Spirit Realty Capital 10-K 28 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Entity Central Index Key	0001308606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		141,304,436
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 5.1
Entity File Number	001-36004
Entity Tax Identification Number	20-1676382
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	2727 North Harwood Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	476-1900
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Dallas, Texas
Documents Incorporated by Reference	Documents Incorporated by Reference Certain specific portions of the definitive Proxy Statement for Spirit Realty Capital, Inc.’s 2023 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K. Only those portions of the Proxy Statement which are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K.
Common Stock
Document Information [Line Items]
Trading Symbol	SRC
Title of 12(b) Security	Common Stock, $0.05 par value per share
Security Exchange Name	NYSE
6.000% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Trading Symbol	SRC-A
Title of 12(b) Security	6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Security Exchange Name	NYSE

Consolidated Balance Sheets

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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Stockholders’ equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	6,900,000	6,900,000
Preferred stock, shares outstanding	6,900,000	6,900,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Common stock, par value per share (in USD per share)	$ 0.05	$ 0.05
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	141,231,219	127,699,235
Common stock, shares outstanding	141,231,219	127,699,235

Consolidated Statements of Oper

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

Consolidated Statements of Comp

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

Consolidated Statements of Stoc

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

Consolidated Statements of Cash

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

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	NOTE 1. ORGANIZATION Organization and Operations Spirit Realty Capital, Inc. (the "Corporation" or "Spirit" or, with its consolidated subsidiaries, the "Company") operates as a self-administered and self-managed REIT that seeks to generate sustainable and attractive returns for stockholders by primarily investing in and managing a portfolio of single-tenant, operationally essential real estate throughout the United States that is generally leased on a long-term, triple-net basis to tenants operating retail, industrial and other property types. Single-tenant, operationally essential real estate refers to free-standing, commercial real estate facilities where tenants conduct activities that are essential to the generation of their sales and profits. The Company’s operations are generally carried out through Spirit Realty, L.P. (the "Operating Partnership") and its subsidiaries. Spirit General OP Holdings, LLC, one of the Corporation’s wholly-owned subsidiaries, is the sole general partner and owns approximately 1 % of the Operating Partnership. The Corporation and a wholly-owned subsidiary (Spirit Notes Partner, LLC) are the only limited partners and, together, own the remaining 99 % of the Operating Partnership. On May 31, 2018, the Company completed the spin-off (the "Spin-Off") of certain assets into an independent, publicly traded REIT, Spirit MTA REIT ("SMTA"). The Company provided management services to SMTA until September 4, 2020.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The consolidated financial statements of the Company have been prepared on the accrual basis of accounting, in accordance with GAAP. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for fair statement of the information required to be set forth therein. The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents. As of December 31, 2022 and 2021, net assets totaling $ 11.7 million and $ 12.3 million, respectively, were held, and net liabilities totaling $ 4.9 million and $ 5.5 million, respectively, were owed by these encumbered special purpose entities and are included in the consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The Company views its operations as one reportable segment, which consists of net leasing operations. Real Estate Investments Purchase Accounting and Acquisition of Real Estate When acquiring a property, the purchase price (including acquisition and closing costs) is allocated to land, building, improvements and equipment based on their relative fair values. The Company considers several assumptions to estimate the fair value of the components of the tangible property acquired including market assumptions for land, building and improvements. The determination of the intangible assets and liabilities primarily relate to the contractual lease terms, estimates of the fair market rental rates, discount rates, and estimates of costs to carry and obtain a tenant. For properties acquired with in-place leases, the purchase price of real estate is allocated to the tangible and intangible assets and liabilities acquired based on their relative fair values. In making estimates of fair values for this purpose, a number of sources are used, including independent appraisals and information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. Carrying Value of Real Estate Investments The Company’s real estate properties are recorded at cost and depreciated using the straight-line method over the estimated remaining useful lives of the properties, which generally range from 20 to 50 years for buildings and improvements and from 5 to 20 years for tenant and land improvements. Properties classified as held for sale are not depreciated and are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Held for Sale The Company is continually evaluating the portfolio of real estate assets and may elect to dispose of assets considering criteria including, but not limited to, tenant concentration, tenant credit quality, unit financial performance, local market conditions and lease rates, associated indebtedness, asset location, and tenant operation type (e.g., industry or concept/brand). Real estate assets held for sale are expected to be sold within twelve months. Lease Intangibles Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. In-place lease intangibles are valued based on the Company’s estimate of costs related to acquiring a tenant and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering costs to execute similar leases at the time of the acquisition and current market conditions. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease and, in certain instances, over the renewal period. Direct Financing Leases For real estate property leases classified as direct financing leases, the building portion of the lease is accounted for as a direct financing lease, while the land portion is accounted for as an operating lease when certain criteria are met. For direct financing leases, the Company records an asset which represents the net investment that is determined by using the aggregate of the total amount of future minimum lease payments, the estimated residual value of the leased property and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed annually, represent the estimated amount the Company expects to receive at lease termination from the disposition of the leased property. Actual residual values realized could differ from these estimates. Impairment The Company reviews its real estate investments and related lease intangibles periodically for indicators of impairment, including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. For assets with indicators of impairment, the Company then evaluates if its carrying amount may not be recoverable. The Company considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows. Impairment is calculated as the amount by which the carrying value exceeds the estimated fair value, or for assets held for sale, as the amount by which the carrying value exceeds fair value less costs to sell. Estimating fair values is highly subjective and such estimates could differ materially from actual results. Key assumptions used in estimating fair values include, but are not limited to: signed purchase and sale agreements or letters of intent; broker opinions of value; recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate. Gain or Loss on Disposition of Assets When real estate properties are disposed of, the related net book value of the properties is removed and a gain or loss on disposition is recognized in the consolidated statements of operations as the difference between the proceeds from the disposition, net of any costs to sell, and the net book value. As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are nonfinancial assets, are sold to noncustomers and fall within the scope of ASC 610-20. The full gain or loss on the disposition of real estate properties is recognized at time of sale, provided that the Company has no (i) controlling financial interest in the real estate or (ii) continuing interest or obligation with respect to the disposed real estate. Revenue Recognition Rental Income: Cash and Straight-line Rent The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. The majority of our operating leases include one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1 % of the Company’s operating leases at both December 31, 2022 and 2021 include an option to terminate. Walgreen Co. leases are generally for fifty years or more and contain certain termination options after an initial non-cancellable term. Less than 10 % of the Company’s operating leases at both December 31, 2022 and 2021 include an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. Options to extend, terminate or purchase are not included in the evaluation for lease classification or for recognition of rental income unless the Company is reasonably certain the tenant will exercise the option. Evaluation of lease classification also requires an estimate of the residual value of the real estate at the end of the lease term. For acquisitions, the Company uses the tangible value of the property at the date of acquisition. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to determine residual value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting against any damage to the property. To further protect residual value, the Company supplements the tenant insurance policies with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value. The Company elected to account for lease concessions related to the COVID-19 pandemic consistent with ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether they explicitly exist in the lease). As such, rent deferrals are recorded as an increase to rent receivables and recognized as income during the deferral period. For the years ended December 31, 2022, 2021 and 2020 , $ 0.4 million, $ 13.4 million and $ 26.3 million, respectively, of deferrals were recognized in rental income. Lease concessions other than rent deferrals are evaluated to determine if a substantive change to the consideration in the original lease contract has occurred and should be accounted for as a lease modification. Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as rental income when the factor on which the contingent lease payment is based has occurred. The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, the difference between rental income recognized on a straight-line basis and billed rents is recorded as rent receivables, which the Company will receive only if the tenant makes all rent payments required through the initial term of their lease. For leases with variable rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty regarding future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable, increases from variable rent escalators are recognized when the changes in the rental rates have occurred. Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant’s payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. For lease concessions granted in conjunction with the COVID-19 pandemic, management reviewed all amounts recognized on a tenant-by-tenant basis for collectability. Rental Income: Tenant Reimbursement Revenue Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance and certain other expenses, which are non-lease components. The Company elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized in the period in which the related expenses are incurred, with the related expenses included in property costs (including reimbursable) on the consolidated statements of operations. Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are reduced for amounts that are not probable of collection. Rental Income: Intangible Amortization Amortization of above- and below-market lease intangibles are included as a decrease and increase, respectively, to rental revenue and amortization of in-place lease intangibles is included in depreciation and amortization expense in the consolidated statements of operations. All lease intangibles are amortized on a straight-line basis over the term of the lease, which includes any renewal options the Company is reasonably certain the tenant will exercise. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal options, the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes a lease intangible balance is no longer recoverable, the unamortized portion is immediately recognized in impairments in the consolidated statements of operations. Other Income: Lease Termination Fees Lease termination fees are included in other income on the consolidated statements of operations and are recognized when there is a signed termination agreement and all of the conditions of the agreement have been met. The Company recorded lease termination fees of $ 2 thousand, $ 19 thousand and $ 0.7 million during the years ended December 31, 2022, 2021 and 2020 , respectively. Loans Receivable Interest on loans receivable is recognized using the effective interest rate method. A loan is placed on non-accrual status when the loan has become 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on non-accrual status, interest income is recognized only when received. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted. The Company evaluates its loans receivable balance, including accrued interest, for potential credit losses by analyzing the credit of the borrower, the remaining time to maturity of the loan, collateral value and quality (if any), and other relevant factors. Allowance for credit losses are recorded in impairments on the consolidated statement of operations. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments. Restricted cash is classified within deferred costs and other assets, net in the consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): December 31, December 31, December 31, Cash and cash equivalents $ 8,770 $ 17,799 $ 70,303 Restricted cash: Collateral deposits (1) — — 335 Tenant improvements, repairs and leasing commissions (2) — — 12,660 1031 Exchange proceeds 53,183 — — Total cash, cash equivalents and restricted cash $ 61,953 $ 17,799 $ 83,298 (1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses. (2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant. Tenant Receivables The Company reviews its rent and other tenant receivables for collectability on a regular basis, considering changes in factors such as the tenant’s payment history, the tenant’s financial condition, industry conditions in which the tenant operates and economic conditions in the geographic area in which the tenant operates. If a receivable is not probable of collection, a direct write-off of the receivable will be made. The Company had accounts receivable balances of $ 18.2 million and $ 21.7 million at December 31, 2022 and 2021, respectively, after the impact of $ 3.2 million and $ 3.9 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the consolidated balance sheets. For receivable balances related to the straight-line method of recognizing rental income, the collectability is generally assessed in conjunction with the evaluation of rental income as described above. The Company had straight-line rent receivables of $ 167.1 million and $ 137.6 million at December 31, 2022 and 2021, respectively, after the impact of $ 1.3 million and $ 2.6 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the consolidated balance sheets. Goodwill Goodwill arises from business combinations as the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company performs a qualitative assessment to determine if the quantitative impairment test is necessary. The quantitative impairment test, if deemed necessary, compares the fair value of each reporting unit with its carrying amount and impairment is recognized as the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairment was recorded for the periods presented. Goodwill for the years ended December 31, 2022, 2021 and 2020 was $ 225.6 million, respectively. Accounting for Derivative Financial Instruments and Hedging Activities The Company may utilize derivative instruments such as interest rate swaps for purposes of hedging exposures to fluctuations in interest rates associated with certain of its financing transactions. At the inception of a hedge transaction, the Company enters into a contractual arrangement with the hedge counterparty and formally documents the relationship between the derivative instrument and the financing transaction being hedged, as well as its risk management objective and strategy for undertaking the hedge transaction. The fair value of the derivative instrument is recorded on the balance sheet as either an asset or liability. At inception and at least quarterly thereafter, a formal assessment is performed to determine whether the derivative instrument has been highly effective in offsetting changes in cash flows of the related financing transaction and whether it is expected to be highly effective in the future. The Company recognizes the entire change in the fair value of cash flow hedges included in the assessment of hedge effectiveness in AOCIL and amounts are subsequently reclassified to earnings when the hedged item affects earnings. Income Taxes The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the consolidated financial statements. Even if the Corporation qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income. Taxable income earned by any of the Company’s taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. See Note 12 for additional discussion. Earnings Per Share The Company’s unvested restricted common stock, which contains non-forfeitable rights to receive dividends, are considered participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on their respective weighted average shares outstanding during the period. Under the terms of the Amended Incentive Award Plan, restricted stock awards are not allocated losses, including undistributed losses as a result of dividends declared exceeding net income. The Company uses net income (loss) attributable to common shareholders to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities. Forward Equity Sale Agreements The Corporation may enter into forward sale agreements for the sale and issuance of shares of our common stock, either through an underwritten public offering or through the 2021 ATM Program. These agreements may be physically settled in stock, settled in cash, or net share settled at the Company’s election. The Company evaluated the forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Corporation’s common stock used in diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Corporation’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Corporation’s common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Corporation’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Corporation elects to physically settle or net share settle such forward sale agreement, delivery of the Corporation’s shares will result in dilution to the Company’s earnings per share. Unaudited Interim Information The consolidated quarterly financial data in Note 13 is unaudited. In the opinion of management, this financial information reflects all adjustments necessary for a fair presentation of the respective interim periods. All such adjustments are of a normal recurring nature.

