Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

ESSENTIAL PROPERTIES REALTY TRUST, INC. AND ESSENTIAL PROPERTIES REALTY TRUST, INC. PREDECESSOR

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2022

(Dollar amounts in thousands)

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Automotive Service
Alabama	2	$	770	$	882	$	—	$	—	$	770	$	882	$	1,652	$	(94)	1988-1991	2019-2019
Arizona	10	11,078		20,169		—		—		11,078		20,169		31,247		(1,154)		1962-2018	2020-2021
California	4	4,502		8,499		—		—		4,502		8,499		13,001		(385)		1953-1991	2021-2022
Colorado	7	6,027		11,544		—		—		6,027		11,544		17,571		(512)		1990-2008	2021-2022
Florida	3	1,862		2,642		—		523		1,862		3,165		5,027		(572)		1980-2000	2017-2017
Georgia	19	9,198		20,490		—		—		9,198		20,490		29,688		(785)		1976-2006	2017-2022
Illinois	7	3,931		8,499		—		—		3,931		8,499		12,430		(344)		1969-1999	2019-2022
Indiana	8	1,509		4,617		—		302		1,509		4,919		6,428		(171)		1957-1998	2018-2022
Kansas	7	3,009		4,366		—		—		3,009		4,366		7,375		(203)		1981-2018	2021-2021
Maryland	2	2,667		7,848		—		—		2,667		7,848		10,515		(1,187)		1952-2009	2017-2018
Michigan	9	4,420		9,153		—		—		4,420		9,153		13,573		(1,077)		1955-2014	2017-2022
Minnesota	6	4,177		7,910		180		25		4,357		7,935		12,292		(1,084)		1973-1999	2016-2021
Missouri	5	2,544		6,265		—		—		2,544		6,265		8,809		(257)		1976-2003	2021-2022
Mississippi	5	1,948		3,114		—		—		1,948		3,114		5,062		(179)		1990-1992	2021-2021
North Carolina	9	3,249		3,366		—		—		3,249		3,366		6,615		(515)		1990-2008	2018-2020
Nebraska	1	1,177		479		—		—		1,177		479		1,656		(37)		1995-1995	2021-2021
New Jersey	15	18,363		21,101		—		—		18,363		21,101		39,464		(1,749)		1947-1995	2020-2020
New Mexico	3	800		3,016		—		50		800		3,066		3,866		(110)		1989-1994	2021-2022
New York	7	3,235		6,667		—		—		3,235		6,667		9,902		(1,017)		1978-1998	2016-2020
Ohio	3	1,480		2,955		—		—		1,480		2,955		4,435		(299)		1960-2004	2018-2020
Oklahoma	20	9,013		27,923		—		—		9,013		27,923		36,936		(2,074)		1967-2019	2018-2021
Oregon	2	1,076		1,104		—		—		1,076		1,104		2,180		(39)		1984-1984	2022-2022
Pennsylvania	4	4,056		5,360		—		—		4,056		5,360		9,416		(585)		1968-2012	2017-2020
South Carolina	1	388		286		—		—		388		286		674		(36)		2007-2007	2020-2020
Tennessee	4	2,584		3,368		—		—		2,584		3,368		5,952		(394)		1990-2016	2017-2022
Texas	16	11,782		26,633		—		300		11,782		26,933		38,715		(2,872)		1971-2017	2016-2021
Virginia	1	224		734		—		—		224		734		958		(71)		2006-2006	2020-2020
Wisconsin	9	3,175		7,554		—		74		3,175		7,628		10,803		(239)		1985-1997	2021-2022
West Virginia	6	1,985		4,519		—		—		1,985		4,519		6,504		(258)		1983-2007	2020-2022
Building Materials
Alabama	2	$	2,060	$	3,640	$	—	$	—	$	2,060	$	3,640	$	5,700	$	(719)	1975-2002	2017-2017
Colorado	1	760		403		—		—		760		403		1,163		(80)		1983-1983	2017-2017
Florida	1	934		638		—		—		934		638		1,572		(126)		2003-2003	2017-2017
Georgia	2	2,338		4,165		—		—		2,338		4,165		6,503		(823)		2003-2004	2017-2017
Indiana	2	1,072		1,619		—		—		1,072		1,619		2,691		(183)		1979-1989	2020-2020
Kentucky	1	414		200		—		—		414		200		614		(40)		1984-1984	2017-2017
Michigan	3	4,438		8,425		—		—		4,438		8,425		12,863		(851)		1973-1995	2020-2020

