Cement and Concrete Product Manufacturing	Delaware	OH				346		1,494		-		-		346		1,494		1,840		(254)	1961	06/02/2015
Cement and Concrete Product Manufacturing	Obetz	OH				624		1,266		-		949		624		2,215		2,839		(215)	1970	06/02/2015
Cement and Concrete Product Manufacturing	Sunbury	OH				749		1,181		-		-		749		1,181		1,930		(186)	1994	06/02/2015
Restaurants -- Full Service	Commerce	GA		(f)		469		705		-		175		469		880		1,349		(141)	1996	06/03/2015
Restaurants -- Full Service	Flowery Branch	GA		(f)		439		725		-		-		439		725		1,164		(138)	1998	06/03/2015
Restaurants -- Full Service	Chandler	AZ				287		1,395		-		53		287		1,448		1,735		(309)	1985	06/08/2015
Restaurants -- Full Service	Tempe	AZ				688		654		-		37		688		691		1,379		(238)	1995	06/08/2015
Other Professional, Scientific, and Technical Services	Manitowoc	WI		(f)		309		472		-		-		309		472		781		(136)	1966	06/19/2015
Furniture Stores	Becker	MN		(f)		2,965		7,102		-		-		2,965		7,102		10,067		(1,941)	2000	06/24/2015
Movie Theaters	Porterville	CA				1,743		3,614		-		-		1,743		3,614		5,357		(658)	1998	06/25/2015
Movie Theaters	Riverbank	CA				3,963		8,072		210		3,118		4,173		11,190		15,363		(1,919)	2000	06/25/2015
Other Ambulatory Health Care Services	Albany	GA				497		-		534		3,364		1,031		3,364		4,395		(402)	2016	06/25/2015
Restaurants -- Full Service	Cincinnati	OH				286		2,683		-		-		286		2,683		2,969		(333)	1960	06/25/2015
Restaurants -- Full Service	Cincinnati	OH				407		127		-		-		407		127		534		(42)	1971	06/25/2015
Restaurants -- Full Service	Cincinnati	OH				1,014		5,982		-		-		1,014		5,982		6,996		(931)	1951	06/25/2015
Child Day Care Services	North Aurora	IL		(f)		760		2,443		-		-		760		2,443		3,203		(312)	2005	06/26/2015
Child Day Care Services	Plymouth	MN				1,737		1,925		365		1,501		2,102		3,426		5,528		(666)	1950	06/26/2015
Automotive Repair and Maintenance	Champaign	IL				338		886		-		-		338		886		1,224		(162)	2007	06/30/2015
Automotive Repair and Maintenance	Danville	IL				600		844		-		-		600		844		1,444		(207)	1970	06/30/2015
Automotive Repair and Maintenance	Homewood	IL				295		768		-		-		295		768		1,063		(146)	1973	06/30/2015
Automotive Repair and Maintenance	Macomb	IL				397		746		-		-		397		746		1,143		(144)	1992	06/30/2015
Automotive Repair and Maintenance	Normal	IL				694		470		-		-		694		470		1,164		(116)	1995	06/30/2015
Automotive Repair and Maintenance	Springfield	IL				234		458		-		-		234		458		692		(85)	1986	06/30/2015
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Selmer	TN				1,122		5,613		-		-		1,122		5,613		6,735		(1,133)	1995	06/30/2015
Movie Theaters	Humble	TX				2,532		139		1,989		10,631		4,521		10,770		15,291		(1,502)	2016	06/30/2015
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Beloit	WI				666		3,425		-		-		666		3,425		4,091		(638)	1926	06/30/2015
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Waukesha	WI				2,577		8,710		-		-		2,577		8,710		11,287		(1,624)	1911	06/30/2015
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Lombard	IL				2,040		5,923		-		-		2,040		5,923		7,963		(984)	1968	07/17/2015
Metal and Mineral Merchant Wholesalers	Louisville	KY				1,165		-		-		-		1,165		-		1,165		-	1962	07/17/2015
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Willoughby	OH				395		1,396		-		-		395		1,396		1,791		(236)	1979	07/17/2015

F-23

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Hudson	WI				502		4,960		-		-		502		4,960		5,462		(792)	1981	07/17/2015
Movie Theaters	Lawrenceville	GA		(f)		6,077		153		408		8,675		6,485		8,828		15,313		(744)	2016	07/28/2015
Health Clubs	Summerville	SC				1,026		3,203		-		-		1,026		3,203		4,229		(557)	1993	07/29/2015
Outpatient Care Centers	Asheville	NC		(f)		286		975		-		-		286		975		1,261		(183)	2000	07/31/2015
Outpatient Care Centers	Clyde	NC		(f)		164		263		-		-		164		263		427		(73)	1978	07/31/2015
Restaurants -- Full Service	Jersey Village	TX				486		1,192		-		-		486		1,192		1,678		(204)	1982	08/11/2015
Restaurants -- Full Service	San Antonio	TX				1,564		1,872		-		-		1,564		1,872		3,436		(332)	2014	08/11/2015
Restaurants -- Limited Service	Mission	KS				500		-		-		-		500		-		500		-	2001	08/12/2015
Restaurants -- Limited Service	Blue Springs	MO				429		-		-		-		429		-		429		-	1993	08/12/2015
Restaurants -- Limited Service	Blue Springs	MO				367		-		-		-		367		-		367		-	2001	08/12/2015
Restaurants -- Limited Service	Independence	MO				388		-		-		-		388		-		388		-	1994	08/12/2015
Restaurants -- Limited Service	Independence	MO				316		-		-		-		316		-		316		-	1994	08/12/2015
Restaurants -- Limited Service	Independence	MO				388		-		-		-		388		-		388		-	2001	08/12/2015
Restaurants -- Limited Service	Kansas City	MO				286		-		-		-		286		-		286		-	1998	08/12/2015
Restaurants -- Limited Service	Kansas City	MO				306		-		-		-		306		-		306		-	1998	08/12/2015
Restaurants -- Limited Service	Lee's Summit	MO				337		-		-		-		337		-		337		-	2000	08/12/2015
Movie Theaters	Jacinto City	TX				1,034		6,178		-		-		1,034		6,178		7,212		(1,664)	1998	08/12/2015
Restaurants -- Full Service	Freeport	IL				561		2,214		-		-		561		2,214		2,775		(292)	1993	08/20/2015
Restaurants -- Full Service	Galesburg	IL				776		2,040		-		-		776		2,040		2,816		(306)	1993	08/20/2015
Restaurants -- Full Service	Jacksonville	IL				670		1,494		-		-		670		1,494		2,164		(240)	2007	08/20/2015
Health Clubs	Monroe	WA				1,643		2,552		-		-		1,643		2,552		4,195		(497)	2004	08/20/2015
Corporate Aircraft Repair and Maintenance Facilities	Grand Junction	CO				2,870		32,782		-		-		2,870		32,782		35,652		(2,445)	1988	08/21/2015
Bowling Centers	Richland	WA				1,180		2,185		-		-		1,180		2,185		3,365		(539)	1960	08/21/2015
Consumer Goods Rental	Harrison	AR				294		777		-		-		294		777		1,071		(94)	2008	08/26/2015
Consumer Goods Rental	Jonesboro	AR				232		941		-		-		232		941		1,173		(96)	2007	08/26/2015
Consumer Goods Rental	North Little Rock	AR				371		1,043		-		-		371		1,043		1,414		(150)	1999	08/26/2015
Restaurants -- Limited Service	Sierra Vista	AZ				384		1,035		-		-		384		1,035		1,419		(156)	2005	08/27/2015
Restaurants -- Limited Service	Tucson	AZ				522		508		-		250		522		758		1,280		(133)	1990	08/27/2015
Restaurants -- Limited Service	Tucson	AZ				361		639		-		-		361		639		1,000		(123)	1989	08/27/2015
Restaurants -- Limited Service	Tucson	AZ				514		347		-		-		514		347		861		(94)	1990	08/27/2015
Other Professional, Scientific, and Technical Services	Cortez	FL		(f)		256		879		-		-		256		879		1,135		(135)	1974	08/31/2015
Amusement and Theme Parks	Monticello	IN				19,925		-		108		-		20,033		-		20,033		(6)	1950	09/01/2015
Restaurants -- Full Service	Milan	MI		(f)		322		488		-		175		322		663		985		(178)	1978	09/01/2015
Elementary and Secondary Schools	Los Angeles	CA				9,745		5,021		228		2,276		9,973		7,297		17,270		(1,128)	1981	09/09/2015
Restaurants -- Limited Service	Athens	AL		(f)		401		631		-		-		401		631		1,032		(107)	1976	09/16/2015
Restaurants -- Limited Service	Dawsonville	GA		(f)		507		647		-		-		507		647		1,154		(124)	1997	09/16/2015
Restaurants -- Limited Service	East Ellijay	GA		(f)		588		476		-		-		588		476		1,064		(123)	2005	09/16/2015
Restaurants -- Limited Service	Jasper	GA		(f)		316		738		-		-		316		738		1,054		(140)	2006	09/16/2015
Restaurants -- Limited Service	Roswell	GA		(f)		268		475		-		-		268		475		743		(89)	1978	09/16/2015
Furniture Stores	Hobbs	NM				1,805		8,828		-		240		1,805		9,068		10,873		(990)	2009	09/16/2015
Restaurants -- Limited Service	Lawrenceburg	TN		(f)		283		388		-		-		283		388		671		(74)	1979	09/16/2015
Restaurants -- Limited Service	Springfield	TN		(f)		417		545		-		-		417		545		962		(97)	1976	09/16/2015
Lessors of Real Estate	Houston	TX		(f)		1,603		5,711		-		-		1,603		5,711		7,314		(667)	2015	09/16/2015
Furniture Stores	Lubbock	TX				1,512		7,836		-		342		1,512		8,178		9,690		(807)	2005	09/16/2015
Child Day Care Services	Charlotte	NC		(f)		609		1,526		-		-		609		1,526		2,135		(249)	2006	09/17/2015
Child Day Care Services	Matthews	NC		(f)		616		1,520		-		-		616		1,520		2,136		(199)	2003	09/17/2015

F-24

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Other Professional, Scientific, and Technical Services	Tinley Park	IL		(f)		265		619		-		-		265		619		884		(111)	1971	09/18/2015
Other Professional, Scientific, and Technical Services	Des Moines	IA		(f)		188		231		-		-		188		231		419		(56)	1983	09/24/2015
Other Motor Vehicle Dealers	Greensboro	NC				1,894		6,998		9		515		1,903		7,513		9,416		(786)	2005	09/25/2015
Car Dealers	Midwest City	OK				194		361		-		-		194		361		555		(56)	1965	09/25/2015
Car Dealers	Moore	OK				1,290		1,853		-		-		1,290		1,853		3,143		(316)	1990	09/25/2015
Car Dealers	Oklahoma City	OK				1,969		4,746		-		-		1,969		4,746		6,715		(745)	1978	09/25/2015
Outpatient Care Centers	Wickenburg	AZ				1,264		5,647		-		-		1,264		5,647		6,911		(785)	1994	09/30/2015
Outpatient Care Centers	Wickenburg	AZ				295		1,274		46		-		341		1,274		1,615		(227)	1986	09/30/2015
Plastics Product Manufacturing	Tampa	FL				797		7,539		-		-		797		7,539		8,336		(1,121)	1989	09/30/2015
Outpatient Care Centers	Augusta	GA				3,513		1,986		-		-		3,513		1,986		5,499		(423)	1987	09/30/2015
Plastics Product Manufacturing	Thomasville	GA				1,449		3,065		-		-		1,449		3,065		4,514		(571)	1973	09/30/2015
Plastics Product Manufacturing	Milan	TN				123		1,578		-		-		123		1,578		1,701		(235)	1977	09/30/2015
Restaurants -- Full Service	Arden Hills	MN		(f)		723		68		365		2,938		1,088		3,006		4,094		(290)	2017	10/09/2015
Automotive Repair and Maintenance	Garfield Heights	OH				110		433		-		-		110		433		543		(80)	1989	10/09/2015
Movie Theaters	Orlando	FL				4,576		8,451		-		-		4,576		8,451		13,027		(1,910)	1999	10/16/2015
Movie Theaters	Houston	TX		(f)		1,998		873		2,231		6,538		4,229		7,411		11,640		(942)	2016	10/21/2015
Health Clubs	Sacramento	CA		(f)		1,682		4,842		-		-		1,682		4,842		6,524		(805)	2004	10/23/2015
Other Professional, Scientific, and Technical Services	Englewood	CO		(f)		1,992		4,741		-		-		1,992		4,741		6,733		(682)	1987	10/23/2015
Child Day Care Services	Golden Valley	MN				1,012		696		15		244		1,027		940		1,967		(217)	1959	10/27/2015
Movie Theaters	Houston	TX				2,034		371		695		7,426		2,729		7,797		10,526		(663)	2017	10/28/2015
Restaurants -- Full Service	Wheaton	IL				1,976		1,342		-		-		1,976		1,342		3,318		(401)	1994	10/30/2015
Consumer Goods Rental	Tacoma	WA		(f)		271		1,519		-		-		271		1,519		1,790		(227)	1948	11/03/2015
Automotive Repair and Maintenance	Flint	MI		(f)		127		204		4		36		131		240		371		(67)	1996	11/10/2015
Automotive Repair and Maintenance	Flint	MI		(f)		206		225		5		41		211		266		477		(66)	2003	11/10/2015
Automotive Repair and Maintenance	Houghton Lake	MI		(f)		73		78		5		30		78		108		186		(30)	1990	11/10/2015
Automotive Repair and Maintenance	Owosso	MI		(f)		58		242		5		35		63		277		340		(64)	1983	11/10/2015
Restaurants -- Full Service	Midwest City	OK				1,121		385		-		-		1,121		385		1,506		(127)	1998	11/12/2015
Other Professional, Scientific, and Technical Services	Austell	GA		(f)		177		340		-		-		177		340		517		(84)	1994	11/19/2015
Other Professional, Scientific, and Technical Services	Villa Rica	GA		(f)		138		351		-		-		138		351		489		(90)	2002	11/19/2015
Health Clubs	Peoria	AZ		(f)		1,866		5,400		-		-		1,866		5,400		7,266		(679)	2009	11/20/2015
Advertising, Public Relations, and Related Services	New Century	KS				1,058		6,931		-		-		1,058		6,931		7,989		(1,231)	1988	11/23/2015
Other Professional, Scientific, and Technical Services	St. Louis	MO		(f)		263		643		-		-		263		643		906		(143)	1989	11/24/2015
Restaurants -- Limited Service	Creston	IA		(f)		179		690		60		244		239		934		1,173		(198)	1982	11/25/2015
Restaurants -- Limited Service	Des Moines	IA		(f)		272		789		174		274		446		1,063		1,509		(186)	1982	11/25/2015
Restaurants -- Limited Service	Oskaloosa	IA		(f)		194		640		2		239		196		879		1,075		(170)	1980	11/25/2015
Restaurants -- Limited Service	Ottumwa	IA		(f)		136		726		49		142		185		868		1,053		(189)	1960	11/25/2015
Other Electrical Equipment and Component Manufacturing	Niagara Falls	NY				715		2,571		-		-		715		2,571		3,286		(651)	1965	12/03/2015
Farm and Ranch Supply Stores	Alamosa	CO				1,024		3,781		-		-		1,024		3,781		4,805		(646)	2002	12/04/2015
Farm and Ranch Supply Stores	Colorado Springs	CO				2,280		2,766		-		-		2,280		2,766		5,046		(488)	2012	12/04/2015
Farm and Ranch Supply Stores	Elizabeth	CO				1,810		3,796		-		-		1,810		3,796		5,606		(588)	2004	12/04/2015
Farm and Ranch Supply Stores	La Junta	CO				985		1,808		-		-		985		1,808		2,793		(287)	1974	12/04/2015
Farm and Ranch Supply Stores	La Veta	CO				324		217		-		-		324		217		541		(50)	1985	12/04/2015
Farm and Ranch Supply Stores	Lamar	CO				1,364		749		-		-		1,364		749		2,113		(223)	1982	12/04/2015
Farm and Ranch Supply Stores	Limon	CO				508		263		-		-		508		263		771		(77)	1982	12/04/2015
Farm and Ranch Supply Stores	Pueblo	CO				1,168		4,439		-		-		1,168		4,439		5,607		(558)	1968	12/04/2015
Child Day Care Services	Madison	CT				487		-		-		-		487		-		487		-	1965	12/04/2015
Child Day Care Services	Wallingford	CT				526		-		-		-		526		-		526		-	2002	12/04/2015
Child Day Care Services	O'Fallon	MO		(f)		898		2,974		-		-		898		2,974		3,872		(341)	2007	12/10/2015
Other Textile Product Mills	Pauls Valley	OK				1,069		2,666		-		-		1,069		2,666		3,735		(630)	1974	12/10/2015
Other Textile Product Mills	Wichita Falls	TX				1,368		2,075		-		-		1,368		2,075		3,443		(709)	1969	12/10/2015

F-25

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Medical and Diagnostic Laboratories	Miami	FL		(f)		511		2,498		-		-		511		2,498		3,009		(289)	2008	12/14/2015
Other Miscellaneous Manufacturing	Burnham	ME				728		5,769		-		-		728		5,769		6,497		(918)	1950	12/15/2015
Other Miscellaneous Manufacturing	Guilford	ME				79		621		-		-		79		621		700		(95)	1991	12/15/2015
Other Miscellaneous Manufacturing	Florence	WI				313		987		-		-		313		987		1,300		(151)	1988	12/15/2015
Other Fabricated Metal Product Manufacturing	Grand Junction	CO				1,817		5,634		234		201		2,051		5,835		7,886		(918)	1970	12/16/2015
Home Furnishings Stores	Bloomington	IL				404		1,178		-		-		404		1,178		1,582		(182)	1986	12/16/2015
Home Furnishings Stores	Bloomington	IL				438		1,314		-		-		438		1,314		1,752		(201)	1998	12/16/2015
Home Furnishings Stores	Bloomington	IL				204		377		-		-		204		377		581		(59)	1970	12/16/2015
Home Furnishings Stores	Bourbonnais	IL				476		625		-		-		476		625		1,101		(127)	1995	12/16/2015
Home Furnishings Stores	Champaign	IL				496		1,267		-		-		496		1,267		1,763		(202)	2000	12/16/2015
Home Furnishings Stores	Lincoln	IL				322		1,190		-		-		322		1,190		1,512		(284)	1996	12/16/2015
Home Furnishings Stores	Peoria	IL				607		745		-		-		607		745		1,352		(185)	1999	12/16/2015
Home Furnishings Stores	Springfield	IL				1,015		1,128		-		-		1,015		1,128		2,143		(236)	2013	12/16/2015
Automotive Repair and Maintenance	Crystal	MN				226		799		4		228		230		1,027		1,257		(136)	1969	12/16/2015
Wholesale Automobile Auction	Crestwood	IL		(f)		10,376		2,486		8		1,303		10,384		3,789		14,173		(1,559)	1994	12/17/2015
Amusement and Theme Parks	Mansfield	TX				-		-		-		420		-		420		420		(134)	2009	12/18/2015
Amusement and Theme Parks	Roanoke	TX				-		-		-		354		-		354		354		(134)	2011	12/18/2015
Amusement and Theme Parks	Waco	TX				-		-		-		468		-		468		468		(134)	2012	12/18/2015
Restaurants -- Full Service	St. Cloud	MN		(f)		839		3,171		-		99		839		3,270		4,109		(512)	1999	12/21/2015
Offices of Physicians	Crest Hill	IL				918		6,499		-		-		918		6,499		7,417		(620)	2009	12/23/2015
Offices of Physicians	Naperville	IL				1,501		2,489		-		-		1,501		2,489		3,990		(347)	2005	12/23/2015
Other Ambulatory Health Care Services	Flint	MI				345		-		750		3,537		1,095		3,537		4,632		(410)	2016	12/23/2015
Home Furnishings Stores	Kennesaw	GA		(f)		5,000		9,026		-		-		5,000		9,026		14,026		(1,458)	1997	12/29/2015
Home Furnishings Stores	Norcross	GA				4,465		7,385		-		-		4,465		7,385		11,850		(1,831)	1997	12/29/2015
Consumer Goods Rental	Trenton	IL				1,401		5,894		-		-		1,401		5,894		7,295		(1,000)	1989	12/29/2015
Consumer Goods Rental	Anderson	IN				285		933		-		-		285		933		1,218		(225)	1988	12/29/2015
Consumer Goods Rental	Salina	KS				335		762		-		-		335		762		1,097		(169)	1972	12/29/2015
Consumer Goods Rental	Seguin	TX				466		641		-		-		466		641		1,107		(118)	1985	12/29/2015
Restaurants -- Full Service	Muncie	IN				261		-		-		-		261		-		261		-	1972	12/30/2015
Restaurants -- Limited Service	Spartanburg	SC		(f)		129		393		-		-		129		393		522		(87)	2015	12/30/2015
Other Personal Services	Madison	WI		(f)		254		770		-		-		254		770		1,024		(94)	2005	01/04/2016
Other Professional, Scientific, and Technical Services	Gainesville	GA		(f)		211		541		-		-		211		541		752		(122)	1999	01/08/2016
Other Professional, Scientific, and Technical Services	Oakwood	GA		(f)		217		455		-		-		217		455		672		(78)	2001	01/08/2016
Other Professional, Scientific, and Technical Services	Suwanee	GA		(f)		337		716		-		-		337		716		1,053		(163)	1990	01/08/2016
Offices of Dentists	Westmont	IL				429		906		-		33		429		939		1,368		(202)	1989	01/12/2016
Other Professional, Scientific, and Technical Services	Anchorage	AK		(f)		828		702		-		-		828		702		1,530		(159)	2005	01/29/2016
Restaurants -- Full Service	Milton	GA				487		1,021		-		-		487		1,021		1,508		(112)	1950	01/29/2016
Health Clubs	Louisville	KY				407		654		4		1,378		411		2,032		2,443		(174)	2003	02/01/2016
Movie Theaters	Bristol	TN				3,322		6,883		-		-		3,322		6,883		10,205		(969)	2015	02/02/2016
Management, Scientific, and Technical Consulting Services	Hebron	KY				955		776		-		-		955		776		1,731		(265)	1998	02/09/2016
Management, Scientific, and Technical Consulting Services	Wayland	MI				1,009		843		-		-		1,009		843		1,852		(258)	2005	02/09/2016
Management, Scientific, and Technical Consulting Services	Ypsilanti	MI				1,686		2,016		-		-		1,686		2,016		3,702		(502)	1999	02/09/2016
Management, Scientific, and Technical Consulting Services	Columbus	OH				962		769		-		-		962		769		1,731		(263)	1995	02/09/2016
Other Personal Services	Lenexa	KS				459		1,163		-		-		459		1,163		1,622		(185)	1999	02/11/2016
Other Personal Services	Kansas City	MO				941		861		-		-		941		861		1,802		(177)	2004	02/11/2016
Other Personal Services	Lee's Summit	MO				513		947		-		-		513		947		1,460		(171)	2001	02/11/2016