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Investments	NOTE 3. INVESTMENTS Owned Properties As of December 31, 2022, the Company’s gross investment in owned real estate properties totaled $ 9.2 billion. The gross investment, as adjusted for any impairment, is comprised of land, buildings, lease intangible assets, lease intangible liabilities, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with Texas, at 14.5 %, as the only state with a gross investment greater than 10.0 % of the total gross investment of the Company’s entire portfolio. During the years ended December 31, 2022 and 2021, the Company had the following real estate activity (dollars in thousands): Number of Properties Dollar Amount of Investments Held in Use Held for Sale Total Held in Use Held for Sale Total Gross balance, December 31, 2020 1,853 7 1,860 $ 6,777,673 $ 27,764 $ 6,805,437 Acquisitions/improvements (1) 166 — 166 1,256,983 — 1,256,983 Dispositions of real estate (2) ( 13 ) ( 10 ) ( 23 ) ( 42,472 ) ( 22,750 ) ( 65,222 ) Transfers to Held for Sale ( 9 ) 9 — ( 18,403 ) 18,403 — Transfers from Held for Sale 3 ( 3 ) — 11,300 ( 11,300 ) — Impairments (3) — — — ( 21,474 ) ( 1,736 ) ( 23,210 ) Reset of gross balances (4) — — — ( 31,143 ) ( 2,019 ) ( 33,162 ) Other — — — 2,359 — 2,359 Gross balance, December 31, 2021 2,000 3 2,003 7,934,823 8,362 7,943,185 Acquisitions/improvements (1) 172 — 172 1,546,808 — 1,546,808 Dispositions of real estate (2) ( 38 ) ( 22 ) ( 60 ) ( 198,865 ) ( 41,200 ) ( 240,065 ) Transfers to Held for Sale ( 37 ) 37 — ( 96,234 ) 96,234 — Transfers from Held for Sale 1 ( 1 ) — 1,529 ( 1,529 ) — Impairments (3) — — — ( 36,894 ) ( 135 ) ( 37,029 ) Reset of gross balances (4) — — — ( 29,004 ) ( 151 ) ( 29,155 ) Gross balance, December 31, 2022 2,098 17 2,115 $ 9,122,163 $ 61,581 $ 9,183,744 Accumulated depreciation and amortization ( 1,387,637 ) ( 12,433 ) ( 1,400,070 ) Net balance, December 31, 2022 (5) $ 7,734,526 $ 49,148 $ 7,783,674 (1) Includes investments of $ 95.4 million and $ 15.4 million, respectively, in revenue producing capitalized expenditures, and $ 16.8 million and $ 10.7 million, respectively, of non-revenue producing capitalized expenditures for the years ended December 31, 2022 and 2021. (2) The total net gain on disposition of properties held in use was $ 87.9 million, $ 37.3 million and $ 10.2 million for the years ended December 31, 2022, 2021 and 2020 , respectively. The total gain on disposition of properties held for sale was $ 23.0 million, $ 2.2 million and $ 14.2 million for the years ended December 31, 2022, 2021 and 2020 , respectively. Additionally, there were $ 1.7 million of gains recognized on two asset substitutions within a master lease and $ 0.3 million in other gains recognized during the year ended December 31, 2021. (3) Impairments on owned real estate is comprised of real estate and intangible asset impairment and allowance for credit losses on direct financing leases. (4) Represents write-off of gross investment balances against the related accumulated depreciation and amortization balances as a result of basis reset due to impairment or intangibles and tenant improvements which have been fully amortized. (5) Reconciliation of total owned investments to the consolidated balance sheet at December 31, 2022 is as follows: Real estate assets held for investment, net $ 7,421,306 Intangible lease assets, net 423,870 Real estate assets under direct financing leases, net 7,427 Real estate assets held for sale, net 49,148 Intangible lease liabilities, net ( 118,077 ) Net balance $ 7,783,674 Operating Leases As of December 31, 2022, 2021, and 2020 , the Company held 2,111 , 1,998 and 1,852 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the consolidated statements of operations (in thousands): For the Year Ended December 31, 2022 2021 2020 Base Cash Rent (1) $ 638,340 $ 541,726 $ 453,013 Variable cash rent (including reimbursables) 25,597 16,768 13,176 Straight-line rent, net of uncollectible reserve (2) 36,902 44,758 11,876 Amortization of above- and below- market lease intangibles, net (3) 2,190 2,847 1,836 Total rental income $ 703,029 $ 606,099 $ 479,901 (1) Includes net impact of amounts (reserved)/recovered of $( 0.5 ) million, $ 5.5 million and $( 10.9 ) million for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Includes net impact of amounts (reserved)/recovered of $( 26 ) thousand, $ 10.9 million and $( 14.9 ) million for the years ended December 31, 2022 2021 and 2020, respectively. (3) Excludes amortization of in-place leases of $ 43.9 million, $ 38.5 million and $ 34.8 million for the years ended December 31, 2022, 2021 and 2020 , respectively, which is included in depreciation and amortization expense in the consolidated statements of operations. Lease renewal periods are exercisable at the lessees’ option and, as such, minimum future rent only includes the remaining initial non-cancellable term of our operating leases. In addition, minimum future rent includes fixed rent escalations occurring on or after January 1, 2023, but does not include variable rent escalations, such as those based on CPI, or contingent rents. Minimum future rent at December 31, 2022 is as follows (in thousands): December 31, 2022 2023 $ 679,645 2024 670,893 2025 659,867 2026 633,330 2027 589,881 Thereafter 4,706,694 Total minimum future rent $ 7,940,310 The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): December 31, 2022 December 31, 2021 In-place leases $ 559,962 $ 536,344 Above-market leases 101,594 100,837 Less: accumulated amortization ( 237,686 ) ( 210,209 ) Intangible lease assets, net $ 423,870 $ 426,972 Below-market leases $ 179,187 $ 188,718 Less: accumulated amortization ( 61,110 ) ( 60,641 ) Intangible lease liabilities, net $ 118,077 $ 128,077 The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was 12.4 years, 13.0 years, 18.2 years and 13.8 years, respectively, as of December 31, 2022 . The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was 13.3 years, 13.7 years, 17.6 years and 14.3 years, respectively, as of December 31, 2021. During the year ended December 31, 2022 , the Company acquired in-place lease intangible assets of $ 57.3 million, above-market lease intangible assets of $ 3.2 million and below-market lease intangible liabilities of $ 9.5 million. During the year ended December 31, 2021 , the Company acquired in-place lease intangible assets of $ 84.8 million, above-market lease intangible assets of $ 23.1 million and below-market lease intangible liabilities of $ 16.8 million. Based on the intangible assets and liabilities at December 31, 2022, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows (in thousands): December 31, 2022 2023 $ 41,412 2024 39,365 2025 35,767 2026 32,490 2027 26,873 Thereafter 129,886 Total future minimum amortization $ 305,793 Direct Financing Leases As of December 31, 2022 and 2021 , the Company held one property under a direct financing lease, which was held in use. As of December 31, 2022 , this property had $ 2.5 million in scheduled minimum future payments to be received under its remaining non-cancellable lease term. As of December 31, 2022 , the Company had a reserve of $ 0.1 million against the net investment balance of $ 7.5 million, which was initially recorded in 2020 as a result of the initial term of the direct financing lease extending until 2027. Loans Receivable During 2021, the Company issued a fixed-rate, uncollateralized loan receivable for $ 11.0 million. During 2022, the Company issued a fixed-rate, construction loan for $ 12.7 million. The Company evaluated the collectability of the amounts receivable under the loans and had a total allowance for credit losses of $ 0.7 million as of December 31, 2022. During the years ended December 31, 2022 and 2021, the Company had the following loan activity (dollars in thousands): Mortgage Loans Other Loans Total Properties Investment Investment Investment Principal, December 31, 2020 — $ — $ — $ — Issuance of loan — — 11,000 11,000 Principal, December 31, 2021 — — 11,000 11,000 Issuance of loan — — 12,700 12,700 Principal, December 31, 2022 — $ — $ 23,700 $ 23,700 Impairments and Allowance for Credit Losses The following table summarizes impairments and allowance for credit losses recognized in the consolidated statements of operations (in thousands): Year Ended December 31, 2022 2021 2020 Real estate asset impairment $ 35,988 $ 22,120 $ 59,206 Intangible net asset impairment 1,041 1,090 22,118 Allowance for credit losses on direct financing leases — — 152 Allowance for credit losses on loans receivable 127 550 — Total impairment loss $ 37,156 $ 23,760 $ 81,476

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	NOTE 4. DEBT The Company's debt is summarized below (dollars in thousands): 2022 Weighted Average Effective Interest Rates (1) 2022 Weighted Average Stated Rates (2) 2022 Weighted Average Remaining Years to Maturity (3) December 31, December 31, Revolving credit facilities 2.85 % 5.17 % 3.2 $ 55,500 $ 288,400 Term loans 3.92 % 3.50 % 3.9 800,000 — Senior Unsecured Notes 3.42 % 3.25 % 6.4 2,750,000 2,750,000 Mortgages payable 4.87 % 5.82 % 8.0 4,825 5,350 Total debt 3.47 % 3.73 % 5.8 3,610,325 3,043,750 Debt discount, net ( 9,556 ) ( 10,824 ) Deferred financing costs, net (4) ( 25,460 ) ( 20,334 ) Total debt, net $ 3,575,309 $ 3,012,592 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the year ended December 31, 2022 based on the average principal balance outstanding during the period. (2) Based on the outstanding principal balance as of December 31, 2022 . Term loans include the impact of cash flow hedges. Excluding the impact of cash flow hedges, the stated interest rate for the term loans was 5.29 % as of December 31, 2022. (3) Based on the outstanding principal balance as of December 31, 2022. (4) Excludes deferred financing costs for the revolving credit facilities. Deferred financing costs and offering discount/premium incurred in connection with entering into debt agreements are amortized to interest expense over the initial term of the respective agreement. Both deferred financing costs and offering discount/premium are recorded net against the principal debt balance on the consolidated balance sheets, except for deferred costs related to revolving credit facilities, which are recorded in deferred costs and other assets, net. Revolving Credit Facilities On January 14, 2019, the Operating Partnership entered into the 2019 Revolving Credit and Term Loan Agreement, which included the 2019 Credit Facility with a borrowing capacity of $ 800.0 million. On March 30, 2022, the Operating Partnership amended and restated the 2019 Revolving Credit and Term Loan Agreement, increasing the borrowing capacity of the 2019 Credit Facility to $ 1.2 billion. The borrowing capacity can be further increased by $ 500.0 million through exercise of an accordion feature, subject to satisfying certain requirements. The 2019 Credit Facility has a maturity date of March 31, 2026 and includes two six-month extensions that can be exercised at the Company’s option. Borrowings may be repaid, in whole or in part, at any time, without premium or penalty, but subject to applicable breakage fees, if any. Payment is unconditionally guaranteed by the Company and material subsidiaries that meet certain conditions. The 2019 Credit Facility is full recourse to the Operating Partnership and the aforementioned guarantors. As of December 31, 2022, outstanding loans under the 2019 Credit Facility bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.775 % per annum and the aggregate revolving commitments incurred a facility fee of 0.150 % per annum, in each case, based on the Operating Partnership’s credit rating and leverage ratio (as defined in the agreement). Prior to March 30, 2022, outstanding loans under the 2019 Credit Facility bore interest at 1-month LIBOR plus an applicable margin of 0.90 % per annum and the aggregate revolving commitments incurred a facility fee of 0.20 % per annum. In connection with the amendment and restatement of the 2019 Credit Facility, the Company wrote off $ 0.2 million in deferred financing costs and incurred deferred financing costs of $ 8.6 million. The unamortized deferred financing costs were $ 7.8 million as of December 31, 2022 , compared to $ 1.4 million as of December 31, 2021. As of December 31, 2022 , $ 1.1 billion of borrowing capacity was available under the 2019 Credit Facility and there were no outstanding letters of credit. The Operating Partnership's ability to borrow under the 2019 Credit Facility is subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022. Term Loans On April 2, 2020, the Operating Partnership entered into the 2020 Term Loan Agreement, which provided for $ 200.0 million of unsecured term loans with a maturity date of April 2, 2022 . The 2020 Term Loan Agreement included an accordion feature, which the Operating Partnership fully exercised in the second quarter of 2020 to borrow an additional $ 200.0 million of term loans. The 2020 Term Loans bore interest at LIBOR plus an applicable margin of 1.50 % per annum, based on the Operating Partnership’s credit rating. In connection with entering into the 2020 Term Loan Agreement, the Company incurred $ 2.5 million in deferred financing costs. On August 6, 2020, the issuance of the 2031 Senior Unsecured Notes triggered a mandatory prepayment under the 2020 Term Loan Agreement. As such, the Company repaid $ 222.0 million of the 2020 Term Loans and wrote-off $ 1.0 million of related unamortized deferred financing costs. On January 4, 2021, the Company repaid the 2020 Term Loan in full and wrote-off the remaining unamortized deferred financing costs. On August 22, 2022, the Operating Partnership entered into the 2022 Term Loan Agreement, which provides for borrowings in an aggregate amount of $ 800.0 million comprised of a $ 300.0 million tranche with a maturity date of August 22, 2025 and a $ 500.0 million tranche with a maturity date of August 20, 2027 . The Term Loan Agreement also includes an accordion feature to increase the available term loans by $ 200.0 million in aggregate, subject to satisfying certain requirements. As of December 31, 2022 , the 2022 Term Loans bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.850 % per annum, based on the Operating Partnership’s credit rating. In conjunction with entering into the 2022 Term Loans, the Company entered into interest rate swaps as a cash flow hedge. See Note 7 for further detail. The Company incurred $ 8.4 million in deferred financing costs in connection with entering into the 2022 Term Loan Agreement, and the unamortized deferred financing costs were $ 7.7 million as of December 31, 2022. On November 17, 2022, the Operating Partnership entered into the 2023 Term Loan Agreement, which provides for $ 500.0 million of unsecured term loans with a maturity date of June 16, 2025 and allows funds to be drawn up to July 2, 2023. The 2023 Term Loan Agreement also includes an accordion feature to increase the available term loans by $ 100.0 million, subject to satisfying certain requirements. The 2023 Term Loans will bear interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.950 % per annum, based on the Operating Partnership's credit rating as of December 31, 2022 . The full $ 500.0 million of borrowing capacity was available under the 2023 Term Loan Agreements as of December 31, 2022. In connection with the 2022 Term Loan Agreement and the 2023 Term Loan Agreement, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022. Senior Unsecured Notes The Senior Unsecured Notes were issued by the Operating Partnership and are guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands): Maturity Date Interest Payment Dates Stated Interest Rate December 31, December 31, 2026 Senior Notes September 15, 2026 March 15 and September 15 4.45 % $ 300,000 $ 300,000 2027 Senior Notes January 15, 2027 January 15 and July 15 3.20 % 300,000 300,000 2028 Senior Notes March 15, 2028 March 15 and September 15 2.10 % 450,000 450,000 2029 Senior Notes July 15, 2029 January 15 and July 15 4.00 % 400,000 400,000 2030 Senior Notes January 15, 2030 January 15 and July 15 3.40 % 500,000 500,000 2031 Senior Notes February 15, 2031 February 15 and August 15 3.20 % 450,000 450,000 2032 Senior Notes February 15, 2032 February 15 and August 15 2.70 % 350,000 350,000 Total Senior Unsecured Notes 3.25 % $ 2,750,000 $ 2,750,000 For the years ended December 31, 2022, 2021 and 2020, the Operating Partnership completed the following issuances of Senior Unsecured Notes: • 2031 Senior Notes issued on August 6, 2020, resulting in net proceeds of $ 441.3 million, deferred financing costs of $ 4.2 million and an offering discount of $ 4.5 million and • 2028 Senior Notes and 2032 Senior Notes issued on March 3, 2021, resulting in net proceeds of $ 787.7 million, deferred financing costs of $ 7.1 million and an offering discount of $ 5.2 million. The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to the sum of: 100 % of the principal amount of the respective Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium. If any of the Senior Unsecured Notes are redeemed three months or less (or two months or less in the case of the 2027 Senior Notes and 2028 Senior Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium. As of December 31, 2022 and 2021 , the unamortized deferred financing costs were $ 17.8 million and $ 20.3 million, respectively, and the unamortized discount was $ 9.7 million and $ 11.0 million, respectively. In connection with the issuance of the Senior Unsecured Notes, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022. Mortgages Payable Indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under five fixed-rate non-recourse loans, which were securitized into CMBS and secured by the borrowers’ respective leased properties and related assets. In connection with the issuance of the 2028 and 2032 Senior Unsecured Notes, the Company repaid three of these loans in March 2021 and, as of December 31, 2022, had two non-defaulted loans with stated interest rates of 5.80 % and 6.00 %, respectively. Each loan was secured by one property. There were no unamortized deferred financing costs as of either December 31, 2022 and December 31, 2021, and the unamortized net premium as of both December 31, 2022 and 2021 was $ 0.2 million. Convertible Notes In May 2014, the Company issued $ 345.0 million aggregate principal amount of 3.75 % convertible notes for which interest was payable semi-annually in arrears on May 15 and November 15. During the year ended December 31, 2020, the Company repurchased $ 154.6 million of the 2021 Convertible Notes in cash. As of December 31, 2020, the unamortized discount was $ 1.0 million and the unamortized deferred financing costs were $ 0.3 million. The remaining 2021 Convertible Notes matured on May 15, 2021 at which time they were settled in cash and the remaining discount and deferred financing costs were fully amortized. Debt Extinguishment During the year ended December 31, 2022 , the Company recognized a loss on debt extinguishment of $ 0.2 million as a result of the amendment and restatement of the 2019 Revolving Credit and Term Loan Agreement. During the year ended December 31, 2021, the Company extinguished the following debt: • $ 207.4 million aggregate principal amount of CMBS indebtedness on three loans secured by 86 properties, resulting in a loss on debt extinguishment of $ 28.5 million, • $ 190.4 million of Convertible Notes upon their maturity, and • $ 178.0 million of indebtedness outstanding under the 2020 Term Loans, resulting in a loss on debt extinguishment of $ 0.7 million. During the year ended December 31, 2020, the Company extinguished the following debt: • $ 222.0 million of indebtedness outstanding under the 2020 Term Loans, resulting in a loss on debt extinguishment of $ 1.0 million and • $ 154.6 million aggregate principal amount of the 2021 Convertible Notes, resulting in a loss on debt extinguishment of $ 6.2 million. Debt Maturities As of December 31, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Balloon Total 2023 $ 556 $ — $ 556 2024 590 — 590 2025 610 300,016 300,626 2026 469 355,500 355,969 2027 497 800,000 800,497 Thereafter 2,034 2,150,053 2,152,087 Total $ 4,756 $ 3,605,569 $ 3,610,325 Interest Expense The components of interest expense were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Revolving credit facilities (1) $ 9,470 $ 2,930 $ 3,686 Term loans (2) 10,237 24 3,545 Senior Unsecured Notes 89,252 85,996 61,750 Mortgages payable 296 2,506 12,028 Convertible Notes — 2,658 10,728 Non-cash: Amortization of deferred financing costs 5,410 3,942 5,278 Amortization of debt discount, net 1,269 2,140 4,343 Amortization of net losses related to interest rate swaps 2,807 2,807 2,807 Capitalized interest ( 1,119 ) — — Total interest expense $ 117,622 $ 103,003 $ 104,165 (1) Includes facility fees of approximately $ 2.1 million, $ 1.7 million and $ 1.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Includes impact of cash flow hedge.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	NOTE 5. STOCKHOLDERS' EQUITY Preferred Stock On October 3, 2017, the Company completed an underwritten public offering of 6.9 million shares of Series A Preferred Stock. The Series A Preferred Stock pays cumulative cash dividends at the rate of 6.00 % per annum on their liquidation preference of $ 25.00 per share (equivalent to $ 1.50 per share on an annual basis). Dividends are payable quarterly in arrears on or about the last day of March, June, September and December of each year. The Series A Preferred Stock trades on the NYSE under the symbol “SRC-A.” Prior to October 3, 2022, the Company could not redeem the Series A Preferred Stock except in limited circumstances to preserve the Corporation’s status as a REIT or pursuant to a special optional redemption provision upon a change of control. On and after October 3, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time for cash at a redemption price of $ 25.00 per share, plus any accrued and unpaid dividends up to, but excluding, the redemption date. Common Stock In June 2020, the Company entered into forward sale agreements in connection with an offering of 9.2 million shares of common stock at an initial public offering price of $ 37.35 per share, before underwriting discounts and offering expenses. All 9.2 million of these shares were settled during 2020, generating net proceeds of $ 319.1 million. In January 2022, the Company entered into forward sale agreements in connection with an offering of 9.4 million shares of common stock at an initial public offering price of $ 47.60 per share, before underwriting discounts and offering expenses. All 9.4 million of these shares were settled during 2022, generating net proceeds of $ 427.7 million. ATM Program An ATM Program provides for the offer and sale of shares of the Company’s common stock up to an approved aggregate gross sales price through sales agents, directly to principals, or through forward sellers. The Company can sell shares in amounts and at times to be determined by the Company, but has no obligation to sell shares under an ATM Program. In November 2016, a $ 500.0 million 2016 ATM Program was approved and the prior ATM Program was terminated. From inception of the 2016 ATM Program through its termination in November 2020, 8.8 million shares of the Company’s common stock were sold, of which 7.0 million were sold through forward sales agreements. During the year ended December 31, 2020, 2.9 million of these shares were settled, generating net proceeds of $ 109.2 million. During the year ended December 31, 2021, 0.6 million of these shares were settled, generating net proceeds of $ 21.9 million. In November 2020, a $ 500.0 million 2020 ATM Program was approved and the 2016 ATM Program was terminated. From inception of the 2020 ATM Program through its termination in November 2021, 9.3 million shares of the Company’s common stock were sold, all through forward sale agreements. All 9.3 million shares were settled during the year ended December 31, 2021, generating net proceeds of $ 391.4 million. In November 2021, a $ 500.0 million 2021 ATM Program was approved and the 2020 ATM program was terminated. The following details the activity under the 2021 ATM Program since its inception (in thousands): 2021 ATM Forward Shares Regular Shares Total Shares Net Proceeds on Issuances Month ended 12/31/2021 Shares sold 2,268 438 2,706 Shares issued ( 2,212 ) ( 438 ) ( 2,650 ) $ 120,286 Unsettled shares sold as of 12/31/2021 56 — 56 Year ended 12/31/2022 Shares sold 2,434 1,525 3,959 Shares issued ( 2,490 ) ( 1,525 ) ( 4,015 ) $ 167,850 Unsettled shares sold as of 12/31/2022 — — — Dividends Declared In fiscal years 2022 and 2021, the Company's Board of Directors declared the following dividends: Declaration Date Dividend Per Share Record Date Total Amount Payment Date (in Thousands) 2022 Preferred Stock February 9, 2022 $ 0.375 March 15, 2022 $ 2,588 March 31, 2022 May 18, 2022 0.375 June 15, 2022 2,588 June 30, 2022 August 8, 2022 0.375 September 15, 2022 2,587 September 30, 2022 November 4, 2022 0.375 December 15, 2022 2,587 December 30, 2022 Total Preferred Dividend $ 1.500 $ 10,350 Common Stock February 9, 2022 $ 0.638 March 31, 2022 $ 85,688 April 14, 2022 May 18, 2022 0.638 June 30, 2022 86,987 July 15, 2022 August 8, 2022 0.663 September 30, 2022 92,595 October 14, 2022 November 4, 2022 0.663 December 30, 2022 93,636 January 13, 2023 Total Common Dividend $ 2.602 $ 358,906 2021 Preferred Stock February 17, 2021 $ 0.375 March 15, 2021 $ 2,588 March 31, 2021 May 19, 2021 0.375 June 15, 2021 2,588 June 30, 2021 July 29, 2021 0.375 September 15, 2021 2,587 September 30, 2021 November 17, 2021 0.375 December 15, 2021 2,587 December 31, 2021 Total Preferred Dividend $ 1.500 $ 10,350 Common Stock February 17, 2021 $ 0.625 March 31, 2021 $ 71,837 April 15, 2021 May 19, 2021 0.625 June 30, 2021 74,436 July 15, 2021 July 29, 2021 0.638 September 30, 2021 78,674 October 15, 2021 November 17, 2021 0.638 December 31, 2021 81,378 January 14, 2022 Total Common Dividend $ 2.526 $ 306,325 The common stock dividend declared on November 4, 2022 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2022 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 6. COMMITMENTS AND CONTINGENCIES The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are typically insured against such claims. The Company was contingently liable for $ 5.7 million of debt owed by one of its former tenants, which was fully accrued in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2021. No payments were made in relation to this contingent liability. Therefore, upon the maturity of the tenant's debt on March 15, 2022, the Company reversed the full $ 5.7 million of the accrued liability, which is reflected as other income in the consolidated statement of operations. The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements. As of December 31, 2022, no accruals have been made. As of December 31, 2022, there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Purchase and Capital Improvement Commitments As of December 31, 2022, the Company had commitments totaling $ 111.1 million, of which $ 13.8 million relates to future acquisitions and the remainder relates to improvements on properties the Company already owns. Acquisition commitments contain standard cancellation clauses contingent on the results of due diligence. $ 35.1 million of the Company’s commitments are expected to be funded during 2023, with the remainder to be funded by the end of 2024. Lessee Contracts The Company leases its corporate office space, which is classified as an operating lease. The corporate office lease contains a variable lease cost related to the lease of parking spaces and a non-lease component related to the reimbursement of certain common area maintenance expenses, both of which are recognized as incurred. The Company elected to use the components expedient for all lessee operating leases, which permits the Company to not separate non-lease components from lease components if timing and pattern of transfer is the same. As such, total rental expense, including variable rent, for the corporate office space amounted to $ 1.5 million for each of the years ended December 31, 2022, 2021 and 2020 , respectively, and is included in general and administrative expense. The Company’s lease of its corporate office space has an initial term that expires on January 31, 2027 and is renewable at the Company’s option for two additional periods of five years each after the initial term. The Company is also a lessee under long-term, non-cancellable ground leases under which it is obligated to pay monthly rent. There were four ground leases as of December 31, 2022 and 2021 , respectively. Total rental expense included in property costs amounted to $ 0.3 million for each of the years ended December 31, 2022, 2021 and 2020 , respectively. For all of the ground leases, rental expenses are reimbursed by tenants, and the corresponding rental revenue is recorded in rental income on the consolidated statements of operations. All leases are classified as operating leases and have a weighted average remaining lease term of 5.1 years. The Company’s minimum aggregate rental commitments under all non-cancellable operating leases as of December 31, 2022 are as follows (in thousands): Ground Leases Office Lease Total 2023 $ 285 $ 1,055 $ 1,340 2024 285 1,070 1,355 2025 267 1,086 1,353 2026 258 1,101 1,359 2027 167 92 259 Thereafter 107 — 107 Total 1,369 4,404 5,773 Less: imputed interest ( 241 ) ( 939 ) ( 1,180 ) Total operating lease liabilities $ 1,128 $ 3,465 $ 4,593 Imputed interest was calculated using a weighted-average discount rate of 4.19 %. The discount rate is based on our estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including the Company's credit rating and REIT industry performance. The evaluation of the Company's right-of-use lease asset associated with the corporate office included the unamortized portion of a $ 1.7 million cash lease incentive paid at inception of the lease. As of December 31, 2022 and 2021 , the Company had a right-of-use lease asset balance of $ 3.4 million and $ 3.7 million, respectively, which are included in deferred costs and other assets, net and an operating lease liability balance of $ 4.6 million and $ 5.1 million, respectively, which are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