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Ohio	6	3,011		4,573		—		—		3,011		4,573		7,584		(904)		1953-1996	2017-2017
South Carolina	1	1,097		172		—		—		1,097		172		1,269		(34)		1983-1983	2017-2017
Texas	4	5,228		3,746		—		—		5,228		3,746		8,974		(741)		1972-1985	2017-2017
Car Washes
Alabama	3	$	4,357	$	2,722	$	—	$	—	$	4,357	$	2,722	$	7,079	$	(195)	2020-2020	2020-2022
Arkansas	3	2,376		7,567		—		—		2,376		7,567		9,943		(791)		1997-2019	2017-2022
Arizona	7	11,534		16,537		—		—		11,534		16,537		28,071		(1,699)		1988-2021	2016-2020
Colorado	10	8,671		19,739		—		595		8,671		20,334		29,005		(2,258)		2002-2018	2017-2021
Florida	5	7,602		18,693		—		—		7,602		18,693		26,295		(1,013)		2017-2021	2019-2022
Georgia	18	23,675		54,420		—		775		23,675		55,195		78,870		(6,675)		1967-2020	2016-2022
Iowa	3	6,645		4,332		—		500		6,645		4,832		11,477		(438)		2020-2021	2019-2022
Illinois	1	1,674		3,227		—		—		1,674		3,227		4,901		(254)		2018-2018	2020-2020
Indiana	4	2,249		11,175		—		—		2,249		11,175		13,424		(50)		1979-2008	2022-2022
Louisiana	2	1,422		5,534		—		—		1,422		5,534		6,956		(642)		2012-2017	2017-2020
Maryland	2	1,306		4,977		—		—		1,306		4,977		6,283		(813)		1998-2016	2017-2018
Michigan	1	1,268		—		—		—		1,268		—		1,268				0-0	2022-2022
Mississippi	1	666		973		—		—		666		973		1,639		(103)		2008-2008	2020-2020
North Carolina	3	3,159		6,813		—		—		3,159		6,813		9,972		(438)		2003-2020	2019-2022
Nebraska	1	597		2,569		—		—		597		2,569		3,166		(175)		2021-2021	2019-2019
New Mexico	4	2,461		12,216		—		—		2,461		12,216		14,677		(2,124)		1982-2013	2017-2017
New York	6	3,476		15,676		—		—		3,476		15,676		19,152		(307)		1985-2022	2022-2022
Ohio	6	6,911		18,490		—		—		6,911		18,490		25,401		(795)		1990-2017	2021-2022
Oklahoma	2	2,536		2,077		—		—		2,536		2,077		4,613		(150)		2016-2016	2021-2022
South Carolina	1	793		4,031		—		—		793		4,031		4,824		(622)		2008-2008	2017-2017
South Dakota	6	5,890		14,859		—		1,225		5,890		16,084		21,974		(1,551)		1987-2017	2019-2019
Tennessee	1	832		—		—		—		832		—		832				2022-2022	2022-2022
Texas	11	16,652		29,511		—		350		16,652		29,861		46,513		(2,264)		1942-2020	2020-2022
Virginia	13	17,909		35,245		—		—		17,909		35,245		53,154		(98)		1981-2021	2022-2022
Convenience Stores
Arkansas	10	$	6,909	$	8,382	$	—	$	50	$	6,909	$	8,432	$	15,341	$	(1,772)	1979-2012	2019-2019
Arizona	1	977		827		—		—		977		827		1,804		(205)		1985-1985	2018-2018
Colorado	2	702		2,037		—		—		702		2,037		2,739		(314)		1977-1983	2017-2019
Iowa	3	1,362		2,380		—		—		1,362		2,380		3,742		(48)		1927-1996	2022-2022
Illinois	1	656		832		—		—		656		832		1,488		(148)		1999-1999	2019-2019
Indiana	1	840		838		—		—		840		838		1,678		(207)		1999-1999	2019-2019
Kentucky	11	9,442		5,630		—		—		9,442		5,630		15,072		(1,430)		1998-1999	2019-2019
Minnesota	6	4,333		7,556		14		104		4,347		7,660		12,007		(1,718)		1967-2013	2017-2018
Missouri	3	1,931		2,396		—		—		1,931		2,396		4,327		(533)		1997-2003	2019-2019
New Mexico	13	4,988		9,360		—		15		4,988		9,375		14,363		(1,893)		1966-2013	2017-2019
New York	16	5,881		20,342		—		—		5,881		20,342		26,223		(5,121)		1970-2010	2016-2016
Ohio	21	15,191		13,382		—		—		15,191		13,382		28,573		(3,223)		1996-2001	2019-2019