F-26

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Charlotte	NC				1,516		-		327		941		1,843		941		2,784		(173)	2016	02/12/2016
Child Day Care Services	Minnetonka	MN				521		1,064		-		634		521		1,698		2,219		(236)	1977	02/18/2016
Medical and Diagnostic Laboratories	Jupiter	FL		(f)		281		472		-		-		281		472		753		(137)	1990	02/19/2016
Child Day Care Services	Justin	TX				159		956		6		214		165		1,170		1,335		(167)	1999	02/19/2016
Automotive Repair and Maintenance	Aurora	IL				1,603		1,135		-		-		1,603		1,135		2,738		-	2006	02/24/2016
Automotive Repair and Maintenance	Elmwood Park	IL				1,042		1,216		-		-		1,042		1,216		2,258		-	1951	02/24/2016
Automotive Repair and Maintenance	Naperville	IL				1,004		1,566		-		-		1,004		1,566		2,570		-	2015	02/24/2016
Automotive Repair and Maintenance	Plainfield	IL				698		1,865		-		-		698		1,865		2,563		-	2013	02/24/2016
Automotive Repair and Maintenance	Wyoming	MI				282		1,253		-		-		282		1,253		1,535		-	2006	02/24/2016
Restaurants -- Full Service	Balcones Heights	TX				194		1,064		-		-		194		1,064		1,258		(217)	1950	02/24/2016
Restaurants -- Full Service	Converse	TX				230		390		-		-		230		390		620		(89)	1999	02/24/2016
Restaurants -- Full Service	San Antonio	TX				1,189		1,260		-		-		1,189		1,260		2,449		(286)	1945	02/24/2016
Restaurants -- Full Service	San Antonio	TX				117		569		-		-		117		569		686		(94)	1997	02/24/2016
Restaurants -- Full Service	San Antonio	TX				274		821		-		-		274		821		1,095		(144)	1990	02/24/2016
Child Day Care Services	Augusta	GA				255		542		-		146		255		688		943		(117)	1982	02/26/2016
Child Day Care Services	Augusta	GA				401		538		-		100		401		638		1,039		(101)	2006	02/26/2016
Farm and Ranch Supply Stores	Mankato	MN				7,639		11,328		-		-		7,639		11,328		18,967		(2,264)	2015	02/26/2016
Farm and Ranch Supply Stores	Fargo	ND				7,219		16,872		-		-		7,219		16,872		24,091		(3,065)	1995	02/26/2016
Farm and Ranch Supply Stores	Hudson	WI		61,531		7,105		9,891		-		-		7,105		9,891		16,996		(1,967)	1992	02/26/2016
Farm and Ranch Supply Stores	Green Bay	WI				7,367		17,793		-		-		7,367		17,793		25,160		(2,664)	1966	06/16/2016
Farm and Ranch Supply Stores	Marshfield	WI				3,018		11,874		-		-		3,018		11,874		14,892		(1,690)	1980	06/16/2016
Child Day Care Services	Boiling Springs	SC				140		533		-		-		140		533		673		(74)	1971	02/26/2016
Furniture Stores	Midland	TX				1,846		7,267		-		373		1,846		7,640		9,486		(900)	2007	02/26/2016
Automotive Repair and Maintenance	McAllen	TX				1,620		2,245		-		-		1,620		2,245		3,865		(415)	2015	03/02/2016
Offices of Dentists	Palos Heights	IL				222		294		-		31		222		325		547		(72)	1974	03/04/2016
Commercial and Industrial Machinery and Equipment Repair and Maintenance	Cannon Falls	MN				1,788		3,291		-		-		1,788		3,291		5,079		(825)	1987	03/11/2016
Commercial and Industrial Machinery and Equipment Repair and Maintenance	Hastings	MN				799		703		-		-		799		703		1,502		(208)	1997	03/11/2016
Medical and Diagnostic Laboratories	Alpharetta	GA				2,852		5,676		-		-		2,852		5,676		8,528		(635)	1999	03/17/2016
Restaurants -- Limited Service	Oklahoma City	OK				719		35		277		687		996		722		1,718		(120)	2017	03/22/2016
Restaurants -- Full Service	Edmond	OK		(f)		231		598		-		-		231		598		829		(87)	1971	03/23/2016
Farm and Ranch Supply Stores	Burley	ID				1,287		2,705		-		-		1,287		2,705		3,992		(484)	1967	03/29/2016
Restaurants -- Limited Service	Tulsa	OK				679		826		-		-		679		826		1,505		(165)	2013	03/29/2016
Farm and Ranch Supply Stores	Cedar City	UT				3,348		2,884		-		-		3,348		2,884		6,232		(735)	2002	03/29/2016
Farm and Ranch Supply Stores	St George	UT				3,223		3,189		-		-		3,223		3,189		6,412		(659)	2012	03/29/2016
Farm and Ranch Supply Stores	Tooele	UT				3,308		3,535		-		-		3,308		3,535		6,843		(676)	2002	03/29/2016
Farm and Ranch Supply Stores	West Jordan	UT				2,587		3,435		-		-		2,587		3,435		6,022		(561)	2008	03/29/2016
Aerospace Product and Parts Manufacturing	Athens	GA				1,289		5,935		-		-		1,289		5,935		7,224		(900)	1995	03/30/2016
Other Personal Services	Olathe	KS		(f)		1,294		1,034		-		-		1,294		1,034		2,328		(292)	1996	03/30/2016
Aerospace Product and Parts Manufacturing	Tulsa	OK				1,985		3,133		418		2,935		2,403		6,068		8,471		(807)	1965	03/30/2016
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Osgood	IN				470		1,011		-		-		470		1,011		1,481		(170)	2002	03/31/2016
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Versailles	IN				795		3,106		-		-		795		3,106		3,901		(431)	1965	03/31/2016
Machinery, Equipment, and Supplies Merchant Wholesalers	Jamestown	ND		(f)		2,112		6,577		-		-		2,112		6,577		8,689		(1,044)	2013	03/31/2016
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Euclid	OH				371		1,486		-		-		371		1,486		1,857		(223)	1930	03/31/2016
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Martin	TN				336		2,079		-		-		336		2,079		2,415		(324)	1972	03/31/2016

F-27

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Merrill	WI				738		2,164		-		-		738		2,164		2,902		(341)	1970	03/31/2016
Outpatient Care Centers	Spartanburg	SC				338		719		-		-		338		719		1,057		(129)	2007	04/14/2016
Restaurants -- Limited Service	Frisco	TX				641		79		190		684		831		763		1,594		(105)	2017	04/14/2016
Child Day Care Services	Eden Prairie	MN		(f)		791		1,608		-		-		791		1,608		2,399		(182)	2012	04/15/2016
Child Day Care Services	St Paul	MN		(f)		560		452		437		1,724		997		2,176		3,173		(251)	2016	04/15/2016
Restaurants -- Limited Service	Florence	SC				373		409		-		-		373		409		782		(78)	1996	04/15/2016
Restaurants -- Limited Service	Florence	SC				251		352		-		-		251		352		603		(63)	1991	04/15/2016
Machinery, Equipment, and Supplies Merchant Wholesalers	Charlotte	NC				532		996		-		-		532		996		1,528		(133)	1988	04/19/2016
Machinery, Equipment, and Supplies Merchant Wholesalers	Tulsa	OK				214		861		-		-		214		861		1,075		(118)	1970	04/19/2016
Restaurants -- Limited Service	Alvin	TX				363		398		-		-		363		398		761		(75)	1982	04/26/2016
Restaurants -- Limited Service	Bay City	TX				339		493		-		145		339		638		977		(82)	1975	04/26/2016
Restaurants -- Limited Service	Baytown	TX				255		311		-		136		255		447		702		(61)	1982	04/26/2016
Restaurants -- Limited Service	Dickinson	TX				346		359		-		145		346		504		850		(78)	1977	04/26/2016
Restaurants -- Limited Service	El Campo	TX				529		666		-		145		529		811		1,340		(120)	1972	04/26/2016
Restaurants -- Limited Service	Freeport	TX				210		216		-		-		210		216		426		(43)	1984	04/26/2016
Restaurants -- Limited Service	Houston	TX				355		425		-		145		355		570		925		(82)	1982	04/26/2016
Restaurants -- Limited Service	Houston	TX				221		309		-		134		221		443		664		(55)	1985	04/26/2016
Restaurants -- Limited Service	Houston	TX				280		345		-		134		280		479		759		(66)	1980	04/26/2016
Restaurants -- Limited Service	Houston	TX				247		317		-		-		247		317		564		(53)	1985	04/26/2016
Restaurants -- Limited Service	Houston	TX				274		327		-		134		274		461		735		(64)	1984	04/26/2016
Restaurants -- Limited Service	Houston	TX				226		247		-		145		226		392		618		(54)	1975	04/26/2016
Restaurants -- Limited Service	Houston	TX				349		448		-		145		349		593		942		(82)	1978	04/26/2016
Restaurants -- Limited Service	Houston	TX				341		432		-		145		341		577		918		(80)	1979	04/26/2016
Restaurants -- Limited Service	Houston	TX				223		263		-		-		223		263		486		(47)	1982	04/26/2016
Restaurants -- Limited Service	Huntsville	TX				545		593		-		-		545		593		1,138		(112)	1979	04/26/2016
Restaurants -- Limited Service	Jasper	TX				240		336		-		-		240		336		576		(52)	1982	04/26/2016
Restaurants -- Limited Service	Katy	TX				247		306		-		-		247		306		553		(52)	1984	04/26/2016
Restaurants -- Limited Service	La Marque	TX				288		331		-		-		288		331		619		(60)	1995	04/26/2016
Restaurants -- Limited Service	Livingston	TX				222		295		-		-		222		295		517		(48)	1986	04/26/2016
Restaurants -- Limited Service	Port Arthur	TX				350		344		-		145		350		489		839		(78)	1986	04/26/2016
Restaurants -- Limited Service	South Houston	TX				257		326		-		123		257		449		706		(61)	1982	04/26/2016
Restaurants -- Limited Service	West Columbia	TX				316		349		-		145		316		494		810		(72)	1982	04/26/2016
Restaurants -- Limited Service	Wharton	TX				306		317		-		145		306		462		768		(69)	1972	04/26/2016
Child Day Care Services	Montgomery	IL				772		1,695		-		-		772		1,695		2,467		(256)	2009	04/29/2016
Child Day Care Services	Morton	IL				604		948		-		-		604		948		1,552		(163)	2012	04/29/2016
Child Day Care Services	Pekin	IL				485		808		-		-		485		808		1,293		(136)	1992	04/29/2016
Child Day Care Services	Peoria	IL				767		943		-		-		767		943		1,710		(158)	1996	04/29/2016

F-28

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Child Day Care Services	Peoria	IL				626		1,751		-		-		626		1,751		2,377		(254)	1985	04/29/2016
Child Day Care Services	Peoria	IL				402		762		-		-		402		762		1,164		(120)	1970	04/29/2016
Child Day Care Services	Peoria Heights	IL				217		1,175		-		-		217		1,175		1,392		(158)	1965	04/29/2016
Child Day Care Services	Romeoville	IL				802		1,516		-		-		802		1,516		2,318		(234)	2003	04/29/2016
Child Day Care Services	Becker	MN				191		690		65		99		256		789		1,045		(171)	1994	04/29/2016
Health Clubs	Lake in the Hills	IL				381		-		5		2,401		386		2,401		2,787		(166)	2017	05/04/2016
Restaurants -- Limited Service	Clarksdale	MS				171		459		2		51		173		510		683		(80)	1988	05/06/2016
Restaurants -- Limited Service	Cleveland	MS				91		396		2		54		93		450		543		(76)	1999	05/06/2016
Restaurants -- Limited Service	Greenwood	MS				195		323		3		48		198		371		569		(87)	1984	05/06/2016
Restaurants -- Full Service	Rochester	NY				429		4,630		-		-		429		4,630		5,059		(586)	1905	05/06/2016
Restaurants -- Full Service	Syracuse	NY				776		4,965		-		-		776		4,965		5,741		(623)	1892	05/06/2016
Other Professional, Scientific, and Technical Services	Vancouver	WA		(f)		534		1,490		-		-		534		1,490		2,024		(207)	2000	05/06/2016
Child Day Care Services	Burleson	TX				309		1,069		-		-		309		1,069		1,378		(184)	2006	05/11/2016
Child Day Care Services	Burleson	TX				425		1,905		-		-		425		1,905		2,330		(249)	1993	05/11/2016
Child Day Care Services	Burleson	TX				435		1,494		-		-		435		1,494		1,929		(257)	2009	05/11/2016
Other Professional, Scientific, and Technical Services	Merced	CA		(f)		583		1,656		-		-		583		1,656		2,239		(252)	1986	05/12/2016
Amusement and Theme Parks	Grand Island	NY				8,009		-		-		-		8,009		-		8,009		(1,089)	1961	05/13/2016
Restaurants -- Limited Service	Akron	OH				1,288		414		-		-		1,288		414		1,702		(185)	1950	05/17/2016
Restaurants -- Limited Service	Akron	OH				453		1,975		-		-		453		1,975		2,428		(164)	1960	05/17/2016
Restaurants -- Limited Service	Akron	OH				1,194		647		-		-		1,194		647		1,841		(196)	1994	05/17/2016
Restaurants -- Limited Service	Akron	OH				241		1,541		-		-		241		1,541		1,782		(346)	2005	05/17/2016
Restaurants -- Limited Service	Massillon	OH				511		733		-		-		511		733		1,244		(162)	1996	05/17/2016
Restaurants -- Limited Service	North Canton	OH				584		799		-		-		584		799		1,383		(178)	2003	05/17/2016
Restaurants -- Limited Service	Seven Hills	OH				780		374		-		-		780		374		1,154		(102)	2001	05/17/2016
Restaurants -- Limited Service	Stow	OH				718		725		-		-		718		725		1,443		(144)	1987	05/17/2016
Automotive Repair and Maintenance	Peru	IL				251		360		-		-		251		360		611		(64)	1996	05/26/2016
Automotive Repair and Maintenance	Princeton	IL				89		482		-		-		89		482		571		(96)	1993	05/26/2016
Plastics Product Manufacturing	Greenville	SC				958		3,146		-		-		958		3,146		4,104		(492)	1965	05/27/2016
Plastics Product Manufacturing	Travelers Rest	SC				919		5,883		-		-		919		5,883		6,802		(1,182)	1981	05/27/2016
Child Day Care Services	Andover	MA				1,500		5,423		-		-		1,500		5,423		6,923		(785)	1930	05/31/2016
Child Day Care Services	Beverly	MA				1,520		5,003		-		-		1,520		5,003		6,523		(718)	2009	05/31/2016
Child Day Care Services	Hopkinton	MA				2,438		7,089		-		-		2,438		7,089		9,527		(1,194)	2004	05/31/2016
Child Day Care Services	Marlborough	MA				1,038		3,683		-		-		1,038		3,683		4,721		(536)	1996	05/31/2016
Lumber and Other Construction Materials Merchant Wholesalers	Naples	FL				2,154		3,343		-		-		2,154		3,343		5,497		(560)	2002	06/01/2016
Lumber and Other Construction Materials Merchant Wholesalers	North Fort Myers	FL				5,501		15,647		-		-		5,501		15,647		21,148		(2,544)	1983	06/01/2016
Lumber and Other Construction Materials Merchant Wholesalers	North Port	FL				1,249		3,247		-		-		1,249		3,247		4,496		(547)	2000	06/01/2016
Other Personal Services	Pompano Beach	FL		(f)		788		969		2,346		2,105		3,134		3,074		6,208		(483)	1968	06/01/2016
Elementary and Secondary Schools	Sunnyvale	CA				10,265		3,811		42		4,459		10,307		8,270		18,577		(1,472)	1956	06/02/2016
Restaurants -- Limited Service	Abingdon	VA		(f)		321		96		106		585		427		681		1,108		(86)	1977	06/02/2016
Restaurants -- Limited Service	Spring Hill	TN				455		91		441		450		896		541		1,437		(150)	2016	06/03/2016
Child Day Care Services	Sudbury	MA				2,291		6,093		-		-		2,291		6,093		8,384		(944)	1911	06/07/2016
Child Day Care Services	Walpole	MA				2,430		7,847		-		-		2,430		7,847		10,277		(931)	2008	06/07/2016
Child Day Care Services	Westford	MA				1,179		6,153		-		-		1,179		6,153		7,332		(865)	1996	06/07/2016
Furniture Stores	San Antonio	TX		(f)		1,190		3,501		-		-		1,190		3,501		4,691		(340)	1993	06/16/2016
Automotive Repair and Maintenance	Maplewood	MN				254		224		35		37		289		261		550		(67)	1962	06/17/2016
Automotive Repair and Maintenance	Minneapolis	MN				282		821		17		72		299		893		1,192		(173)	1954	06/17/2016
Child Day Care Services	Douglasville	GA				638		1,563		-		-		638		1,563		2,201		(196)	2008	06/27/2016

F-29

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Nashville	TN		(f)		1,974		-		145		2,038		2,119		2,038		4,157		(126)	2017	06/30/2016
Other Professional, Scientific, and Technical Services	Glendale	WI		(f)		313		710		-		-		313		710		1,023		(134)	1974	06/30/2016
Child Day Care Services	Novi	MI				959		90		1,204		2,711		2,163		2,801		4,964		(413)	2017	07/01/2016
Health Clubs	Katy	TX				1,065		468		1,382		5,151		2,447		5,619		8,066		(563)	2017	07/11/2016
Restaurants -- Full Service	Sioux City	IA				369		2,169		-		-		369		2,169		2,538		(279)	1994	07/15/2016
Foundation, Structure, and Building Exterior Contractors	Bangor	ME		(f)		273		614		82		163		355		777		1,132		(169)	1979	07/15/2016
Restaurants -- Full Service	Rapid City	SD				887		1,652		-		-		887		1,652		2,539		(251)	1996	07/15/2016
Restaurants -- Full Service	Sioux Falls	SD				518		2,550		-		-		518		2,550		3,068		(340)	2001	07/15/2016
Restaurants -- Full Service	Spearfish	SD				790		1,447		-		-		790		1,447		2,237		(220)	2000	07/15/2016
Restaurants -- Full Service	Watertown	SD				700		2,327		-		-		700		2,327		3,027		(327)	2005	07/15/2016
Bowling Centers	Seattle	WA				1,726		1,082		144		796		1,870		1,878		3,748		(215)	1957	07/26/2016
Other Personal Services	Ann Arbor	MI		(f)		719		899		-		-		719		899		1,618		(189)	1986	07/27/2016
Outpatient Care Centers	Newton	AL				102		349		-		-		102		349		451		(45)	1980	07/28/2016
Outpatient Care Centers	Oxford	AL				132		1,140		-		-		132		1,140		1,272		(100)	1950	07/28/2016
Outpatient Care Centers	Waco	TX				68		223		-		-		68		223		291		(40)	1976	07/28/2016
Child Day Care Services	Windsor	CT				359		-		-		-		359		-		359		-	1989	07/29/2016
Health Clubs	Florence	KY				286		-		293		2,124		579		2,124		2,703		(188)	2017	07/29/2016
Other Personal Services	Phoenix	AZ				573		1,121		-		-		573		1,121		1,694		(120)	2008	08/02/2016
Other Personal Services	Jacksonville	FL				415		3,236		78		322		493		3,558		4,051		(983)	2004	08/02/2016
Other Personal Services	Newberry	FL				999		1,372		-		477		999		1,849		2,848		(234)	2008	08/02/2016
Other Personal Services	Ormond Beach	FL				404		1,274		-		-		404		1,274		1,678		(159)	2006	08/02/2016
Other Personal Services	Riviera Beach	FL				934		2,037		-		-		934		2,037		2,971		(282)	1987	08/02/2016
Other Personal Services	Sanford	FL				1,165		667		-		-		1,165		667		1,832		(124)	2007	08/02/2016
Other Personal Services	Kenner	LA				650		1,603		-		-		650		1,603		2,253		(223)	1968	08/02/2016
Other Personal Services	Huntersville	NC				1,070		732		-		557		1,070		1,289		2,359		(204)	2001	08/02/2016
Other Personal Services	Matthews	NC				440		1,162		-		382		440		1,544		1,984		(157)	1992	08/02/2016
Other Personal Services	Houston	TX				1,412		3,100		-		-		1,412		3,100		4,512		(376)	2008	08/02/2016
Other Personal Services	Humble	TX				936		1,746		-		-		936		1,746		2,682		(252)	2009	08/02/2016
Other Personal Services	Irving	TX				383		2,349		-		-		383		2,349		2,732		(233)	2005	08/02/2016
Other Personal Services	Albuquerque	NM		(f)		764		1,010		-		-		764		1,010		1,774		(149)	1996	08/09/2016
Other Personal Services	Los Ranchos de Albuquerque	NM		(f)		1,107		768		-		-		1,107		768		1,875		(157)	1955	08/09/2016
Health Clubs	Little Rock	AR				1,867		1,330		-		83		1,867		1,413		3,280		(179)	2008	08/12/2016
Health Clubs	Chattanooga	TN				943		772		-		81		943		853		1,796		(39)	2007	08/12/2016
Other Professional, Scientific, and Technical Services	Columbus	GA		(f)		192		431		-		-		192		431		623		(83)	1975	08/19/2016
Restaurants -- Full Service	Gastonia	NC		(f)		1,408		-		352		1,282		1,760		1,282		3,042		(165)	2017	08/22/2016
Automotive Repair and Maintenance	Channahon	IL				446		630		-		-		446		630		1,076		-	2018	08/25/2016
Car Dealers	Orlando	FL				4,389		4,933		144		473		4,533		5,406		9,939		(881)	1990	08/26/2016
Other Professional, Scientific, and Technical Services	Horn Lake	MS				200		673		-		-		200		673		873		(83)	1997	08/26/2016
Foundation, Structure, and Building Exterior Contractors	Rotterdam	NY		(f)		244		417		-		32		244		449		693		(84)	2002	08/26/2016
Restaurants -- Limited Service	Benton	KY				341		574		-		-		341		574		915		(88)	2014	08/30/2016
Restaurants -- Limited Service	Jackson	OH				521		394		-		-		521		394		915		(57)	1994	08/30/2016
Restaurants -- Limited Service	Nelsonville	OH				382		563		-		-		382		563		945		(98)	1994	08/30/2016
Restaurants -- Limited Service	Portsmouth	OH				377		607		-		-		377		607		984		(89)	1998	08/30/2016
Restaurants -- Limited Service	Barboursville	WV				389		654		-		-		389		654		1,043		(97)	1994	08/30/2016
Restaurants -- Limited Service	Parkersburg	WV				366		698		-		-		366		698		1,064		(101)	2007	08/30/2016
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	Dripping Springs	TX				3,346		4,063		-		-		3,346		4,063		7,409		(927)	1981	09/02/2016
Lumber and Other Construction Materials Merchant Wholesalers	Big Lake	MN				752		492		-		-		752		492		1,244		(150)	1999	09/14/2016

F-30

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Lumber and Other Construction Materials Merchant Wholesalers	Hastings	MN				798		1,038		-		-		798		1,038		1,836		(241)	1986	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Kasson	MN				367		1,249		-		-		367		1,249		1,616		(256)	1981	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Red Wing	MN				568		526		-		-		568		526		1,094		(149)	2002	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Stillwater	MN				207		45		-		-		207		45		252		(17)	1959	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Amery	WI				230		342		-		-		230		342		572		(73)	1998	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Chippewa Falls	WI				331		1,322		-		-		331		1,322		1,653		(189)	2006	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Hayward	WI				589		594		-		-		589		594		1,183		(138)	1970	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Milltown	WI				372		300		-		-		372		300		672		(85)	2001	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Rice Lake	WI				419		463		-		-		419		463		882		(101)	1982	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	River Falls	WI				817		1,146		-		-		817		1,146		1,963		(290)	1978	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Siren	WI				384		568		-		-		384		568		952		(133)	2001	09/14/2016
Lumber and Other Construction Materials Merchant Wholesalers	Spooner	WI				177		485		-		-		177		485		662		(91)	1970	09/14/2016
Restaurants -- Full Service	McDonough	GA		(f)		1,814		235		761		1,731		2,575		1,966		4,541		(257)	2017	09/16/2016
Restaurants -- Limited Service	Carlisle	PA		(f)		668		-		440		530		1,108		530		1,638		(117)	2017	09/20/2016
Restaurants -- Full Service	Troy	NY				1,695		4,540		-		-		1,695		4,540		6,235		(468)	1989	09/26/2016
Other Professional, Scientific, and Technical Services	Carmel	IN				400		1,082		-		-		400		1,082		1,482		(136)	1975	09/27/2016
Medical Equipment and Supplies Manufacturing	Warsaw	IN				1,603		2,186		-		-		1,603		2,186		3,789		(446)	1954	09/28/2016
Restaurants -- Full Service	Minneapolis	MN				2,614		3,424		-		-		2,614		3,424		6,038		(286)	1956	09/28/2016
Medical Equipment and Supplies Manufacturing	Kenosha	WI				1,456		2,774		-		-		1,456		2,774		4,230		(410)	2001	09/28/2016
Health Clubs	Fresno	CA		(f)		681		1,796		50		251		731		2,047		2,778		(245)	1978	09/30/2016
Child Day Care Services	Aurora	IL				332		1,228		-		-		332		1,228		1,560		(234)	1999	09/30/2016
Child Day Care Services	Naperville	IL				488		1,121		-		-		488		1,121		1,609		(223)	1999	09/30/2016
Child Day Care Services	Oswego	IL				374		1,155		-		-		374		1,155		1,529		(167)	2007	09/30/2016
Other Professional, Scientific, and Technical Services	Winston-Salem	NC		(f)		463		712		-		-		463		712		1,175		(140)	1966	09/30/2016
Metalworking Machinery Manufacturing	Mineral Ridge	OH				392		270		-		-		392		270		662		(51)	2001	09/30/2016
Other Chemical Product and Preparation Manufacturing	Fountain Inn	SC				612		4,113		-		-		612		4,113		4,725		(506)	1995	09/30/2016
Steel Product Manufacturing from Purchased Steel	Bristol	TN				1,698		5,746		-		-		1,698		5,746		7,444		(679)	1965	09/30/2016
Other Chemical Product and Preparation Manufacturing	Cleveland	TN				490		3,861		-		-		490		3,861		4,351		(433)	1977	09/30/2016
Boiler, Tank, and Shipping Container Manufacturing	Andrews	TX				2,098		1,545		-		-		2,098		1,545		3,643		(248)	1998	09/30/2016
Metalworking Machinery Manufacturing	Houston	TX				1,222		171		-		-		1,222		171		1,393		(45)	1965	09/30/2016
Dairy Product Manufacturing	Colby	WI				769		14,530		2,481		6,619		3,250		21,149		24,399		(2,089)	1976	09/30/2016
Dairy Product Manufacturing	Unity	WI				272		2,100		-		-		272		2,100		2,372		(273)	1990	09/30/2016
Movie Theaters	Clinton Township	MI		(f)		2,119		4,674		-		3,710		2,119		8,384		10,503		(1,397)	1989	10/07/2016
Metalworking Machinery Manufacturing	Statesboro	GA				217		309		-		273		217		582		799		(69)	2000	10/14/2016
Metalworking Machinery Manufacturing	Macomb	MI				656		5,967		-		741		656		6,708		7,364		(574)	1999	10/14/2016
Metalworking Machinery Manufacturing	Washington	MO				892		2,758		-		-		892		2,758		3,650		(429)	1994	10/14/2016
Metalworking Machinery Manufacturing	Washington	MO				726		1,490		-		-		726		1,490		2,216		(262)	1999	10/14/2016
Metalworking Machinery Manufacturing	Fort Loramie	OH				490		2,476		-		-		490		2,476		2,966		(264)	1992	10/14/2016
Plastics Product Manufacturing	Perrysville	OH				4,176		10,092		-		-		4,176		10,092		14,268		(1,571)	1995	10/18/2016
Plastics Product Manufacturing	Streetsboro	OH				4,515		14,239		-		-		4,515		14,239		18,754		(2,228)	1993	10/18/2016
Health Clubs	Mission	TX		(f)		618		283		460		1,686		1,078		1,969		3,047		(153)	2018	10/18/2016
Other Professional, Scientific, and Technical Services	Thiensville	WI		(f)		216		584		-		-		216		584		800		(108)	1964	10/21/2016
Offices of Physicians	Little Rock	AR				850		3,564		-		-		850		3,564		4,414		(324)	1989	10/26/2016
Restaurants -- Full Service	Brooklyn Park	MN				905		1,216		-		-		905		1,216		2,121		(172)	1988	10/27/2016
Psychiatric and Substance Abuse Hospitals	Columbus	OH				1,517		14,502		-		-		1,517		14,502		16,019		(1,259)	2007	10/27/2016
Lumber and Other Construction Materials Merchant Wholesalers	Glencoe	MN				205		537		-		-		205		537		742		(105)	1961	10/28/2016
Lumber and Other Construction Materials Merchant Wholesalers	Watertown	MN				500		763		-		-		500		763		1,263		(129)	1997	10/28/2016
Furniture Stores	Prattville	AL				1,416		4,557		-		-		1,416		4,557		5,973		(394)	1996	10/31/2016
Other Personal Services	Thonotosassa	FL		(f)		575		1,708		-		-		575		1,708		2,283		(187)	2009	11/03/2016
Apparel Manufacturing	Conover	NC				251		2,716		-		-		251		2,716		2,967		(302)	1973	11/07/2016