Derivative and Hedging Activiti

Derivative and Hedging Activities	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	NOTE 7. DERIVATIVE AND HEDGING ACTIVITIES The Company may use interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in AOCIL and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of non-cash activities in the consolidated statements of cash flows. Amounts will subsequently be reclassified to earnings when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes and does not have derivative netting arrangements. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates this risk through monitoring the creditworthiness of counterparties, which includes review of their debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings. In the third quarter of 2019, the Company terminated interest rate swaps which had been entered into in December 2018 and accelerated the reclassification of a loss of $ 12.5 million from AOCIL to termination of interest rate swaps as a result of a portion of the hedged forecasted transactions becoming probable not to occur. There were no events of default related to the interest rate swaps prior to their termination. Given that a portion of the hedged transactions remained probable to occur, $ 12.3 million of the loss was deferred in other comprehensive loss and is being amortized over the remaining initial term of the interest rate swaps, which ends January 31, 2024. As of December 31, 2022 , the unamortized portion of loss in AOCIL related to terminated interest rate swaps was $ 3.0 million. During the third quarter of 2022, the Company entered into new interest rate swaps, which were designated as cash flow hedge instruments and are recorded in deferred costs and other assets, net on the consolidated balance sheet. These instruments swap 1-month SOFR for a fixed payment. The following table summarizes the key terms and fair value of these instruments (in thousands): Fair Value of Asset Interest Rate Swap Notional Amount Fixed Interest Rate Effective Date Maturity Date December 31, $ 300,000 2.501 % September 15, 2022 August 22, 2027 $ 15,675 $ 200,000 2.507 % September 15, 2022 August 22, 2027 10,349 $ 300,000 2.636 % September 15, 2022 August 22, 2025 11,104 $ 37,128 The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands): Year Ended December 31, 2022 2021 2020 Cash flow hedge derivatives $ 39,366 $ — $ — Amount of gain reclassified from AOCIL to interest ( 2,238 ) — — Amount of loss reclassified from AOCIL to interest 2,807 2,807 2,807 Total $ 39,935 $ 2,807 $ 2,807 During the next 12 months, we estimate that approximately $ 2.8 million will be reclassified as an increase to interest expense related to terminated hedges of existing floating-rate debt and $ 17.6 million will be reclassified as a decrease to interest expense related to cash flow hedge derivatives.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 8. FAIR VALUE MEASUREMENTS The fair value measurement framework specifies a hierarchy of valuation inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company's own assumptions. Recurring Fair Value Measurements The Company’s interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and volatilities. These measurements are classified as Level 2 of the fair value hierarchy. The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Derivatives held at December 31, 2022 Interest rate swaps $ 37,128 $ — $ 37,128 $ — Nonrecurring Fair Value Measurements Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. Real estate assets and their related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. The fair values of real estate and intangible assets were estimated using the following information, depending on availability, in order of preference: signed purchase and sale agreements (“PSA”) or letters of intent (“LOI”); broker opinions of value (“BOV”); recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate. The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at December 31, 2022 Impaired at March 31, 2022 $ — $ — $ — $ — Impaired at June 30, 2022 $ 4,700 $ — $ — $ 4,700 Impaired at September 30, 2022 $ 4,094 $ — $ — $ 4,094 Impaired at December 31, 2022 $ 29,636 $ — $ — $ 29,636 Assets held at December 31, 2021 Impaired at March 31, 2021 $ 1,739 $ — $ — $ 1,739 Impaired at June 30, 2021 $ 9,655 $ — $ — $ 9,655 Impaired at September 30, 2021 $ 3,479 $ — $ — $ 3,479 Impaired at December 31, 2021 $ 11,656 $ — $ — $ 11,656 As of December 31, 2022 , the Company held 18 properties that were impaired during 2022. As of December 31, 2021, the Company held 14 properties that were impaired during 2021 . For one property held at December 31, 2021, the Company estimated fair value using a capitalization rate of 14.00 % based on capitalization rates from market comparables. For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for the remaining properties are as follows: Unobservable Input Asset Type Property Count Price Per Square Foot Range Weighted Average Price Per Square Foot Square December 31, 2022 PSA, LOI or BOV Retail 12 $ 30.00 - $ 384.88 $ 93.60 223,225 PSA, LOI or BOV Data Center 1 $ 24.94 $ 24.94 188,475 Comparable Properties Retail 3 $ 26.05 - $ 197.15 $ 56.36 100,195 Comparable Properties Office 2 $ 71.69 - $ 135.00 $ 98.97 73,000 December 31, 2021 PSA, LOI or BOV Retail 6 $ 63.83 - $ 418.57 $ 102.35 39,603 PSA, LOI or BOV Medical 2 $ 65.63 - $ 105.16 $ 75.60 41,496 PSA, LOI or BOV Data Center 1 $ 38.57 $ 38.57 188,475 Comparable Properties Retail 3 $ 29.35 - $ 483.09 $ 67.48 42,357 Comparable Properties Medical 1 $ 78.66 - $ 106.35 $ 95.00 15,974 Estimated Fair Value of Financial Instruments Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the consolidated balance sheets. In addition, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at measurement date. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. The estimated fair values of these financial instruments have been derived either based on (i) market quotes for identical or similar instruments in markets or (ii) discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair values of the Senior Unsecured Notes are classified as Level 1 of the fair value of the hierarchy, and the remaining estimates are classified as Level 2. The following table discloses fair value information for these financial instruments (in thousands): December 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net (1) $ 23,023 $ 23,462 $ 10,450 $ 11,381 2019 Credit Facility 55,500 55,502 288,400 288,549 2022 Term Loans, net (2) 792,309 802,363 — — Senior Unsecured Notes, net (2) 2,722,514 2,310,547 2,718,641 2,865,187 Mortgages payable, net (2) 4,986 4,685 5,551 5,748 (1) The carrying value of the loans receivable are net of an allowance for credit losses. (2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Incentive Award Plan and Employ

Incentive Award Plan and Employee Benefit Plan	12 Months Ended
	Dec. 31, 2022
Compensation Related Costs [Abstract]
Incentive Award Plan and Employee Benefit Plan	NOTE 9. INCENTIVE AWARD PLAN AND EMPLOYEE BENEFIT PLAN Amended Incentive Award Plan Under the Amended Incentive Award Plan, the Company may grant equity incentive awards to eligible employees, directors and other advisors of the Company. Awards under the Amended Incentive Award Plan may be in the form of stock options, restricted stock, dividend equivalents, stock appreciation rights, performance awards, stock payment awards, market-based awards, Operating Partnership units and other incentive awards. If an award under the Amended Incentive Award Plan is forfeited, expires or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Amended Incentive Award Plan. As of December 31, 2022 , 4.8 million shares remained available for award under the Amended Incentive Award Plan. Shares of common stock have been granted pursuant to the Amended Incentive Award Plan and, during the periods presented, portions of these awards vested. The vesting of these shares resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender shares of common stock during the years ended December 31, 2022, 2021 and 2020 valued at $ 6.5 million, $ 4.4 million and $ 4.4 million, respectively, solely to pay the associated statutory tax withholdings, which do not exceed the maximum statutory rate. Common shares repurchased are considered retired under Maryland law, and the cost of the stock repurchased is recorded as a reduction to common stock and accumulated deficit on the consolidated balance sheets. The Company has made an accounting policy election to recognize stock-based compensation forfeitures as they occur. Restricted Shares of Common Stock Restricted share awards have been granted to certain employees, including executive officers, and members of the Board of Directors. The requisite service period for the awards is generally three years for employees and one year for members of the Board of Directors. The following table summarizes the restricted share activity: 2022 2021 2020 Number of Weighted (1) Number of Weighted (1) Number of Weighted (1) Outstanding non-vested shares, beginning of year 233,135 $ 42.22 279,912 $ 42.67 321,627 $ 40.66 Shares granted 128,367 45.73 118,996 39.22 148,045 46.42 Shares vested ( 145,723 ) 42.23 ( 157,054 ) 40.83 ( 182,653 ) 42.04 Shares forfeited ( 418 ) 46.30 ( 8,719 ) 40.87 ( 7,107 ) 45.77 Outstanding non-vested shares, end of year 215,361 $ 44.30 233,135 $ 42.22 279,912 $ 42.67 (1) Based on grant date fair values. The Company recorded $ 5.9 million in deferred stock-based compensation associated with restricted shares granted during the year ended December 31, 2022. The fair value of the restricted stock grants was determined based on the Company's closing stock price on the date of grant. During the year ended December 31, 2022 , restricted shares with an aggregate fair value of $ 6.7 million vested. The fair value of the vesting was determined based on the Company’s closing stock price on the date of vest. Outstanding non-vested awards as of December 31, 2022 have a remaining weighted average recognition period of 0.7 years. Market-Based Awards Market-based awards have been granted to executive officers upon approval from the Board of Directors or committee thereof. These awards are granted at a target number of units and represent shares that are potentially issuable in the future. The market-based share awards vest based on the Company’s stock price, dividend performance, and TSR at the end of their respective performance periods relative to a group of industry peers. The performance periods generally begin on January 1 st of the year of grant and end after three years on December 31 st . Potential shares of the Corporation's common stock that each participant is eligible to receive is based on the initial target number of shares granted, multiplied by a percentage range between 0 % and 375 %. The following table summarizes the market-based award activity: 2022 2021 2020 Number of Weighted Number of Weighted Number of Weighted Outstanding non-vested awards, beginning of year 258,053 $ 74.08 201,468 $ 58.12 319,731 $ 49.49 Grants at target 166,307 93.26 170,307 77.57 87,746 67.30 Earned above performance target — — 154,312 50.92 83,259 54.57 Vested — — ( 266,319 ) 50.92 ( 268,694 ) 54.57 Forfeited ( 87,746 ) 67.30 — — — — Incremental Shares (1) — N/A ( 1,715 ) N/A ( 20,574 ) N/A Outstanding non-vested awards, end of year 336,614 $ 85.32 258,053 $ 74.08 201,468 $ 58.12 (1) In 2018, in connection with the Spin-Off and in accordance with the rights granted per the Amended Incentive Award Plan, the Board of Directors made an equitable adjustment for all market-based awards outstanding, resulting in incremental shares. During the years ended December 31, 2021 and 2020, 1.7 thousand and 20.6 thousand, respectively, of these incremental shares were earned. Because the fair value of the outstanding market-based awards the day prior to and the day after the Spin-Off did not materially change, there was no change to unrecognized compensation expense and no incremental compensation expense related to the incremental shares. Grant date fair value of the market-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the time horizons matching the performance periods. For market-based awards granted in 2022, significant inputs for the calculation were expected volatility of the Company of 39.5 % and expected volatility of the Company's peers, ranging from 21.5 % to 53.6 %, with an average volatility of 35.7 % and a risk-free interest rate of 1.59 %. Expected volatility was determined using an equal weighting of implied volatility and historical volatility. The projected shares to be awarded are not considered issued under the Amended Incentive Award Plan until the performance period has ended and the actual number of shares to be released is determined. The market-based shares and dividend rights are subject to forfeiture in the event of a non-qualifying termination of a participant prior to the performance period end date. During the year ended December 31, 2022, zero market-based awards vested as the requisite performance conditions were not met. Outstanding non-vested awards as of December 31, 2022 have a remaining weighted average recognition period of 1.7 years and would have resulted in 0.2 million shares released based on the Corporation's TSR relative to the specified peer groups through that date. In addition, final shares issued under each market-based share award entitle its holder to a cash payment equal to the aggregate dividends declared with record dates during the performance period, beginning on the grant date and ending the day before the awards are released. Approximately $ 2.5 million and $ 3.3 million in dividend rights have been accrued as of December 31, 2022 and 2021, respectively. Stock-based Compensation Expense For the years ended December 31, 2022, 2021 and 2020, the Company recognized $ 17.4 million, $ 14.0 million and $ 12.6 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the consolidated statements of operations. Stock-based compensation is recognized on a straight-line basis over the minimum required service period of each applicable award. The following is a summary of remaining unamortized stock-based compensation expense (in thousands): December 31, 2022 December 31, 2021 Restricted share awards $ 4,727 $ 4,787 Market-based awards 15,165 11,143 Total unamortized stock-based compensation expense $ 19,892 $ 15,930 401(k) Plan The Company has a 401(k) Plan, which is available to employees on the first month following their date of hire with the Company. Currently, the Company provides a matching contribution equal to 100 % of elective deferrals up to 4 % of compensation, which vests immediately.