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Pennsylvania	1	467		383		—		—		467		383		850		(110)		1996-1996	2019-2019
Texas	5	1,708		4,621		—		741		1,708		5,362		7,070		(896)		1965-2019	2017-2019
Washington	1	568		508		—		—		568		508		1,076		(119)		1976-1976	2018-2018
Wisconsin	25	15,800		20,277		—		—		15,800		20,277		36,077		(5,679)		1970-2006	2018-2019
Early Childhood Education
Arizona	16	$	10,474	$	14,986	$	—	$	21	$	10,474	$	15,007	$	25,481	$	(1,485)	1932-2021	2018-2022
Colorado	1	742		702		—		98		742		800		1,542		(67)		1988-1988	2019-2019
Connecticut	5	3,423		7,360		—		2,404		3,423		9,764		13,187		(1,504)		1957-2018	2018-2018
Florida	9	9,662		23,545		—		—		9,662		23,545		33,207		(3,000)		1981-2016	2017-2021
Georgia	8	8,505		18,502		—		—		8,505		18,502		27,007		(2,680)		1995-2016	2016-2020
Iowa	1	636		2,199		—		—		636		2,199		2,835		(109)		2005-2005	2021-2021
Illinois	7	6,502		21,687		—		—		6,502		21,687		28,189		(1,288)		1998-2021	2019-2022
Kansas	2	2,056		4,914		—		—		2,056		4,914		6,970		(768)		2007-2017	2017-2019
Kentucky	2	716		2,500		—		—		716		2,500		3,216		(209)		2002-2003	2019-2021
Massachusetts	1	3,200		2,423		—		—		3,200		2,423		5,623		(236)		1990-1990	2020-2020
Michigan	5	1,850		5,450		—		—		1,850		5,450		7,300		(477)		1987-2012	2018-2022
Minnesota	1	740		3,081		—		—		740		3,081		3,821		(130)		2017-2017	2021-2021
Missouri	8	4,239		14,583		19		81		4,258		14,664		18,922		(381)		1986-2009	2021-2022
Mississippi	2	2,085		2,547		—		124		2,085		2,671		4,756		(488)		2002-2008	2017-2018
North Carolina	22	20,683		36,235		—		200		20,683		36,435		57,118		(1,745)		1954-2018	2019-2022
Nebraska	1	224		813		—		—		224		813		1,037		(9)		2006-2006	2022-2022
New Jersey	2	1,249		3,439		—		—		1,249		3,439		4,688		(497)		2000-2002	2018-2018
Nevada	2	2,480		3,451		—		—		2,480		3,451		5,931		(219)		1998-2006	2021-2021
Ohio	27	20,879		55,399		31		8,821		20,910		64,220		85,130		(3,639)		1956-2017	2018-2022
Oklahoma	3	1,327		3,860		—		—		1,327		3,860		5,187		(48)		0-0	2022-2022
Oregon	1	447		1,202		—		—		447		1,202		1,649		(138)		2010-2010	2019-2019
Pennsylvania	11	10,364		27,518		—		—		10,364		27,518		37,882		(4,106)		1930-2010	2018-2018
Tennessee	2	1,943		2,970		—		—		1,943		2,970		4,913		(406)		1989-1996	2019-2020
Texas	9	7,370		18,436		—		529		7,370		18,965		26,335		(1,886)		1989-2016	2017-2022
Virginia	3	4,697		7,056		—		—		4,697		7,056		11,753		(709)		2001-2006	2017-2021
Washington	6	2,711		5,720		—		—		2,711		5,720		8,431		(661)		1924-2002	2019-2019
Wisconsin	8	6,716		25,474		—		—		6,716		25,474		32,190		(1,757)		1992-2007	2020-2022
Entertainment
Alabama	2	$	5,806	$	8,631	$	—	$	—	$	5,806	$	8,631	$	14,437	$	(1,180)	2002-2017	2017-2019
Arizona	4	3,447		6,350		—		—		3,447		6,350		9,797		(19)		1954-1981	2022-2022
California	1	1,320		2,320		—		—		1,320		2,320		3,640		(444)		1977-1977	2017-2017
Connecticut	2	2,516		13,938		—		—		2,516		13,938		16,454		(597)		1960-2019	2021-2021
Florida	2	6,456		6,815		—		4,500		6,456		11,315		17,771		(1,126)		2007-2007	2017-2022
Iowa	1	2,560		6,120		—		—		2,560		6,120		8,680		(252)		0-0	2021-2021
Idaho	1	886		2,768		—		—		886		2,768		3,654		(320)		2008-2008	2019-2019
Kansas	2	5,886		21,128		—		—		5,886		21,128		27,014		(395)		2018-2020	2022-2022