F-31

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Apparel Manufacturing	Newton	NC				445		1,765		-		174		445		1,939		2,384		(228)	1982	11/07/2016
Wholesale Automobile Auction	Houston	TX		(f)		6,981		6,294		5,913		126		12,894		6,420		19,314		(1,600)	2015	11/07/2016
Furniture Stores	Rogers	AR				3,546		3,094		-		-		3,546		3,094		6,640		(334)	2005	11/09/2016
Furniture Stores	Terre Haute	IN				1,991		3,168		-		-		1,991		3,168		5,159		(339)	2013	11/09/2016
Furniture Stores	Springfield	MO				2,591		4,105		-		-		2,591		4,105		6,696		(335)	2005	11/09/2016
Furniture Stores	Springfield	MO				715		1,919		-		-		715		1,919		2,634		(207)	2013	11/09/2016
Restaurants -- Limited Service	Lexington	KY		(f)		569		232		-		-		569		232		801		(35)	1980	11/14/2016
Restaurants -- Limited Service	Lexington	KY		(f)		314		266		-		-		314		266		580		(44)	1980	11/14/2016
Restaurants -- Limited Service	Lexington	KY		(f)		338		393		-		-		338		393		731		(62)	1986	11/14/2016
Restaurants -- Limited Service	Middletown	KY		(f)		391		380		-		-		391		380		771		(57)	1997	11/14/2016
Restaurants -- Limited Service	Nicholasville	KY		(f)		269		241		-		-		269		241		510		(42)	1992	11/14/2016
Restaurants -- Limited Service	Pikeville	KY		(f)		321		300		-		-		321		300		621		(53)	1983	11/14/2016
Child Day Care Services	Queen Creek	AZ		(f)		527		1,581		-		-		527		1,581		2,108		(146)	2006	11/17/2016
Other Personal Services	Largo	FL		(f)		273		549		-		-		273		549		822		(77)	1950	11/18/2016
Child Day Care Services	Augusta	GA				148		445		-		-		148		445		593		(66)	1991	11/18/2016
Car Dealers	Indianapolis	IN				1,033		1,437		-		-		1,033		1,437		2,470		(216)	1969	11/18/2016
Car Dealers	Indianapolis	IN				720		700		-		-		720		700		1,420		(146)	1998	11/18/2016
Car Dealers	Mishawaka	IN				775		470		-		-		775		470		1,245		(98)	1999	11/18/2016
Semiconductor and Other Electronic Component Manufacturing	Albuquerque	NM				2,636		3,127		-		-		2,636		3,127		5,763		(470)	1999	11/18/2016
Car Dealers	Columbus	OH				385		724		-		-		385		724		1,109		(96)	1982	11/18/2016
Car Dealers	Columbus	OH				1,766		2,007		-		-		1,766		2,007		3,773		(337)	1967	11/18/2016
Restaurants -- Full Service	San Antonio	TX				1,390		211		745		1,320		2,135		1,531		3,666		(220)	2017	11/29/2016
Automotive Repair and Maintenance	Chandler	AZ				1,319		2,488		-		-		1,319		2,488		3,807		(237)	2000	11/30/2016
Automotive Repair and Maintenance	Fountain Hills	AZ				355		557		-		-		355		557		912		(64)	2009	11/30/2016
Automotive Repair and Maintenance	Gilbert	AZ				765		702		-		-		765		702		1,467		(127)	1999	11/30/2016
Automotive Repair and Maintenance	Gilbert	AZ				852		1,131		-		-		852		1,131		1,983		(117)	2008	11/30/2016
Automotive Repair and Maintenance	Glendale	AZ				426		704		-		-		426		704		1,130		(85)	1976	11/30/2016
Automotive Repair and Maintenance	Glendale	AZ				664		1,001		-		-		664		1,001		1,665		(123)	1995	11/30/2016
Automotive Repair and Maintenance	Mesa	AZ				706		1,208		-		-		706		1,208		1,914		(147)	1983	11/30/2016
Automotive Repair and Maintenance	Mesa	AZ				781		2,203		-		-		781		2,203		2,984		(238)	1986	11/30/2016
Automotive Repair and Maintenance	Mesa	AZ				858		976		-		-		858		976		1,834		(127)	2004	11/30/2016
Automotive Repair and Maintenance	Scottsdale	AZ				552		787		-		-		552		787		1,339		(93)	1993	11/30/2016
Automotive Repair and Maintenance	Scottsdale	AZ				893		743		-		-		893		743		1,636		(94)	1997	11/30/2016
Automotive Repair and Maintenance	Sun City West	AZ				452		1,134		-		-		452		1,134		1,586		(125)	1990	11/30/2016
Automotive Repair and Maintenance	Tempe	AZ				831		983		-		-		831		983		1,814		(123)	1995	11/30/2016
Automotive Repair and Maintenance	Henderson	NV				458		1,525		-		-		458		1,525		1,983		(176)	2006	11/30/2016
Automotive Repair and Maintenance	Las Vegas	NV				316		755		-		-		316		755		1,071		(127)	1991	11/30/2016
Automotive Repair and Maintenance	Las Vegas	NV				933		1,397		-		-		933		1,397		2,330		(176)	2004	11/30/2016
Automotive Repair and Maintenance	North Las Vegas	NV				1,044		1,107		-		-		1,044		1,107		2,151		(142)	2005	11/30/2016
Automotive Repair and Maintenance	Austin	TX				1,108		1,301		-		-		1,108		1,301		2,409		(131)	2009	11/30/2016
Automotive Repair and Maintenance	Georgetown	TX				638		502		-		-		638		502		1,140		(69)	2008	11/30/2016
Automotive Repair and Maintenance	Lakeway	TX				841		1,202		-		-		841		1,202		2,043		(195)	2015	11/30/2016
Health Clubs	Chicago	IL				7,155		4,440		-		-		7,155		4,440		11,595		(518)	1974	12/01/2016
Automotive Repair and Maintenance	Jacksonville	FL		(f)		2,312		1,931		-		-		2,312		1,931		4,243		(369)	2005	12/06/2016
Automotive Repair and Maintenance	Jacksonville	FL		(f)		2,100		1,392		-		-		2,100		1,392		3,492		(324)	2008	12/06/2016
Automotive Repair and Maintenance	Jacksonville	FL		(f)		1,575		1,508		-		-		1,575		1,508		3,083		(269)	2011	12/06/2016
Automotive Repair and Maintenance	Jacksonville	FL		(f)		1,314		1,479		-		-		1,314		1,479		2,793		(278)	2008	12/06/2016
Rubber Product Manufacturing	Kaufman	TX				1,119		5,897		-		-		1,119		5,897		7,016		(1,057)	1973	12/06/2016
Health Clubs	Harlingen	TX		(f)		487		391		819		2,293		1,306		2,684		3,990		(122)	2018	12/08/2016
Child Day Care Services	Frisco	TX				995		1,842		-		-		995		1,842		2,837		(253)	2003	12/09/2016

F-32

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Dickson City	PA				968		277		-		733		968		1,010		1,978		(130)	2000	12/12/2016
Paint, Coating, and Adhesive Manufacturing	Norton	OH				748		2,892		-		-		748		2,892		3,640		(350)	1986	12/16/2016
Paint, Coating, and Adhesive Manufacturing	Tomball	TX				1,544		1,272		-		-		1,544		1,272		2,816		(277)	2001	12/16/2016
Other Professional, Scientific, and Technical Services	Phoenix	AZ		(f)		611		1,808		-		-		611		1,808		2,419		(204)	1997	12/22/2016
Consumer Goods Rental	Cortez	CO				569		1,653		-		-		569		1,653		2,222		(177)	2014	12/22/2016
Consumer Goods Rental	Grand Junction	CO				578		831		-		-		578		831		1,409		(99)	2005	12/22/2016
Farm and Ranch Supply Stores	Monticello	MN				8,998		5,920		3,642		10,165		12,640		16,085		28,725		(1,787)	2017	12/22/2016
Consumer Goods Rental	Ontario	OR				434		1,302		-		-		434		1,302		1,736		(104)	2010	12/22/2016
Other Professional, Scientific, and Technical Services	Arlington	TX		(f)		447		324		-		-		447		324		771		(59)	1993	12/22/2016
Other Professional, Scientific, and Technical Services	Bedford	TX		(f)		166		646		-		-		166		646		812		(77)	1982	12/22/2016
Other Professional, Scientific, and Technical Services	Farmers Branch	TX		(f)		118		551		-		-		118		551		669		(61)	1965	12/22/2016
Other Professional, Scientific, and Technical Services	Houston	TX		(f)		309		350		-		-		309		350		659		(58)	1977	12/22/2016
Other Professional, Scientific, and Technical Services	Houston	TX		(f)		218		148		-		-		218		148		366		(25)	1965	12/22/2016
Other Professional, Scientific, and Technical Services	Humble	TX		(f)		254		283		-		-		254		283		537		(77)	1992	12/22/2016
Other Professional, Scientific, and Technical Services	La Porte	TX		(f)		159		531		-		-		159		531		690		(91)	2000	12/22/2016
Other Professional, Scientific, and Technical Services	Mansfield	TX		(f)		271		430		-		-		271		430		701		(98)	1984	12/22/2016
Other Professional, Scientific, and Technical Services	Spring	TX		(f)		361		491		-		-		361		491		852		(87)	1994	12/22/2016
Other Professional, Scientific, and Technical Services	Wylie	TX		(f)		226		596		-		-		226		596		822		(102)	1985	12/22/2016
Consumer Goods Rental	Vernal	UT				420		1,306		-		-		420		1,306		1,726		(108)	2007	12/22/2016
Consumer Goods Rental	Riverton	WY				368		1,388		-		-		368		1,388		1,756		(116)	2009	12/22/2016
Other Professional, Scientific, and Technical Services	Inver Grove Heights	MN				1,272		1,047		-		1,069		1,272		2,116		3,388		(178)	1963	12/30/2016
Outpatient Care Centers	St. Albans	VT				312		283		4		354		316		637		953		(114)	1997	12/30/2016
Other Professional, Scientific, and Technical Services	Atlanta	GA				376		858		-		-		376		858		1,234		(91)	2005	01/03/2017
Other Professional, Scientific, and Technical Services	Murrayville	GA				406		366		-		-		406		366		772		(56)	1988	01/03/2017
Other Professional, Scientific, and Technical Services	Thomasville	NC		(f)		369		1,259		-		-		369		1,259		1,628		(122)	2014	01/05/2017
Other Personal Services	Thomasville	NC		(f)		174		459		-		-		174		459		633		(47)	1956	01/05/2017
Other General Purpose Machinery Manufacturing	Malvern	AR				832		3,507		17		424		849		3,931		4,780		(490)	1971	01/06/2017
Child Day Care Services	Glastonbury	CT				469		-		-		-		469		-		469		-	1957	01/06/2017
Other General Purpose Machinery Manufacturing	Germantown	WI				1,127		2,265		16		247		1,143		2,512		3,655		(321)	1978	01/06/2017
Health Clubs	Amarillo	TX				903		2,562		-		-		903		2,562		3,465		(424)	1980	01/09/2017
Health Clubs	Chandler	AZ		(f)		1,591		413		25		4,723		1,616		5,136		6,752		(202)	2018	01/11/2017
Farm and Ranch Supply Stores	Peyton	CO				1,714		4,961		-		-		1,714		4,961		6,675		(586)	2000	01/17/2017
Medical and Diagnostic Laboratories	Cohoes	NY				663		2,031		-		-		663		2,031		2,694		(231)	1985	01/23/2017
Medical and Diagnostic Laboratories	Kingston	PA				510		5,348		-		-		510		5,348		5,858		(422)	1959	01/23/2017
Other Professional, Scientific, and Technical Services	Englewood	CO		(f)		204		764		-		-		204		764		968		(111)	1965	01/27/2017
Lumber and Other Construction Materials Merchant Wholesalers	Batesville	AR				430		1,072		-		-		430		1,072		1,502		(166)	1995	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Benton	AR				322		719		-		-		322		719		1,041		(119)	1977	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Cabot	AR				346		1,256		-		-		346		1,256		1,602		(170)	1980	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Conway	AR				560		1,592		-		-		560		1,592		2,152		(242)	1985	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Conway	AR				52		509		-		-		52		509		561		(56)	1993	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Fayetteville	AR				502		1,831		-		-		502		1,831		2,333		(239)	1995	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Jonesboro	AR				483		1,559		-		-		483		1,559		2,042		(207)	1988	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Little Rock	AR				540		772		-		-		540		772		1,312		(112)	1970	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Rogers	AR				1,530		2,104		-		-		1,530		2,104		3,634		(263)	1992	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Russellville	AR				685		1,057		-		-		685		1,057		1,742		(160)	1983	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Searcy	AR				519		3,716		-		-		519		3,716		4,235		(419)	1988	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Searcy	AR				1,003		949		-		-		1,003		949		1,952		(106)	1985	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Searcy	AR				487		1,915		-		-		487		1,915		2,402		(221)	1999	01/31/2017
Restaurants -- Full Service	Altamonte Springs	FL				382		1,311		-		-		382		1,311		1,693		(138)	1994	01/31/2017
Restaurants -- Full Service	Bradenton	FL				1,238		1,153		-		-		1,238		1,153		2,391		(216)	1960	01/31/2017

F-33

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Gainesville	FL				1,076		817		-		-		1,076		817		1,893		(173)	1992	01/31/2017
Restaurants -- Full Service	Kissimmee	FL				967		926		-		-		967		926		1,893		(142)	2009	01/31/2017
Restaurants -- Full Service	Lakeland	FL				843		1,049		-		-		843		1,049		1,892		(128)	1985	01/31/2017
Restaurants -- Full Service	Largo	FL				784		1,607		-		-		784		1,607		2,391		(190)	1972	01/31/2017
Restaurants -- Full Service	New Port Richey	FL				1,022		871		-		-		1,022		871		1,893		(170)	1973	01/31/2017
Restaurants -- Full Service	Orlando	FL				1,159		933		-		-		1,159		933		2,092		(190)	1982	01/31/2017
Restaurants -- Full Service	Orlando	FL				1,188		804		-		-		1,188		804		1,992		(158)	1999	01/31/2017
Restaurants -- Full Service	Palm Harbor	FL				949		844		-		-		949		844		1,793		(146)	1983	01/31/2017
Restaurants -- Full Service	Sanford	FL				1,312		879		-		-		1,312		879		2,191		(173)	1984	01/31/2017
Restaurants -- Full Service	Tampa	FL				913		880		-		-		913		880		1,793		(174)	1985	01/31/2017
Restaurants -- Full Service	Tampa	FL				949		844		-		-		949		844		1,793		(132)	1984	01/31/2017
Restaurants -- Full Service	Wesley Chapel	FL				1,322		1,168		-		-		1,322		1,168		2,490		(170)	2007	01/31/2017
Restaurants -- Full Service	Plymouth	MN		(f)		1,837		2,894		-		-		1,837		2,894		4,731		(361)	1973	01/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Joplin	MO				430		692		-		-		430		692		1,122		(108)	1977	01/31/2017
Other Professional, Scientific, and Technical Services	Huntsville	AL				290		733		-		-		290		733		1,023		(77)	1963	02/01/2017
Motor Vehicle Parts Manufacturing	Tallahassee	FL		(f)		1,681		6,860		-		-		1,681		6,860		8,541		(889)	1980	02/03/2017
Motor Vehicle Parts Manufacturing	Defiance	OH		(f)		378		1,289		-		-		378		1,289		1,667		(232)	1985	02/03/2017
Motor Vehicle Parts Manufacturing	Defiance	OH		(f)		662		2,960		-		-		662		2,960		3,622		(527)	1987	02/03/2017
Motor Vehicle Parts Manufacturing	Toledo	OH		(f)		320		2,873		-		-		320		2,873		3,193		(454)	1983	02/03/2017
Health Clubs	Westborough	MA				2,013		5,511		-		-		2,013		5,511		7,524		(636)	1973	02/15/2017
Consumer Goods Rental	Winnemucca	NV				364		749		-		3		364		752		1,116		(115)	1996	02/16/2017
Consumer Goods Rental	Cheyenne	WY				325		981		-		3		325		984		1,309		(85)	2006	02/16/2017
Chemical and Allied Products Merchant Wholesalers	Tallapoosa	GA		(f)		657		2,938		-		-		657		2,938		3,595		(350)	1964	02/23/2017
Chemical and Allied Products Merchant Wholesalers	Barberton	OH		(f)		819		3,148		-		-		819		3,148		3,967		(406)	1920	02/23/2017
Chemical and Allied Products Merchant Wholesalers	Huntingdon	TN		(f)		645		1,641		-		-		645		1,641		2,286		(260)	1989	02/23/2017
Other Professional, Scientific, and Technical Services	Melbourne	FL				314		1,720		-		-		314		1,720		2,034		(138)	2005	02/27/2017
Furniture Stores	Schaumburg	IL				6,062		6,226		-		-		6,062		6,226		12,288		(688)	1996	03/01/2017
Furniture Stores	Woodridge	IL				3,558		6,288		-		-		3,558		6,288		9,846		(613)	2014	03/01/2017
Furniture Stores	Bay City	MI				755		6,218		-		-		755		6,218		6,973		(538)	1995	03/01/2017
Furniture Stores	Burton	MI				1,564		7,900		-		-		1,564		7,900		9,464		(696)	1987	03/01/2017
Furniture Stores	Howell	MI				1,569		6,493		-		-		1,569		6,493		8,062		(573)	1997	03/01/2017
Furniture Stores	Livonia	MI				1,414		7,442		-		-		1,414		7,442		8,856		(600)	1982	03/01/2017
Furniture Stores	Petoskey	MI				1,961		5,983		-		-		1,961		5,983		7,944		(511)	2008	03/01/2017
Furniture Stores	Port Huron	MI				1,514		8,215		-		-		1,514		8,215		9,729		(743)	2001	03/01/2017
Furniture Stores	Portage	MI				1,601		7,657		-		-		1,601		7,657		9,258		(572)	1983	03/01/2017
Furniture Stores	Royal Oak	MI				613		8,390		-		-		613		8,390		9,003		(802)	1998	03/01/2017
Furniture Stores	Saginaw	MI				1,413		9,807		-		-		1,413		9,807		11,220		(1,019)	1984	03/01/2017
Furniture Stores	Shelby Township	MI				1,666		11,241		-		-		1,666		11,241		12,907		(888)	1992	03/01/2017
Furniture Stores	Taylor	MI				2,065		12,793		-		-		2,065		12,793		14,858		(1,030)	1977	03/01/2017
Furniture Stores	Warren	MI				599		6,933		-		-		599		6,933		7,532		(538)	1962	03/01/2017
Furniture Stores	Waterford	MI				1,129		8,364		-		-		1,129		8,364		9,493		(672)	1972	03/01/2017
Other Personal Services	Lutz	FL		(f)		243		443		-		-		243		443		686		(55)	2008	03/02/2017
Psychiatric and Substance Abuse Hospitals	Albuquerque	NM				1,283		1,609		81		5,227		1,364		6,836		8,200		(584)	1980	03/02/2017
Offices of Dentists	Chicago	IL				164		489		36		456		200		945		1,145		(82)	1964	03/03/2017
Offices of Physicians	Flagstaff	AZ		(f)		1,062		2,579		-		-		1,062		2,579		3,641		(247)	2012	03/08/2017
Offices of Physicians	Globe	AZ		(f)		212		416		-		-		212		416		628		(60)	2003	03/08/2017
Offices of Physicians	Lake Havasu City	AZ		(f)		840		2,552		-		-		840		2,552		3,392		(274)	1979	03/08/2017

F-34

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Offices of Physicians	Mesa	AZ		(f)		1,073		3,496		-		-		1,073		3,496		4,569		(247)	2008	03/08/2017
Offices of Physicians	Phoenix	AZ		(f)		174		6,374		-		-		174		6,374		6,548		(484)	1977	03/08/2017
Offices of Physicians	Safford	AZ		(f)		343		814		-		-		343		814		1,157		(90)	1987	03/08/2017
Offices of Physicians	Show Low	AZ		(f)		413		2,131		-		-		413		2,131		2,544		(176)	2014	03/08/2017
Automotive Repair and Maintenance	Bloomington	MN				952		427		-		-		952		427		1,379		(53)	2003	03/13/2017
Aerospace Product and Parts Manufacturing	Orange City	IA		(f)		1,219		3,750		-		-		1,219		3,750		4,969		(365)	2004	03/15/2017
Child Day Care Services	Eden Prairie	MN				1,065		1,073		5		153		1,070		1,226		2,296		(155)	1996	03/15/2017
Aerospace Product and Parts Manufacturing	Auburn	WA		(f)		1,059		719		-		-		1,059		719		1,778		(90)	1985	03/15/2017
Chemical and Allied Products Merchant Wholesalers	Whitewater	WI		(f)		495		2,230		-		-		495		2,230		2,725		(251)	1994	03/16/2017
Outpatient Care Centers	Jacksonville	FL		(f)		796		2,212		-		-		796		2,212		3,008		(194)	1998	03/24/2017
Restaurants -- Limited Service	Montgomery	AL				814		1,100		-		-		814		1,100		1,914		(122)	2016	03/29/2017
Restaurants -- Limited Service	Prattville	AL				798		1,196		-		-		798		1,196		1,994		(132)	2016	03/29/2017
Wholesale Automobile Auction	Parma	MI		(f)		1,256		716		-		-		1,256		716		1,972		(274)	1972	03/31/2017
Wholesale Automobile Auction	Wayland	MI		(f)		6,867		8,177		-		-		6,867		8,177		15,044		(1,746)	1998	03/31/2017
Bowling Centers	Yakima	WA				1,104		1,612		-		-		1,104		1,612		2,716		(249)	1966	03/31/2017
Health Clubs	St Paul	MN		(f)		560		1,468		-		-		560		1,468		2,028		(142)	1988	04/07/2017
Child Day Care Services	Birmingham	AL		(f)		873		3,150		-		-		873		3,150		4,023		(254)	1995	04/19/2017
Child Day Care Services	Hoover	AL		(f)		972		2,568		-		-		972		2,568		3,540		(218)	2001	04/19/2017
Restaurants -- Limited Service	Princeton	WV		(f)		915		424		-		-		915		424		1,339		(118)	2009	04/21/2017
Restaurants -- Limited Service	Saint Albans	WV		(f)		512		457		-		-		512		457		969		(79)	2009	04/21/2017
Furniture Stores	San Antonio	TX		(f)		1,586		23		531		1,680		2,117		1,703		3,820		(144)	2017	04/26/2017
Child Day Care Services	Mesa	AZ		(f)		272		900		-		-		272		900		1,172		(72)	1991	04/28/2017
Offices of Physicians	Galesburg	IL		(f)		404		860		-		-		404		860		1,264		(104)	2003	04/28/2017
Offices of Physicians	Morton	IL		(f)		899		2,822		-		-		899		2,822		3,721		(246)	2012	04/28/2017
Offices of Physicians	Normal	IL		(f)		585		1,191		-		-		585		1,191		1,776		(117)	2002	04/28/2017
Offices of Physicians	Peoria	IL		(f)		2,874		9,702		-		-		2,874		9,702		12,576		(803)	1991	04/28/2017
Lessors of Real Estate	Hampstead	NH				802		1,370		-		-		802		1,370		2,172		(232)	1991	04/28/2017
Movie Theaters	Richmond	TX				2,658		-		1,074		10,115		3,732		10,115		13,847		(189)	2019	05/25/2017
Other Electrical Equipment and Component Manufacturing	Colorado Springs	CO				3,091		9,898		2,039		23,775		5,130		33,673		38,803		(1,580)	2005	05/31/2017
Freight Transportation Arrangement	North Charleston	SC		(f)		1,818		13,195		-		-		1,818		13,195		15,013		(921)	2014	05/31/2017
Elementary and Secondary Schools	Fremont	CA				8,419		691		5,306		20,171		13,725		20,862		34,587		(1,028)	2018	06/12/2017
Other Professional, Scientific, and Technical Services	South Deerfield	MA				1,135		900		-		-		1,135		900		2,035		(141)	2006	06/12/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	Tampa	FL				607		1,334		-		2		607		1,336		1,943		(195)	1966	06/27/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	Arlington	TX				778		1,622		-		-		778		1,622		2,400		(245)	1964	06/27/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	Conroe	TX				860		1,134		-		-		860		1,134		1,994		(127)	2003	06/27/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	Houston	TX				2,271		2,673		-		-		2,271		2,673		4,944		(308)	2000	06/27/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	Longview	TX				877		2,433		-		-		877		2,433		3,310		(219)	2012	06/27/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	San Antonio	TX				584		2,943		-		-		584		2,943		3,527		(385)	1970	06/27/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	Tyler	TX				1,111		1,289		-		-		1,111		1,289		2,400		(175)	2007	06/27/2017
Restaurants -- Full Service	Highwood	IL				273		946		-		423		273		1,369		1,642		(116)	2005	06/29/2017
Restaurants -- Full Service	Wauconda	IL				387		513		-		-		387		513		900		(73)	1985	06/29/2017
Restaurants -- Full Service	Fort Walton Beach	FL				934		1,992		-		-		934		1,992		2,926		(151)	1988	06/30/2017