Income Per Share

Income Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Income Per Share	NOTE 10. INCOME PER SHARE The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands): Years Ended December 31, 2022 2021 2020 Basic and diluted income: Income from continuing operations $ 285,516 $ 171,702 $ 26,708 Less: dividends paid to preferred stockholders ( 10,350 ) ( 10,350 ) ( 10,350 ) Less: dividends and income attributable to unvested restricted stock ( 555 ) ( 581 ) ( 728 ) Net income attributable to common stockholders used in basic and diluted income per share $ 274,611 $ 160,771 $ 15,630 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 134,768,664 118,587,722 104,656,242 Less: unvested weighted average shares of restricted stock ( 220,578 ) ( 245,281 ) ( 298,582 ) Basic weighted average shares of common stock outstanding 134,548,086 118,342,441 104,357,660 Net income per share attributable to common stockholders - basic $ 2.04 $ 1.36 $ 0.15 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards 97,565 373,396 175,952 Plus: unsettled shares under open forward equity contracts — 1 1,772 Diluted weighted average shares of common stock outstanding 134,645,651 118,715,838 104,535,384 Net income per share attributable to common stockholders - diluted $ 2.04 $ 1.35 $ 0.15 Potentially dilutive shares of common stock related to: Unvested restricted share awards 67,206 95,411 62,448 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 11. RELATED PARTY TRANSACTIONS Asset Management Agreement and Interim Management Agreement In conjunction with the Spin-Off, the Company entered into the Asset Management Agreement to provide various management services to SMTA. On June 2, 2019, the Company and SMTA entered into a termination agreement of the Asset Management Agreement and concurrently entered into the Interim Management Agreement, which was subsequently terminated September 4, 2020. Asset management fees of $ 0.7 million were earned during the year ended December 31, 2020 and are included in related party fee income in the consolidated statements of operations. Cost Sharing Arrangements In conjunction with the Spin-Off, the Company and SMTA entered into certain agreements, including the Separation and Distribution Agreement, Tax Matters Agreement, Registration Rights Agreement and Insurance Sharing Agreement. These agreements provided a framework for the relationship between the Company and SMTA after the Spin-Off, by which Spirit could incur certain expenses on behalf of SMTA that had to be reimbursed in a timely manner. These agreements, except for the Tax Matters Agreement, were terminated in conjunction with the termination of the Asset Management Agreement. The Tax Matters Agreement was terminated in conjunction with the termination of the Interim Management Agreement.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12. INCOME TAXES The Company’s total income tax expense was as follows (in thousands): Year Ended December 31, 2022 2021 2020 State income tax $ 890 $ 605 $ 128 Federal income tax 7 2 145 Total income tax expense $ 897 $ 607 $ 273 The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, and therefore, no provision has been made for federal income taxes in the consolidated financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on partnerships. The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities, which are recorded within accounts payable, accrued expenses and other liabilities in the consolidated balance sheets, were immaterial as of December 31, 2022, 2021 and 2020. The Operating Partnership transferred its rights and obligations under the Asset Management Agreement to Spirit Realty AM Corporation (“SRAM”), a wholly-owned taxable REIT subsidiary of Spirit, on April 1, 2019. This agreement was subsequently terminated and simultaneously replaced by the Interim Management Agreement, effective from September 20, 2019 through September 4, 2020. The Operating Partnership allocated personnel and other general and administrative costs to SRAM for management services provided to SMTA. Accordingly, all asset management fees earned from April 1, 2019 through September 4, 2020 were subject to income tax. To the extent that the Company acquires property that has been owned by a C corporation in a transaction in which the tax basis of the property carries over, and the Company recognizes a gain on the disposition of such property during the subsequent recognition period, it will be required to pay tax at the regular corporate tax rate to the extent of such built-in gain. No properties subject to state built-in gain tax were sold during the years ended December 31, 2022, 2021 or 2020. The Corporation has federal net operating loss carry-forwards for income tax purposes totaling $ 66.1 million for each of the years ended December 31, 2022, 2021 and 2020. These losses, which begin to expire in 2027 through 2034, are available to reduce future taxable income or distribution requirements, subject to certain ownership change limitations. The Corporation intends to make annual distributions at least equal to its taxable income and thus does not expect to utilize its net operating loss carryforwards in the foreseeable future. The Company files federal, state and local income tax returns. Federal tax returns for years prior to 2019 are no longer subject to examination. Additionally, state tax returns for years prior to 2018 are generally no longer subject to examination. The Company recognizes any interest related to underpayment of income taxes as interest expense and recognizes any penalties as operating expenses. There was no material interest or penalties for the years ended December 31, 2022, 2021 and 2020. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter. Common stock dividends paid were characterized for tax as follows (per share): Year Ended December 31, 2022 2021 2020 Ordinary income $ 2.41 $ 1.37 $ 1.80 Return of capital 0.06 1.14 0.70 Capital gain 0.11 — — Total $ 2.58 $ 2.51 $ 2.50

Consolidated Quarterly Financia

Consolidated Quarterly Financial Data	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Consolidated Quarterly Financial Data	NOTE 13. CONSOLIDATED QUARTERLY FINANCIAL DATA The following table sets forth certain unaudited consolidated financial information for each of the four quarters included in the years ended December 31, 2022 and 2021 (in thousands, except share and per share data): 2022 First Second Third Fourth (Unaudited) Quarter Quarter Quarter Quarter Year Total operating revenues $ 168,396 $ 174,935 $ 182,904 $ 183,394 $ 709,629 Depreciation and amortization ( 69,108 ) ( 72,898 ) ( 74,600 ) ( 76,379 ) ( 292,985 ) Interest ( 26,023 ) ( 27,594 ) ( 30,956 ) ( 33,049 ) ( 117,622 ) Other operating expenses ( 23,593 ) ( 30,631 ) ( 24,010 ) ( 51,679 ) ( 129,913 ) Loss on debt extinguishment ( 172 ) — — — ( 172 ) Gain on disposition of assets 877 38,928 23,302 47,793 110,900 Other income 5,679 — — — 5,679 Net income 56,056 82,740 76,640 70,080 285,516 Dividends paid to preferred stockholders ( 2,588 ) ( 2,588 ) ( 2,587 ) ( 2,587 ) ( 10,350 ) Net income attributable to common stockholders $ 53,468 $ 80,152 $ 74,053 $ 67,493 $ 275,166 Net income per share attributable to common stockholders - basic $ 0.42 $ 0.60 $ 0.54 $ 0.48 $ 2.04 Net income per share attributable to common stockholders - diluted $ 0.42 $ 0.60 $ 0.54 $ 0.48 $ 2.04 Dividends declared per common share $ 0.638 $ 0.638 $ 0.663 $ 0.663 $ 2.602 2021 First Second Third Fourth (Unaudited) Quarter Quarter Quarter Quarter Year Total operating revenues $ 135,141 $ 164,626 $ 152,568 $ 156,055 $ 608,390 Depreciation and amortization ( 57,087 ) ( 60,074 ) ( 63,061 ) ( 64,402 ) ( 244,624 ) Interest ( 26,624 ) ( 26,170 ) ( 25,078 ) ( 25,131 ) ( 103,003 ) Other operating expenses ( 25,558 ) ( 27,955 ) ( 24,005 ) ( 23,825 ) ( 101,343 ) (Loss) gain on debt extinguishment ( 29,177 ) ( 10 ) 1 — ( 29,186 ) Gain on disposition of assets 1,836 37,507 453 1,672 41,468 Net (loss) income ( 1,469 ) 87,924 40,878 44,369 171,702 Dividends paid to preferred stockholders ( 2,588 ) ( 2,588 ) ( 2,587 ) ( 2,587 ) ( 10,350 ) Net (loss) income attributable to common stockholders $ ( 4,057 ) $ 85,336 $ 38,291 $ 41,782 $ 161,352 Net (loss) income per share attributable to common stockholders - basic $ ( 0.04 ) $ 0.74 $ 0.32 $ 0.34 $ 1.36 Net (loss) income per share attributable to common stockholders - diluted $ ( 0.04 ) $ 0.74 $ 0.32 $ 0.34 $ 1.35 Dividends declared per common share $ 0.625 $ 0.625 $ 0.638 $ 0.638 $ 2.526