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Louisiana	2	3,403		3,115		—		—		3,403		3,115		6,518		(440)		2016-2016	2018-2022
Maine	1	2,052		4,924		—		—		2,052		4,924		6,976		(215)		1989-1989	2021-2021
Michigan	1	693		4,593		—		2,362		693		6,955		7,648		(1,117)		1995-1995	2017-2017
Minnesota	9	10,291		18,695		—		—		10,291		18,695		28,986		(2,676)		1950-2009	2018-2018
Missouri	5	20,925		13,731		—		—		20,925		13,731		34,656		(895)		1990-2016	2022-2022
North Carolina	3	11,099		21,176		—		—		11,099		21,176		32,275		(2,307)		1988-1996	2019-2022
Oklahoma	1	3,073		9,673		—		—		3,073		9,673		12,746		(195)		2020-2020	2022-2022
Pennsylvania	1	823		2,028		—		—		823		2,028		2,851		(298)		2016-2016	2019-2019
Tennessee	2	18,026		1,873		—		—		18,026		1,873		19,899		(231)		1940-2013	2022-2022
Texas	5	12,915		31,873		—		—		12,915		31,873		44,788		(356)		1981-2020	2022-2022
Equipment Rental and Sales
Alabama	2	$	2,689	$	1,280	$	12	$	847	$	2,701	$	2,127	$	4,828	$	(208)	2003-2008	2020-2021
Arkansas	1	1,246		429		246		609		1,492		1,038		2,530		(110)		1982-1982	2019-2019
Colorado	2	5,924		2,973		5		1,021		5,929		3,994		9,923		(523)		1990-2021	2020-2022
Connecticut	3	2,703		1,410		—		—		2,703		1,410		4,113		(103)		2002-2005	2020-2021
Florida	6	15,247		10,731		(1,660)		4,334		13,587		15,065		28,652		(701)		1964-1979	2019-2021
Georgia	2	4,087		4,857		236		2,138		4,323		6,995		11,318		(676)		1999-2019	2019-2020
Louisiana	1	1,006		227		16		1,164		1,022		1,391		2,413		(152)		2012-2012	2020-2020
Massachusetts	2	1,756		2,904		—		—		1,756		2,904		4,660		(223)		1971-2012	2020-2020
Maryland	1	2,647		973		—		975		2,647		1,948		4,595		(93)		1994-1994	2022-2022
Michigan	1	1,113		6,436		—		825		1,113		7,261		8,374		(1,061)		1987-1987	2017-2017
Missouri	5	5,538		6,703		21		1,536		5,559		8,239		13,798		(520)		1995-2015	2019-2022
North Dakota	1	851		1,567		—		330		851		1,897		2,748		(25)		0-0	2022-2022
New Hampshire	4	4,859		1,193		—		982		4,859		2,175		7,034		(125)		1978-1986	2020-2022
New Mexico	1	1,686		286		25		1,862		1,711		2,148		3,859		(200)		1970-1970	2020-2020
New York	6	6,533		4,083		—		—		6,533		4,083		10,616		(393)		1965-2021	2020-2021
Ohio	1	1,303		2,194		—		—		1,303		2,194		3,497		(134)		1996-1996	2021-2021
Oklahoma	2	2,177		2,257		—		—		2,177		2,257		4,434		(123)		1997-2003	2021-2022
Pennsylvania	1	751		1,678		—		—		751		1,678		2,429		(211)		1987-1987	2020-2020
Tennessee	2	3,519		3,713		816		1,734		4,335		5,447		9,782		(371)		1985-2018	2019-2022
Texas	10	10,347		14,206		—		1,386		10,347		15,592		25,939		(473)		1970-2020	2020-2022
Utah	1	1,731		2,196		—		1,346		1,731		3,542		5,273		(339)		1979-1979	2019-2019
Vermont	1	1,809		—		—		—		1,809		—		1,809				1995-1995	2022-2022
Washington	1	2,412		1,724		492		1,563		2,904		3,287		6,191		(281)		1959-1959	2019-2019
Grocery
Arkansas	6	$	5,704	$	12,942	$	—	$	1,425	$	5,704	$	14,367	$	20,071	$	(1,007)	1986-2020	2020-2021
Michigan	1	1,224		6,189		—		—		1,224		6,189		7,413		(341)		1969-1969	2021-2021
Missouri	10	5,661		16,938		—		—		5,661		16,938		22,599		(1,511)		1970-2013	2020-2021
North Carolina	1	762		1,300		—		—		762		1,300		2,062		(219)		1992-1992	2018-2018
Oklahoma	3	1,628		8,726		—		—		1,628		8,726		10,354		(853)		1987-1993	2019-2020
Wisconsin	7	17,626		67,253		—		—		17,626		67,253		84,879		(2,584)		1987-2017	2021-2022