F-35

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Pensacola	FL				587		2,575		-		-		587		2,575		3,162		(197)	1991	06/30/2017
Restaurants -- Full Service	Pensacola	FL				640		2,325		-		-		640		2,325		2,965		(188)	1985	06/30/2017
Restaurants -- Full Service	Pensacola	FL				558		2,663		-		-		558		2,663		3,221		(204)	2004	06/30/2017
Restaurants -- Full Service	Corbin	KY				642		1,419		-		-		642		1,419		2,061		(146)	1996	06/30/2017
Restaurants -- Full Service	Nicholasville	KY				656		1,848		-		-		656		1,848		2,504		(161)	2005	06/30/2017
Restaurants -- Full Service	Somerset	KY				1,068		2,192		-		-		1,068		2,192		3,260		(245)	1987	06/30/2017
Other Personal Services	Carrollton	TX		(f)		1,166		630		-		-		1,166		630		1,796		(89)	1999	06/30/2017
Other Professional, Scientific, and Technical Services	Tacoma	WA				176		353		-		-		176		353		529		(48)	1923	06/30/2017
Other Professional, Scientific, and Technical Services	Aiken	SC				245		783		-		-		245		783		1,028		(75)	2008	07/10/2017
Automotive Repair and Maintenance	Clarksville	TN		(f)		1,126		1,217		-		-		1,126		1,217		2,343		(158)	2007	07/11/2017
Automotive Repair and Maintenance	Clarksville	TN		(f)		1,053		1,309		-		-		1,053		1,309		2,362		(169)	2007	07/11/2017
Automotive Repair and Maintenance	Clarksville	TN		(f)		1,341		1,494		-		-		1,341		1,494		2,835		(200)	2014	07/11/2017
Offices of Physicians	Memphis	TN				623		3,102		-		-		623		3,102		3,725		(272)	1998	07/11/2017
Lessors of Real Estate	Mesa	AZ				619		877		-		-		619		877		1,496		(147)	1976	07/12/2017
Other Personal Services	Erie	CO		(f)		425		294		-		-		425		294		719		(65)	2005	07/19/2017
Offices of Physicians	Phoenix	AZ				882		988		-		1,719		882		2,707		3,589		(233)	1986	07/20/2017
Automotive Repair and Maintenance	Katy	TX				1,463		2,516		-		-		1,463		2,516		3,979		(276)	2016	07/21/2017
Aerospace Product and Parts Manufacturing	Wichita	KS				1,228		4,889		-		2		1,228		4,891		6,119		(461)	1971	07/31/2017
Motor Vehicle Parts Manufacturing	Tiffin	OH		(f)		2,308		7,702		-		-		2,308		7,702		10,010		(941)	2003	08/04/2017
Plastics Product Manufacturing	Northfield	NH				666		3,724		-		-		666		3,724		4,390		(384)	2001	08/08/2017
Other Professional, Scientific, and Technical Services	Laurel	MD				4,377		1,235		-		-		4,377		1,235		5,612		(155)	2007	08/11/2017
Other Personal Services	Arlington	TX				343		-		614		2,344		957		2,344		3,301		(141)	2018	08/18/2017
Other Professional, Scientific, and Technical Services	Apple Valley	MN				536		346		-		-		536		346		882		(52)	2001	08/22/2017
Health Clubs	Elmwood Park	IL		(f)		923		2,055		116		2,789		1,039		4,844		5,883		(301)	2006	08/23/2017
Scientific Research and Development Services	Prescott	WI		(f)		660		5,256		-		-		660		5,256		5,916		(348)	1987	08/30/2017
Lumber and Other Construction Materials Merchant Wholesalers	Evansville	IN				179		888		-		-		179		888		1,067		(80)	1976	08/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Lexington	KY				909		2,085		-		-		909		2,085		2,994		(168)	1977	08/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Louisville	KY				763		2,266		-		-		763		2,266		3,029		(204)	1991	08/31/2017
Lumber and Other Construction Materials Merchant Wholesalers	Shelbyville	KY				1,139		1,786		-		-		1,139		1,786		2,925		(183)	2002	08/31/2017
Other Professional, Scientific, and Technical Services	Montgomery	AL				283		1,053		-		-		283		1,053		1,336		(91)	1981	09/05/2017
Other Professional, Scientific, and Technical Services	Pike Road	AL				396		1,675		-		-		396		1,675		2,071		(109)	2011	09/05/2017
Consumer Goods Rental	Fort Smith	AR		(f)		161		573		-		-		161		573		734		(57)	1967	09/15/2017
Automotive Repair and Maintenance	Cedar Park	TX				1,116		987		-		-		1,116		987		2,103		(98)	2010	09/15/2017
Consumer Goods Rental	Kilgore	TX		(f)		283		883		-		-		283		883		1,166		(73)	2009	09/15/2017
Health Clubs	Phoenix	AZ		(f)		1,360		-		1,551		4,456		2,911		4,456		7,367		(286)	2018	09/20/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	Corpus Christi	TX				1,653		1,630		-		-		1,653		1,630		3,283		(231)	2017	09/20/2017
Family Entertainment Centers	Miami Gardens	FL				11,520		10,216		1,712		1,384		13,232		11,600		24,832		(1,052)	2017	09/21/2017
Sporting Goods, Hobby, and Musical Instrument Stores	Augusta	GA				2,046		7,109		-		-		2,046		7,109		9,155		(433)	2014	09/25/2017
Sporting Goods, Hobby, and Musical Instrument Stores	Post Falls	ID				4,904		20,768		-		-		4,904		20,768		25,672		(1,663)	2007	09/25/2017
Sporting Goods, Hobby, and Musical Instrument Stores	Noblesville	IN				5,019		13,339		-		-		5,019		13,339		18,358		(889)	2015	09/25/2017
Sporting Goods, Hobby, and Musical Instrument Stores	Woodbury	MN				7,593		18,786		-		-		7,593		18,786		26,379		(1,089)	2014	09/25/2017
Sporting Goods, Hobby, and Musical Instrument Stores	Billings	MT				2,753		14,468		-		-		2,753		14,468		17,221		(1,003)	2009	09/25/2017
Sporting Goods, Hobby, and Musical Instrument Stores	Columbus	OH				6,594		16,754		-		-		6,594		16,754		23,348		(990)	2013	09/25/2017
Sporting Goods, Hobby, and Musical Instrument Stores	West Chester	OH				9,013		12,293		-		-		9,013		12,293		21,306		(777)	2015	09/25/2017
Sporting Goods, Hobby, and Musical Instrument Stores	Rapid City	SD				2,996		14,193		-		-		2,996		14,193		17,189		(987)	2008	09/25/2017
Sporting Goods, Hobby, and Musical Instrument Stores	League City	TX				6,032		10,109		-		-		6,032		10,109		16,141		(760)	2016	09/25/2017
Automotive Repair and Maintenance	Springfield	MO		(f)		884		1,566		-		-		884		1,566		2,450		(127)	2007	09/26/2017

F-36

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Automotive Repair and Maintenance	Springfield	MO		(f)		702		1,365		-		-		702		1,365		2,067		(110)	2007	09/26/2017
Outpatient Care Centers	Breaux Bridge	LA				400		458		-		-		400		458		858		(46)	2014	09/28/2017
Automotive Repair and Maintenance	Columbia	MO				1,035		1,238		212		454		1,247		1,692		2,939		(117)	2003	09/28/2017
Automotive Repair and Maintenance	Columbia	MO				1,273		1,862		-		-		1,273		1,862		3,135		(177)	2007	09/28/2017
Automotive Repair and Maintenance	Columbia	MO				914		1,169		-		-		914		1,169		2,083		(116)	1988	09/28/2017
Medical and Diagnostic Laboratories	Enterprise	AL		(f)		196		1,538		-		-		196		1,538		1,734		(107)	2005	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Manchester	CT				745		266		-		-		745		266		1,011		(96)	1953	09/29/2017
Medical and Diagnostic Laboratories	Marianna	FL		(f)		300		1,474		-		-		300		1,474		1,774		(113)	2009	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Dyersville	IA				1,950		875		-		-		1,950		875		2,825		(226)	1984	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Story City	IA				710		479		-		-		710		479		1,189		(103)	1994	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Hampshire	IL				852		297		-		-		852		297		1,149		(120)	1991	09/29/2017
Scientific Research and Development Services	Agawam	MA				980		4,328		-		-		980		4,328		5,308		(345)	1992	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Mancelona	MI				572		439		-		-		572		439		1,011		(92)	1999	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	St. Louis	MI				1,756		1,940		-		-		1,756		1,940		3,696		(368)	1988	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Chanhassen	MN				4,844		1,964		-		-		4,844		1,964		6,808		(435)	1980	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Montrose	MN				1,651		925		-		-		1,651		925		2,576		(180)	2000	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Pipestone	MN				623		665		-		-		623		665		1,288		(94)	1985	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Rogers	MN				2,683		1,093		-		-		2,683		1,093		3,776		(127)	1966	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Hendersonville	NC				1,459		355		-		-		1,459		355		1,814		(126)	1985	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Anderson	SC				794		494		-		-		794		494		1,288		(107)	1997	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Greenville	SC				475		526		-		-		475		526		1,001		(64)	1994	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Greenville	SC				2,204		928		-		-		2,204		928		3,132		(284)	1972	09/29/2017
Health Clubs	Bryan	TX				1,920		5,707		386		1,379		2,306		7,086		9,392		(489)	1982	09/29/2017
Health Clubs	College Station	TX				53		6,612		-		131		53		6,743		6,796		(382)	2013	09/29/2017
Health Clubs	McAllen	TX		(f)		1,351		3,880		-		-		1,351		3,880		5,231		(255)	2015	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Chetek	WI				1,292		1,354		-		-		1,292		1,354		2,646		(211)	1921	09/29/2017
Lumber and Other Construction Materials Merchant Wholesalers	Eau Claire	WI				1,531		1,253		-		-		1,531		1,253		2,784		(202)	1927	09/29/2017
Other Personal Services	Plano	TX				1,088		1,171		-		-		1,088		1,171		2,259		(95)	2007	10/02/2017
Other Personal Services	Egg Harbor City	NJ		(f)		431		1,084		-		-		431		1,084		1,515		(85)	1930	10/05/2017
Child Day Care Services	Newtown	CT				243		-		-		-		243		-		243		-	1779	10/06/2017
Family Entertainment Centers	Katy	TX		(f)		1,564		2,651		-		1,115		1,564		3,766		5,330		(245)	2015	10/17/2017
Other Professional, Scientific, and Technical Services	Arlington	TN		(f)		512		651		-		-		512		651		1,163		(63)	2007	10/18/2017
Restaurants -- Limited Service	Jasper	AL				700		1,270		-		-		700		1,270		1,970		(121)	2017	10/26/2017
Consumer Goods Rental	Fort Smith	AR		(f)		216		804		-		-		216		804		1,020		(66)	1955	10/27/2017
Aerospace Product and Parts Manufacturing	Harbor Springs	MI				402		3,756		976		6,266		1,378		10,022		11,400		(588)	1989	10/27/2017
Health Clubs	Caldwell	ID		(f)		485		4,359		-		-		485		4,359		4,844		(263)	2007	11/03/2017
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Hartselle	AL				3,778		5,701		-		-		3,778		5,701		9,479		(814)	1978	11/08/2017
Health Clubs	Rexburg	ID				435		2,481		-		-		435		2,481		2,916		(212)	2004	11/08/2017
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Albion	IN				412		1,400		-		-		412		1,400		1,812		(170)	1992	11/08/2017
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Albion	IN				368		1,689		-		-		368		1,689		2,057		(203)	1993	11/08/2017
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Avila	IN				636		1,894		-		-		636		1,894		2,530		(246)	1984	11/08/2017
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing	Southfield	MI				1,222		6,010		-		-		1,222		6,010		7,232		(735)	1968	11/08/2017
Automotive Repair and Maintenance	Fenton	MO				863		754		134		725		997		1,479		2,476		(122)	1997	11/08/2017
Other Personal Services	Fairview	TN		(f)		615		2,098		-		-		615		2,098		2,713		(172)	2008	11/09/2017
Outpatient Care Centers	Tuscaloosa	AL				165		381		-		-		165		381		546		(36)	2001	11/17/2017
Health Clubs	Nampa	ID		(f)		1,201		3,688		-		-		1,201		3,688		4,889		(245)	2009	11/17/2017
Consumer Goods Rental	Meridian	MS		(f)		294		620		-		-		294		620		914		(54)	1965	11/17/2017
Forging and Stamping	Lebanon	MO				2,107		11,542		-		-		2,107		11,542		13,649		(916)	1958	11/21/2017
Forging and Stamping	Decatur	TX				3,440		4,239		-		-		3,440		4,239		7,679		(640)	1984	11/21/2017

F-37

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Forging and Stamping	Dublin	VA				4,382		5,273		-		-		4,382		5,273		9,655		(790)	1975	11/21/2017
Forging and Stamping	Chehalis	WA				961		5,335		-		-		961		5,335		6,296		(610)	1996	11/21/2017
Farm and Ranch Supply Stores	Village of Deforest	WI				4,923		-		7,141		18,535		12,064		18,535		30,599		(1,300)	2018	11/21/2017
Furniture Stores	Harrisburg	PA				2,348		2,847		-		-		2,348		2,847		5,195		(273)	1974	11/22/2017
Furniture Stores	McMurray	PA				1,882		14,535		-		-		1,882		14,535		16,417		(684)	2001	11/22/2017
Furniture Stores	Pittsburgh	PA				2,299		12,825		-		-		2,299		12,825		15,124		(643)	1999	11/22/2017
Commercial and Industrial Machinery and Equipment Rental and Leasing	Austin	TX				1,241		977		-		-		1,241		977		2,218		(164)	2017	11/22/2017
Furniture Stores	Leesburg	VA				3,101		3,438		-		-		3,101		3,438		6,539		(337)	2012	11/22/2017
Restaurants -- Limited Service	Overland	MO		(f)		650		-		429		670		1,079		670		1,749		(51)	2018	11/29/2017
Dairy Product Manufacturing	New Berlin	WI				497		2,612		-		-		497		2,612		3,109		(207)	1979	11/29/2017
Restaurants -- Full Service	Saint Marys	OH				324		340		-		-		324		340		664		(53)	1978	11/30/2017
Child Day Care Services	Villa Rica	GA				261		764		7		23		268		787		1,055		(64)	2006	11/30/2017
Restaurants -- Limited Service	Paducah	KY		(f)		309		636		-		-		309		636		945		(63)	2013	11/30/2017
Restaurants -- Limited Service	Sikeston	MO		(f)		742		929		-		-		742		929		1,671		(126)	1989	11/30/2017
Restaurants -- Limited Service	Hamilton	OH		(f)		502		344		-		-		502		344		846		(56)	2006	11/30/2017
Restaurants -- Limited Service	Hamilton	OH		(f)		485		361		-		-		485		361		846		(58)	2007	11/30/2017
Restaurants -- Limited Service	Maineville	OH		(f)		948		246		-		-		948		246		1,194		(51)	1993	11/30/2017
Other Professional, Scientific, and Technical Services	Orlando	FL				381		752		-		-		381		752		1,133		(74)	2005	12/04/2017
Health Clubs	Chandler	AZ		(f)		1,696		501		1,331		4,223		3,027		4,724		7,751		(203)	2018	12/05/2017
Warehousing and Storage	Bay Minette	AL				9,634		27,475		-		-		9,634		27,475		37,109		(3,165)	2000	12/06/2017
Health Clubs	Weslaco	TX		(f)		254		708		-		-		254		708		962		(43)	2005	12/06/2017
Furniture Stores	Columbus	OH				-		-		2,246		11,879		2,246		11,879		14,125		(290)	2019	12/14/2017
Individual and Family Services	Greer	SC				126		342		30		267		156		609		765		(68)	1994	12/14/2017
Individual and Family Services	Spartanburg	SC				241		419		-		-		241		419		660		(53)	1999	12/14/2017
Automotive Repair and Maintenance	San Antonio	TX				636		2,410		-		-		636		2,410		3,046		(161)	2013	12/14/2017
Automotive Repair and Maintenance	San Antonio	TX				678		2,719		-		-		678		2,719		3,397		(169)	2016	12/14/2017
Other Wood Product Manufacturing	Chandler	AZ				7,883		4,645		-		-		7,883		4,645		12,528		(585)	1999	12/15/2017
Other Wood Product Manufacturing	Roseville	CA				5,534		2,992		-		-		5,534		2,992		8,526		(375)	1996	12/15/2017
Other Professional, Scientific, and Technical Services	Oregon City	OR				217		178		-		-		217		178		395		(23)	1971	12/15/2017
Restaurants -- Full Service	Wytheville	VA		(f)		564		545		-		-		564		545		1,109		(86)	1990	12/15/2017
Farm and Ranch Supply Stores	Delavan	WI				4,022		55		9,153		17,460		13,175		17,515		30,690		(1,396)	2018	12/15/2017
Automotive Repair and Maintenance	Cookeville	TN		(f)		392		2,320		-		-		392		2,320		2,712		(164)	2008	12/19/2017
Automotive Repair and Maintenance	Cookeville	TN		(f)		446		1,976		-		-		446		1,976		2,422		(151)	2012	12/19/2017
Restaurants -- Full Service	Enterprise	AL				352		1,498		-		-		352		1,498		1,850		(105)	1997	12/21/2017
Restaurants -- Full Service	Gadsden	AL				683		1,082		-		-		683		1,082		1,765		(102)	2002	12/21/2017
Restaurants -- Full Service	Mobile	AL		(f)		842		949		-		-		842		949		1,791		(87)	1998	12/21/2017
Restaurants -- Full Service	Denver	CO		(f)		1,318		1,079		-		-		1,318		1,079		2,397		(85)	2006	12/21/2017
Restaurants -- Full Service	Bristol	CT				877		904		-		-		877		904		1,781		(112)	2003	12/21/2017
Restaurants -- Full Service	Lake City	FL				626		523		-		-		626		523		1,149		(56)	2004	12/21/2017
Restaurants -- Full Service	Marianna	FL				363		545		-		-		363		545		908		(60)	2000	12/21/2017
Restaurants -- Full Service	Pensacola	FL		(f)		731		867		-		-		731		867		1,598		(80)	2003	12/21/2017
Restaurants -- Full Service	PENSACOLA	FL				540		521		-		-		540		521		1,061		(54)	2001	12/21/2017
Restaurants -- Full Service	Sebastian	FL		(f)		730		597		-		-		730		597		1,327		(63)	2001	12/21/2017
Restaurants -- Full Service	Albany	GA		(f)		720		373		-		-		720		373		1,093		(48)	1994	12/21/2017
Restaurants -- Full Service	Carrollton	GA		(f)		713		610		-		-		713		610		1,323		(73)	2006	12/21/2017
Restaurants -- Full Service	College Park	GA				1,189		1,941		-		-		1,189		1,941		3,130		(170)	1992	12/21/2017

F-38

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Dallas	GA				505		650		-		-		505		650		1,155		(69)	2006	12/21/2017
Restaurants -- Full Service	Dublin	GA		(f)		526		997		-		-		526		997		1,523		(72)	2002	12/21/2017
Consumer Goods Rental	Donaldsonville	LA		(f)		408		607		-		-		408		607		1,015		(62)	2009	12/21/2017
Restaurants -- Full Service	Frederick	MD				1,190		610		-		-		1,190		610		1,800		(81)	2004	12/21/2017
Restaurants -- Full Service	Cadillac	MI				663		1,050		-		-		663		1,050		1,713		(108)	2001	12/21/2017
Restaurants -- Full Service	Corinth	MS		(f)		628		870		-		-		628		870		1,498		(66)	2003	12/21/2017
Restaurants -- Full Service	Pearl	MS				1,005		657		-		-		1,005		657		1,662		(72)	2004	12/21/2017
Restaurants -- Full Service	Eden	NC				834		838		-		-		834		838		1,672		(87)	2004	12/21/2017
Restaurants -- Full Service	Greenville	NC				948		684		-		-		948		684		1,632		(65)	2000	12/21/2017
Restaurants -- Full Service	Hickory	NC				571		511		-		-		571		511		1,082		(58)	1999	12/21/2017
Restaurants -- Full Service	Lumberton	NC				1,084		587		-		-		1,084		587		1,671		(73)	1998	12/21/2017
Restaurants -- Full Service	Mt. Airy	NC				613		482		-		-		613		482		1,095		(51)	2004	12/21/2017
Restaurants -- Full Service	Roanoke Rapids	NC		(f)		852		1,015		-		-		852		1,015		1,867		(83)	2002	12/21/2017
Restaurants -- Full Service	Spring Lake	NC				396		306		-		-		396		306		702		(34)	2006	12/21/2017
Restaurants -- Full Service	Wilkesboro	NC		(f)		529		471		-		-		529		471		1,000		(55)	2003	12/21/2017
Restaurants -- Full Service	Cambridge	OH		(f)		843		538		-		-		843		538		1,381		(70)	2002	12/21/2017
Restaurants -- Full Service	Dayton	OH				573		851		-		-		573		851		1,424		(86)	2005	12/21/2017
Restaurants -- Full Service	Mt. Vernon	OH				393		506		-		-		393		506		899		(59)	2002	12/21/2017
Restaurants -- Full Service	Streetsboro	OH		(f)		732		598		-		-		732		598		1,330		(58)	2001	12/21/2017
Car Dealers	Oklahoma City	OK		(f)		651		1,021		-		-		651		1,021		1,672		(111)	1946	12/21/2017
Restaurants -- Full Service	Mill Hall	PA				578		228		-		-		578		228		806		(28)	2002	12/21/2017
Restaurants -- Full Service	Moosic	PA		(f)		627		1,084		-		-		627		1,084		1,711		(84)	2003	12/21/2017
Restaurants -- Full Service	NEW FREEDOM	PA				1,006		733		-		-		1,006		733		1,739		(84)	2004	12/21/2017
Restaurants -- Full Service	Philadelphia	PA				2,055		1,248		-		-		2,055		1,248		3,303		(116)	2002	12/21/2017
Restaurants -- Full Service	Lexington	SC		(f)		651		570		-		-		651		570		1,221		(46)	2007	12/21/2017
Restaurants -- Full Service	Simpsonville	SC				1,100		563		-		-		1,100		563		1,663		(66)	2004	12/21/2017
Restaurants -- Full Service	Alcoa	TN		(f)		761		261		-		-		761		261		1,022		(40)	2007	12/21/2017
Restaurants -- Full Service	DANDRIDGE	TN				899		891		-		-		899		891		1,790		(88)	2005	12/21/2017
Restaurants -- Full Service	Knoxville	TN		(f)		847		824		-		-		847		824		1,671		(67)	2004	12/21/2017
Car Dealers	Houston	TX		(f)		3,463		5,678		-		-		3,463		5,678		9,141		(513)	1977	12/21/2017
Restaurants -- Full Service	Charles Town	WV		(f)		864		197		-		-		864		197		1,061		(32)	2002	12/21/2017
Restaurants -- Full Service	Martinsburg	WV				552		480		-		-		552		480		1,032		(53)	1998	12/21/2017
Car Dealers	Jacksonville	FL				1,915		3,132		-		-		1,915		3,132		5,047		(221)	2017	12/26/2017
Health Clubs	Niles	IL		(f)		1,259		2,152		-		-		1,259		2,152		3,411		(188)	1993	12/27/2017
Child Day Care Services	Spring Branch	TX				895		-		571		1,702		1,466		1,702		3,168		(126)	2018	12/27/2017
Other Professional, Scientific, and Technical Services	Salem	OR				154		312		-		-		154		312		466		(36)	1980	12/29/2017
Other Professional, Scientific, and Technical Services	Memphis	TN				166		280		-		-		166		280		446		(34)	1968	12/29/2017
Other Professional, Scientific, and Technical Services	Ocala	FL				507		464		-		-		507		464		971		(63)	1964	01/02/2018
Automotive Repair and Maintenance	Arlington	TX		(f)		1,979		3,396		-		-		1,979		3,396		5,375		(247)	2010	01/09/2018
Automotive Repair and Maintenance	Burleson	TX		(f)		1,483		2,726		-		-		1,483		2,726		4,209		(209)	2008	01/09/2018
Automotive Repair and Maintenance	Hurst	TX		(f)		524		2,431		-		-		524		2,431		2,955		(184)	2010	01/09/2018
Automotive Repair and Maintenance	Mansfield	TX		(f)		774		2,065		-		-		774		2,065		2,839		(196)	2012	01/09/2018
Automotive Repair and Maintenance	Saginaw	TX				1,928		3,624		-		-		1,928		3,624		5,552		(264)	2014	01/09/2018
Automotive Repair and Maintenance	The Colony	TX				973		2,618		-		-		973		2,618		3,591		(162)	2010	01/09/2018
Automotive Repair and Maintenance	Westworth Village	TX		(f)		2,011		2,261		-		-		2,011		2,261		4,272		(177)	2013	01/09/2018
Automotive Repair and Maintenance	Miramar	FL				983		1,482		-		-		983		1,482		2,465		(106)	2011	01/11/2018
Health Clubs	Plymouth	MN		(f)		1,198		597		-		2,158		1,198		2,755		3,953		(170)	1998	01/11/2018
Chemical and Allied Products Merchant Wholesalers	Oldsmar	FL				278		743		-		-		278		743		1,021		(47)	1989	01/19/2018
Chemical and Allied Products Merchant Wholesalers	Oldsmar	FL				119		1,415		-		-		119		1,415		1,534		(71)	1990	01/19/2018
Chemical and Allied Products Merchant Wholesalers	Hyannis	MA				214		170		-		-		214		170		384		(20)	1963	01/19/2018