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2022 Tenant Concept Number of Properties (a) Encumbrances Land and Buildings and Land and Buildings and Land and Buildings and Total Accumulated Construction Year Date Depreciable Life 24 Hour Fitness 1 (d) $ 6,982 $ 9,255 $ ( 3,817 ) $ ( 5,674 ) $ 3,165 $ 3,581 $ 6,746 ( 549 ) 1987 05/07/2015 4 to 25 years Aaron's 25 (d) 11,215 24,883 ( 1,112 ) ( 2,314 ) 10,103 22,569 32,672 ( 7,675 ) 1957 - 2008 07/17/2013 1 to 49 years Academy Sports + Outdoors 9 (d) 20,495 51,603 — 76 20,495 51,679 72,174 ( 8,280 ) 1996 - 2015 07/17/2013 - 11/30/2021 9 to 37 years Accel International 3 (d) 8,691 22,860 — — 8,691 22,860 31,551 ( 5,427 ) 1990 - 2018 12/17/2014 - 06/03/2021 9 to 30 years Advance Auto Parts 54 (d) 27,610 49,920 — ( 76 ) 27,610 49,844 77,454 ( 14,449 ) 1965 - 2008 07/17/2013 - 11/25/2019 4 to 50 years Advanced Distributor Products 1 (d) 2,134 17,583 — — 2,134 17,583 19,717 ( 573 ) 2017 01/28/2022 3 to 37 years Alabama Clinics 1 (d) 695 1,707 — 20 695 1,727 2,422 ( 458 ) 2012 12/21/2016 1 to 40 years Alaska Club 5 (d) 14,160 46,839 — — 14,160 46,839 60,999 ( 8,968 ) 1972 - 2006 08/15/2018 10 to 43 years Albertsons 3 (d) 8,145 10,140 — ( 132 ) 8,145 10,008 18,153 ( 3,962 ) 1983 - 1998 12/17/2013 - 04/01/2015 15 to 30 years Alta Material Handling 3 (d) 3,199 7,542 — — 3,199 7,542 10,741 ( 311 ) 1979 - 2005 03/29/2022 8 to 35 years Aludyne 8 (d) 7,112 35,843 — — 7,112 35,843 42,955 ( 1,612 ) 1969 - 2003 02/03/2021 - 09/22/2022 3 to 33 years AMC Theatres 4 (d) 12,027 44,079 ( 2,405 ) ( 8,043 ) 9,622 36,036 45,658 ( 13,756 ) 1997 - 2007 06/23/2004 - 07/17/2013 2 to 40 years America's Service Station 2 (d) 2,157 2,825 — — 2,157 2,825 4,982 ( 324 ) 2000 - 2011 11/25/2019 10 to 42 years Amigos United 1 (d) 620 5,415 — ( 156 ) 620 5,259 5,879 ( 2,027 ) 2000 08/25/2005 40 to 40 years Amware Fulfillment 1 (d) 1,731 12,990 — — 1,731 12,990 14,721 ( 1,402 ) 1969 11/10/2020 8 to 25 years Andy's Frozen Custard 4 (d) 3,081 902 317 3,198 3,398 4,100 7,498 ( 773 ) 1995 - 2019 09/19/2014 - 09/12/2016 13 to 40 years Ann Taylor / LOFT 2 (d) 16,637 95,965 — — 16,637 95,965 112,602 — 2014 - 2016 12/06/2022 4 to 29 years Anytime Fitness 2 (d) 547 1,070 — — 547 1,070 1,617 ( 15 ) 2014 - 2018 07/28/2022 6 to 52 years Applebee's 23 (d) 25,368 43,959 — — 25,368 43,959 69,327 ( 14,185 ) 1990 - 2005 07/17/2013 - 11/25/2019 8 to 40 years Arby's 12 (d) 6,265 9,685 17 ( 18 ) 6,282 9,667 15,949 ( 3,040 ) 1980 - 2004 07/17/2013 - 11/25/2019 3 to 30 years Armacell 1 (d) 1,318 17,900 — — 1,318 17,900 19,218 ( 1,617 ) 2005 11/10/2020 6 to 30 years Ashley HomeStore (f) 7 (d) 13,582 30,681 ( 728 ) ( 3,057 ) 12,854 27,624 40,478 ( 5,442 ) 1947 - 2008 07/17/2013 - 07/21/2022 3 to 45 years At Home (f) 16 (d) 70,855 125,450 — 134 70,855 125,584 196,439 ( 23,418 ) 1965 - 2021 08/01/2016 - 05/26/2022 5 to 44 years AT&T 1 (d) 2,873 8,252 — ( 401 ) 2,873 7,851 10,724 ( 1,690 ) 2002 07/17/2013 16 to 48 years ATC Fitness 1 (d) 1,187 1,817 — — 1,187 1,817 3,004 ( 615 ) 2014 09/17/2014 15 to 40 years Auria St. Clair 1 (d) 1,511 6,379 — — 1,511 6,379 7,890 ( 1,081 ) 1991 01/09/2020 9 to 26 years Auto Driveaway 1 (d) 2,526 543 — — 2,526 543 3,069 ( 64 ) 2020 10/11/2022 7 to 53 years Avalon Flooring 1 (d) 753 3,299 — — 753 3,299 4,052 ( 864 ) 2006 03/31/2015 11 to 40 years Bagger Dave's Burger Tavern 2 (d) 1,069 429 — — 1,069 429 1,498 ( 148 ) 1927 - 1985 11/25/2019 6 to 27 years Bank of America 1 (d) 13,131 74,628 — 1,312 13,131 75,940 89,071 ( 7,895 ) 1974 09/26/2019 9 to 52 years Best Buy (f) 9 (d) 21,346 51,864 — 134 21,346 51,998 73,344 ( 8,571 ) 1984 - 2002 07/17/2013 - 06/30/2022 4 to 41 years Better Being Co. 1 (d) 3,407 46,940 — — 3,407 46,940 50,347 ( 417 ) 2005 09/26/2022 11 to 30 years Big Lots (f) 2 (d) 3,498 3,398 — 7,499 3,498 10,897 14,395 ( 1,227 ) 1987 - 1988 07/17/2013 - 05/13/2022 8 to 30 years Big Sandy Furniture 7 (d) 5,327 18,252 — 24 5,327 18,276 23,603 ( 4,115 ) 1976 - 1998 11/25/2019 3 to 34 years Binswanger Glass 9 (d) 3,696 14,737 — — 3,696 14,737 18,433 ( 242 ) 1957 - 1983 08/23/2022 5 to 35 years BJ's Wholesale Club 11 (d) 58,082 162,530 — 229 58,082 162,759 220,841 ( 27,524 ) 1993 - 2021 07/17/2013 - 08/12/2022 8 to 50 years Black Box 1 (d) 5,470 24,982 — — 5,470 24,982 30,452 ( 887 ) 1983 04/29/2022 6 to 26 years BlueLinx 3 (d) 37,932 71,290 — 52 37,932 71,342 109,274 ( 8,841 ) 1988 - 1996 04/07/2021 7 to 27 years Bob’s Discount Furniture 1 (d) 3,776 8,024 — — 3,776 8,024 11,800 ( 224 ) 2008 01/31/2022 7 to 46 years Books-A-Million 1 (d) 575 2,568 — ( 6 ) 575 2,562 3,137 ( 824 ) 2001 07/17/2013 7 to 45 years Boscovs 1 (d) 1,803 4,314 — — 1,803 4,314 6,117 ( 1,247 ) 1970 11/25/2019 3 to 25 years Brookshire Brothers 7 (d) 4,397 8,077 — ( 589 ) 4,397 7,488 11,885 ( 6,016 ) 1971 - 2004 12/01/2005 - 03/31/2014 10 to 30 years Buffalo Wild Wings 5 (d) 8,282 5,665 — — 8,282 5,665 13,947 ( 2,413 ) 2003 - 2015 11/05/2014 - 11/25/2019 9 to 40 years Builders FirstSource 2 (d) 6,280 5,800 — 242 6,280 6,042 12,322 ( 990 ) 1973 - 2005 05/13/2021 - 11/08/2021 3 to 39 years Burger King 15 (d) 8,939 9,665 — — 8,939 9,665 18,604 ( 3,949 ) 1976 - 1998 09/29/2006 - 11/25/2019 3 to 34 years Burlington (f) 1 (d) 5,741 12,303 — — 5,741 12,303 18,044 ( 324 ) 1966 06/30/2022 6 to 25 years Caliber Collision 3 (d) 4,587 6,250 — 65 4,587 6,315 10,902 ( 1,720 ) 1986 - 2016 12/28/2016 - 11/25/2019 4 to 50 years Camping World 7 (d) 22,547 16,301 — 15,957 22,547 32,258 54,805 ( 9,653 ) 2004 - 2016 03/27/2015 - 11/25/2019 9 to 40 years Car Wash USA Express 21 (d) 13,035 63,614 — — 13,035 63,614 76,649 ( 6,880 ) 1998 - 2018 09/27/2019 9 to 39 years CarMax 7 (d) 45,244 48,842 — ( 244 ) 45,244 48,598 93,842 ( 12,620 ) 1994 - 2005 06/30/2005 - 11/25/2019 6 to 40 years Chapala 1 (d) 477 139 — — 477 139 616 ( 54 ) 1998 11/25/2019 3 to 20 years Charleston's Restaurant 2 (d) 2,620 6,455 — 12 2,620 6,467 9,087 ( 1,328 ) 1992 - 2002 11/25/2019 2 to 20 years Childcare Network 20 (d) 9,432 18,736 — 36 9,432 18,772 28,204 ( 6,121 ) 1949 - 2016 10/31/2014 - 02/23/2017 4 to 50 years Childtime 6 (d) 2,106 4,181 — — 2,106 4,181 6,287 ( 2,081 ) 1974 - 2010 07/17/2013 - 02/19/2015 8 to 40 years Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2022 Tenant Concept Number of Properties (a) Encumbrances Land and Buildings and Land and Buildings and Land and Buildings and Total Accumulated Construction Year Date Depreciable Life Chili's 3 (d) 2,628 3,337 ( 735 ) — 1,893 3,337 5,230 ( 1,281 ) 1985 - 1999 07/17/2013 11 to 35 years Chuck-A-Rama and Grub Steak 12 (d) 8,406 23,314 — — 8,406 23,314 31,720 ( 4,123 ) 1964 - 2011 01/22/2019 9 to 37 years Church's Chicken 160 (d) 65,562 77,569 ( 304 ) ( 53 ) 65,258 77,516 142,774 ( 37,301 ) 1965 - 2007 07/17/2013 3 to 40 years Cinemark 1 (d) 4,023 10,346 — 52 4,023 10,398 14,421 ( 1,929 ) 2016 02/21/2017 15 to 50 years Circle K 71 (d) 51,773 85,711 ( 21 ) — 51,752 85,711 137,463 ( 42,690 ) 1950 - 2005 07/17/2013 3 to 38 years City Electric Supply 74 (d) 27,568 74,284 31 779 27,599 75,063 102,662 ( 5,670 ) 1935 - 2017 11/30/2020 5 to 48 years Clean Freak 10 (d) 13,899 16,644 152 3,133 14,051 19,777 33,828 ( 3,287 ) 1970 - 2022 09/29/2016 - 07/07/2022 13 to 50 years Coastal Construction Products 4 (d) 5,623 10,074 — 33 5,623 10,107 15,730 ( 610 ) 1963 - 2007 03/30/2021 - 03/15/2022 5 to 39 years Coil Tubing Partners 1 (d) 2,343 4,950 — — 2,343 4,950 7,293 ( 84 ) 2019 08/23/2022 4 to 43 years Colbert Packaging 2 (d) 1,835 22,707 — — 1,835 22,707 24,542 — 1989 - 2015 12/20/2022 5 to 33 years Columbus Fish Market 1 (d) 2,164 1,165 — — 2,164 1,165 3,329 ( 847 ) 1960 07/17/2013 9 to 23 years Conney Safety 1 (d) 1,189 11,451 — — 1,189 11,451 12,640 ( 1,724 ) 1986 01/09/2020 8 to 23 years Convergys 1 (d) 808 6,045 ( 266 ) ( 1,580 ) 542 4,465 5,007 — 2008 07/17/2013 3 to 42 years Cost-U-Less 1 (d) 2,132 5,992 — — 2,132 5,992 8,124 ( 2,133 ) 2005 07/17/2013 8 to 37 years Crash Champions 24 (d) 30,873 43,757 — 5 30,873 43,762 74,635 ( 2,960 ) 1976 - 2004 11/25/2019 - 11/16/2021 7 to 40 years Crème de la Crème 5 (d) 10,538 18,955 — 61 10,538 19,016 29,554 ( 2,219 ) 2007 - 2009 11/25/2019 7 to 41 years Crunch Fitness 6 (d) 7,424 21,920 — 3,036 7,424 24,956 32,380 ( 5,470 ) 1993 - 2017 11/29/2016 - 11/25/2019 8 to 44 years C-Store 233 (d) 162,580 136,269 ( 649 ) 3,464 161,931 139,733 301,664 ( 66,376 ) 1945 - 2011 07/02/2007 - 06/28/2019 8 to 40 years Curacao (f) 1 (d) 9,470 13,326 ( 2,049 ) ( 5,007 ) 7,421 8,319 15,740 ( 1,265 ) 1968 12/30/2014 6 to 24 years Curt Manufacturing 2 (d) 4,582 13,044 — 130 4,582 13,174 17,756 ( 1,848 ) 2009 - 2010 11/13/2020 9 to 29 years CVS 30 (d) 29,087 82,977 ( 301 ) ( 1,424 ) 28,786 81,553 110,339 ( 25,682 ) 1994 - 2007 07/17/2013 7 to 43 years Dairy Queen 4 (d) 2,570 4,333 — 90 2,570 4,423 6,993 ( 1,255 ) 1984 - 2010 02/16/2017 5 to 40 years Dave & Buster's / Main Event 15 (d) 47,735 85,944 2,161 25,241 49,896 111,185 161,081 ( 26,548 ) 1995 - 2021 09/30/2005 - 03/02/2022 7 to 50 years David's Bridal (f) 2 (d) 1,461 4,727 — 54 1,461 4,781 6,242 ( 1,285 ) 2005 - 2006 07/17/2013 11 to 48 years Davis-Standard 2 (d) 3,181 15,331 — 71 3,181 15,402 18,583 ( 3,562 ) 1969 - 1983 10/27/2016 5 to 40 years Deep Well Services 2 (d) 2,406 5,938 — — 2,406 5,938 8,344 ( 89 ) 2018 - 2019 08/23/2022 3 to 43 years Defined Fitness 7 (d) 16,187 35,280 — 6 16,187 35,286 51,473 ( 7,473 ) 1972 - 2020 04/23/2015 - 11/24/2020 14 to 45 years Defy Trampoline Park (f) 10 (d) 12,493 22,679 521 3,758 13,014 26,437 39,451 ( 8,016 ) 1970 - 2018 09/30/2015 - 08/31/2018 9 to 40 years Denny's 2 (d) 997 1,409 ( 24 ) 25 973 1,434 2,407 ( 422 ) 1995 - 1996 03/20/2015 - 11/25/2019 8 to 20 years Dillon Tire 1 (d) 1,144 2,935 — — 1,144 2,935 4,079 ( 1,224 ) 1972 11/25/2019 2 to 10 years Direct Shot Distributing 1 (d) 6,447 20,390 — — 6,447 20,390 26,837 ( 1,874 ) 2020 11/10/2020 6 to 34 years Dollar General 84 (d) 30,981 71,005 — 70 30,981 71,075 102,056 ( 17,118 ) 1975 - 2021 07/17/2013 - 06/14/2022 5 to 44 years Dollar Tree / Family Dollar (f) 132 (d) 52,675 102,122 ( 486 ) ( 1,426 ) 52,189 100,696 152,885 ( 16,522 ) 1921 - 2022 07/17/2013 - 11/30/2022 3 to 50 years Drive Time 2 (d) 2,158 2,071 — ( 46 ) 2,158 2,025 4,183 ( 1,555 ) 1968 - 2005 11/25/2014 - 03/11/2015 10 to 40 years Driver’s Edge 5 (d) 5,737 5,766 — — 5,737 5,766 11,503 ( 512 ) 1999 - 2017 02/02/2021 11 to 38 years Duluth Trading Co. 1 (d) 2,776 3,990 — 367 2,776 4,357 7,133 ( 1,249 ) 2007 07/17/2013 10 to 47 years DWM Holdings, Inc. 1 (d) 2,056 4,198 — — 2,056 4,198 6,254 ( 128 ) 1967 09/15/2022 7 to 22 years Eddie Merlot's 1 (d) 1,184 2,776 ( 885 ) ( 2,079 ) 299 697 996 ( 107 ) 1997 11/25/2019 6 to 22 years El Chico 1 (d) 1,337 61 ( 844 ) ( 39 ) 493 22 515 ( 29 ) 1976 11/25/2019 6 to 14 years Emagine Theaters 13 (d) 31,129 36,424 ( 419 ) 23,260 30,710 59,684 90,394 ( 16,436 ) 1984 - 2013 07/29/2016 - 11/25/2019 3 to 36 years EMCOR 3 (d) 4,292 8,033 — — 4,292 8,033 12,325 ( 372 ) 1986 - 2009 04/21/2022 - 06/29/2022 4 to 40 years Everbrook Academy 4 (d) 5,736 16,195 — 104 5,736 16,299 22,035 ( 648 ) 1996 - 2020 09/30/2021 - 12/22/2021 10 to 44 years Exceptional Health 3 (d) 4,495 12,652 — 6,648 4,495 19,300 23,795 ( 3,086 ) 2014 - 2016 03/30/2016 - 12/01/2016 16 to 50 years FABco 2 (d) 10,341 28,364 — 17 10,341 28,381 38,722 ( 1,624 ) 1977 - 2015 12/14/2021 8 to 25 years Family Fare Supermarket 1 (d) 2,198 3,328 — ( 67 ) 2,198 3,261 5,459 ( 1,893 ) 1982 12/17/2013 15 to 20 years Family Medical Center 1 (d) 521 2,589 — 65 521 2,654 3,175 ( 969 ) 1988 08/18/2014 7 to 30 years Fazoli's 3 (d) 2,186 136 — — 2,186 136 2,322 ( 78 ) 1982 08/27/2009 - 11/25/2019 7 to 18 years FedEx 6 (d) 33,331 67,662 631 426 33,962 68,088 102,050 ( 16,844 ) 1996 - 2017 07/17/2013 - 09/29/2020 6 to 44 years Ferguson Enterprises 7 (d) 19,992 54,454 — — 19,992 54,454 74,446 ( 28,930 ) 2006 - 2007 07/17/2013 8 to 46 years FHE 2 (d) 3,236 14,281 — 11 3,236 14,292 17,528 ( 1,644 ) 2007 - 2019 06/28/2019 10 to 45 years Fiesta Mart (f) 1 (d) 3,975 — — — 3,975 — 3,975 — (e) 07/17/2013 (e) Finish Line Car Wash 1 (d) 1,565 4,051 — 19 1,565 4,070 5,635 ( 240 ) 2013 09/28/2021 13 to 36 years Fire King 1 (d) 941 5,078 — 65 941 5,143 6,084 ( 632 ) 1977 12/20/2019 9 to 30 years Flowers Foods 1 (d) 262 1,607 — — 262 1,607 1,869 ( 27 ) 1975 08/30/2022 6 to 25 years Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2022 Tenant Concept Number of Properties (a) Encumbrances Land and Buildings and Land and Buildings and Land and Buildings and Total Accumulated Construction Year Date Depreciable Life Food City 3 (d) 4,591 15,150 — — 4,591 15,150 19,741 ( 5,104 ) 1969 - 2001 09/30/2014 10 to 40 years Food Lion 1 (d) 696 5,402 — — 696 5,402 6,098 ( 1,543 ) 1988 09/30/2014 10 to 40 years Forum Energy Technologies 4 (d) 7,287 27,306 — — 7,287 27,306 34,593 — 1979 - 2014 11/29/2022 10 to 33 years Fox Rehabilitation Services 1 (d) 4,078 6,076 — — 4,078 6,076 10,154 ( 2,019 ) 1998 11/23/2016 9 to 30 years Freddy's Frozen Custard & Steakburgers 1 (d) 594 1,196 — — 594 1,196 1,790 ( 199 ) 2016 06/28/2019 8 to 34 years Fresenius Medical Care 1 (d) 482 1,139 — ( 91 ) 482 1,048 1,530 ( 368 ) 2008 08/18/2014 7 to 22 years General Aluminum Mfg. Company (f) 1 (d) 2,124 10,152 — — 2,124 10,152 12,276 ( 401 ) 1963 02/04/2022 7 to 27 years Georgia Theatre 4 (d) 9,034 33,747 — — 9,034 33,747 42,781 ( 8,395 ) 2001 - 2010 12/30/2014 15 to 40 years Golden Corral 10 (d) 12,453 29,986 — — 12,453 29,986 42,439 ( 5,249 ) 1993 - 2011 07/17/2013 - 06/28/2022 5 to 35 years Gourmet Foods 2 (d) 6,224 8,369 — — 6,224 8,369 14,593 ( 1,100 ) 1958 - 1986 10/11/2019 8 to 35 years GQT Riverview 14 GDX 1 (d) 4,970 4,014 — 8,907 4,970 12,921 17,891 ( 2,268 ) 2016 11/05/2015 12 to 50 years Grease Monkey 29 (d) 8,374 15,376 — — 8,374 15,376 23,750 ( 9,507 ) 1968 - 1998 09/07/2007 - 11/25/2019 6 to 40 years Great Western Leasing & Sales 1 (d) 2,114 5,251 — — 2,114 5,251 7,365 — 2001 12/19/2022 9 to 24 years GTA Containers 1 (d) 3,064 9,343 — — 3,064 9,343 12,407 ( 305 ) 2009 02/16/2022 13 to 38 years GXO Logistics (f) 1 (d) 3,755 37,271 — — 3,755 37,271 41,026 ( 1,254 ) 2002 01/19/2022 4 to 32 years H&E Equipment Services 1 (d) 1,790 1,267 — — 1,790 1,267 3,057 ( 954 ) 2014 09/30/2014 11 to 30 years Hardee's 34 (d) 13,901 18,960 — — 13,901 18,960 32,861 ( 10,809 ) 1969 - 1999 12/21/2012 - 11/25/2019 5 to 30 years Harley Davidson 1 (d) 908 4,691 — — 908 4,691 5,599 ( 142 ) 2000 05/11/2022 6 to 30 years Hartford Provision Company 1 (d) 1,590 6,774 — 632 1,590 7,406 8,996 ( 3,046 ) 1982 05/05/2015 7 to 20 years Hatch Stamping 3 (d) 2,411 9,705 — — 2,411 9,705 12,116 ( 2,005 ) 1975 - 2001 06/17/2019 6 to 25 years Havana Farm and Home Supply 1 (d) 526 813 — ( 32 ) 526 781 1,307 ( 528 ) 2000 05/31/2006 15 to 30 years Health Point Family Medicine 1 (d) 159 1,124 — ( 24 ) 159 1,100 1,259 ( 290 ) 2012 08/18/2014 15 to 40 years Hobby Lobby (f) 2 (d) 8,941 17,280 — 128 8,941 17,408 26,349 ( 3,199 ) 2006 - 2021 07/17/2013 - 02/04/2022 4 to 50 years Home Depot (f) 8 (c), (d) 59,098 67,982 13 535 59,111 68,517 127,628 ( 26,382 ) 1978 - 2003 07/17/2013 - 06/28/2021 1 to 33 years HomTex 5 (d) 5,307 21,799 — — 5,307 21,799 27,106 ( 434 ) 1960 - 1989 06/30/2022 - 10/04/2022 6 to 29 years Hy-Vee Food Store (f) 1 (d) 648 379 — ( 100 ) 648 279 927 ( 405 ) 1974 05/31/2006 15 to 20 years IBM 1 (d) 3,154 19,715 — 12,816 3,154 32,531 35,685 ( 7,401 ) 1989 08/02/2017 5 to 30 years In-Shape 2 (d) 3,146 7,985 — 2,244 3,146 10,229 13,375 ( 3,184 ) 1964 - 2001 12/05/2014 - 09/04/2015 10 to 30 years Insurance Auto Auction 3 (d) 15,741 3,162 — — 15,741 3,162 18,903 ( 3,644 ) 2012 - 2020 09/11/2018 - 11/30/2020 7 to 35 years Interstate Resources 1 (d) 1,084 5,507 — 1,359 1,084 6,866 7,950 ( 2,687 ) 1999 07/17/2013 8 to 26 years Invited Clubs 21 (d) 153,144 48,864 — 4,492 153,144 53,356 206,500 ( 15,263 ) 1959 - 2008 07/19/2021 - 09/27/2022 4 to 39 years J. Jill 1 (d) 7,420 19,608 — — 7,420 19,608 27,028 ( 11,255 ) 1998 07/17/2013 8 to 25 years Jiffy Lube 17 (d) 14,478 17,335 — 1,448 14,478 18,783 33,261 ( 3,154 ) 1985 - 2002 03/19/2013 - 12/09/2021 9 to 43 years Jo-Ann's (f) 3 (d) 5,425 8,958 151 376 5,576 9,334 14,910 ( 3,430 ) 1998 - 2000 07/17/2013 7 to 43 years KFC 18 (d) 9,506 12,023 109 118 9,615 12,141 21,756 ( 5,019 ) 1966 - 2016 10/03/2011 - 