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Health and Fitness
Alabama	1	$	1,102	$	2,412	$	—	$	—	$	1,102	$	2,412	$	3,514	$	(431)	2007-2007	2017-2017
Arizona	1	4,367		4,264		—		—		4,367		4,264		8,631		(355)		2021-2021	2018-2018
Colorado	1	1,484		4,491		—		—		1,484		4,491		5,975		(695)		1989-1989	2017-2017
Florida	2	5,291		5,975		—		2,572		5,291		8,547		13,838		(463)		1983-2000	2019-2021
Georgia	1	2,174		2,541		—		—		2,174		2,541		4,715		(497)		2005-2005	2017-2017
Illinois	1	1,133		2,226		—		2,150		1,133		4,376		5,509		(419)		1986-1986	2019-2019
Kentucky	1	868		2,186		—		—		868		2,186		3,054		(367)		1994-1994	2017-2017
Massachusetts	3	10,541		29,129		282		1,380		10,823		30,509		41,332		(3,525)		2004-2009	2018-2018
North Carolina	1	912		883		761		1,875		1,673		2,758		4,431		(151)		1972-1972	2018-2018
New Mexico	1	938		1,503		—		—		938		1,503		2,441		(290)		2016-2016	2017-2017
Nevada	1	491		2,543		—		—		491		2,543		3,034		(281)		1970-1970	2019-2019
Oklahoma	3	4,536		9,065		—		559		4,536		9,624		14,160		(938)		1979-2018	2018-2022
Oregon	2	3,070		5,104		—		350		3,070		5,454		8,524		(813)		1980-1999	2018-2018
South Carolina	5	4,516		9,463		—		330		4,516		9,793		14,309		(1,242)		1993-2010	2018-2019
Texas	4	8,467		7,707		—		144		8,467		7,851		16,318		(454)		1974-2005	2019-2022
Utah	1	1,937		4,209		—		—		1,937		4,209		6,146		(724)		1984-1984	2016-2016
Home Furnishings
Michigan	2	$	3,369	$	24,523	$	69	$	2,969	$	3,438	$	27,492	$	30,930	$	(4,417)	1987-1992	2017-2017
Missouri	1	273		4,683		—		—		273		4,683		4,956		(512)		2007-2007	2018-2018
Texas	1	2,224		4,779		—		—		2,224		4,779		7,003		(830)		2006-2006	2016-2016
Industrial
Florida	1	$	1,167	$	1,481	$	—	$	—	$	1,167	$	1,481	$	2,648	$	(5)	1974-1974	2022-2022
Illinois	2	3,958		1,744		—		—		3,958		1,744		5,702		(24)		1951-1987	2022-2022
Indiana	5	1,789		6,261		—		—		1,789		6,261		8,050		(19)		2000-2022	2022-2022
Louisiana	1	490		761		—		1,783		490		2,544		3,034		(11)		0-0	2022-2022
Mississippi	1	2,198		3,351		—		—		2,198		3,351		5,549		(96)		0-0	2022-2022
North Carolina	1	909		746		—		—		909		746		1,655		(51)		0-0	2022-2022
Ohio	1	902		2,330		—		—		902		2,330		3,232		(8)		0-0	2022-2022
Pennsylvania	1	678		2,922		—		—		678		2,922		3,600		(76)		1989-1989	2022-2022
South Dakota	1	1,250		2,950		—		—		1,250		2,950		4,200		(105)		1992-1992	2021-2021
Tennessee	2	861		2,139		—		—		861		2,139		3,000		(5)		1997-2008	2022-2022
Texas	1	5,350		6,679		—		—		5,350		6,679		12,029		(527)		2008-2008	2021-2021
Virginia	1	679		3,839		—		—		679		3,839		4,518		(159)		1964-1964	2021-2021
Medical / Dental
Alabama	5	$	1,623	$	7,508	$	—	$	—	$	1,623	$	7,508	$	9,131	$	(1,047)	1990-2012	2016-2019
Arkansas	16	4,013		12,692		—		497		4,013		13,189		17,202		(1,539)		1950-2017	2018-2021
Arizona	2	1,770		2,635		—		1,913		1,770		4,548		6,318		(292)		1967-1980	2016-2020
California	6	4,449		7,699		—		—		4,449		7,699		12,148		(497)		1989-2007	2021-2021

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Connecticut	2	1,889		1,675		—		—		1,889		1,675		3,564		(156)		1840-2009	2021-2021
Florida	9	6,872		24,624		—		—		6,872		24,624		31,496		(2,096)		1934-2019	2016-2021
Georgia	6	2,218		8,357		—		—		2,218		8,357		10,575		(771)		1960-2004	2016-2020
Iowa	3	1,252		2,085		—		—		1,252		2,085		3,337		(16)		1963-1990	2022-2022
Illinois	10	3,451		11,154		—		—		3,451		11,154		14,605		(949)		1967-2008	2016-2021
Indiana	5	5,985		7,951		—		—		5,985		7,951		13,936		(946)		1976-2021	2016-2019
Kentucky	1	199		474		—		—		199		474		673		(95)		2000-2000	2017-2017
Massachusetts	4	853		2,784		—		—		853		2,784		3,637		(245)		1850-2005	2016-2020
Michigan	4	2,401		9,443		—		—		2,401		9,443		11,844		(380)		2007-2007	2019-2021
Missouri	11	3,543		9,169		—		775		3,543		9,944		13,487		(652)		1979-2015	2016-2022
Mississippi	4	1,302		13,437		—		—		1,302		13,437		14,739		(1,078)		1970-2006	2016-2021
North Carolina	7	2,527		6,920		—		—		2,527		6,920		9,447		(369)		1996-2019	2021-2021
New Hampshire	6	4,729		17,340		—		—		4,729		17,340		22,069		(249)		1890-1984	2016-2022
New York	3	516		1,613		—		—		516		1,613		2,129		(276)		1940-1986	2016-2017
Ohio	17	6,874		21,981		—		—		6,874		21,981		28,855		(1,746)		1907-2017	2017-2021
Oklahoma	7	1,472		6,767		—		—		1,472		6,767		8,239		(335)		1964-2018	2021-2022
Oregon	1	1,457		1,230		—		—		1,457		1,230		2,687		(132)		1981-1981	2020-2020
Pennsylvania	2	505		3,641		—		—		505		3,641		4,146		(106)		0-0	2022-2022
South Carolina	7	4,836		10,564		—		—		4,836		10,564		15,400		(839)		1936-1998	2016-2021
Texas	50	32,046		112,053		—		1,577		32,046		113,630		145,676		(11,584)		1940-2019	2016-2022
Virginia	2	1,493		2,800		—		—		1,493		2,800		4,293		(172)		2001-2009	2021-2021
Vermont	1	357		916		—		—		357		916		1,273		(38)		0-0	2021-2021
Washington	1	627		868		—		—		627		868		1,495		(100)		1981-1981	2021-2021
Wyoming	1	620		2,550		—		—		620		2,550		3,170		(452)		2001-2001	2017-2017
Movie Theatres
Alabama	2	$	3,011	$	10,643	$	161	$	—	$	3,172	$	10,643	$	13,815	$	(1,970)	2001-2013	2016-2018
North Carolina	1	1,826		2,798		—		—		1,826		2,798		4,624		(473)		2004-2004	2018-2018
Ohio	1	2,126		10,097		—		—		2,126		10,097		12,223		(1,454)		1989-1989	2017-2017
South Carolina	1	1,465		7,081		—		—		1,465		7,081		8,546		(1,108)		2006-2006	2017-2017
Wisconsin	1	3,159		3,755		130		—		3,289		3,755		7,044		(791)		1997-1997	2017-2017
Other Services
Alabama	1	$	312	$	176	$	—	$	—	$	312	$	176	$	488	$	(65)	1978-1978	2016-2016
Colorado	1	370		434		—		—		370		434		804		(104)		2002-2002	2016-2016
Florida	1	1,187		3,344		—		—		1,187		3,344		4,531		(205)		1960-1960	2020-2020
Georgia	2	1,552		4,919		—		—		1,552		4,919		6,471		(746)		1895-1991	2018-2018
Kentucky	2	1,503		4,613		—		—		1,503		4,613		6,116		(396)		1882-1999	2018-2022
North Carolina	1	713		1,942		—		—		713		1,942		2,655		(321)		1973-1973	2018-2018
Oklahoma	1	2,257		2,073		—		—		2,257		2,073		4,330		(152)		2006-2006	2021-2021
South Carolina	4	2,175		4,406		—		—		2,175		4,406		6,581		(48)		1937-2006	2016-2022
Tennessee	14	10,757		19,485		—		—		10,757		19,485		30,242		(1,629)		1870-2010	2016-2022
Texas	6	15,090		17,940		729		—		15,819		17,940		33,759		(1,009)		2006-2021	2021-2022