F-39

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Chemical and Allied Products Merchant Wholesalers	Hagerstown	MD				263		94		-		-		263		94		357		(23)	1989	01/19/2018
Chemical and Allied Products Merchant Wholesalers	Carlisle	PA				354		336		-		-		354		336		690		(49)	1971	01/19/2018
Chemical and Allied Products Merchant Wholesalers	Lancaster	PA				56		306		-		-		56		306		362		(24)	1990	01/19/2018
Chemical and Allied Products Merchant Wholesalers	Providence	RI				479		1,031		-		-		479		1,031		1,510		(91)	1964	01/19/2018
Chemical and Allied Products Merchant Wholesalers	Hereford	TX				77		348		-		-		77		348		425		(23)	1966	01/19/2018
Automotive Repair and Maintenance	Andover	KS		(f)		603		1		226		1,892		829		1,893		2,722		(79)	2018	01/23/2018
Automotive Repair and Maintenance	Derby	KS				900		2,573		-		-		900		2,573		3,473		(158)	2013	01/23/2018
Aerospace Product and Parts Manufacturing	Wixom	MI				3,674		8,844		-		-		3,674		8,844		12,518		(818)	1989	01/26/2018
Other Professional, Scientific, and Technical Services	Panama City	FL				707		516		-		-		707		516		1,223		(78)	1983	02/02/2018
Aerospace Product and Parts Manufacturing	Newington	CT				1,470		7,837		-		-		1,470		7,837		9,307		(581)	1953	02/09/2018
Restaurants -- Full Service	Olean	NY				433		715		-		-		433		715		1,148		(57)	1977	02/12/2018
Restaurants -- Full Service	Ashland	OH				479		604		-		-		479		604		1,083		(48)	1971	02/12/2018
Restaurants -- Full Service	Ashtabula	OH				340		912		-		-		340		912		1,252		(84)	1976	02/12/2018
Restaurants -- Full Service	Austintown	OH				740		681		-		-		740		681		1,421		(68)	1991	02/12/2018
Restaurants -- Full Service	Canton	OH				555		1,285		-		-		555		1,285		1,840		(111)	1989	02/12/2018
Restaurants -- Full Service	Middleburg Heights	OH				930		914		-		-		930		914		1,844		(85)	1987	02/12/2018
Restaurants -- Full Service	Warren	OH				394		830		-		-		394		830		1,224		(71)	1999	02/12/2018
Restaurants -- Full Service	Youngstown	OH				645		1,199		-		-		645		1,199		1,844		(106)	1985	02/12/2018
Restaurants -- Full Service	Bradford	PA				183		701		-		-		183		701		884		(58)	1977	02/12/2018
Restaurants -- Full Service	Clarion	PA				186		670		-		-		186		670		856		(55)	1977	02/12/2018
Restaurants -- Full Service	Corry	PA				171		780		-		-		171		780		951		(60)	1977	02/12/2018
Restaurants -- Full Service	Edinboro	PA				231		673		-		-		231		673		904		(57)	1973	02/12/2018
Restaurants -- Full Service	Erie	PA				223		812		-		-		223		812		1,035		(64)	1973	02/12/2018
Restaurants -- Full Service	Erie	PA				389		656		-		-		389		656		1,045		(58)	1973	02/12/2018
Restaurants -- Full Service	Erie	PA				155		608		-		-		155		608		763		(47)	1973	02/12/2018
Restaurants -- Full Service	Grove City	PA				208		705		-		-		208		705		913		(63)	1976	02/12/2018
Restaurants -- Full Service	Hermitage	PA				517		971		-		-		517		971		1,488		(90)	1978	02/12/2018
Restaurants -- Full Service	Indiana	PA				227		507		-		-		227		507		734		(43)	1978	02/12/2018
Restaurants -- Full Service	Meadville	PA				364		1,584		-		-		364		1,584		1,948		(127)	1983	02/12/2018
Restaurants -- Full Service	Titusville	PA				132		574		-		-		132		574		706		(46)	1979	02/12/2018
Restaurants -- Full Service	Warren	PA				244		1,047		-		-		244		1,047		1,291		(90)	1970	02/12/2018
Automotive Repair and Maintenance	Winston-Salem	NC		(f)		1,321		3,254		-		-		1,321		3,254		4,575		(184)	2017	02/13/2018
Automotive Repair and Maintenance	Winston-Salem	NC				1,926		2,912		-		-		1,926		2,912		4,838		(178)	2016	02/13/2018
Automotive Repair and Maintenance	Little Rock	AR		(f)		1,190		3,179		-		-		1,190		3,179		4,369		(225)	1999	02/20/2018
Other Personal Services	Madison	WI		(f)		694		1,083		-		-		694		1,083		1,777		(113)	1972	02/22/2018
Other Professional, Scientific, and Technical Services	Danville	IL				199		1,142		-		-		199		1,142		1,341		(83)	1997	02/28/2018
Outpatient Care Centers	Virginia Beach	VA				416		761		-		-		416		761		1,177		(78)	1981	02/28/2018
Offices of Dentists	Palatine	IL				408		1,118		-		-		408		1,118		1,526		(82)	1991	03/05/2018
Office Furniture (including Fixtures) Manufacturing	Jasper	GA				1,705		5,236		-		-		1,705		5,236		6,941		(523)	1981	03/09/2018
Office Furniture (including Fixtures) Manufacturing	Royston	GA				1,972		5,106		-		-		1,972		5,106		7,078		(594)	1965	03/09/2018
Paint, Coating, and Adhesive Manufacturing	Phoenix	AZ		(f)		799		4,503		-		-		799		4,503		5,302		(236)	2016	03/13/2018
Other Professional, Scientific, and Technical Services	Arlington	TX				817		3,139		-		-		817		3,139		3,956		(167)	1997	03/14/2018
Other Professional, Scientific, and Technical Services	Brownsville	TX				53		348		-		567		53		915		968		(39)	1993	03/16/2018
Other Professional, Scientific, and Technical Services	Port Isabel	TX				196		277		-		-		196		277		473		(22)	1996	03/16/2018
Child Day Care Services	Doral	FL				746		1,793		-		-		746		1,793		2,539		(99)	2001	03/19/2018
Car Dealers	Tempe	AZ				3,009		3,267		466		1,203		3,475		4,470		7,945		(226)	2018	03/23/2018
Forging and Stamping	Sterling Heights	MI				2,697		14,754		-		-		2,697		14,754		17,451		(946)	1977	03/23/2018
Restaurants -- Limited Service	Akron	OH				114		980		-		-		114		980		1,094		(63)	1950	03/23/2018
Restaurants -- Limited Service	Ashland	OH				176		1,089		-		-		176		1,089		1,265		(75)	1969	03/23/2018

F-40

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Limited Service	Blairsville	PA				194		1,332		-		-		194		1,332		1,526		(96)	1997	03/23/2018
Restaurants -- Limited Service	Leechburg	PA				275		1,161		-		-		275		1,161		1,436		(81)	1970	03/23/2018
Restaurants -- Full Service	Conyers	GA		(f)		823		1,309		-		-		823		1,309		2,132		(113)	1993	03/28/2018
Restaurants -- Full Service	Fayetteville	GA		(f)		781		1,475		-		-		781		1,475		2,256		(112)	1993	03/28/2018
Restaurants -- Full Service	Baton Rouge	LA		(f)		1,487		1,194		-		-		1,487		1,194		2,681		(108)	1994	03/28/2018
Restaurants -- Full Service	Baton Rouge	LA		(f)		2,091		1,258		-		-		2,091		1,258		3,349		(118)	1983	03/28/2018
Restaurants -- Full Service	Covington	LA		(f)		1,026		759		-		-		1,026		759		1,785		(79)	2003	03/28/2018
Restaurants -- Full Service	Gretna	LA		(f)		1,089		1,589		-		-		1,089		1,589		2,678		(128)	1983	03/28/2018
Restaurants -- Full Service	Memphis	TN		(f)		718		2,548		-		-		718		2,548		3,266		(205)	1985	03/28/2018
Car Dealers	Akron	OH				2,089		2,426		-		-		2,089		2,426		4,515		(149)	2013	03/29/2018
Car Dealers	Beachwood	OH				2,829		6,791		-		-		2,829		6,791		9,620		(371)	2015	03/29/2018
Car Dealers	Cleveland	OH				1,716		4,171		-		-		1,716		4,171		5,887		(225)	2009	03/29/2018
Restaurants -- Full Service	Brookings	SD				951		1,805		-		-		951		1,805		2,756		(108)	2003	03/29/2018
Health Clubs	Mesa	AZ				1,626		4,716		-		-		1,626		4,716		6,342		(307)	1998	03/30/2018
Machinery, Equipment, and Supplies Merchant Wholesalers	Muscatine	IA		(f)		775		4,118		660		4,963		1,435		9,081		10,516		(540)	1974	03/30/2018
Machinery, Equipment, and Supplies Merchant Wholesalers	Fairbury	IL		(f)		127		404		-		-		127		404		531		(46)	1975	03/30/2018
Other Motor Vehicle Dealers	Meredith	NH		(f)		389		6,333		-		-		389		6,333		6,722		(280)	2003	03/30/2018
Other Motor Vehicle Dealers	North Conway	NH		(f)		53		544		-		-		53		544		597		(33)	1975	03/30/2018
Machinery, Equipment, and Supplies Merchant Wholesalers	Wayland	NY		(f)		133		416		-		-		133		416		549		(40)	1986	03/30/2018
Other Professional, Scientific, and Technical Services	Houston	TX		(f)		311		757		-		-		311		757		1,068		(52)	2002	03/30/2018
Other Professional, Scientific, and Technical Services	Hurst	TX		(f)		288		598		-		-		288		598		886		(34)	1997	03/30/2018
Other Professional, Scientific, and Technical Services	Manvel	TX		(f)		307		461		-		-		307		461		768		(39)	1972	03/30/2018
Furniture Stores	Towson	MD				1,039		7,618		-		-		1,039		7,618		8,657		(478)	1963	04/06/2018
Furniture Stores	Altoona	PA				1,322		7,316		-		-		1,322		7,316		8,638		(407)	1978	04/06/2018
Furniture Stores	Mount Pleasant	PA				102		3,308		-		-		102		3,308		3,410		(201)	1924	04/06/2018
Fabric Mills	Spring City	PA				1,858		4,024		-		-		1,858		4,024		5,882		(318)	1989	04/12/2018
Fabric Mills	Independence	VA				698		627		-		-		698		627		1,325		(45)	1979	04/12/2018
Other Personal Services	Winter Garden	FL				1,249		130		1,463		2,608		2,712		2,738		5,450		(142)	2018	04/13/2018
Other Personal Services	Greenville	SC				837		1,202		1,044		1,286		1,881		2,488		4,369		(154)	2018	04/13/2018
Other Personal Services	Indian Land	SC				464		185		996		2,834		1,460		3,019		4,479		(24)	2019	04/13/2018
Other Professional, Scientific, and Technical Services	Harlingen	TX				414		547		-		-		414		547		961		(64)	2000	04/13/2018
Restaurants -- Limited Service	Auburn	IN		(f)		269		345		-		-		269		345		614		(44)	1968	04/18/2018
Restaurants -- Limited Service	Elkhart	IN		(f)		193		312		-		-		193		312		505		(35)	1984	04/18/2018
Restaurants -- Limited Service	Elkhart	IN		(f)		274		409		-		-		274		409		683		(46)	1980	04/18/2018
Restaurants -- Limited Service	Fort Wayne	IN		(f)		213		262		-		-		213		262		475		(36)	1985	04/18/2018
Restaurants -- Limited Service	Goshen	IN		(f)		242		243		-		-		242		243		485		(31)	1971	04/18/2018
Restaurants -- Limited Service	Marion	IN		(f)		215		251		-		-		215		251		466		(33)	1968	04/18/2018
Restaurants -- Limited Service	Plymouth	IN		(f)		191		363		-		-		191		363		554		(30)	1973	04/18/2018
Restaurants -- Limited Service	Syracuse	IN		(f)		166		200		-		-		166		200		366		(26)	1978	04/18/2018
Restaurants -- Limited Service	Wabash	IN		(f)		346		267		-		-		346		267		613		(33)	1959	04/18/2018
Restaurants -- Limited Service	Warsaw	IN		(f)		279		374		-		-		279		374		653		(36)	1970	04/18/2018
Restaurants -- Limited Service	Warsaw	IN		(f)		310		284		-		-		310		284		594		(34)	1964	04/18/2018
Other Professional, Scientific, and Technical Services	Garland	TX		(f)		297		360		-		-		297		360		657		(37)	1965	04/23/2018
Plastics Product Manufacturing	Rochester	NY		(f)		650		4,107		-		-		650		4,107		4,757		(391)	1998	04/27/2018
Plastics Product Manufacturing	Circleville	OH		(f)		834		5,574		-		-		834		5,574		6,408		(508)	1966	04/27/2018
Plastics Product Manufacturing	Marion	OH		(f)		2,591		8,000		-		-		2,591		8,000		10,591		(846)	1999	04/27/2018
Family Entertainment Centers	Lubbock	TX		(f)		962		-		1,529		3,066		2,491		3,066		5,557		(154)	1993	04/27/2018
Other Fabricated Metal Product Manufacturing	Grand Junction	CO				390		1,789		10		433		400		2,222		2,622		(125)	1976	04/30/2018
Other Professional, Scientific, and Technical Services	Newnan	GA				743		1,544		-		-		743		1,544		2,287		(108)	2008	05/07/2018

F-41

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Other Professional, Scientific, and Technical Services	Oxford	MS				490		1,035		-		-		490		1,035		1,525		(82)	1974	05/07/2018
Automotive Repair and Maintenance	Eden Prairie	MN				920		2,059		-		75		920		2,134		3,054		(197)	1960	05/10/2018
Semiconductor and Other Electronic Component Manufacturing	Rochester	NY				337		1,674		-		-		337		1,674		2,011		(162)	1971	05/11/2018
Other Professional, Scientific, and Technical Services	Centennial	CO				413		1,412		387		737		800		2,149		2,949		(91)	2008	05/15/2018
Restaurants -- Limited Service	Warsaw	IN		(f)		276		290		-		-		276		290		566		(37)	1988	05/15/2018
Other Professional, Scientific, and Technical Services	Haines City	FL				211		596		-		-		211		596		807		(58)	1950	05/18/2018
Bowling Centers	Buford	GA		(f)		1,103		2,702		-		-		1,103		2,702		3,805		(179)	2004	05/22/2018
Bowling Centers	Loganville	GA		(f)		883		3,323		-		-		883		3,323		4,206		(208)	2007	05/22/2018
Bowling Centers	Stone Mountain	GA		(f)		1,458		3,549		-		-		1,458		3,549		5,007		(324)	1996	05/22/2018
Restaurants -- Full Service	Orange Village	OH				2,448		-		449		5,191		2,897		5,191		8,088		(173)	2018	05/23/2018
Other Professional, Scientific, and Technical Services	New Port Richey	FL				240		292		-		-		240		292		532		(30)	1985	05/30/2018
Restaurants -- Full Service	St. Charles	IL				1,220		3,802		4		14		1,224		3,816		5,040		(200)	2017	05/30/2018
Death Care Services	Snellville	GA				1,733		3,921		-		-		1,733		3,921		5,654		(203)	1984	06/01/2018
Automotive Repair and Maintenance	Washington	MO				1,132		488		424		1,273		1,556		1,761		3,317		(92)	2018	06/01/2018
Death Care Services	Newland	NC				515		1,548		-		-		515		1,548		2,063		(98)	1989	06/01/2018
Death Care Services	Spruce Pine	NC				396		1,247		-		-		396		1,247		1,643		(74)	1951	06/01/2018
Death Care Services	Bristol	TN				772		1,991		-		-		772		1,991		2,763		(96)	1948	06/01/2018
Death Care Services	Elizabethton	TN				814		3,949		-		-		814		3,949		4,763		(183)	1950	06/01/2018
Death Care Services	Elizabethton	TN				406		2,607		-		-		406		2,607		3,013		(146)	1920	06/01/2018
Death Care Services	Roan Mountain	TN				144		569		-		-		144		569		713		(31)	1974	06/01/2018
Other Professional, Scientific, and Technical Services	Texarkana	TX				300		720		-		-		300		720		1,020		(48)	1989	06/01/2018
Death Care Services	Bristol	VA				689		1,116		-		-		689		1,116		1,805		(79)	1970	06/01/2018
Death Care Services	Damascus	VA				309		2,575		-		-		309		2,575		2,884		(119)	1921	06/01/2018
Other Professional, Scientific, and Technical Services	Melissa	TX				297		608		-		-		297		608		905		(43)	2007	06/04/2018
Outpatient Care Centers	Bessemer	AL				297		730		-		-		297		730		1,027		(56)	2000	06/06/2018
Offices of Physicians	Douglas	GA		(f)		53		471		-		-		53		471		524		(28)	1999	06/06/2018
Offices of Physicians	Tifton	GA		(f)		172		822		21		327		193		1,149		1,342		(68)	1990	06/06/2018
Offices of Physicians	Valdosta	GA		(f)		622		2,625		-		-		622		2,625		3,247		(118)	2017	06/06/2018
Metalworking Machinery Manufacturing	Fenton	MI				499		2,222		-		-		499		2,222		2,721		(204)	1968	06/07/2018
Metalworking Machinery Manufacturing	Temperance	MI				341		1,349		-		1,783		341		3,132		3,473		(126)	1987	06/07/2018
Household and Institutional Furniture and Kitchen Cabinet Manufacturing	New Albany	MS				2,346		15,393		-		-		2,346		15,393		17,739		(888)	1995	06/07/2018
Other Professional, Scientific, and Technical Services	Ruskin	FL				222		913		-		-		222		913		1,135		(61)	1965	06/11/2018
Child Day Care Services	Bloomington	MN				637		645		-		150		637		795		1,432		(77)	1988	06/14/2018
Automotive Repair and Maintenance	Arnold	MO				1,003		328		629		1,330		1,632		1,658		3,290		(99)	2018	06/15/2018
Furniture Stores	Succasunna	NJ		(f)		777		3,640		-		-		777		3,640		4,417		(204)	1946	06/15/2018
Car Dealers	Indianapolis	IN				512		611		797		3,250		1,309		3,861		5,170		(150)	2018	06/22/2018
Automotive Repair and Maintenance	Eureka	MO				754		362		646		1,383		1,400		1,745		3,145		(95)	2018	06/22/2018
Health Clubs	Columbus	OH		(f)		605		1,143		-		-		605		1,143		1,748		(77)	2014	06/22/2018
Restaurants -- Limited Service	Abbeville	SC				503		905		-		-		503		905		1,408		(82)	1990	06/22/2018
Restaurants -- Limited Service	Greenwood	SC				488		668		-		-		488		668		1,156		(61)	1987	06/22/2018
Restaurants -- Limited Service	Greenwood	SC				402		955		-		-		402		955		1,357		(67)	1996	06/22/2018
Restaurants -- Limited Service	Honea Path	SC				360		1,017		-		-		360		1,017		1,377		(81)	1994	06/22/2018
Restaurants -- Limited Service	Iva	SC				791		547		64		380		855		927		1,782		(93)	1998	06/22/2018
Restaurants -- Limited Service	Laurens	SC				356		850		-		-		356		850		1,206		(61)	1989	06/22/2018
Restaurants -- Limited Service	Newberry	SC				881		497		66		399		947		896		1,843		(69)	1999	06/22/2018
Restaurants -- Limited Service	Saluda	SC				260		907		-		-		260		907		1,167		(64)	1992	06/22/2018
Restaurants -- Limited Service	Ware Shoals	SC				290		475		45		396		335		871		1,206		(60)	1997	06/22/2018
Restaurants -- Full Service	Colorado Springs	CO				406		879		-		-		406		879		1,285		(55)	1986	06/26/2018
Restaurants -- Full Service	La Junta	CO				161		943		-		-		161		943		1,104		(44)	1974	06/26/2018
Restaurants -- Full Service	Lamar	CO				174		600		-		-		174		600		774		(32)	1972	06/26/2018