12/23/2020 10 to 40 years KinderCare 1 (d) 870 2,912 — — 870 2,912 3,782 ( 80 ) 2007 06/30/2022 5 to 30 years King’s Daughters Medical Center 1 (d) 658 3,171 — — 658 3,171 3,829 ( 988 ) 2013 08/18/2014 9 to 40 years Kiolbassa 2 (d) 4,088 9,105 — 2,122 4,088 11,227 15,315 ( 937 ) 2004 - 2007 05/07/2020 8 to 30 years Kohl's 15 (d) 42,634 85,795 200 743 42,834 86,538 129,372 ( 21,262 ) 1994 - 2008 07/17/2013 - 06/16/2022 5 to 46 years Kroger 1 (d) 972 8,435 — ( 28 ) 972 8,407 9,379 ( 3,650 ) 1998 07/17/2013 9 to 25 years L-3 Link Simulation & Training 1 (d) 1,133 9,908 — 16 1,133 9,924 11,057 ( 545 ) 1985 06/17/2021 8 to 40 years LA Fitness 7 (d) 21,371 51,561 ( 7,680 ) ( 10,901 ) 13,691 40,660 54,351 ( 10,290 ) 1999 - 2009 07/17/2013 - 11/25/2019 1 to 43 years Lamb's/Ramona Tire 5 (d) 5,598 5,224 — — 5,598 5,224 10,822 ( 672 ) 1975 - 2012 09/27/2019 9 to 36 years La-Z-Boy 8 (d) 13,026 36,142 ( 1,374 ) ( 2,794 ) 11,652 33,348 45,000 ( 2,866 ) 1987 - 2006 07/17/2013 - 07/25/2022 4 to 45 years Lee's Famous Recipe Chicken 5 (d) 1,506 1,352 — — 1,506 1,352 2,858 ( 625 ) 1970 - 1988 08/21/2015 15 to 30 years Levin Furniture 1 (d) 2,042 3,808 — — 2,042 3,808 5,850 ( 160 ) 1991 06/07/2022 9 to 28 years Liberty Oilfield Services 2 (d) 4,760 10,281 — — 4,760 10,281 15,041 ( 3,171 ) 1977 - 2001 12/30/2014 15 to 50 years Life Time Fitness 12 (d) 99,585 308,399 — 173 99,585 308,572 408,157 ( 25,997 ) 2002 - 2021 08/30/2018 - 05/13/2022 6 to 55 years Lincoln Manufacturing 4 (d) 7,411 10,150 — — 7,411 10,150 17,561 ( 252 ) 1972 - 2012 11/15/2022 1 to 34 years Logan's Roadhouse 2 (d) 2,553 4,074 ( 1,822 ) ( 2,941 ) 731 1,133 1,864 ( 221 ) 1996 - 2007 07/17/2013 5 to 34 years Long John Silver's / A&W 1 (d) 1,329 — — — 1,329 — 1,329 — (e) 07/17/2013 (e) Look Cinemas 3 (d) 8,657 47,880 — 8,898 8,657 56,778 65,435 ( 13,564 ) 1997 - 2000 09/30/2015 15 to 30 years Lowe's (f) 5 (d) 39,205 37,533 ( 7,896 ) ( 6,216 ) 31,309 31,317 62,626 ( 13,206 ) 1991 - 1998 07/17/2013 8 to 36 years Lutheran Health Physicians 1 (d) 220 278 68 ( 30 ) 288 248 536 ( 168 ) 2007 08/18/2014 10 to 20 years Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2022 Tenant Concept Number of Properties (a) Encumbrances Land and Buildings and Land and Buildings and Land and Buildings and Total Accumulated Construction Year Date Depreciable Life MAACO 3 (d) 2,501 2,815 ( 759 ) ( 63 ) 1,742 2,752 4,494 ( 687 ) 1950 - 1999 03/31/2017 6 to 30 years Mac Papers + Packaging 12 (d) 14,377 63,823 — — 14,377 63,823 78,200 ( 6,448 ) 1956 - 2016 03/12/2020 - 08/07/2020 6 to 46 years Malibu Boats 2 (d) 4,644 13,911 — — 4,644 13,911 18,555 ( 8,386 ) 1992 - 1998 03/31/2008 15 to 30 years Market Street 2 (d) 3,559 10,834 ( 10 ) ( 775 ) 3,549 10,059 13,608 ( 6,115 ) 1997 - 1999 05/23/2005 20 to 40 years Mattress Firm 1 (d) 596 872 — 216 596 1,088 1,684 ( 461 ) 1998 07/17/2013 9 to 45 years Michael's (f) 1 (d) 1,114 6,726 — — 1,114 6,726 7,840 ( 2,746 ) 2002 07/17/2013 9 to 49 years Milo's 9 (d) 5,260 7,074 — 475 5,260 7,549 12,809 ( 3,405 ) 1977 - 2008 03/29/2013 - 11/25/2019 8 to 29 years Mister Car Wash 22 (d) 41,796 48,845 536 285 42,332 49,130 91,462 ( 16,466 ) 1956 - 2016 05/15/2013 - 11/16/2021 3 to 40 years Mojo Grill 1 (d) 619 236 — 500 619 736 1,355 ( 178 ) 1996 10/26/2018 8 to 23 years Monterey's Tex Mex 1 (d) 818 670 — — 818 670 1,488 ( 147 ) 1988 11/25/2019 3 to 23 years Mountainside Fitness 1 (d) 1,687 2,935 — 264 1,687 3,199 4,886 ( 406 ) 2002 11/25/2019 3 to 35 years MPI 4 (d) 2,212 15,217 — — 2,212 15,217 17,429 ( 472 ) 1963 - 2009 03/29/2022 5 to 34 years Mr. Clean/Jiffy Lube 2 (d) 4,964 3,351 — — 4,964 3,351 8,315 ( 546 ) 1996 - 1998 09/11/2019 10 to 30 years NextCare Urgent Care 1 (d) 271 728 — — 271 728 999 ( 218 ) 1985 08/18/2014 8 to 40 years NN, Inc. 1 (d) 3,595 21,969 — 122 3,595 22,091 25,686 ( 746 ) 2019 12/29/2021 12 to 39 years Northern Tool & Equipment 1 (d) 1,728 3,437 — — 1,728 3,437 5,165 ( 1,117 ) 2006 07/17/2013 8 to 43 years NWN Carousel 1 (d) 1,136 7,989 — — 1,136 7,989 9,125 — 1970 12/28/2022 10 to 33 years Off Lease Only 5 (d) 65,556 38,688 — 1,989 65,556 40,677 106,233 ( 5,011 ) 1988 - 2021 09/09/2020 - 05/13/2022 14 to 45 years Office Depot (f) 6 (d) 5,561 14,526 — 288 5,561 14,814 20,375 ( 4,605 ) 1999 - 2009 07/17/2013 8 to 47 years Ojos Locos Sports Cantina 1 (d) 1,725 1,470 — — 1,725 1,470 3,195 ( 532 ) 2014 04/15/2015 15 to 30 years Old Time Pottery 3 (d) 6,071 12,093 ( 506 ) ( 1,516 ) 5,565 10,577 16,142 ( 5,117 ) 1985 - 1994 07/17/2013 - 05/08/2015 3 to 20 years Ollie's (f) 1 (d) 3,417 3,524 — — 3,417 3,524 6,941 — 1988 11/22/2022 5 to 45 years O'Reilly Auto Parts 1 (d) 161 — — — 161 — 161 — (e) 11/25/2019 (e) Party City 3 (d) 11,849 116,669 — — 11,849 116,669 128,518 ( 11,132 ) 1991 - 2015 06/28/2019 9 to 42 years Pawn I 2 (d) 1,440 3,684 — — 1,440 3,684 5,124 ( 767 ) 1994 - 2009 07/31/2015 15 to 50 years Pep Boys 11 (d) 14,491 30,461 ( 1,936 ) ( 5,997 ) 12,555 24,464 37,019 ( 7,163 ) 1987 - 1998 07/17/2013 1 to 41 years PetSmart 3 (d) 4,247 10,208 — — 4,247 10,208 14,455 ( 3,110 ) 1996 - 1997 07/17/2013 8 to 44 years PetSuites Pet Resort & Spa 1 (d) 1,563 2,679 — — 1,563 2,679 4,242 ( 375 ) 2018 03/29/2019 19 to 35 years Pioneer Seeds 1 (d) 870 6,961 — 29 870 6,990 7,860 ( 1,367 ) 2016 12/16/2016 9 to 40 years Planet Fitness 3 (d) 2,704 5,612 — 22 2,704 5,634 8,338 ( 2,154 ) 1978 - 1988 09/30/2014 - 04/15/2016 8 to 30 years Popeye's Chicken & Biscuits 7 (d) 3,793 5,495 — — 3,793 5,495 9,288 ( 1,656 ) 1975 - 2004 11/25/2019 4 to 19 years PowerHome Solar 1 (d) 894 3,733 ( 429 ) ( 1,800 ) 465 1,933 2,398 — 1975 06/23/2022 7 to 27 years Progressive Medical Center 1 (d) 1,061 4,556 — 22 1,061 4,578 5,639 ( 906 ) 1988 10/27/2016 2 to 40 years Quartz Health Solutions (f) 1 (d) 2,252 15,544 — — 2,252 15,544 17,796 — 2009 12/20/2022 5 to 32 years Rally's 1 (d) 160 693 ( 1 ) ( 4 ) 159 689 848 ( 208 ) 1990 11/25/2019 6 to 12 years Raymour & Flanigan Furniture 2 (d) 2,825 19,295 — 25 2,825 19,320 22,145 ( 2,022 ) 1978 - 2005 11/25/2019 7 to 43 years Red Lobster 22 (d) 21,559 35,043 — — 21,559 35,043 56,602 ( 10,981 ) 1971 - 2009 12/23/2014 - 12/22/2016 11 to 40 years Red Mesa Grill 3 (d) 947 3,140 — — 947 3,140 4,087 ( 873 ) 1997 - 2004 11/09/2015 15 to 30 years Regal Cinemas 8 (d) 22,833 40,156 ( 6,080 ) ( 788 ) 16,753 39,368 56,121 ( 11,077 ) 1995 - 2006 12/30/2014 - 11/23/2016 1 to 40 years Renaissance Food 1 (d) 3,203 8,089 — 324 3,203 8,413 11,616 ( 990 ) 2016 12/03/2019 11 to 38 years Repair One 1 (d) 574 1,349 — — 574 1,349 1,923 ( 196 ) 1997 11/25/2019 10 to 25 years Residence Inn by Marriott 1 (d) 4,627 28,368 — 4,729 4,627 33,097 37,724 ( 3,324 ) 2006 03/28/2019 11 to 40 years Rite Aid 11 (d) 9,115 25,899 ( 378 ) ( 1,057 ) 8,737 24,842 33,579 ( 7,518 ) 1993 - 2006 07/17/2013 4 to 43 years Ross (f) 1 (d) 2,631 7,710 — 301 2,631 8,011 10,642 ( 2,447 ) 2006 07/17/2013 11 to 43 years Ruth's Chris Steakhouse 2 (d) 3,558 3,428 — — 3,558 3,428 6,986 ( 1,386 ) 1964 - 2000 07/17/2013 10 to 30 years Ryerson 8 (d) 13,674 46,403 ( 140 ) 708 13,534 47,111 60,645 ( 9,182 ) 1935 - 2002 12/20/2019 4 to 27 years Sagebrush 2 (d) 1,514 4,759 — 49 1,514 4,808 6,322 ( 560 ) 1987 - 1993 11/23/2020 7 to 23 years Saisaki Asian Bistro and Sushi 1 (d) 1,184 311 — — 1,184 311 1,495 ( 462 ) 1995 06/25/2004 10 to 25 years Saltgrass 1 (d) 1,934 1,456 — — 1,934 1,456 3,390 ( 312 ) 1998 11/25/2019 7 to 20 years Same Day Delivery 1 (d) 2,287 4,469 ( 1,369 ) ( 2,277 ) 918 2,192 3,110 ( 741 ) 2001 07/17/2013 4 to 30 years Sam's Club (f) 2 (d) 12,609 16,182 295 541 12,904 16,723 29,627 ( 12,193 ) 1991 - 1993 07/17/2013 5 to 21 years Serrano's Mexican Restaurant 2 (d) 1,031 2,161 — — 1,031 2,161 3,192 ( 774 ) 1990 - 2004 06/14/2013 15 to 40 years Sheffield Pharmaceuticals 1 (d) 627 4,767 — 324 627 5,091 5,718 ( 1,171 ) 1975 06/30/2016 4 to 30 years Shiloh Industries 3 (d) 10,350 26,362 — 22 10,350 26,384 36,734 ( 2,815 ) 1987 - 2014 02/03/2021 - 08/04/2021 6 to 54 years Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2022 Tenant Concept Number of Properties (a) Encumbrances Land and Buildings and Land and Buildings and Land and Buildings and Total Accumulated Construction Year Date Depreciable Life Shooters World 2 (d) 4,238 15,646 390 5,508 4,628 21,154 25,782 ( 2,720 ) 1990 - 2018 06/05/2015 - 01/26/2018 13 to 45 years Shutterfly 1 (d) 7,867 24,085 — — 7,867 24,085 31,952 ( 1,853 ) 2020 09/15/2020 10 to 45 years Silgan Closures 1 (d) 1,789 6,634 — — 1,789 6,634 8,423 ( 244 ) 1980 03/03/2022 7 to 36 years Skyline Chili 2 (d) 1,437 1,073 — — 1,437 1,073 2,510 ( 280 ) 1998 11/25/2019 8 to 18 years Slim Chickens 2 (d) 1,687 2,122 — — 1,687 2,122 3,809 ( 499 ) 2013 - 2015 03/31/2015 - 11/25/2019 7 to 40 years Smokey Bones Barbecue & Grill 13 (d) 18,287 10,375 ( 350 ) ( 261 ) 17,937 10,114 28,051 ( 8,447 ) 1972 - 2006 12/31/2007 15 to 40 years Smoothie King 1 (d) 208 302 — ( 2 ) 208 300 508 ( 175 ) 2007 07/17/2013 13 to 24 years Sonic Drive-In 39 (d) 23,233 17,930 — — 23,233 17,930 41,163 ( 7,586 ) 1976 - 2010 09/17/2013 - 06/24/2022 2 to 30 years Sonny's BBQ 8 (d) 10,665 9,510 — 1,117 10,665 10,627 21,292 ( 2,448 ) 1984 - 2006 12/28/2016 - 06/09/2017 6 to 40 years Southern Theatres 2 (d) 10,335 13,237 — 2,500 10,335 15,737 26,072 ( 5,522 ) 1999 - 2000 09/25/2014 15 to 30 years Southwest Airlines 1 (d) 5,342 14,369 — — 5,342 14,369 19,711 ( 530 ) 2007 03/14/2022 9 to 35 years Specialists in Urology 9 (d) 7,469 32,725 ( 231 ) ( 680 ) 7,238 32,045 39,283 ( 9,542 ) 1978 - 2012 08/30/2012 - 03/31/2016 9 to 50 years Sportsman's Warehouse 10 (d) 22,470 50,539 — 7 22,470 50,546 73,016 ( 15,292 ) 1991 - 2019 10/15/2012 - 06/28/2022 7 to 50 years Staples 7 (d) 5,652 18,091 — ( 22 ) 5,652 18,069 23,721 ( 4,691 ) 1998 - 2006 07/17/2013 - 04/07/2022 8 to 48 years Starbucks 4 (d) 1,692 2,586 — ( 15 ) 1,692 2,571 4,263 ( 1,126 ) 2007 07/17/2013 10 to 39 years Stater Bros. Markets 1 (d) 1,569 4,271 — ( 58 ) 1,569 4,213 5,782 ( 1,580 ) 1983 12/17/2013 15 to 30 years Strickland Brothers 22 (d) 12,382 13,457 12 414 12,394 13,871 26,265 ( 606 ) 1983 - 2018 12/07/2021 - 12/22/2021 5 to 39 years Studio Movie Grill 1 (d) 2,930 7,616 — 267 2,930 7,883 10,813 ( 1,774 ) 1987 03/15/2017 10 to 40 years SunOpta 1 (d) 4,127 3,866 3,471 55,837 7,598 59,703 67,301 ( 252 ) 2022 08/13/2021 20 to 50 years Surf's Up Car Wash 16 (d) 31,245 64,259 — 184 31,245 64,443 95,688 ( 2,691 ) 2008 - 2022 10/06/2021 - 05/18/2022 11 to 40 years Taco Bell 3 (d) 1,343 2,642 — ( 12 ) 1,343 2,630 3,973 ( 1,022 ) 1992 - 2012 03/29/2013 - 07/17/2013 7 to 35 years Taco Bell / KFC 1 (d) 389 1,425 — ( 6 ) 389 1,419 1,808 ( 563 ) 2000 07/17/2013 10 to 30 years Taco Bueno 19 (d) 12,789 14,826 — ( 52 ) 12,789 14,774 27,563 ( 4,771 ) 1977 - 2005 06/30/2016 - 11/25/2019 8 to 30 years Ted's Cafe Escondido 2 (d) 2,968 4,554 — — 2,968 4,554 7,522 ( 913 ) 2006 - 2013 11/25/2019 7 to 20 years Terra Mulch Products 1 (d) 1,356 5,406 — — 1,356 5,406 6,762 ( 1,963 ) 2006 05/11/2015 10 to 30 years Tesla 1 (d) 1,893 6,154 — 85 1,893 6,239 8,132 ( 468 ) 1980 12/22/2020 10 to 35 years Texas Corral 1 (d) 549 752 — — 549 752 1,301 ( 430 ) 2006 12/21/2007 15 to 50 years Texas Roadhouse 1 (d) 1,214 1,412 — — 1,214 1,412 2,626 ( 209 ) 2005 11/25/2019 5 to 33 years The Children's Courtyard 1 (d) 334 2,146 — 12 334 2,158 2,492 ( 436 ) 2003 03/31/2017 15 to 30 years The Gerson Company 1 (d) 6,381 30,134 — 161 6,381 30,295 36,676 ( 1,676 ) 1960 12/09/2021 10 to 27 years The Toledo Hospital 1 (d) 728 3,440 — — 728 3,440 4,168 ( 1,429 ) 2002 08/18/2014 9 to 30 years TI Group Automotive 1 (d) 3,939 7,950 — — 3,939 7,950 11,889 ( 1,181 ) 2005 11/19/2020 9 to 32 years Tire Warehouse 1 (d) 695 944 — 12 695 956 1,651 ( 188 ) 1993 11/25/2019 5 to 22 years TJ Maxx (f) 1 (d) 578 2,063 — 358 578 2,421 2,999 ( 1,445 ) 1988 07/17/2013 5 to 20 years Topgolf 2 (d) 9,337 9,595 3,450 6,572 12,787 16,167 28,954 ( 2,474 ) 2018 12/10/2018 - 10/28/2022 11 to 45 years Tower Automotive 1 (d) 5,344 28,900 — — 5,344 28,900 34,244 ( 3,992 ) 1990 01/28/2020 9 to 30 years Tractor Supply 20 (c), (d) 22,622 37,122 575 ( 108 ) 23,197 37,014 60,211 ( 18,480 ) 1975 - 2011 07/17/2013 - 11/13/2015 2 to 48 years Trilogy Plastics 2 (d) 2,770 9,875 — — 2,770 9,875 12,645 ( 347 ) 1953 - 2005 05/24/2022 6 to 22 years Trinity Highway Products 3 (d) 14,314 50,948 — 321 14,314 51,269 65,583 ( 2,317 ) 1940 - 1992 12/31/2021 10 to 39 years Truck-Lite 3 (d) 7,413 21,598 — — 7,413 21,598 29,011 ( 1,591 ) 1985 - 2020 05/27/2021 7 to 54 years Tupperware 1 (d) 17,283 19,024 — 13 17,283 19,037 36,320 ( 1,412 ) 2007 04/23/2021 10 to 35 years Tutor Time 4 (d) 2,790 6,978 — ( 33 ) 2,790 6,945 9,735 ( 1,131 ) 1985 - 2008 07/17/2013 - 12/29/2021 5 to 36 years Twin Peaks 1 (d) 1,112 — — — 1,112 — 1,112 — (e) 11/25/2019 (e) Twin Tiers Eye Care 6 (d) 912 8,750 — — 912 8,750 9,662 ( 2,488 ) 1970 - 2002 04/30/2015 15 to 30 years United Ag & Turf 10 (d) 5,130 12,405 — — 5,130 12,405 17,535 ( 1,442 ) 1975 - 2020 01/28/2020 - 09/14/2022 6 to 40 years United Supermarkets 6 (d) 8,332 10,703 — ( 696 ) 8,332 10,007 18,339 ( 4,211 ) 1988 - 1999 05/23/2005 - 08/29/2011 15 to 40 years Universal Tax Systems (f) 1 (d) 3,560 23,583 — 4,709 3,560 28,292 31,852 ( 6,217 ) 1996 07/17/2013 8 to 45 years Vacant 2 (d) 2,260 24,457 ( 967 ) ( 16,410 ) 1,293 8,047 9,340 ( 1,111 ) 1989 - 2004 07/17/2013 - 08/02/2017 5 to 40 years Valley Surgical Center 1 (d) 363 3,726 — — 363 3,726 4,089 ( 937 ) 2009 08/18/2014 14 to 40 years Value City Furniture 1 (d) 1,465 6,860 — — 1,465 6,860 8,325 ( 323 ) 1986 01/18/2022 7 to 27 years VASA Fitness 5 (d) 12,105 28,454 — 110 12,105 28,564 40,669 ( 3,674 ) 1988 - 2000 11/20/2015 - 06/28/2022 8 to 45 years Verizon 1 (d) 343 152 — ( 2 ) 343 150 493 ( 183 ) 2007 07/17/2013 10 to 24 years Virgin Parking Garage 1 (d) 3,375 9,040 — — 3,375 9,040 12,415 ( 171 ) 2019 03/03/2022 15 to 44 years Walgreens (f) 34 (d) 36,749 138,327 — ( 63 ) 36,749 138,264 175,013 ( 36,439 ) 1994 - 2009 07/17/2013 - 09/27/2022 3 to 45 years Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2022 Tenant Concept Number of Properties (a) Encumbrances Land and Buildings and Land and Buildings and Land and Buildings and Total Accumulated Construction Year Date Depreciable Life Walmart 3 (d) 4,009 4,577 — ( 13 ) 4,009 4,564 8,573 ( 3,255 ) 1987 - 1991 07/17/2013 - 01/08/2019 7 to 22 years Warrior Manufacturing 1 (d) 2,518 10,195 — 37 2,518 10,232 12,750 ( 478 ) 2007 12/16/2021 14 to 30 years Way Interglobal 1 (d) 7,996 50,626 — — 7,996 50,626 58,622 ( 295 ) 2022 11/15/2022 9 to 40 years Weatherford 1 (d) 10,082 21,477 — — 10,082 21,477 31,559 ( 1,229 ) 2011 03/25/2022 5 to 32 years Wendy's 1 (d) 336 773 — — 336 773 1,109 ( 138 ) 1985 11/25/2019 9 to 21 years Whirlpool 1 (d) 10,183 23,664 — — 10,183 23,664 33,847 ( 2,463 ) 2020 11/10/2020 5 to 31 years Winco Foods 1 (d) 3,108 12,817 — ( 16 ) 3,108 12,801 15,909 ( 3,757 ) 1960 07/17/2013 9 to 40 years Winsteads 1 (d) 607 123 — — 607 123 730 ( 64 ) 2009 11/25/2019 7 to 21 years Worthington Steel 2 (d) 7,303 29,831 — — 7,303 29,831 37,134 ( 2,494 ) 1997 - 2005 06/08/2021 9 to 35 years Yard House 1 (d) 1,370 8,260 ( 29 ) 21 1,341 8,281 9,622 ( 811 ) 2013 11/25/2019 3 to 35 years Yoke's Fresh Market 2 (d) 5,518 9,882 — — 5,518 9,882 15,400 ( 3,041 ) 1999 - 2008 03/11/2015 - 03/12/2015 15 to 30 years Zaxby's 3 (d) 2,259 4,964 ( 69 ) — 2,190 4,964 7,154 ( 1,484 ) 2006 - 2010 07/01/2015 - 09/17/2015 15 to 30 years Zips Car Wash 39 (d) 51,457 85,255 — 20,374 51,457 105,629 157,086 ( 8,014 ) 2001 - 2021 09/30/2015 - 08/04/2022 9 to 44 years 2,097 2,774,221 5,725,590 ( 33,971 ) 166,527 2,740,250 5,892,117 8,632,367 ( 1,211,061 ) (a) As of December 31, 2022, the Company held one direct finance lease property and 17 held for sale properties that are not included in the table above. (b) The aggregate cost of properties for federal income tax purposes is approximately $ 7.9 billion at December 31, 2022. (c) Includes one property collateralized with fixed CMBS debt. See Note 4 for further details. (d) Includes unencumbered properties. (e) Represents land only properties with no depreciation and therefore date of construction and estimated life for depreciation not applicable. (f) Includes one or more property where tenant is anchor tenant by rent in a multi-tenant property. 2022 2021 2020 Land