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Virginia	1	1,259		1,786		—		—		1,259		1,786		3,045		(321)		1991-1991	2018-2018
Pet Care Services
Alabama	1	$	1,138			$	—	$	—	$	1,138	$	—	$	1,138			2019-2019	2021-2021
Arkansas	2	1,422		2,110		—		—		1,422		2,110		3,532		(350)		1979-1996	2017-2019
Arizona	5	6,862		10,616		(1,845)		(469)		5,017		10,147		15,164		(1,638)		1990-2015	2018-2018
Florida	5	5,578		7,102		—		—		5,578		7,102		12,680		(1,203)		2003-2021	2018-2021
Georgia	5	3,335		3,367		—		—		3,335		3,367		6,702		(234)		1950-2007	2019-2021
Illinois	4	2,352		2,928		—		—		2,352		2,928		5,280		(344)		1976-1995	2019-2021
Indiana	6	1,676		5,148		—		—		1,676		5,148		6,824		(715)		1952-2007	2017-2019
Louisiana	1	485		701		—		—		485		701		1,186		(101)		2007-2007	2019-2019
Maryland	1	586		1,881		16		34		602		1,915		2,517		(143)		1988-1988	2020-2020
Missouri	1	537		752		—		—		537		752		1,289		(100)		1986-1986	2019-2019
North Carolina	5	2,347		8,786		—		—		2,347		8,786		11,133		(399)		1970-2014	2019-2021
Nebraska	1	381		332		—		—		381		332		713		(80)		1967-1967	2019-2019
Oklahoma	1	225		283		—		—		225		283		508		(68)		1993-1993	2019-2019
Oregon	1	192		324		—		—		192		324		516		(35)		1990-1990	2019-2019
South Carolina	2	885		1,660		—		—		885		1,660		2,545		(163)		1994-2018	2019-2021
Texas	3	2,204		3,702		—		—		2,204		3,702		5,906		(138)		2019-2019	2021-2021
Wisconsin	1	403		598		—		—		403		598		1,001		(75)		2011-2011	2019-2019
Restaurants - Casual Dining
Alabama	5	$	2,954	$	7,305	$	—	$	—	$	2,954	$	7,305	$	10,259	$	(1,414)	1977-2007	2016-2017
Colorado	1	1,593		3,400		—		—		1,593		3,400		4,993		(618)		1993-1993	2016-2016
Florida	9	6,317		12,222		55		59		6,372		12,281		18,653		(2,687)		1988-2003	2016-2017
Georgia	5	4,785		6,048		—		600		4,785		6,648		11,433		(1,388)		1982-1999	2016-2017
Iowa	6	2,812		9,572		—		—		2,812		9,572		12,384		(606)		1950-2005	2018-2022
Illinois	2	668		2,051		—		—		668		2,051		2,719		(267)		1991-1993	2018-2019
Indiana	1	1,542		—		—		—		1,542		—		1,542				1999-1999	2020-2020
Kansas	2	3,045		1,382		—		—		3,045		1,382		4,427		(82)		2005-2005	2021-2022
Kentucky	3	1,798		3,643		—		—		1,798		3,643		5,441		(210)		2001-2010	2019-2022
Louisiana	3	2,156		3,330		—		—		2,156		3,330		5,486		(705)		1988-1994	2016-2017
Massachusetts	10	12,982		14,943		—		—		12,982		14,943		27,925		(901)		1985-2008	2021-2021
Maryland	2	2,344		1,975		—		—		2,344		1,975		4,319		(449)		2004-2005	2017-2017
Michigan	12	7,181		16,134		—		—		7,181		16,134		23,315		(1,728)		1906-2003	2019-2022
Minnesota	2	7,921		14,090		—		—		7,921		14,090		22,011		(176)		1905-1947	2022-2022
Missouri	4	7,857		11,419		—		—		7,857		11,419		19,276		(284)		2001-2021	2017-2021
Mississippi	1	926		624		—		—		926		624		1,550		(132)		2004-2004	2017-2017
Nebraska	1	261		687		—		—		261		687		948		(185)		1979-1979	2016-2016
New Hampshire	1	1,978		2,127		—		—		1,978		2,127		4,105		(90)		1974-1974	2021-2021
New Jersey	8	9,625		28,327		—		—		9,625		28,327		37,952		(224)		1941-2005	2022-2022
Ohio	3	4,653		7,984		—		—		4,653		7,984		12,637		(491)		1988-2004	2019-2021
Pennsylvania	3	3,375		6,706		—		—		3,375		6,706		10,081		(73)		1880-2003	2022-2022