F-42

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Full Service	Atchison	KS				285		960		-		-		285		960		1,245		(47)	1969	06/26/2018
Restaurants -- Full Service	Gardner	KS				438		1,127		-		-		438		1,127		1,565		(68)	1977	06/26/2018
Restaurants -- Full Service	Hays	KS				254		770		-		-		254		770		1,024		(46)	1978	06/26/2018
Restaurants -- Full Service	Hutchinson	KS				305		1,229		-		-		305		1,229		1,534		(63)	1977	06/26/2018
Restaurants -- Full Service	Hutchinson	KS				117		828		-		-		117		828		945		(39)	2003	06/26/2018
Restaurants -- Full Service	Lansing	KS				228		1,067		-		-		228		1,067		1,295		(63)	1975	06/26/2018
Restaurants -- Full Service	Leavenworth	KS				248		756		-		-		248		756		1,004		(42)	2008	06/26/2018
Restaurants -- Full Service	Olathe	KS				426		989		-		-		426		989		1,415		(49)	1989	06/26/2018
Restaurants -- Full Service	Russell	KS				271		643		-		-		271		643		914		(41)	1982	06/26/2018
Restaurants -- Full Service	Holts Summit	MO				196		578		-		-		196		578		774		(40)	1995	06/26/2018
Restaurants -- Full Service	Knob Noster	MO				114		611		-		-		114		611		725		(29)	1987	06/26/2018
Restaurants -- Full Service	Mexico	MO				219		1,106		-		-		219		1,106		1,325		(56)	1995	06/26/2018
Automotive Repair and Maintenance	Clemmons	NC		(f)		989		2,338		-		-		989		2,338		3,327		(110)	2018	06/26/2018
Child Day Care Services	Moncks Corner	SC		(f)		501		4		663		1,966		1,164		1,970		3,134		(55)	2019	06/26/2018
Other Professional, Scientific, and Technical Services	Weslaco	TX				290		1,044		-		-		290		1,044		1,334		(61)	1975	06/26/2018
Other Personal Services	Evergreen	CO		(f)		171		1,047		-		-		171		1,047		1,218		(55)	1968	06/27/2018
Death Care Services	Lawrenceville	GA				1,224		2,027		-		-		1,224		2,027		3,251		(134)	1963	06/27/2018
Other Personal Services	Mooresville	NC				1,073		2,838		-		-		1,073		2,838		3,911		(143)	2018	06/27/2018
Other Professional, Scientific, and Technical Services	Portland	OR		(f)		326		444		-		-		326		444		770		(26)	1968	06/27/2018
Death Care Services	Johnson City	TN				1,766		2,725		-		-		1,766		2,725		4,491		(163)	2001	06/27/2018
Car Dealers	Oak Brook	IL				2,110		472		775		4,069		2,885		4,541		7,426		(138)	2018	06/28/2018
Other Personal Services	Huntingdon Valley	PA		(f)		404		4,205		-		-		404		4,205		4,609		(174)	1964	06/28/2018
Family Entertainment Centers	Southlake	TX		(f)		2,257		2,578		75		925		2,332		3,503		5,835		(280)	2005	06/28/2018
Family Entertainment Centers	Clearfield	UT		(f)		720		3,261		120		880		840		4,141		4,981		(176)	2005	06/28/2018
Plastics Product Manufacturing	Thomson	GA				1,054		6,796		-		-		1,054		6,796		7,850		(387)	1984	06/29/2018
Steel Product Manufacturing from Purchased Steel	Munhall	PA				4,461		5,559		-		-		4,461		5,559		10,020		(544)	1996	06/29/2018
Automotive Repair and Maintenance	Bourbonnais	IL				444		2,100		-		-		444		2,100		2,544		(104)	2010	07/02/2018
Automotive Repair and Maintenance	Markham	IL				391		2,574		-		-		391		2,574		2,965		(142)	1962	07/02/2018
Automotive Repair and Maintenance	Normal	IL				396		2,067		-		-		396		2,067		2,463		(99)	2014	07/02/2018
Automotive Repair and Maintenance	Peoria	IL				357		2,035		-		-		357		2,035		2,392		(96)	2013	07/02/2018
Automotive Repair and Maintenance	Peoria	IL				293		2,029		-		-		293		2,029		2,322		(89)	2015	07/02/2018
Automotive Repair and Maintenance	Dyer	IN				748		2,197		-		-		748		2,197		2,945		(108)	2013	07/02/2018
Automotive Repair and Maintenance	Hammond	IN				332		2,051		-		-		332		2,051		2,383		(95)	2012	07/02/2018
Household and Institutional Furniture and Kitchen Cabinet Manufacturing	Grand Rapids	MI				4,548		13,067		-		-		4,548		13,067		17,615		(1,109)	1966	07/06/2018
Health Clubs	Chandler	AZ		(f)		2,662		988		-		4,835		2,662		5,823		8,485		(232)	1993	07/10/2018
Other Professional, Scientific, and Technical Services	Gastonia	NC				360		472		-		-		360		472		832		(43)	2001	07/12/2018
Health Clubs	Cape Coral	FL				2,153		4,737		-		-		2,153		4,737		6,890		(219)	2008	07/13/2018
Child Day Care Services	Parma	OH		(f)		436		2,813		-		-		436		2,813		3,249		(157)	2002	07/19/2018
Child Day Care Services	Solon	OH		(f)		361		2,531		-		-		361		2,531		2,892		(138)	1956	07/19/2018
Child Day Care Services	Strongsville	OH		(f)		741		1,943		-		-		741		1,943		2,684		(175)	1994	07/19/2018
Child Day Care Services	Westlake	OH		(f)		676		1,731		-		-		676		1,731		2,407		(146)	1990	07/19/2018
Other Personal Services	Jacksonville	FL				2,426		2,383		-		-		2,426		2,383		4,809		(138)	2007	07/20/2018
Health Clubs	Boalsburg	PA		(f)		395		-		-		1,417		395		1,417		1,812		-	2018	07/24/2018
Car Dealers	Warrensville Heights	OH				1,938		3,462		-		-		1,938		3,462		5,400		(187)	2018	07/26/2018
Metal and Mineral Merchant Wholesalers	South Bend	IN				496		2,224		-		-		496		2,224		2,720		(134)	1978	07/31/2018
Metal and Mineral Merchant Wholesalers	Monroe	MI				1,060		2,362		-		-		1,060		2,362		3,422		(151)	1997	07/31/2018
Metal and Mineral Merchant Wholesalers	Warren	MI				227		2,391		-		-		227		2,391		2,618		(120)	1986	07/31/2018
Metal and Mineral Merchant Wholesalers	Warren	MI				644		2,577		-		-		644		2,577		3,221		(144)	1967	07/31/2018
Metal and Mineral Merchant Wholesalers	Green Bay	WI				1,034		3,595		-		-		1,034		3,595		4,629		(219)	1967	07/31/2018
Automotive Repair and Maintenance	Hugo	MN				245		293		490		2,089		735		2,382		3,117		(92)	2018	08/02/2018

F-43

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Other Professional, Scientific, and Technical Services	Port Charlotte	FL				265		507		-		-		265		507		772		(30)	1993	08/07/2018
Other Professional, Scientific, and Technical Services	Cary	NC				399		1,031		-		-		399		1,031		1,430		(58)	1997	08/07/2018
Other Professional, Scientific, and Technical Services	Las Vegas	NV				215		808		-		-		215		808		1,023		(46)	1980	08/14/2018
Farm and Ranch Supply Stores	Danville	IL				1,071		4,163		-		-		1,071		4,163		5,234		(259)	1986	08/17/2018
Farm and Ranch Supply Stores	Gibson City	IL				687		2,311		-		-		687		2,311		2,998		(144)	1976	08/17/2018
Farm and Ranch Supply Stores	Homer Glen	IL				1,755		3,519		-		-		1,755		3,519		5,274		(287)	1981	08/17/2018
Farm and Ranch Supply Stores	Pekin	IL				1,687		5,604		-		-		1,687		5,604		7,291		(418)	1984	08/17/2018
Farm and Ranch Supply Stores	Pontiac	IL				434		3,658		-		-		434		3,658		4,092		(267)	1972	08/17/2018
Farm and Ranch Supply Stores	Rochelle	IL				1,694		1,817		-		-		1,694		1,817		3,511		(173)	1986	08/17/2018
Farm and Ranch Supply Stores	Tilton	IL				662		4,241		-		-		662		4,241		4,903		(324)	1987	08/17/2018
Farm and Ranch Supply Stores	Watseka	IL				688		4,255		-		-		688		4,255		4,943		(329)	1993	08/17/2018
Farm and Ranch Supply Stores	Crawfordsville	IN				2,099		4,530		-		-		2,099		4,530		6,629		(282)	1991	08/17/2018
Farm and Ranch Supply Stores	Michigan City	IN				939		5,278		-		-		939		5,278		6,217		(262)	1991	08/17/2018
Farm and Ranch Supply Stores	Rochester	IN				924		3,428		-		-		924		3,428		4,352		(207)	1990	08/17/2018
Farm and Ranch Supply Stores	Wabash	IN				1,824		3,752		-		-		1,824		3,752		5,576		(316)	1991	08/17/2018
Farm and Ranch Supply Stores	Warsaw	IN				1,615		5,744		-		-		1,615		5,744		7,359		(428)	1989	08/17/2018
Lumber and Other Construction Materials Merchant Wholesalers	Stillwater	MN				1,810		1,236		-		-		1,810		1,236		3,046		(123)	1979	08/17/2018
Lumber and Other Construction Materials Merchant Wholesalers	Hudson	WI				1,548		2,828		-		-		1,548		2,828		4,376		(206)	1966	08/17/2018
Offices of Physicians	Boynton Beach	FL		(f)		2,346		3,210		-		-		2,346		3,210		5,556		(129)	1988	08/21/2018
Offices of Physicians	Wellington	FL		(f)		206		2,344		-		-		206		2,344		2,550		(65)	2014	08/21/2018
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing	Hartford	AL				235		2,657		-		-		235		2,657		2,892		(130)	2004	08/24/2018
Child Day Care Services	Roseville	MN		(f)		440		1,060		197		38		637		1,098		1,735		(67)	1951	08/24/2018
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing	Chattanooga	TN				2,255		7,055		-		-		2,255		7,055		9,310		(341)	1985	08/24/2018
Outpatient Care Centers	Chatsworth	GA				157		201		-		-		157		201		358		(19)	1966	08/29/2018
Restaurants -- Full Service	Ashland	KY				60		2,697		-		-		60		2,697		2,757		(90)	1907	08/30/2018
Outpatient Care Centers	Brasstown	NC				220		174		-		-		220		174		394		(14)	1993	08/30/2018
Restaurants -- Full Service	Barboursville	WV				578		1,883		-		-		578		1,883		2,461		(97)	1995	08/30/2018
Restaurants -- Full Service	Huntington	WV				260		2,891		-		-		260		2,891		3,151		(103)	1960	08/30/2018
Restaurants -- Full Service	Hurricane	WV				815		2,336		-		-		815		2,336		3,151		(102)	1995	08/30/2018
Child Day Care Services	Jacksonville	FL		(f)		1,002		1,431		-		889		1,002		2,320		3,322		(77)	1991	08/31/2018
Automotive Repair and Maintenance	Cypress	TX				1,309		2,200		-		-		1,309		2,200		3,509		(114)	2017	08/31/2018
Automotive Repair and Maintenance	Mission	TX				1,272		2,408		-		-		1,272		2,408		3,680		(120)	2017	08/31/2018
Automotive Repair and Maintenance	Pasadena	TX				1,088		2,091		-		-		1,088		2,091		3,179		(106)	2017	08/31/2018
Architectural and Structural Metals Manufacturing	Alexandria	MN				853		2,832		-		-		853		2,832		3,685		(178)	1976	09/04/2018
Architectural and Structural Metals Manufacturing	Sauk Centre	MN				859		5,568		-		-		859		5,568		6,427		(299)	1973	09/04/2018
Lumber and Other Construction Materials Merchant Wholesalers	Glade Valley	NC				525		548		-		-		525		548		1,073		(58)	1946	09/04/2018
Lumber and Other Construction Materials Merchant Wholesalers	Mt Airy	NC				743		461		-		-		743		461		1,204		(62)	1991	09/04/2018
Lumber and Other Construction Materials Merchant Wholesalers	N Wilkesboro	NC				740		283		-		-		740		283		1,023		(32)	1971	09/04/2018
Lumber and Other Construction Materials Merchant Wholesalers	Sparta	NC				957		799		-		-		957		799		1,756		(72)	2000	09/04/2018
Lumber and Other Construction Materials Merchant Wholesalers	W Jefferson	NC				638		245		-		-		638		245		883		(39)	2009	09/04/2018
Architectural and Structural Metals Manufacturing	Grand Island	NE				1,599		5,442		-		-		1,599		5,442		7,041		(314)	2005	09/04/2018
Lumber and Other Construction Materials Merchant Wholesalers	Galax	VA				676		558		-		-		676		558		1,234		(51)	1986	09/04/2018
Bowling Centers	Chico	CA				1,388		1,802		-		-		1,388		1,802		3,190		(91)	1958	09/07/2018
Bowling Centers	Manteca	CA				4,834		3,240		-		-		4,834		3,240		8,074		(184)	2003	09/07/2018
Automotive Repair and Maintenance	Cleveland	GA		(f)		924		2,246		-		-		924		2,246		3,170		(113)	2018	09/11/2018
Other Professional, Scientific, and Technical Services	Spring	TX				447		1,190		-		-		447		1,190		1,637		(86)	1976	09/13/2018
Other Professional, Scientific, and Technical Services	Clayton	NC				398		727		-		-		398		727		1,125		(39)	1986	09/18/2018
Other Professional, Scientific, and Technical Services	Flower Mound	TX				876		998		-		-		876		998		1,874		(56)	1993	09/18/2018
Health Clubs	Lubbock	TX		(f)		2,140		2,461		-		-		2,140		2,461		4,601		(140)	2005	09/19/2018
Health Clubs	Lubbock	TX		(f)		2,601		3,362		-		-		2,601		3,362		5,963		(229)	1980	09/19/2018

F-44

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Lumber and Other Construction Materials Merchant Wholesalers	Berryville	AR				622		507		-		-		622		507		1,129		(68)	1985	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Fayetteville	AR				1,803		1,115		-		-		1,803		1,115		2,918		(111)	1966	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Harrison	AR				1,059		524		-		-		1,059		524		1,583		(73)	1996	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Mountain Home	AR				966		667		-		-		966		667		1,633		(71)	1973	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Rogers	AR				1,796		924		-		-		1,796		924		2,720		(115)	1977	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Springdale	AR				1,811		2,519		-		-		1,811		2,519		4,330		(199)	1989	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Anderson	CA		(f)		2,469		2,215		-		-		2,469		2,215		4,684		(214)	2006	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Chico	CA		(f)		2,179		480		-		-		2,179		480		2,659		(119)	1983	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Elk Grove	CA		(f)		4,151		2,044		-		-		4,151		2,044		6,195		(297)	1972	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Jackson	CA		(f)		1,127		288		-		-		1,127		288		1,415		(64)	1999	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Meyers	CA		(f)		1,306		464		-		-		1,306		464		1,770		(77)	1961	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Redding	CA		(f)		1,986		772		-		-		1,986		772		2,758		(122)	1979	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Rocklin	CA		(f)		2,018		473		-		-		2,018		473		2,491		(102)	1976	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	South Lake Tahoe	CA		(f)		1,569		379		-		-		1,569		379		1,948		(98)	1967	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Vacaville	CA		(f)		1,734		530		-		-		1,734		530		2,264		(108)	1985	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Yuba City	CA		(f)		1,948		366		-		-		1,948		366		2,314		(86)	1986	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Bolivar	MO				819		379		-		-		819		379		1,198		(64)	1978	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Branson	MO				1,182		204		-		-		1,182		204		1,386		(49)	1977	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Buffalo	MO				764		513		-		-		764		513		1,277		(79)	1969	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Columbia	MO				916		509		-		-		916		509		1,425		(92)	2002	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	El Dorado Springs	MO				418		325		-		-		418		325		743		(53)	1949	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Jefferson City	MO				985		430		-		-		985		430		1,415		(81)	1983	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Joplin	MO				1,345		209		-		-		1,345		209		1,554		(69)	1978	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Lebanon	MO				706		423		-		-		706		423		1,129		(64)	1984	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Mexico	MO				711		210		-		-		711		210		921		(62)	1970	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Monett	MO				1,167		436		-		-		1,167		436		1,603		(81)	1986	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Mount Vernon	MO				439		236		-		-		439		236		675		(37)	1979	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Nevada	MO				565		445		-		-		565		445		1,010		(54)	1978	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Osage Beach	MO				554		298		-		-		554		298		852		(48)	1991	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Reeds Spring	MO				1,388		709		-		-		1,388		709		2,097		(113)	1994	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Republic	MO				1,342		449		-		-		1,342		449		1,791		(81)	1987	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Rolla	MO				388		1,808		-		-		388		1,808		2,196		(99)	1928	09/25/2018

F-45

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Lumber and Other Construction Materials Merchant Wholesalers	Shell Knob	MO				798		617		-		-		798		617		1,415		(77)	1973	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Springfield	MO				1,030		1,364		-		-		1,030		1,364		2,394		(130)	1957	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Springfield	MO				329		394		-		-		329		394		723		(27)	2002	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Springfield	MO				1,210		2,400		-		-		1,210		2,400		3,610		(192)	1970	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Springfield	MO				481		727		-		-		481		727		1,208		(64)	1941	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Springfield	MO				2,408		381		-		-		2,408		381		2,789		(79)	1979	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Springfield	MO				508		315		-		-		508		315		823		(27)	1990	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Carson City	NV		(f)		1,719		960		-		-		1,719		960		2,679		(118)	1960	09/25/2018
Lumber and Other Construction Materials Merchant Wholesalers	Gardnerville	NV		(f)		1,202		864		-		-		1,202		864		2,066		(122)	1987	09/25/2018
Car Dealers	Tampa	FL				3,604		3,877		-		-		3,604		3,877		7,481		(155)	2018	09/27/2018
Satellite Telecommunications	Hauppauge	NY				3,566		16,752		-		-		3,566		16,752		20,318		(733)	1976	09/27/2018
Child Day Care Services	Maple Heights	OH		(f)		339		1,465		-		-		339		1,465		1,804		(106)	1915	09/27/2018
Forging and Stamping	Valparaiso	IN				1,557		1,782		-		-		1,557		1,782		3,339		(184)	1977	09/28/2018
Automotive Repair and Maintenance	Festus	MO				781		70		585		1,685		1,366		1,755		3,121		(77)	2019	09/28/2018
Packaging and Labeling Services	Newcomerstown	OH		(f)		1,945		6,554		-		-		1,945		6,554		8,499		(302)	1991	09/28/2018
Forging and Stamping	Burgettstown	PA				3,241		6,368		-		-		3,241		6,368		9,609		(516)	1965	09/28/2018
Forging and Stamping	Carnegie	PA				1,046		3,853		-		-		1,046		3,853		4,899		(214)	1906	09/28/2018
Forging and Stamping	Carnegie	PA				77		1,483		-		-		77		1,483		1,560		(64)	1961	09/28/2018
Automotive Repair and Maintenance	Brooklyn Park	MN				463		936		-		-		463		936		1,399		(40)	1995	10/03/2018
Semiconductor and Other Electronic Component Manufacturing	Goleta	CA				11,850		15,178		-		-		11,850		15,178		27,028		(803)	1967	10/12/2018
Automotive Repair and Maintenance	Topeka	KS				838		75		616		1,856		1,454		1,931		3,385		(60)	2019	10/12/2018
Restaurants -- Limited Service	Jackson	MS				389		177		-		-		389		177		566		(17)	1990	10/15/2018
Electrical Equipment Manufacturing	Eastanollee	GA				481		3,365		-		-		481		3,365		3,846		(161)	1993	10/17/2018
Electrical Equipment Manufacturing	Oregon	WI				952		3,270		-		125		952		3,395		4,347		(251)	2008	10/17/2018
Child Day Care Services	Mahtomedi	MN		(f)		609		896		48		485		657		1,381		2,038		(63)	2005	10/19/2018
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing	Clear Lake	SD				813		1,381		-		-		813		1,381		2,194		(102)	1978	10/26/2018
Other Professional, Scientific, and Technical Services	Bakersfield	CA				488		213		-		-		488		213		701		(21)	1949	10/31/2018
Aerospace Product and Parts Manufacturing	Chester	CT				628		1,236		-		-		628		1,236		1,864		(62)	1978	10/31/2018
Child Day Care Services	Huntsville	AL		(f)		2,485		631		-		-		2,485		631		3,116		(51)	2004	11/01/2018
Automotive Repair and Maintenance	Salina	KS				401		81		543		1,899		944		1,980		2,924		(50)	2019	11/02/2018
Pulp, Paper, and Paperboard Mills	De Pere	WI				2,892		9,135		-		-		2,892		9,135		12,027		(475)	1992	11/02/2018
General Freight Trucking, Long-Distance	Gladstone	MI				1,507		4,009		-		-		1,507		4,009		5,516		(209)	1996	11/07/2018
Restaurants -- Full Service	Downers Grove	IL				2,422		690		387		7,474		2,809		8,164		10,973		(105)	2019	11/09/2018
Other Professional, Scientific, and Technical Services	Everett	WA				240		783		-		-		240		783		1,023		(48)	1910	11/13/2018
Motor Vehicle Parts Manufacturing	South Bend	IN				588		3,657		-		-		588		3,657		4,245		(163)	1962	11/14/2018
Motor Vehicle Parts Manufacturing	Benton Harbor	MI				718		2,417		-		-		718		2,417		3,135		(121)	1969	11/14/2018
Motor Vehicle Parts Manufacturing	Niles	MI				540		2,212		-		-		540		2,212		2,752		(106)	1976	11/14/2018
Motor Vehicle Parts Manufacturing	Niles	MI				1,155		2,245		-		-		1,155		2,245		3,400		(120)	1980	11/14/2018
Motor Vehicle Parts Manufacturing	Niles	MI				1,558		6,214		-		-		1,558		6,214		7,772		(276)	1951	11/14/2018
Motor Vehicle Parts Manufacturing	St Peters	MO				1,954		2,881		-		-		1,954		2,881		4,835		(165)	1979	11/14/2018
Outpatient Care Centers	Beaumont	TX				699		7,315		-		-		699		7,315		8,014		(223)	2002	11/14/2018
Outpatient Care Centers	Garland	TX				1,082		3,429		-		2,147		1,082		5,576		6,658		(123)	1984	11/14/2018
Outpatient Care Centers	Cullman	AL				170		504		-		-		170		504		674		(22)	2002	11/16/2018
Plastics Product Manufacturing	Asheboro	NC				572		4,424		-		-		572		4,424		4,996		(179)	1987	11/19/2018
Plastics Product Manufacturing	Mocksville	NC				1,260		5,156		-		-		1,260		5,156		6,416		(234)	1996	11/19/2018
Automotive Repair and Maintenance	Topeka	KS				640		80		699		1,828		1,339		1,908		3,247		(48)	2019	11/27/2018
Machinery, Equipment, and Supplies Merchant Wholesalers	Lake City	MN		(f)		360		2,399		-		-		360		2,399		2,759		(102)	2018	11/27/2018
Automotive Repair and Maintenance	Rolla	MO				777		-		207		2,071		984		2,071		3,055		(45)	2019	11/30/2018

F-46

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Lumber and Other Construction Materials Merchant Wholesalers	Biddeford	ME				504		2,344		-		-		504		2,344		2,848		(106)	1798	12/03/2018
Lumber and Other Construction Materials Merchant Wholesalers	Kennebunk	ME				380		673		-		-		380		673		1,053		(46)	1987	12/03/2018
Lumber and Other Construction Materials Merchant Wholesalers	Springvale	ME				395		919		-		-		395		919		1,314		(48)	1920	12/03/2018
Other Professional, Scientific, and Technical Services	McAllen	TX				274		311		-		-		274		311		585		(18)	1976	12/05/2018
Other Professional, Scientific, and Technical Services	Marietta	GA				375		402		-		-		375		402		777		(28)	1992	12/06/2018
Farm and Ranch Supply Stores	Allegan	MI				730		857		-		-		730		857		1,587		(69)	1974	12/06/2018
Farm and Ranch Supply Stores	Benton Harbor	MI				1,202		1,359		-		-		1,202		1,359		2,561		(118)	1999	12/06/2018
Commercial and Service Industry Machinery Manufacturing	Salem	NH				1,831		3,054		-		-		1,831		3,054		4,885		(155)	1987	12/07/2018
Corporate Aircraft Repair and Maintenance Facilities	Chattanooga	TN				928		21,059		-		-		928		21,059		21,987		(637)	2018	12/10/2018
Other Professional, Scientific, and Technical Services	Concord	NC				849		1,281		-		-		849		1,281		2,130		(63)	1956	12/11/2018
Other Professional, Scientific, and Technical Services	Magnolia	TX		(f)		394		911		-		-		394		911		1,305		(39)	2014	12/11/2018
Other Professional, Scientific, and Technical Services	Magnolia	TX		(f)		548		969		-		-		548		969		1,517		(44)	2004	12/11/2018
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing	Bainbridge	GA				1,426		7,622		-		-		1,426		7,622		9,048		(367)	1970	12/14/2018
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing	Winchester	KY				3,745		17,322		-		-		3,745		17,322		21,067		(648)	1983	12/14/2018
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	East Grand Forks	MN				1,002		6,129		-		-		1,002		6,129		7,131		(228)	1974	12/18/2018
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	Rochester	MN				5,326		3,191		-		-		5,326		3,191		8,517		(168)	1966	12/18/2018
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	Waverly	MN				1,147		3,539		-		-		1,147		3,539		4,686		(130)	1955	12/18/2018
Other Personal Services	Fort Myers	FL				736		-		-		1,329		736		1,329		2,065		-		12/20/2018
Other Personal Services	Jacksonville	FL				1,150		3,067		-		-		1,150		3,067		4,217		(96)	2018	12/20/2018
Other Personal Services	Sharpsburg	GA				655		-		-		636		655		636		1,291		-		12/20/2018
Household and Institutional Furniture and Kitchen Cabinet Manufacturing	Baldwyn	MS				4,953		23,065		-		-		4,953		23,065		28,018		(957)	1996	12/20/2018
Household and Institutional Furniture and Kitchen Cabinet Manufacturing	Ecru	MS				3,495		6,649		-		-		3,495		6,649		10,144		(353)	2000	12/20/2018
Household and Institutional Furniture and Kitchen Cabinet Manufacturing	Pontotoc	MS				2,419		4,508		-		-		2,419		4,508		6,927		(254)	2001	12/20/2018
Household and Institutional Furniture and Kitchen Cabinet Manufacturing	Pontotoc	MS		41,690		3,071		10,225		-		-		3,071		10,225		13,296		(483)	2001	12/20/2018
Household and Institutional Furniture and Kitchen Cabinet Manufacturing	Pontotoc	MS				628		2,530		-		-		628		2,530		3,158		(109)	2001	12/20/2018
Household and Institutional Furniture and Kitchen Cabinet Manufacturing	Pontotoc	MS				820		1,940		-		-		820		1,940		2,760		(101)	1989	12/20/2018
Other Motor Vehicle Dealers	Sherwood	AR				3,184		3,224		-		-		3,184		3,224		6,408		(152)	2000	12/21/2018
Medical and Diagnostic Laboratories	Belle Glade	FL		(f)		272		840		-		-		272		840		1,112		(27)	1985	12/21/2018
Medical and Diagnostic Laboratories	Lake Worth	FL		(f)		822		2,503		-		-		822		2,503		3,325		(77)	2003	12/21/2018
Medical and Diagnostic Laboratories	Wellington	FL		(f)		682		3,384		-		-		682		3,384		4,066		(98)	2007	12/21/2018
Medical and Diagnostic Laboratories	Wellington	FL		(f)		552		1,661		-		-		552		1,661		2,213		(49)	2002	12/21/2018
Other Motor Vehicle Dealers	Augusta	GA				4,070		2,119		3,782		2,632		7,852		4,751		12,603		(195)	2015	12/21/2018
Metal and Mineral Merchant Wholesalers	New Hope	MN				1,084		5,058		-		-		1,084		5,058		6,142		(183)	1973	12/21/2018
Car Dealers	Avon	NY				1,090		2,595		-		-		1,090		2,595		3,685		(112)	2006	12/21/2018
Car Dealers	Rochester	NY				3,239		8,532		-		-		3,239		8,532		11,771		(291)	1998	12/21/2018
Car Dealers	Rochester	NY				3,570		1,863		-		-		3,570		1,863		5,433		(154)	2016	12/21/2018
Car Dealers	Rochester	NY				2,726		4,024		-		-		2,726		4,024		6,750		(175)	2015	12/21/2018
Car Dealers	Spencerport	NY				3,790		5,818		-		-		3,790		5,818		9,608		(294)	1963	12/21/2018
Other Motor Vehicle Dealers	Huber Heights	OH				3,023		2,161		1,184		5,278		4,207		7,439		11,646		(172)	2005	12/21/2018
Semiconductor and Other Electronic Component Manufacturing	Ridgeway	SC				2,108		2,945		-		-		2,108		2,945		5,053		(212)	1996	12/21/2018
Architectural and Structural Metals Manufacturing	Orlando	FL				702		1,666		-		-		702		1,666		2,368		(75)	1955	12/26/2018
Office Furniture (including Fixtures) Manufacturing	Owensville	MO				505		4,202		-		-		505		4,202		4,707		(154)	1968	12/26/2018
Architectural and Structural Metals Manufacturing	Lynchburg	VA				277		5,807		-		-		277		5,807		6,084		(205)	1950	12/26/2018