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV Mortgage Loans on Real Estate	SPIRIT REALTY CAPITAL, INC. Schedule IV Mortgage Loans on Real Estate As of December 31, 2022 (In thousands) 2022 2021 2020 Reconciliation of Mortgage Loans on Real Estate Balance January 1, $ — $ — $ 32,654 Deductions during period Collections of principal — — ( 31,733 ) Amortization of premium — — ( 921 ) Mortgage loans receivable December 31, — — — Other loans receivable 23,023 10,450 — Total loans receivable $ 23,023 $ 10,450 $ —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	The consolidated financial statements of the Company have been prepared on the accrual basis of accounting, in accordance with GAAP. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for fair statement of the information required to be set forth therein.
Principles of Consolidation	The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Segment Reporting	Segment Reporting The Company views its operations as one reportable segment, which consists of net leasing operations.
Real Estate Investments	Real Estate Investments Purchase Accounting and Acquisition of Real Estate When acquiring a property, the purchase price (including acquisition and closing costs) is allocated to land, building, improvements and equipment based on their relative fair values. The Company considers several assumptions to estimate the fair value of the components of the tangible property acquired including market assumptions for land, building and improvements. The determination of the intangible assets and liabilities primarily relate to the contractual lease terms, estimates of the fair market rental rates, discount rates, and estimates of costs to carry and obtain a tenant. For properties acquired with in-place leases, the purchase price of real estate is allocated to the tangible and intangible assets and liabilities acquired based on their relative fair values. In making estimates of fair values for this purpose, a number of sources are used, including independent appraisals and information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities. Carrying Value of Real Estate Investments The Company’s real estate properties are recorded at cost and depreciated using the straight-line method over the estimated remaining useful lives of the properties, which generally range from 20 to 50 years for buildings and improvements and from 5 to 20 years for tenant and land improvements. Properties classified as held for sale are not depreciated and are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Held for Sale The Company is continually evaluating the portfolio of real estate assets and may elect to dispose of assets considering criteria including, but not limited to, tenant concentration, tenant credit quality, unit financial performance, local market conditions and lease rates, associated indebtedness, asset location, and tenant operation type (e.g., industry or concept/brand). Real estate assets held for sale are expected to be sold within twelve months. Lease Intangibles Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. In-place lease intangibles are valued based on the Company’s estimate of costs related to acquiring a tenant and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering costs to execute similar leases at the time of the acquisition and current market conditions. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease and, in certain instances, over the renewal period. Direct Financing Leases For real estate property leases classified as direct financing leases, the building portion of the lease is accounted for as a direct financing lease, while the land portion is accounted for as an operating lease when certain criteria are met. For direct financing leases, the Company records an asset which represents the net investment that is determined by using the aggregate of the total amount of future minimum lease payments, the estimated residual value of the leased property and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed annually, represent the estimated amount the Company expects to receive at lease termination from the disposition of the leased property. Actual residual values realized could differ from these estimates. Impairment The Company reviews its real estate investments and related lease intangibles periodically for indicators of impairment, including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. For assets with indicators of impairment, the Company then evaluates if its carrying amount may not be recoverable. The Company considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows. Impairment is calculated as the amount by which the carrying value exceeds the estimated fair value, or for assets held for sale, as the amount by which the carrying value exceeds fair value less costs to sell. Estimating fair values is highly subjective and such estimates could differ materially from actual results. Key assumptions used in estimating fair values include, but are not limited to: signed purchase and sale agreements or letters of intent; broker opinions of value; recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate. Gain or Loss on Disposition of Assets When real estate properties are disposed of, the related net book value of the properties is removed and a gain or loss on disposition is recognized in the consolidated statements of operations as the difference between the proceeds from the disposition, net of any costs to sell, and the net book value. As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are nonfinancial assets, are sold to noncustomers and fall within the scope of ASC 610-20. The full gain or loss on the disposition of real estate properties is recognized at time of sale, provided that the Company has no (i) controlling financial interest in the real estate or (ii) continuing interest or obligation with respect to the disposed real estate.
Revenue Recognition	Revenue Recognition Rental Income: Cash and Straight-line Rent The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. The majority of our operating leases include one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1 % of the Company’s operating leases at both December 31, 2022 and 2021 include an option to terminate. Walgreen Co. leases are generally for fifty years or more and contain certain termination options after an initial non-cancellable term. Less than 10 % of the Company’s operating leases at both December 31, 2022 and 2021 include an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. Options to extend, terminate or purchase are not included in the evaluation for lease classification or for recognition of rental income unless the Company is reasonably certain the tenant will exercise the option. Evaluation of lease classification also requires an estimate of the residual value of the real estate at the end of the lease term. For acquisitions, the Company uses the tangible value of the property at the date of acquisition. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to determine residual value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting against any damage to the property. To further protect residual value, the Company supplements the tenant insurance policies with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value. The Company elected to account for lease concessions related to the COVID-19 pandemic consistent with ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether they explicitly exist in the lease). As such, rent deferrals are recorded as an increase to rent receivables and recognized as income during the deferral period. For the years ended December 31, 2022, 2021 and 2020 , $ 0.4 million, $ 13.4 million and $ 26.3 million, respectively, of deferrals were recognized in rental income. Lease concessions other than rent deferrals are evaluated to determine if a substantive change to the consideration in the original lease contract has occurred and should be accounted for as a lease modification. Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as rental income when the factor on which the contingent lease payment is based has occurred. The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, the difference between rental income recognized on a straight-line basis and billed rents is recorded as rent receivables, which the Company will receive only if the tenant makes all rent payments required through the initial term of their lease. For leases with variable rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty regarding future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable, increases from variable rent escalators are recognized when the changes in the rental rates have occurred. Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant’s payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. For lease concessions granted in conjunction with the COVID-19 pandemic, management reviewed all amounts recognized on a tenant-by-tenant basis for collectability. Rental Income: Tenant Reimbursement Revenue Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance and certain other expenses, which are non-lease components. The Company elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized in the period in which the related expenses are incurred, with the related expenses included in property costs (including reimbursable) on the consolidated statements of operations. Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are reduced for amounts that are not probable of collection. Rental Income: Intangible Amortization Amortization of above- and below-market lease intangibles are included as a decrease and increase, respectively, to rental revenue and amortization of in-place lease intangibles is included in depreciation and amortization expense in the consolidated statements of operations. All lease intangibles are amortized on a straight-line basis over the term of the lease, which includes any renewal options the Company is reasonably certain the tenant will exercise. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal options, the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes a lease intangible balance is no longer recoverable, the unamortized portion is immediately recognized in impairments in the consolidated statements of operations. Other Income: Lease Termination Fees Lease termination fees are included in other income on the consolidated statements of operations and are recognized when there is a signed termination agreement and all of the conditions of the agreement have been met. The Company recorded lease termination fees of $ 2 thousand, $ 19 thousand and $ 0.7 million during the years ended December 31, 2022, 2021 and 2020 , respectively.
Loans Receivable	Loans Receivable Interest on loans receivable is recognized using the effective interest rate method. A loan is placed on non-accrual status when the loan has become 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on non-accrual status, interest income is recognized only when received. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted. The Company evaluates its loans receivable balance, including accrued interest, for potential credit losses by analyzing the credit of the borrower, the remaining time to maturity of the loan, collateral value and quality (if any), and other relevant factors. Allowance for credit losses are recorded in impairments on the consolidated statement of operations.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments. Restricted cash is classified within deferred costs and other assets, net in the consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): December 31, December 31, December 31, Cash and cash equivalents $ 8,770 $ 17,799 $ 70,303 Restricted cash: Collateral deposits (1) — — 335 Tenant improvements, repairs and leasing commissions (2) — — 12,660 1031 Exchange proceeds 53,183 — — Total cash, cash equivalents and restricted cash $ 61,953 $ 17,799 $ 83,298 (1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses. (2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.
Tenants Receivables	Tenant Receivables The Company reviews its rent and other tenant receivables for collectability on a regular basis, considering changes in factors such as the tenant’s payment history, the tenant’s financial condition, industry conditions in which the tenant operates and economic conditions in the geographic area in which the tenant operates. If a receivable is not probable of collection, a direct write-off of the receivable will be made. The Company had accounts receivable balances of $ 18.2 million and $ 21.7 million at December 31, 2022 and 2021, respectively, after the impact of $ 3.2 million and $ 3.9 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the consolidated balance sheets. For receivable balances related to the straight-line method of recognizing rental income, the collectability is generally assessed in conjunction with the evaluation of rental income as described above. The Company had straight-line rent receivables of $ 167.1 million and $ 137.6 million at December 31, 2022 and 2021, respectively, after the impact of $ 1.3 million and $ 2.6 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the consolidated balance sheets.
Goodwill	Goodwill Goodwill arises from business combinations as the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company performs a qualitative assessment to determine if the quantitative impairment test is necessary. The quantitative impairment test, if deemed necessary, compares the fair value of each reporting unit with its carrying amount and impairment is recognized as the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairment was recorded for the periods presented. Goodwill for the years ended December 31, 2022, 2021 and 2020 was $ 225.6 million, respectively.
Accounting for Derivative Financial Instruments and Hedging Activities	Accounting for Derivative Financial Instruments and Hedging Activities The Company may utilize derivative instruments such as interest rate swaps for purposes of hedging exposures to fluctuations in interest rates associated with certain of its financing transactions. At the inception of a hedge transaction, the Company enters into a contractual arrangement with the hedge counterparty and formally documents the relationship between the derivative instrument and the financing transaction being hedged, as well as its risk management objective and strategy for undertaking the hedge transaction. The fair value of the derivative instrument is recorded on the balance sheet as either an asset or liability. At inception and at least quarterly thereafter, a formal assessment is performed to determine whether the derivative instrument has been highly effective in offsetting changes in cash flows of the related financing transaction and whether it is expected to be highly effective in the future. The Company recognizes the entire change in the fair value of cash flow hedges included in the assessment of hedge effectiveness in AOCIL and amounts are subsequently reclassified to earnings when the hedged item affects earnings.
Income Taxes	Income Taxes The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the consolidated financial statements. Even if the Corporation qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income. Taxable income earned by any of the Company’s taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. See Note 12 for additional discussion.
Earnings Per Share	Earnings Per Share The Company’s unvested restricted common stock, which contains non-forfeitable rights to receive dividends, are considered participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on their respective weighted average shares outstanding during the period. Under the terms of the Amended Incentive Award Plan, restricted stock awards are not allocated losses, including undistributed losses as a result of dividends declared exceeding net income. The Company uses net income (loss) attributable to common shareholders to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities.
Forward Equity Sale Agreements	Forward Equity Sale Agreements The Corporation may enter into forward sale agreements for the sale and issuance of shares of our common stock, either through an underwritten public offering or through the 2021 ATM Program. These agreements may be physically settled in stock, settled in cash, or net share settled at the Company’s election. The Company evaluated the forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Corporation’s common stock used in diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Corporation’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Corporation’s common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Corporation’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Corporation elects to physically settle or net share settle such forward sale agreement, delivery of the Corporation’s shares will result in dilution to the Company’s earnings per share.
Unaudited Interim Information	Unaudited Interim Information The consolidated quarterly financial data in Note 13 is unaudited. In the opinion of management, this financial information reflects all adjustments necessary for a fair presentation of the respective interim periods. All such adjustments are of a normal recurring nature.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following (in thousands): December 31, December 31, December 31, Cash and cash equivalents $ 8,770 $ 17,799 $ 70,303 Restricted cash: Collateral deposits (1) — — 335 Tenant improvements, repairs and leasing commissions (2) — — 12,660 1031 Exchange proceeds 53,183 — — Total cash, cash equivalents and restricted cash $ 61,953 $ 17,799 $ 83,298 (1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses. (2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Summary of Real Estate Activity	During the years ended December 31, 2022 and 2021, the Company had the following real estate activity (dollars in thousands): Number of Properties Dollar Amount of Investments Held in Use Held for Sale Total Held in Use Held for Sale Total Gross balance, December 31, 2020 1,853 7 1,860 $ 6,777,673 $ 27,764 $ 6,805,437 Acquisitions/improvements (1) 166 — 166 1,256,983 — 1,256,983 Dispositions of real estate (2) ( 13 ) ( 10 ) ( 23 ) ( 42,472 ) ( 22,750 ) ( 65,222 ) Transfers to Held for Sale ( 9 ) 9 — ( 18,403 ) 18,403 — Transfers from Held for Sale 3 ( 3 ) — 11,300 ( 11,300 ) — Impairments (3) — — — ( 21,474 ) ( 1,736 ) ( 23,210 ) Reset of gross balances (4) — — — ( 31,143 ) ( 2,019 ) ( 33,162 ) Other — — — 2,359 — 2,359 Gross balance, December 31, 2021 2,000 3 2,003 7,934,823 8,362 7,943,185 Acquisitions/improvements (1) 172 — 172 1,546,808 — 1,546,808 Dispositions of real estate (2) ( 38 ) ( 22 ) ( 60 ) ( 198,865 ) ( 41,200 ) ( 240,065 ) Transfers to Held for Sale ( 37 ) 37 — ( 96,234 ) 96,234 — Transfers from Held for Sale 1 ( 1 ) — 1,529 ( 1,529 ) — Impairments (3) — — — ( 36,894 ) ( 135 ) ( 37,029 ) Reset of gross balances (4) — — — ( 29,004 ) ( 151 ) ( 29,155 ) Gross balance, December 31, 2022 2,098 17 2,115 $ 9,122,163 $ 61,581 $ 9,183,744 Accumulated depreciation and amortization ( 1,387,637 ) ( 12,433 ) ( 1,400,070 ) Net balance, December 31, 2022 (5) $ 7,734,526 $ 49,148 $ 7,783,674 (1) Includes investments of $ 95.4 million and $ 15.4 million, respectively, in revenue producing capitalized expenditures, and $ 16.8 million and $ 10.7 million, respectively, of non-revenue producing capitalized expenditures for the years ended December 31, 2022 and 2021. (2) The total net gain on disposition of properties held in use was $ 87.9 million, $ 37.3 million and $ 10.2 million for the years ended December 31, 2022, 2021 and 2020 , respectively. The total gain on disposition of properties held for sale was $ 23.0 million, $ 2.2 million and $ 14.2 million for the years ended December 31, 2022, 2021 and 2020 , respectively. Additionally, there were $ 1.7 million of gains recognized on two asset substitutions within a master lease and $ 0.3 million in other gains recognized during the year ended December 31, 2021. (3) Impairments on owned real estate is comprised of real estate and intangible asset impairment and allowance for credit losses on direct financing leases. (4) Represents write-off of gross investment balances against the related accumulated depreciation and amortization balances as a result of basis reset due to impairment or intangibles and tenant improvements which have been fully amortized. (5) Reconciliation of total owned investments to the consolidated balance sheet at December 31, 2022 is as follows: Real estate assets held for investment, net $ 7,421,306 Intangible lease assets, net 423,870 Real estate assets under direct financing leases, net 7,427 Real estate assets held for sale, net 49,148 Intangible lease liabilities, net ( 118,077 ) Net balance $ 7,783,674
Schedule of Operating Lease Income	The following table summarizes the components of rental income recognized on these operating leases in the consolidated statements of operations (in thousands): For the Year Ended December 31, 2022 2021 2020 Base Cash Rent (1) $ 638,340 $ 541,726 $ 453,013 Variable cash rent (including reimbursables) 25,597 16,768 13,176 Straight-line rent, net of uncollectible reserve (2) 36,902 44,758 11,876 Amortization of above- and below- market lease intangibles, net (3) 2,190 2,847 1,836 Total rental income $ 703,029 $ 606,099 $ 479,901 (1) Includes net impact of amounts (reserved)/recovered of $( 0.5 ) million, $ 5.5 million and $( 10.9 ) million for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Includes net impact of amounts (reserved)/recovered of $( 26 ) thousand, $ 10.9 million and $( 14.9 ) million for the years ended December 31, 2022 2021 and 2020, respectively. (3) Excludes amortization of in-place leases of $ 43.9 million, $ 38.5 million and $ 34.8 million for the years ended December 31, 2022, 2021 and 2020 , respectively, which is included in depreciation and amortization expense in the consolidated statements of operations.
Scheduled Minimum Future Rent from Operating Lease	Minimum future rent at December 31, 2022 is as follows (in thousands): December 31, 2022 2023 $ 679,645 2024 670,893 2025 659,867 2026 633,330 2027 589,881 Thereafter 4,706,694 Total minimum future rent $ 7,940,310
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): December 31, 2022 December 31, 2021 In-place leases $ 559,962 $ 536,344 Above-market leases 101,594 100,837 Less: accumulated amortization ( 237,686 ) ( 210,209 ) Intangible lease assets, net $ 423,870 $ 426,972 Below-market leases $ 179,187 $ 188,718 Less: accumulated amortization ( 61,110 ) ( 60,641 ) Intangible lease liabilities, net $ 118,077 $ 128,077
Schedule of Net Aggregate Amortization Expense of Intangible Assets and Liabilities	Based on the intangible assets and liabilities at December 31, 2022, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows (in thousands): December 31, 2022 2023 $ 41,412 2024 39,365 2025 35,767 2026 32,490 2027 26,873 Thereafter 129,886 Total future minimum amortization $ 305,793
Schedule of Loan Activity	During the years ended December 31, 2022 and 2021, the Company had the following loan activity (dollars in thousands): Mortgage Loans Other Loans Total Properties Investment Investment Investment Principal, December 31, 2020 — $ — $ — $ — Issuance of loan — — 11,000 11,000 Principal, December 31, 2021 — — 11,000 11,000 Issuance of loan — — 12,700 12,700 Principal, December 31, 2022 — $ — $ 23,700 $ 23,700
Summary of Impairment and Credit Losses Recognized	The following table summarizes impairments and allowance for credit losses recognized in the consolidated statements of operations (in thousands): Year Ended December 31, 2022 2021 2020 Real estate asset impairment $ 35,988 $ 22,120 $ 59,206 Intangible net asset impairment 1,041 1,090 22,118 Allowance for credit losses on direct financing leases — — 152 Allowance for credit losses on loans receivable 127 550 — Total impairment loss $ 37,156 $ 23,760 $ 81,476