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Rhode Island	1	830		1,171		—		—		830		1,171		2,001		(71)		1996-1996	2021-2021
South Carolina	1	447		292		—		29		447		321		768		(94)		2003-2003	2017-2017
South Dakota	1	1,922		2,475		—		—		1,922		2,475		4,397		(107)		0-0	2021-2021
Tennessee	1	683		737		—		—		683		737		1,420		(135)		2003-2003	2017-2017
Texas	4	6,663		4,639		—		—		6,663		4,639		11,302		(408)		1999-2018	2016-2022
Virginia	1	1,136		1,991		—		—		1,136		1,991		3,127		(226)		2005-2005	2019-2019
West Virginia	2	953		3,180		—		—		953		3,180		4,133		(91)		1997-2006	2022-2022
Restaurants - Family Dining
Florida	1	$	467	$	421	$	—	$	150	$	467	$	571	$	1,038	$	(307)	1997-1997	2016-2016
Georgia	7	3,229		4,132		—		330		3,229		4,462		7,691		(774)		1968-1996	2017-2018
Iowa	1	804		563		—		—		804		563		1,367		(148)		1994-1994	2016-2016
Illinois	2	1,372		1,206		—		750		1,372		1,956		3,328		(330)		1978-1979	2016-2016
Michigan	3	2,148		2,847		—		—		2,148		2,847		4,995		(322)		1973-2000	2019-2019
Minnesota	4	2,433		2,451		—		—		2,433		2,451		4,884		(674)		1975-1991	2016-2016
Missouri	2	1,038		1,153		—		—		1,038		1,153		2,191		(300)		1978-1979	2016-2016
New Hampshire	1	131		232		—		—		131		232		363		(364)		1998-1998	2016-2016
Pennsylvania	1	784		756		6		61		790		817		1,607		(192)		1995-1995	2017-2017
South Carolina	2	1,930		2,111		—		—		1,930		2,111		4,041		(226)		1978-2008	2020-2020
Texas	1	207		424		—		—		207		424		631		(613)		1998-1998	2016-2016
Virginia	1	90		192		—		—		90		192		282		(282)		1997-1997	2016-2016
Washington	2	1,787		3,861		—		—		1,787		3,861		5,648		(489)		1982-1999	2019-2019
Wisconsin	2	1,967		2,955		—		—		1,967		2,955		4,922		(482)		1976-2018	2016-2019
Wyoming	1	739		1,569		—		—		739		1,569		2,308		(169)		1982-1982	2019-2019
Restaurants - Quick Service
Alaska	2	$	1,115	$	3,157	$	5	$	527	$	1,120	$	3,684	$	4,804	$	(502)	1972-2006	2018-2018
Alabama	26	6,787		14,555		—		83		6,787		14,638		21,425		(2,577)		1972-2020	2016-2021
Arkansas	13	7,361		12,008		—		15		7,361		12,023		19,384		(1,618)		1977-2019	2016-2019
California	1	467		533		—		—		467		533		1,000		(129)		1993-1993	2016-2016
Colorado	1	698		1,036		—		—		698		1,036		1,734		(167)		1999-1999	2018-2018
Connecticut	1	155		208		—		—		155		208		363		(101)		1983-1983	2016-2016
Florida	17	10,895		20,435		—		—		10,895		20,435		31,330		(1,466)		1960-2018	2016-2022
Georgia	40	16,191		26,477		—		414		16,191		26,891		43,082		(4,684)		1975-2013	2016-2021
Iowa	8	2,715		7,326		—		—		2,715		7,326		10,041		(1,439)		1969-2004	2016-2019
Illinois	4	2,062		2,892		—		1,100		2,062		3,992		6,054		(410)		1988-2020	2016-2021
Indiana	5	1,873		3,673		—		924		1,873		4,597		6,470		(506)		1987-2018	2019-2020
Kansas	1	194		777		—		—		194		777		971		(134)		1971-1971	2017-2017
Kentucky	13	5,705		9,351		—		402		5,705		9,753		15,458		(1,060)		1969-2020	2016-2022
Louisiana	3	955		3,164		—		—		955		3,164		4,119		(423)		1983-2016	2019-2019
Massachusetts	9	5,251		5,131		—		—		5,251		5,131		10,382		(606)		1965-1987	2020-2020
Maryland	1	338		624		—		—		338		624		962		(77)		2002-2002	2019-2019
Michigan	12	3,797		8,116		—		—		3,797		8,116		11,913		(1,661)		1969-2015	2016-2018