F-47

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Architectural and Structural Metals Manufacturing	Lynchburg	VA				1,228		6,728		-		-		1,228		6,728		7,956		(289)	1950	12/26/2018
Grocery and Related Product Merchant Wholesalers	Yuma	AZ				9,636		18,381		-		-		9,636		18,381		28,017		(979)	2018	12/31/2018
Steel Product Manufacturing from Purchased Steel	Statesville	NC				1,280		1,253		-		-		1,280		1,253		2,533		(90)	1994	01/01/2019
Steel Product Manufacturing from Purchased Steel	Troutman	NC				1,040		1,443		-		-		1,040		1,443		2,483		(82)	1969	01/01/2019
Child Day Care Services	Bourne	MA		(f)		1,105		929		-		-		1,105		929		2,034		(67)	1977	01/03/2019
Child Day Care Services	North Attleborough	MA		(f)		518		638		-		-		518		638		1,156		(38)	1965	01/03/2019
Child Day Care Services	West Bridgewater	MA		(f)		680		606		-		-		680		606		1,286		(39)	1988	01/03/2019
Child Day Care Services	East Greenwich	RI		(f)		358		690		-		-		358		690		1,048		(41)	1995	01/03/2019
Child Day Care Services	North Kingstown	RI		(f)		443		378		-		-		443		378		821		(26)	1988	01/03/2019
Child Day Care Services	Smithfield	RI		(f)		1,033		984		-		-		1,033		984		2,017		child	1970	01/03/2019
Child Day Care Services	Westerly	RI		(f)		729		596		-		-		729		596		1,325		(40)	1983	01/03/2019
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	Owatonna	MN				2,382		6,037		-		-		2,382		6,037		8,419		(256)	1950	01/04/2019
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	Pine City	MN				1,261		3,911		-		-		1,261		3,911		5,172		(141)	1960	01/04/2019
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	St Paul	MN				919		3,304		-		-		919		3,304		4,223		(117)	1976	01/04/2019
Other Professional, Scientific, and Technical Services	Brandon	FL				1,559		875		-		-		1,559		875		2,434		(50)	1991	01/08/2019
Furniture Stores	Baton Rouge	LA		(f)		1,326		4,170		-		-		1,326		4,170		5,496		(226)	1987	01/09/2019
Furniture Stores	Houma	LA		(f)		3,728		2,125		-		-		3,728		2,125		5,853		(164)	1992	01/09/2019
Furniture Stores	Lafayette	LA		(f)		1,272		2,189		-		-		1,272		2,189		3,461		(89)	1995	01/09/2019
Furniture Stores	Lake Charles	LA		(f)		2,937		4,024		-		-		2,937		4,024		6,961		(238)	1991	01/09/2019
Furniture Stores	Opelousas	LA		(f)		1,474		1,373		-		-		1,474		1,373		2,847		(101)	1985	01/09/2019
Furniture Stores	Ponchatoula	LA		(f)		2,101		3,308		-		-		2,101		3,308		5,409		(151)	2009	01/09/2019
Aerospace Product and Parts Manufacturing	South Windsor	CT				515		2,663		-		-		515		2,663		3,178		(134)	1971	01/18/2019
Aerospace Product and Parts Manufacturing	Meadows of Dan	VA				424		1,149		-		-		424		1,149		1,573		(71)	1970	01/18/2019
Foundries	Grafton	WI		(f)		762		2,419		-		-		762		2,419		3,181		(130)	1998	01/22/2019
Automotive Repair and Maintenance	Chaska	MN				1,333		1,605		-		100		1,333		1,705		3,038		(57)	2002	01/24/2019
Lumber and Other Construction Materials Merchant Wholesalers	Breckenridge	CO				2,981		2,588		-		-		2,981		2,588		5,569		(96)	2008	01/29/2019
Lumber and Other Construction Materials Merchant Wholesalers	Edwards	CO				1,716		408		-		-		1,716		408		2,124		(29)	1992	01/29/2019
Animal Slaughtering and Processing	Bay City	OR				1,839		4,992		-		-		1,839		4,992		6,831		(200)	1976	01/29/2019
Animal Slaughtering and Processing	Tillamook	OR				183		662		-		-		183		662		845		(25)	1924	01/29/2019
Engine, Turbine, and Power Transmission Equipment Manufacturing	Pewaukee	WI				1,637		3,235		-		-		1,637		3,235		4,872		(199)	1960	01/30/2019
Lumber and Other Construction Materials Merchant Wholesalers	West Plains	MO				1,024		404		-		-		1,024		404		1,428		(60)	1977	01/31/2019
Farm and Ranch Supply Stores	Rapid City	SD				6,608		447		-		25,385		6,608		25,832		32,440		-		01/31/2019
Restaurants -- Full Service	Battle Creek	MI				333		663		-		-		333		663		996		(37)	1976	02/05/2019
Restaurants -- Full Service	Bay City	MI				356		1,085		-		-		356		1,085		1,441		(60)	1978	02/05/2019
Restaurants -- Full Service	Cadillac	MI				334		1,106		-		-		334		1,106		1,440		(40)	1968	02/05/2019
Restaurants -- Full Service	Kalkaska	MI				269		904		-		-		269		904		1,173		(51)	1986	02/05/2019
Restaurants -- Full Service	Ludington	MI				272		1,258		-		-		272		1,258		1,530		(48)	1995	02/05/2019
Restaurants -- Full Service	Madison Heights	MI				462		1,543		-		-		462		1,543		2,005		(49)	2005	02/05/2019
Restaurants -- Full Service	Valley View	OH				353		1,197		-		-		353		1,197		1,550		(46)	1989	02/05/2019
Farm and Ranch Supply Stores	Morris	IL				1,624		4,245		-		-		1,624		4,245		5,869		(239)	1988	02/07/2019
Farm and Ranch Supply Stores	Washington	IL				899		3,688		-		-		899		3,688		4,587		(198)	1981	02/07/2019
Farm and Ranch Supply Stores	Elkhart	IN				2,114		3,534		-		-		2,114		3,534		5,648		(207)	1968	02/07/2019
Child Day Care Services	Douglasville	GA		(f)		503		1,258		-		-		503		1,258		1,761		(54)	2001	02/08/2019
Child Day Care Services	Woodstock	GA		(f)		1,291		1,925		-		-		1,291		1,925		3,216		(96)	2007	02/08/2019
Outpatient Care Centers	Amarillo	TX				1,316		4,919		-		-		1,316		4,919		6,235		(134)	1984	02/08/2019
Outpatient Care Centers	Amarillo	TX				712		3,163		-		-		712		3,163		3,875		(86)	2016	02/08/2019
Outpatient Care Centers	Liberal	KS				277		39		277		920		554		959		1,513		(18)	2019	02/12/2019

F-48

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Outpatient Care Centers	Altus	OK				396		33		291		875		687		908		1,595		(7)	1798	12/03/2018
Automotive Repair and Maintenance	Topeka	KS				549		-		1,194		1,741		1,743		1,741		3,484		(52)	1987	12/03/2018
Lumber and Other Construction Materials Merchant Wholesalers	Nixa	MO				1,645		707		-		-		1,645		707		2,352		(86)	1920	12/03/2018
Health Clubs	Chicago	IL				1,811		4,502		-		-		1,811		4,502		6,313		(102)	1976	12/05/2018
Child Day Care Services	Farmington	CT				582		-		-		-		582		-		582		-	1992	12/06/2018
Child Day Care Services	South Windsor	CT				237		-		-		-		237		-		237		-	1974	12/06/2018
Health Clubs	Elk Grove Village	IL				497		4,094		-		-		497		4,094		4,591		(86)	1999	12/06/2018
Motor Vehicle Parts Manufacturing	Greenville	OH				3,260		18,400		-		-		3,260		18,400		21,660		(610)	1987	12/07/2018
Motor Vehicle Parts Manufacturing	Perrysburg	OH				658		3,247		-		-		658		3,247		3,905		(112)	2018	12/10/2018
Motor Vehicle Parts Manufacturing	Duncan	SC				1,323		4,124		-		-		1,323		4,124		5,447		(149)	1956	12/11/2018
Restaurants -- Full Service	Goodyear	AZ				1,409		1,671		-		-		1,409		1,671		3,080		(56)	2014	12/11/2018
Restaurants -- Full Service	Mesa	AZ				753		2,338		-		-		753		2,338		3,091		(58)	2004	12/11/2018
Restaurants -- Full Service	Surprise	AZ				1,655		1,706		-		-		1,655		1,706		3,361		(57)	1970	12/14/2018
Paint, Coating, and Adhesive Manufacturing	Detroit	MI				936		10,828		-		-		936		10,828		11,764		(327)	1983	12/14/2018
Aerospace Product and Parts Manufacturing	Vancouver	WA				773		1,840		-		-		773		1,840		2,613		(55)	1974	12/18/2018
Foundries	Au Gres	MI				848		584		-		-		848		584		1,432		(7)	1966	12/18/2018
Foundries	Cadillac	MI				2,962		7,521		-		-		2,962		7,521		10,483		(30)	1955	12/18/2018
Other Professional, Scientific, and Technical Services	Magnolia	TX				549		528		-		-		549		528		1,077		(26)		12/20/2018
Other Professional, Scientific, and Technical Services	Gainesville	FL				472		820		-		-		472		820		1,292		(27)	2018	12/20/2018
Specialized Design Services	Golden Valley	MN				1,464		2,757		-		-		1,464		2,757		4,221		(91)		12/20/2018
Metal and Mineral Merchant Wholesalers	New Castle	DE				3,554		5,541		-		-		3,554		5,541		9,095		(201)	1996	12/20/2018
Child Day Care Services	Carol Stream	IL		(f)		1,668		3,911		-		-		1,668		3,911		5,579		(126)	2000	12/20/2018
Wholesale Automobile Auction	North Billerica	MA		(f)		13,863		15,859		-		-		13,863		15,859		29,722		(584)	2001	12/20/2018
Health Clubs	Scottsdale	AZ				2,691		88		-		4,473		2,691		4,561		7,252		-	2001	12/20/2018
Movie Theaters	Ocean City	MD				6,059		1,590		-		-		6,059		1,590		7,649		(49)	2001	12/20/2018
Movie Theaters	Wyomissing	PA				4,176		4,723		-		-		4,176		4,723		8,899		(206)	1989	12/20/2018
Offices of Dentists	Anchorage	AK				529		1,823		-		-		529		1,823		2,352		(49)	2000	12/21/2018
Other Personal Services	Bonita Springs	FL				937		-		-		-		937		-		937		-	1985	12/21/2018
Other Personal Services	Apex	NC				844		-		-		426		844		426		1,270		-	2003	12/21/2018
Offices of Dentists	Oklahoma City	OK				262		615		-		-		262		615		877		(18)	2007	12/21/2018
Offices of Dentists	Watonga	OK				49		516		-		-		49		516		565		(14)	2002	12/21/2018
Offices of Physicians	Allentown	PA				689		4,079		-		-		689		4,079		4,768		(83)	2015	12/21/2018
Offices of Physicians	Easton	PA				129		608		-		-		129		608		737		(16)	1973	12/21/2018
Offices of Physicians	Philadelphia	PA				399		527		-		-		399		527		926		(15)	2006	12/21/2018
Car Dealers	Philadelphia	PA				5,850		6,405		-		-		5,850		6,405		12,255		(136)	1998	12/21/2018
Offices of Physicians	Pottsville	PA				375		3,908		-		-		375		3,908		4,283		(100)	2016	12/21/2018
Offices of Physicians	Reading	PA				528		2,723		-		-		528		2,723		3,251		(57)	2015	12/21/2018
Offices of Physicians	Shamokin	PA				53		347		-		-		53		347		400		(14)	1963	12/21/2018
Offices of Dentists	Greenville	TX				364		904		-		-		364		904		1,268		(21)	2005	12/21/2018
Lumber and Other Construction Materials Merchant Wholesalers	Bay St Louis	MS				1,155		419		-		-		1,155		419		1,574		(48)	1996	12/21/2018
Lumber and Other Construction Materials Merchant Wholesalers	Brandon	MS				2,075		1,013		-		-		2,075		1,013		3,088		(70)	1955	12/26/2018
Offices of Physicians	Auburn	AL				164		412		-		-		164		412		576		(13)	1968	12/26/2018
Offices of Physicians	Dothan	AL				481		1,375		-		-		481		1,375		1,856		(43)	1950	12/26/2018
Offices of Physicians	Gulf Breeze	FL				184		745		-		-		184		745		929		(17)	1950	12/26/2018
Offices of Physicians	Milton	FL				138		413		-		-		138		413		551		(11)	2018	12/31/2018

F-49

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Offices of Physicians	Navarre	FL				101		540		-		-		101		540		641		(15)	2006	04/02/2019
Offices of Physicians	Panama City	FL				872		2,953		-		-		872		2,953		3,825		(66)	2009	04/02/2019
Offices of Physicians	Panama City	FL				1,245		1,266		-		-		1,245		1,266		2,511		(40)	2013	04/02/2019
Offices of Physicians	Santa Rosa Beach	FL				322		2,001		-		-		322		2,001		2,323		(42)	2012	04/02/2019
Family Entertainment Centers	Bethlehem	PA				1,353		3,051		-		-		1,353		3,051		4,404		(122)	1998	04/03/2019
Automotive Repair and Maintenance	Topeka	KS				1,371		-		600		2,035		1,971		2,035		4,006		(30)	2019	04/05/2019
Restaurants -- Limited Service	Belton	SC				170		-		563		789		733		789		1,522		(21)	2019	04/08/2019
Restaurants -- Limited Service	McCormick	SC				129		-		539		813		668		813		1,481		(21)	2019	04/10/2019
Automotive Repair and Maintenance	Pueblo	CO				1,254		2,757		-		-		1,254		2,757		4,011		(62)	2013	04/16/2019
Child Day Care Services	Fresno	TX				628		855		-		243		628		1,098		1,726		(27)	2002	04/16/2019
Child Day Care Services	Pearland	TX				481		595		-		223		481		818		1,299		(19)	2002	04/16/2019
Automotive Repair and Maintenance	St. Michael	MN				619		1,038		-		-		619		1,038		1,657		(24)	2015	04/26/2019
Outpatient Care Centers	Dodge City	KS				297		-		274		1,106		571		1,106		1,677		(8)	2019	04/29/2019
Outpatient Care Centers	Great Bend	KS				347		-		268		1,116		615		1,116		1,731		-		04/29/2019
Outpatient Care Centers	Ardmore	OK				531		-		-		485		531		485		1,016		-		04/29/2019
Outpatient Care Centers	Guthrie	OK				386		-		294		1,018		680		1,018		1,698		-		04/29/2019
Outpatient Care Centers	Guymon	OK				226		-		238		1,108		464		1,108		1,572		(7)	2019	04/29/2019
Metal and Mineral Merchant Wholesalers	Grand Rapids	MI				619		1,695		-		-		619		1,695		2,314		(47)	2000	04/30/2019
Metal and Mineral Merchant Wholesalers	Mogadore	OH				1,110		3,107		-		-		1,110		3,107		4,217		(88)	1971	04/30/2019
Automotive Repair and Maintenance	Hutchinson	KS				1,277		-		721		1,951		1,998		1,951		3,949		(24)	2019	05/03/2019
Death Care Services	Johnson City	TN				834		2,380		-		-		834		2,380		3,214		(57)	1979	05/16/2019
Death Care Services	Johnson City	TN				121		489		-		-		121		489		610		(11)	1923	05/16/2019
Restaurants -- Full Service	Ardmore	OK		(f)		172		1,026		-		-		172		1,026		1,198		(22)	1968	05/17/2019
Bowling Centers	Irmo	SC		(f)		2,111		2,301		-		826		2,111		3,127		5,238		(51)	1994	05/17/2019
Plastics Product Manufacturing	Salisbury	NC				3,080		8,443		-		-		3,080		8,443		11,523		(253)	1987	05/22/2019
Automotive Repair and Maintenance	Ottawa	KS				807		-		665		2,002		1,472		2,002		3,474		(16)	2019	05/31/2019
Automotive Repair and Maintenance	Salina	KS				1,035		-		676		1,903		1,711		1,903		3,614		(15)	2019	05/31/2019
Fiber, Yarn, and Thread Mills	Charlotte	NC				820		2,742		-		-		820		2,742		3,562		(66)	1968	05/31/2019
Fiber, Yarn, and Thread Mills	Statesville	NC				443		2,507		-		-		443		2,507		2,950		(55)	1995	05/31/2019
Fiber, Yarn, and Thread Mills	Groesbeck	TX				400		5,812		-		-		400		5,812		6,212		(88)	1970	05/31/2019
Fiber, Yarn, and Thread Mills	Mexia	TX				451		1,286		-		-		451		1,286		1,737		(39)	1962	05/31/2019
Child Day Care Services	Big Lake	MN		(f)		307		1,477		-		110		307		1,587		1,894		(26)	2008	06/05/2019
Child Day Care Services	Blaine	MN		(f)		423		1,450		-		-		423		1,450		1,873		(26)	2016	06/05/2019
Lumber and Other Construction Materials Merchant Wholesalers	Albert Lea	MN				616		686		-		-		616		686		1,302		(20)	2008	06/11/2019
Farm and Ranch Supply Stores	West Bend	WI				3,055		15,869		10,024		14		13,079		15,883		28,962		(266)	2019	06/14/2019
Furniture Stores	Indianapolis	IN				4,771		10,790		-		-		4,771		10,790		15,561		(193)	1973	06/19/2019
Offices of Dentists	Clarksville	TN				404		1,050		-		-		404		1,050		1,454		(18)	2012	06/20/2019
Offices of Dentists	Clarksville	TN				382		404		-		-		382		404		786		(11)	2000	06/20/2019
Health Clubs	Amarillo	TX				1,278		2,935		-		-		1,278		2,935		4,213		(59)	1977	06/20/2019
Restaurants -- Full Service	Jasper	AL		(f)		281		889		-		-		281		889		1,170		(19)	1975	06/21/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Olive Branch	MS		(f)		2,165		1,192		-		-		2,165		1,192		3,357		(35)	1990	06/26/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Tulsa	OK		(f)		1,817		1,500		-		-		1,817		1,500		3,317		(34)	1975	06/26/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Corpus Christi	TX		(f)		1,396		485		-		-		1,396		485		1,881		(25)	1975	06/26/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Grand Prairie	TX		(f)		812		2,167		-		-		812		2,167		2,979		(37)	1982	06/26/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Hutto	TX		(f)		3,344		1,630		-		-		3,344		1,630		4,974		(82)	2018	06/26/2019

F-50

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Commercial and Industrial Machinery and Equipment Rental and Leasing	Keller	TX		(f)		2,051		3,142		-		-		2,051		3,142		5,193		(75)	1981	06/26/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Tomball	TX		(f)		1,575		2,441		-		-		1,575		2,441		4,016		(54)	1986	06/26/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Victoria	TX		(f)		1,032		808		-		-		1,032		808		1,840		(26)	2007	06/26/2019
Movie Theaters	Meridian	ID				4,240		5,770		-		1,162		4,240		6,932		11,172		(136)	2005	06/27/2019
Alumina and Aluminum Production and Processing	New Albany	MS		(f)		1,777		5,886		-		-		1,777		5,886		7,663		(140)	1997	06/27/2019
Movie Theaters	Walla Walla	WA				1,741		2,764		-		600		1,741		3,364		5,105		(93)	2000	06/27/2019
Animal Slaughtering and Processing	Beaver Springs	PA		(f)		462		805		-		-		462		805		1,267		(21)	1950	06/28/2019
Animal Slaughtering and Processing	Mifflintown	PA		(f)		2,910		10,494		-		-		2,910		10,494		13,404		(239)	1987	06/28/2019
Animal Slaughtering and Processing	Selinsgrove	PA		(f)		398		178		-		-		398		178		576		(15)	1979	06/28/2019
Health Clubs	West Des Moines	IA				2,814		3,054		-		-		2,814		3,054		5,868		(68)	2001	06/30/2019
Health Clubs	Olathe	KS				2,259		3,929		-		448		2,259		4,377		6,636		(94)	2000	06/30/2019
Health Clubs	Overland Park	KS				2,313		3,584		-		-		2,313		3,584		5,897		(86)	1995	06/30/2019
Health Clubs	Lincoln	NE				1,791		2,987		-		-		1,791		2,987		4,778		(65)	1985	06/30/2019
Health Clubs	Omaha	NE				2,759		4,808		-		-		2,759		4,808		7,567		(98)	1989	06/30/2019
Health Clubs	Omaha	NE				2,019		3,719		-		-		2,019		3,719		5,738		(76)	1997	06/30/2019
Health Clubs	Phoenix	AZ				3,402		-		-		-		3,402		-		3,402		(16)	1981	07/08/2019
Individual and Family Services	Laurens	SC				174		508		-		-		174		508		682		(10)	1950	07/12/2019
Other Professional, Scientific, and Technical Services	Upland	CA		(f)		592		1,023		-		-		592		1,023		1,615		(16)	1954	07/22/2019
Car Dealers	Brockport	NY				2,765		3,820		-		-		2,765		3,820		6,585		(74)	1970	07/24/2019
Child Day Care Services	Hugo	MN		(f)		782		1,580		-		-		782		1,580		2,362		(32)	2006	07/25/2019
Architectural and Structural Metals Manufacturing	Franklin	WI		(f)		775		4,487		-		-		775		4,487		5,262		(71)	1998	08/15/2019
Steel Product Manufacturing from Purchased Steel	Arcade	NY		(f)		1,705		5,781		-		-		1,705		5,781		7,486		(79)	1966	08/28/2019
Pharmaceutical and Medicine Manufacturing	Largo	FL				1,887		2,556		-		1,000		1,887		3,556		5,443		(31)	1971	08/29/2019
Pharmaceutical and Medicine Manufacturing	Largo	FL				2,261		3,325		-		-		2,261		3,325		5,586		(46)	1988	08/29/2019
Child Day Care Services	Buffalo	MN				1,501		2,386		-		-		1,501		2,386		3,887		(35)	1979	08/29/2019
Lumber and Other Construction Materials Merchant Wholesalers	Cotter	AR				241		997		-		-		241		997		1,238		(13)	2003	08/30/2019
Health Clubs	Glendale	AZ		(f)		3,764		5,561		-		748		3,764		6,309		10,073		(79)	1996	08/30/2019
Health Clubs	Las Vegas	NV		(f)		2,260		6,976		-		387		2,260		7,363		9,623		(90)	1987	08/30/2019
Bakeries and Tortilla Manufacturing	Shirley	NY		(f)		2,291		5,270		-		-		2,291		5,270		7,561		(73)	2001	08/30/2019
Other Professional, Scientific, and Technical Services	Edmond	OK		(f)		126		504		-		-		126		504		630		(6)	2005	08/30/2019
Other Professional, Scientific, and Technical Services	Portland	OR		(f)		469		1,083		-		-		469		1,083		1,552		(13)	1985	08/30/2019
Other Professional, Scientific, and Technical Services	Bellaire	TX		(f)		321		539		-		-		321		539		860		(7)	1950	08/30/2019
Other Professional, Scientific, and Technical Services	Dallas	TX		(f)		468		588		-		-		468		588		1,056		(9)	1978	08/30/2019
Bakeries and Tortilla Manufacturing	Cuyahoga Falls	OH		(f)		1,164		8,856		-		-		1,164		8,856		10,020		(55)	1994	09/16/2019
Other Personal Services	Reisterstown	MD				1,203		819		-		-		1,203		819		2,022		(15)	1990	09/17/2019
Other Professional, Scientific, and Technical Services	Reisterstown	MD				184		485		-		-		184		485		669		(7)	1984	09/17/2019
Used Merchandise Stores	Pennsauken	NJ				1,690		2,752		-		-		1,690		2,752		4,442		(34)	2008	09/18/2019
Used Merchandise Stores	Bensalem	PA				274		922		-		-		274		922		1,196		(9)	1973	09/18/2019
Used Merchandise Stores	Bensalem	PA				271		765		-		-		271		765		1,036		(8)	1974	09/18/2019
Used Merchandise Stores	Narberth	PA				100		121		-		-		100		121		221		(1)	1960	09/18/2019
Petroleum and Petroleum Products Merchant Wholesalers	Bridgton	ME				256		123		-		-		256		123		379		(1)	1999	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Casco	ME				206		345		-		-		206		345		551		(3)	2007	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Gorham	ME				574		200		-		-		574		200		774		(4)	1994	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Gray	ME				148		382		-		-		148		382		530		(5)	2011	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Limerick	ME				288		31		-		-		288		31		319		(1)	1991	09/20/2019

F-51

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Petroleum and Petroleum Products Merchant Wholesalers	Yanceyville	NC				101		85		-		-		101		85		186		(2)	1970	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Plymouth	NH				281		158		-		-		281		158		439		(2)	1965	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Newburgh	NY				828		370		-		-		828		370		1,198		(4)	1979	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Alvin	TX				198		181		-		-		198		181		379		(2)	1980	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Carrizo Springs	TX				117		70		-		-		117		70		187		(1)	1980	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Floresville	TX				139		7		-		-		139		7		146		-	2005	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Kenedy	TX				151		26		-		-		151		26		177		-	1981	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Mercedes	TX				420		131		-		-		420		131		551		(2)	2002	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Smiley	TX				22		23		-		-		22		23		45		-	2000	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Weslaco	TX				660		83		-		-		660		83		743		(2)	1988	09/20/2019
Petroleum and Petroleum Products Merchant Wholesalers	Manchester	VT				107		232		-		-		107		232		339		(2)	1993	09/20/2019
Architectural and Structural Metals Manufacturing	Florence	AL		(f)		339		3,157		-		-		339		3,157		3,496		(28)	1964	09/25/2019
Architectural and Structural Metals Manufacturing	Benton	AR		(f)		732		1,639		-		-		732		1,639		2,371		(19)	2005	09/25/2019
Home Furnishings Stores	Tempe	AZ		(f)		3,427		9,700		-		-		3,427		9,700		13,127		(75)	2019	09/25/2019
Architectural and Structural Metals Manufacturing	Ocala	FL		(f)		560		2,805		-		-		560		2,805		3,365		(28)	1971	09/25/2019
Architectural and Structural Metals Manufacturing	Tifton	GA		(f)		467		2,055		-		-		467		2,055		2,522		(21)	1969	09/25/2019
Home Furnishings Stores	Avon	IN		(f)		2,869		6,986		-		-		2,869		6,986		9,855		(56)	2013	09/25/2019
Architectural and Structural Metals Manufacturing	Brookhaven	MS		(f)		278		7,678		-		-		278		7,678		7,956		(67)	1992	09/25/2019
Architectural and Structural Metals Manufacturing	Fayetteville	NC		(f)		777		4,567		-		-		777		4,567		5,344		(42)	1950	09/25/2019
Architectural and Structural Metals Manufacturing	Jackson	TN		(f)		305		749		-		-		305		749		1,054		(9)	1971	09/25/2019
Home Furnishings Stores	Mount Juliet	TN		(f)		5,259		8,559		-		-		5,259		8,559		13,818		(73)	2019	09/25/2019
Home Furnishings Stores	Cypress	TX		(f)		4,223		9,504		-		-		4,223		9,504		13,727		(80)	2019	09/25/2019
Architectural and Structural Metals Manufacturing	Orange	VA		(f)		294		1,092		-		-		294		1,092		1,386		(11)	1975	09/25/2019
Movie Theaters	Alpharetta	GA		(f)		1,707		6,344		-		700		1,707		7,044		8,751		(41)	1993	09/27/2019
Other Motor Vehicle Dealers	Marion	IL				5,017		5,478		-		-		5,017		5,478		10,495		(56)	2014	09/27/2019
Other Food Manufacturing	New Century	KS				1,671		9,852		-		-		1,671		9,852		11,523		(89)	2001	09/27/2019
Child Day Care Services	Flint	MI		(f)		306		1,564		-		-		306		1,564		1,870		(11)	1997	09/27/2019
Child Day Care Services	Waterford	MI		(f)		145		1,073		-		-		145		1,073		1,218		(7)	1992	09/27/2019
Other Professional, Scientific, and Technical Services	Gastonia	NC				542		690		-		-		542		690		1,232		(8)	1942	09/27/2019
Automotive Repair and Maintenance	Queen Creek	AZ				1,185		2,796		-		-		1,185		2,796		3,981		(21)	2015	09/30/2019
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	Wickenburg	AZ				9,378		19,222		-		-		9,378		19,222		28,600		(283)	1946	09/30/2019
Automotive Repair and Maintenance	Litchfield	CT				657		1,784		-		-		657		1,784		2,441		(15)	2007	09/30/2019
Automotive Repair and Maintenance	Milford	CT				489		2,183		-		-		489		2,183		2,672		(20)	1964	09/30/2019
Automotive Repair and Maintenance	New Haven	CT				845		1,999		-		-		845		1,999		2,844		(21)	1987	09/30/2019
Automotive Repair and Maintenance	Waterbury	CT				987		1,574		-		-		987		1,574		2,561		(15)	2008	09/30/2019
Automotive Repair and Maintenance	Bloomington	IL				986		1,606		-		-		986		1,606		2,592		(13)	2012	09/30/2019
Automotive Repair and Maintenance	Bloomington	IL				1,035		1,587		-		-		1,035		1,587		2,622		(14)	2014	09/30/2019
Automotive Repair and Maintenance	Bolingbrook	IL				695		3,045		-		-		695		3,045		3,740		(31)	2001	09/30/2019
Automotive Repair and Maintenance	Champaign	IL				1,559		1,788		-		-		1,559		1,788		3,347		(13)	2011	09/30/2019
Automotive Repair and Maintenance	Decatur	IL				1,215		1,739		-		-		1,215		1,739		2,954		(16)	2008	09/30/2019
Automotive Repair and Maintenance	Decatur	IL				860		2,224		-		-		860		2,224		3,084		(16)	2010	09/30/2019
Restaurants -- Limited Service	Loves Park	IL				320		2,252		-		-		320		2,252		2,572		(16)	1991	09/30/2019
Restaurants -- Limited Service	Loves Park	IL				337		2,035		-		-		337		2,035		2,372		(14)	1967	09/30/2019
Restaurants -- Limited Service	Machesney Park	IL				246		2,026		-		-		246		2,026		2,272		(14)	1999	09/30/2019
Restaurants -- Limited Service	Rockford	IL				230		1,512		-		-		230		1,512		1,742		(11)	2001	09/30/2019

F-52

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Restaurants -- Limited Service	Rockford	IL				517		2,815		-		-		517		2,815		3,332		(19)	2003	09/30/2019
Restaurants -- Limited Service	Rockford	IL				296		1,785		-		-		296		1,785		2,081		(13)	1987	09/30/2019
Restaurants -- Limited Service	Roscoe	IL				282		1,429		-		-		282		1,429		1,711		(10)	2003	09/30/2019
Automotive Repair and Maintenance	Springfield	IL				1,012		1,671		-		-		1,012		1,671		2,683		(13)	2013	09/30/2019
Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities	Chestnut Hill	MA				5,446		12,693		-		-		5,446		12,693		18,139		(103)	1870	09/30/2019
Automotive Repair and Maintenance	Springfield	MA				625		3,235		-		-		625		3,235		3,860		(24)	1971	09/30/2019
Automotive Repair and Maintenance	Johnston	RI				2,641		4,158		-		-		2,641		4,158		6,799		(35)	2015	09/30/2019
Automotive Repair and Maintenance	North Providence	RI				1,091		1,572		-		-		1,091		1,572		2,663		(13)	1930	09/30/2019
Other Food Manufacturing	Fitzgerald	GA				3,178		29,994		-		-		3,178		29,994		33,172		(209)	1980	10/04/2019
Bakeries and Tortilla Manufacturing	Carrington	ND				1,372		25,557		-		-		1,372		25,557		26,929		(176)	1993	10/04/2019
Offices of Dentists	Tahlequah	OK				341		1,282		-		-		341		1,282		1,623		(13)	2011	10/04/2019
Offices of Dentists	Dumas	TX				250		481		-		-		250		481		731		(5)	2006	10/04/2019
Automotive Repair and Maintenance	Casa Grande	AZ				1,249		2,221		-		-		1,249		2,221		3,470		(12)	2016	10/17/2019
Automotive Repair and Maintenance	Chandler	AZ				1,812		1,498		-		-		1,812		1,498		3,310		(10)	2015	10/17/2019
Automotive Repair and Maintenance	Mesa	AZ				1,716		1,494		-		-		1,716		1,494		3,210		(9)	2017	10/17/2019
Automotive Repair and Maintenance	Tucson	AZ				2,080		1,181		-		-		2,080		1,181		3,261		(7)	2015	10/17/2019
Other Motor Vehicle Dealers	Liberty Township	OH				1,272		3,437		-		-		1,272		3,437		4,709		(17)	2003	10/18/2019
Radio and Television Broadcasting	Burbank	CA				6,720		11,004		-		-		6,720		11,004		17,724		(62)	1975	10/21/2019
Radio and Television Broadcasting	Houston	TX				1,647		4,762		-		-		1,647		4,762		6,409		(21)	1984	10/21/2019
Radio and Television Broadcasting	Irving	TX				2,852		3,057		-		-		2,852		3,057		5,909		(22)	1983	10/21/2019
Restaurants -- Full Service	Oakdale	MN				937		876		-		-		937		876		1,813		(6)	2005	10/22/2019
Other Motor Vehicle Dealers	Clermont	FL				2,218		3,142		-		-		2,218		3,142		5,360		(22)	2019	10/25/2019
Child Day Care Services	Medford	NY		(f)		986		2,219		-		-		986		2,219		3,205		(13)	2006	10/25/2019
Child Day Care Services	Middle Island	NY		(f)		1,900		2,087		-		-		1,900		2,087		3,987		(16)	2014	10/25/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Phoenix	AZ		(f)		2,603		3,416		-		-		2,603		3,416		6,019		(12)	1976	10/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	St. Gabriel	LA		(f)		995		1,385		-		-		995		1,385		2,380		(4)	2015	10/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Carlsbad	NM		(f)		1,022		1,532		-		-		1,022		1,532		2,554		(1)	2019	10/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Portland	OR		(f)		4,218		783		-		-		4,218		783		5,001		(3)	1978	10/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Beaumont	TX		(f)		1,195		1,114		-		-		1,195		1,114		2,309		(10)	1999	10/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Corpus Christi	TX		(f)		624		1,764		-		-		624		1,764		2,388		(7)	2016	10/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	El Paso	TX		(f)		683		714		-		-		683		714		1,397		(6)	2014	10/31/2019
Petroleum and Petroleum Products Merchant Wholesalers	Mission	TX				296		43		-		-		296		43		339		-	1992	10/31/2019
Petroleum and Petroleum Products Merchant Wholesalers	Odessa	TX				237		171		-		-		237		171		408		(1)	1956	10/31/2019
Petroleum and Petroleum Products Merchant Wholesalers	Manchester Center	VT				205		556		-		-		205		556		761		(4)	1950	10/31/2019
Child Day Care Services	Dacula	GA		(f)		1,926		2,241		-		-		1,926		2,241		4,167		(20)	1999	11/01/2019
Child Day Care Services	Grayson	GA		(f)		1,444		1,508		-		-		1,444		1,508		2,952		(14)	1997	11/01/2019
Child Day Care Services	Lawrenceville	GA		(f)		1,585		1,718		-		-		1,585		1,718		3,303		(16)	2006	11/01/2019
Child Day Care Services	Loganville	GA		(f)		1,801		1,583		-		-		1,801		1,583		3,384		(17)	2003	11/01/2019
Child Day Care Services	Loganville	GA		(f)		1,571		1,421		-		-		1,571		1,421		2,992		(15)	1997	11/01/2019
Wholesale Automobile Auction	Kansas City	MO		(f)		12,239		4,770		-		-		12,239		4,770		17,009		(92)	2008	11/01/2019
Other Professional, Scientific, and Technical Services	Anderson	SC				537		272		-		-		537		272		809		(2)	1996	11/19/2019
Other Personal Services	Anderson	SC				568		342		-		-		568		342		910		(2)	1995	11/19/2019
Other Professional, Scientific, and Technical Services	Cedar Park	TX				862		594		-		-		862		594		1,456		(2)	2011	11/19/2019
Health Clubs	Brookfield	WI				2,370		11,098		-		-		2,370		11,098		13,468		(30)	1974	11/20/2019
Health Clubs	Glendale	WI				3,135		8,952		-		-		3,135		8,952		12,087		(25)	1973	11/20/2019

F-53

Descriptions (a)					Initial Cost to Company				Costs Capitalized Subsequent to Acquisition				Gross amount at December 31, 2019 (b) (c)
Tenant Industry	City	St	Encumbrances		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total		Accumulated Depreciation (d) (e)		Year Constructed	Date Acquired
Health Clubs	Glendale	WI				918		6,847		-		-		918		6,847		7,765		(17)	1974	11/20/2019
Health Clubs	Mequon	WI				1,763		7,352		-		-		1,763		7,352		9,115		(20)	1975	11/20/2019
Child Day Care Services	Brooklyn Park	MN		(f)		444		289		-		274		444		563		1,007		-		11/21/2019
Restaurants -- Limited Service	San Clemente	CA				3,531		4,533		-		-		3,531		4,533		8,064		(11)	1938	12/02/2019
Elementary and Secondary Schools	Milpitas	CA				6,584		1,776		-		-		6,584		1,776		8,360		(5)	1984	12/09/2019
Foundries	De Pere	WI				1,868		3,398		-		-		1,868		3,398		5,266		(15)	1972	12/11/2019
Car Dealers	Ontario	CA				4,864		4,401		-		-		4,864		4,401		9,265		(13)	2019	12/13/2019
Car Dealers	Westminster	CA				6,418		6,546		-		-		6,418		6,546		12,964		(18)	2019	12/13/2019
Restaurants -- Full Service	Marion	IL				748		1,494		-		-		748		1,494		2,242		(5)	2002	12/13/2019
Restaurants -- Full Service	Fort Wayne	IN		(f)		664		1,364		-		-		664		1,364		2,028		(5)	2002	12/13/2019
Restaurants -- Full Service	Elizabethtown	KY		(f)		996		1,344		-		-		996		1,344		2,340		(5)	1997	12/13/2019
Car Dealers	Kansas City	MO				3,165		4,232		-		-		3,165		4,232		7,397		(11)	2019	12/13/2019
Car Dealers	Greensboro	NC				1,545		4,032		-		-		1,545		4,032		5,577		(11)	2019	12/13/2019
Restaurants -- Full Service	Hendersonville	NC				1,311		816		-		-		1,311		816		2,127		(3)	2003	12/13/2019
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing	Amsterdam	NY				607		2,623		-		-		607		2,623		3,230		(10)	1960	12/13/2019
Restaurants -- Full Service	Milford	OH				679		1,261		-		-		679		1,261		1,940		(5)	2000	12/13/2019
Car Dealers	Oklahoma City	OK				1,826		4,129		-		-		1,826		4,129		5,955		(10)	2019	12/13/2019
Restaurants -- Full Service	Rock Hill	SC				939		1,018		-		-		939		1,018		1,957		(4)	1998	12/13/2019
Restaurants -- Full Service	Alcoa	TN		(f)		1,356		1,030		-		-		1,356		1,030		2,386		(5)	1997	12/13/2019
Restaurants -- Full Service	Dickson	TN				1,036		1,296		-		-		1,036		1,296		2,332		(4)	2001	12/13/2019
Restaurants -- Full Service	Manchester	TN				783		1,285		-		-		783		1,285		2,068		(4)	2002	12/13/2019
Car Dealers	Memphis	TN				2,404		3,452		-		-		2,404		3,452		5,856		(10)	2019	12/13/2019
Restaurants -- Full Service	Christiansburg	VA		(f)		817		1,007		-		-		817		1,007		1,824		(4)	2002	12/13/2019
Lumber and Other Construction Materials Merchant Wholesalers	Montgomery	IL				2,479		5,906		-		-		2,479		5,906		8,385		-	1962	12/16/2019
Other Personal Services	St. Augustine	FL				1,141		-		-		-		1,141		-		1,141		-		12/17/2019
Family Entertainment Centers	Chicago	IL				6,274		10,908		-		-		6,274		10,908		17,182		-	2014	12/17/2019
Other Personal Services	Fleming Island	FL				953		-		-		-		953		-		953		-		12/18/2019
Child Day Care Services	Chicago	IL		(f)		1,832		177		-		-		1,832		177		2,009		-	1905	12/18/2019
Restaurants -- Full Service	Boiling Springs	SC				619		1,275		-		-		619		1,275		1,894		-	2007	12/18/2019
Restaurants -- Full Service	Seneca	SC				529		894		-		-		529		894		1,423		-	2003	12/18/2019
Elementary and Secondary Schools	Pleasanton	CA				5,411		3,721		-		-		5,411		3,721		9,132		-	1999	12/20/2019
Building Material and Supplies Dealers	Addison	IL				406		2,212		-		-		406		2,212		2,618		-	1969	12/20/2019
Fabric Mills	Landrum	SC				513		3,004		-		-		513		3,004		3,517		-	1956	12/20/2019
Health Clubs	Sun Prairie	WI		(f)		1,032		-		-		-		1,032		-		1,032		-		12/27/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Sacramento	CA		(f)		1,612		3,938		-		-		1,612		3,938		5,550		-	1970	12/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Monroe	LA		(f)		637		348		-		-		637		348		985		-	1981	12/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Chattanooga	TN		(f)		616		998		-		-		616		998		1,614		-	2005	12/31/2019
Outpatient Care Centers	Johnson City	TN		(f)		578		1,304		-		-		578		1,304		1,882		-	1996	12/31/2019
Outpatient Care Centers	Newport	TN		(f)		159		970		-		-		159		970		1,129		-	1986	12/31/2019
Offices of Dentists	Corpus Christi	TX				951		2,964		-		-		951		2,964		3,915		-	1964	12/31/2019
Outpatient Care Centers	Abingdon	VA		(f)		198		465		-		-		198		465		663		-	1928	12/31/2019
Outpatient Care Centers	Duffield	VA		(f)		51		385		-		-		51		385		436		-	1981	12/31/2019
Outpatient Care Centers	Wytheville	VA		(f)		118		625		-		-		118		625		743		-	1990	12/31/2019
Commercial and Industrial Machinery and Equipment Rental and Leasing	Milwaukee	WI		(f)		594		2,452		-		-		594		2,452		3,046		-	1961	12/31/2019
			$	194,948	$	2,487,876	$	4,974,764	$	146,409	$	565,985	$	2,634,285	$	5,540,749	$	8,175,034	$	(711,176)

(a) As of December 31, 2019, we had investments in 2,473 single-tenant real estate property locations including 2,452 owned properties and 21 ground lease interests; 43 of our owned properties are accounted for as financing arrangements and 57 are accounted for as direct financing receivables and are excluded from the table above. Initial costs exclude intangible lease assets totaling $73.4 million.

(b) The aggregate cost for federal income tax purposes is approximately $8,413.6 million.

F-54

(c) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2019, 2018 and 2017:

	Year ended December 31,
		2019		2018		2017
Balance, beginning of year	$	7,168,720	$	5,856,345	$	4,762,969
Additions
Acquisitions		1,293,793		1,314,129		1,244,465
Improvements		149,963		221,578		94,039
Deductions
Provision for impairment of real estate		(18,201)		(5,202)		(11,940)
Other		(8,419)		—		—
Cost of real estate sold		(410,822)		(218,130)		(214,478)
Reclasses to held for sale		—		—		(18,710)
Balance, end of year	$	8,175,034	$	7,168,720	$	5,856,345

(d) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2019, 2018 and 2017:

	Year ended December 31,
		2019		2018		2017
Balance, beginning of year	$	(556,690)	$	(402,747)	$	(279,469)
Additions
Depreciation expense		(216,726)		(175,545)		(143,726)
Deductions
Accumulated depreciation associated with real estate sold		53,821		21,602		18,479
Other		8,419		—		—
Reclasses to held for sale		—		—		1,969
Balance, end of year	$	(711,176)	$	(556,690)	$	(402,747)

(e) The Company's real estate assets are depreciated using the straight-line method over the estimated useful lives of the properties, which generally ranges from 30 to 40 years for buildings and improvements and is 15 years for land improvements.

(f) Property is collateral for non-recourse debt obligations totaling $2.2 billion issued under the Company’s STORE Master Funding debt program.

See report of independent registered public accounting firm.

F-55

STORE Capital Corporation

Schedule IV - Mortgage Loans on Real Estate

As of December 31, 2019

(Dollars in thousands)

			Final	Periodic	Final		Outstanding		Carrying
	Interest		Maturity	Payment	Payment	Prior	face amount of		amount of
Description	Rate		Date	Terms	Terms	Liens	mortgages		mortgages (c)
First mortgage loans:
Three movie theater properties located in North Carolina (a)	8.35	%	12/31/2019	Interest only	Balloon of $12.6 million	None	$	12,610	$	12,610
One farm and ranch supply property located in Indiana	8.16	%	9/1/2020	Interest only	Balloon of $7.3 million	None		7,323		7,323
Four restaurant properties located in Indiana and Ohio	10.00	%	12/31/2020	Interest only	Balloon of $1.0 million	None		1,000		1,000
One movie theater property located in California	7.50	%	5/1/2021	Principal & Interest	Balloon of $4.7 million	None		5,028		5,041
One health club property located in Washington	7.91	%	6/1/2022	Principal & Interest	Balloon of $6.8 million	None		7,112		7,129
Two restaurant properties located in Louisiana	8.24	%	7/1/2032	Principal & Interest	Balloon of $1.9 million	None		2,115		2,127
Five restaurant properties located in Mississippi	8.30	%	7/1/2032	Principal & Interest	Balloon of $5.1 million	None		5,596		5,623
Three restaurant properties located in Idaho and Montana	8.89	%	11/1/2036	Principal & Interest	Balloon of $4.9 million	None		5,659		5,689
One used merchandise property in Maryland	7.75	%	9/1/2037	Principal & Interest	Fully amortizing	None		3,090		3,104
One automotive repair and maintenance property located in Illinois (b)	8.73	%	2/28/2038	Interest only	Fully amortizing	None		2,300		2,300
29 restaurant properties located in Florida, Illinois, Louisiana and Mississippi	8.75	%	12/2/2051	Principal & Interest	Fully amortizing	None		23,448		23,658
Five restaurant properties located in Tennessee	8.25	%	8/31/2053	Principal & Interest	Fully amortizing	None		3,612		3,625
One sporting goods property located in California	7.90	%	5/31/2054	Principal & Interest	Balloon of $6.0 million	None		17,094		17,100
Six floral merchant wholesaler properties located in California and Ontario, Canada	8.35	%	11/30/2054	Principal & Interest	Fully amortizing	None		29,150		29,162
Three mortgage loans secured by one recreation property located in Colorado	8.50	%	2/28/2055	Principal & Interest	Fully amortizing	None		30,789		31,262
Three restaurant properties located in Ohio	7.96	%	12/31/2055	Principal & Interest	Fully amortizing	None		3,034		3,043
Leasehold interest in an amusement park property located in Ontario, Canada	9.48	%	8/1/2056	Principal & Interest	Fully amortizing	None		22,179		22,281
One family entertainment property located in Texas	8.25	%	6/30/2058	Principal & Interest	Fully amortizing	None		4,582		4,582
Seven early childhood education properties located in Connecticut	8.00	%	2/28/2059	Principal & Interest	Fully amortizing	None		15,878		15,898
							$	201,599	$	202,557

F-56

The following shows changes in the carrying amounts of mortgage loans receivable during the years ended December 31, 2019, 2018 and 2017 (in thousands):

	Year ended December 31,
	2019		2018		2017
Balance, beginning of year	$	156,603	$	131,653	$	136,733
Additions:
New mortgage loans		74,681		29,155		24,952
Other: Capitalized loan origination costs		54		53		74
Deductions:
Collections of principal (d)		(28,701)		(4,194)		(30,068)
Other: Amortization of loan origination costs		(80)		(64)		(38)
Balance, end of year	$	202,557	$	156,603	$	131,653

(a) Loan was on nonaccrual status as of December 31, 2019. Loan matured on December 31, 2019 and the Company has been in negotiations with the borrower regarding a resolution.

(b) Loans require interest-only payments for a specified period followed by monthly payments of principal and interest.

(c) The aggregate cost for federal income tax purposes is $202.6 million.

(d) For the years ended December 31, 2019 and 2017, collections of principal include non-cash principal collections aggregating $13.6 million and $2.0 million, respectively, related to loan receivable transactions in which the Company acquired the underlying mortgaged properties and leased them back to the borrowers.

See report of independent registered public accounting firm.

F-57