Description (a)		Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (b)				Gross Amount at December 31, 2022 (c)(d)						Accumulated Depreciation (e)(f)		Year Constructed (Range)	Year Acquired (Range)
Tenant Industry & State	# of Properties	Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Land & Improvements		Building & Improvements		Total
Minnesota	3	2,605		4,416		—		—		2,605		4,416		7,021		(1,014)		1989-1996	2017-2019
Missouri	1	195		802		—		—		195		802		997		(164)		1987-1987	2016-2016
Mississippi	27	11,212		15,911		—		390		11,212		16,301		27,513		(2,134)		1968-2020	2016-2021
Montana	1	782		—		—		—		782		—		782				2022-2022	2022-2022
North Carolina	2	1,269		1,431		(171)		268		1,098		1,699		2,797		(85)		1986-2022	2016-2021
Nebraska	2	667		2,048		—		—		667		2,048		2,715		(454)		1998-2014	2016-2016
New Hampshire	1	409		355		—		—		409		355		764		(99)		1993-1993	2016-2016
New York	3	3,765		3,405		—		400		3,765		3,805		7,570		(895)		1968-2000	2016-2019
Ohio	9	3,661		10,582		—		—		3,661		10,582		14,243		(785)		1964-1993	2016-2022
Oklahoma	8	5,266		7,550		—		—		5,266		7,550		12,816		(559)		1979-2018	2020-2021
Oregon	1	252		131		—		—		252		131		383		(42)		2015-2015	2016-2016
Pennsylvania	4	2,247		2,790		—		—		2,247		2,790		5,037		(536)		1963-2020	2016-2020
South Carolina	4	850		2,291		—		30		850		2,321		3,171		(422)		1977-2014	2016-2020
South Dakota	1	70		259		—		—		70		259		329		(34)		1984-1984	2019-2019
Tennessee	19	11,681		15,414		—		354		11,681		15,768		27,449		(2,324)		1974-2020	2016-2020
Texas	35	27,554		25,565		—		1,501		27,554		27,066		54,620		(2,814)		1970-2021	2016-2021
Wisconsin	2	1,197		2,462		—		35		1,197		2,497		3,694		(568)		1983-1998	2016-2017
West Virginia	6	1,293		3,137		—		—		1,293		3,137		4,430		(682)		1976-1994	2016-2016
Vacant Properties
Iowa	1	$	57	$	479	$	—	$	—	$	57	$	479	$	536	$	(65)	1950-1950	2018-2018
Texas	1	119		540		—		34		119		574		693		(115)		1984-1984	2019-2019
Grand Total	1490	$	1,228,036	$	2,364,891	$	651	$	75,739	$	1,228,687	$	2,440,630	$	3,669,317	$	(238,022)

(a)As of December 31, 2022, the Company had investments in 1,653 single-tenant real estate property locations including 1,489 owned properties, 11 ground lease interests and 153 properties securing mortgage notes receivable. Five of the Company’s owned properties are subject to leases accounted for as direct financing leases and are excluded from the table above. Additionally, the table above excludes three owned properties which are accounted for as loans receivable, as the leases contain purchase options, and four owned properties which are held for sale as of December 31, 2022. Initial costs exclude intangible lease assets totaling $77.1 million.

(b)Amounts shown as reductions to cost capitalized subsequent to acquisition represent provisions recorded for impairment of real estate or partial land dispositions.

(c)The aggregate cost for federal income tax purposes is $3.5 billion.

(d)The following is a reconciliation of carrying value for land and improvements and building and improvements for the periods presented:

	Year ended December 31,
(in thousands)	2022		2021		2020
Balance, beginning of period	$	3,040,073	$	2,260,919	$	1,812,961
Additions
Acquisitions	751,610		831,795		527,482
Improvements	27,609		9,459		28,889
Deductions
Provisions for impairment of real estate	(20,164)		(6,120)		(8,399)
Real estate investments held for sale	(4,780)		(15,434)		(17,058)
Cost of real estate sold	(123,081)		(40,546)		(82,956)
Other	(1,949)		—		—
Balance, end of period	$	3,669,317	$	3,040,073	$	2,260,919

(e)The following is a reconciliation of accumulated depreciation for the periods presented:

	Year ended December 31,
(in thousands)	2022		2021		2020
Balance, beginning of period	$	169,126	$	112,144	$	71,445
Additions
Depreciation expense	80,647		61,172		51,736
Deductions
Accumulated depreciation associated with real estate sold	(11,751)		(4,190)		(11,037)
Balance, end of period	$	238,022	$	169,126	$	112,144

(f)Depreciation is calculated using the straight-line method over the estimated useful lives of the properties, which is up to 40 years for buildings and improvements and 15 years for land improvements.