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Debt	The Company's debt is summarized below (dollars in thousands): 2022 Weighted Average Effective Interest Rates (1) 2022 Weighted Average Stated Rates (2) 2022 Weighted Average Remaining Years to Maturity (3) December 31, December 31, Revolving credit facilities 2.85 % 5.17 % 3.2 $ 55,500 $ 288,400 Term loans 3.92 % 3.50 % 3.9 800,000 — Senior Unsecured Notes 3.42 % 3.25 % 6.4 2,750,000 2,750,000 Mortgages payable 4.87 % 5.82 % 8.0 4,825 5,350 Total debt 3.47 % 3.73 % 5.8 3,610,325 3,043,750 Debt discount, net ( 9,556 ) ( 10,824 ) Deferred financing costs, net (4) ( 25,460 ) ( 20,334 ) Total debt, net $ 3,575,309 $ 3,012,592 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the year ended December 31, 2022 based on the average principal balance outstanding during the period. (2) Based on the outstanding principal balance as of December 31, 2022 . Term loans include the impact of cash flow hedges. Excluding the impact of cash flow hedges, the stated interest rate for the term loans was 5.29 % as of December 31, 2022. (3) Based on the outstanding principal balance as of December 31, 2022. (4) Excludes deferred financing costs for the revolving credit facilities.
Summary of Senior Unsecured Notes	The Senior Unsecured Notes were issued by the Operating Partnership and are guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands): Maturity Date Interest Payment Dates Stated Interest Rate December 31, December 31, 2026 Senior Notes September 15, 2026 March 15 and September 15 4.45 % $ 300,000 $ 300,000 2027 Senior Notes January 15, 2027 January 15 and July 15 3.20 % 300,000 300,000 2028 Senior Notes March 15, 2028 March 15 and September 15 2.10 % 450,000 450,000 2029 Senior Notes July 15, 2029 January 15 and July 15 4.00 % 400,000 400,000 2030 Senior Notes January 15, 2030 January 15 and July 15 3.40 % 500,000 500,000 2031 Senior Notes February 15, 2031 February 15 and August 15 3.20 % 450,000 450,000 2032 Senior Notes February 15, 2032 February 15 and August 15 2.70 % 350,000 350,000 Total Senior Unsecured Notes 3.25 % $ 2,750,000 $ 2,750,000
Schedule of Debt Maturities	As of December 31, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Balloon Total 2023 $ 556 $ — $ 556 2024 590 — 590 2025 610 300,016 300,626 2026 469 355,500 355,969 2027 497 800,000 800,497 Thereafter 2,034 2,150,053 2,152,087 Total $ 4,756 $ 3,605,569 $ 3,610,325
Summary of Components of Interest Expense Related to Borrowings	The components of interest expense were as follows (in thousands): Year Ended December 31, 2022 2021 2020 Revolving credit facilities (1) $ 9,470 $ 2,930 $ 3,686 Term loans (2) 10,237 24 3,545 Senior Unsecured Notes 89,252 85,996 61,750 Mortgages payable 296 2,506 12,028 Convertible Notes — 2,658 10,728 Non-cash: Amortization of deferred financing costs 5,410 3,942 5,278 Amortization of debt discount, net 1,269 2,140 4,343 Amortization of net losses related to interest rate swaps 2,807 2,807 2,807 Capitalized interest ( 1,119 ) — — Total interest expense $ 117,622 $ 103,003 $ 104,165 (1) Includes facility fees of approximately $ 2.1 million, $ 1.7 million and $ 1.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Includes impact of cash flow hedge.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Summary of Activities Under 2021 ATM Program	The following details the activity under the 2021 ATM Program since its inception (in thousands): 2021 ATM Forward Shares Regular Shares Total Shares Net Proceeds on Issuances Month ended 12/31/2021 Shares sold 2,268 438 2,706 Shares issued ( 2,212 ) ( 438 ) ( 2,650 ) $ 120,286 Unsettled shares sold as of 12/31/2021 56 — 56 Year ended 12/31/2022 Shares sold 2,434 1,525 3,959 Shares issued ( 2,490 ) ( 1,525 ) ( 4,015 ) $ 167,850 Unsettled shares sold as of 12/31/2022 — — —
Summary of Dividends Declared	In fiscal years 2022 and 2021, the Company's Board of Directors declared the following dividends: Declaration Date Dividend Per Share Record Date Total Amount Payment Date (in Thousands) 2022 Preferred Stock February 9, 2022 $ 0.375 March 15, 2022 $ 2,588 March 31, 2022 May 18, 2022 0.375 June 15, 2022 2,588 June 30, 2022 August 8, 2022 0.375 September 15, 2022 2,587 September 30, 2022 November 4, 2022 0.375 December 15, 2022 2,587 December 30, 2022 Total Preferred Dividend $ 1.500 $ 10,350 Common Stock February 9, 2022 $ 0.638 March 31, 2022 $ 85,688 April 14, 2022 May 18, 2022 0.638 June 30, 2022 86,987 July 15, 2022 August 8, 2022 0.663 September 30, 2022 92,595 October 14, 2022 November 4, 2022 0.663 December 30, 2022 93,636 January 13, 2023 Total Common Dividend $ 2.602 $ 358,906 2021 Preferred Stock February 17, 2021 $ 0.375 March 15, 2021 $ 2,588 March 31, 2021 May 19, 2021 0.375 June 15, 2021 2,588 June 30, 2021 July 29, 2021 0.375 September 15, 2021 2,587 September 30, 2021 November 17, 2021 0.375 December 15, 2021 2,587 December 31, 2021 Total Preferred Dividend $ 1.500 $ 10,350 Common Stock February 17, 2021 $ 0.625 March 31, 2021 $ 71,837 April 15, 2021 May 19, 2021 0.625 June 30, 2021 74,436 July 15, 2021 July 29, 2021 0.638 September 30, 2021 78,674 October 15, 2021 November 17, 2021 0.638 December 31, 2021 81,378 January 14, 2022 Total Common Dividend $ 2.526 $ 306,325

Commitments and Contingencies

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Company's Minimum Aggregate Rental Commitments Under all Non-cancelable Operating Leases	The Company’s minimum aggregate rental commitments under all non-cancellable operating leases as of December 31, 2022 are as follows (in thousands): Ground Leases Office Lease Total 2023 $ 285 $ 1,055 $ 1,340 2024 285 1,070 1,355 2025 267 1,086 1,353 2026 258 1,101 1,359 2027 167 92 259 Thereafter 107 — 107 Total 1,369 4,404 5,773 Less: imputed interest ( 241 ) ( 939 ) ( 1,180 ) Total operating lease liabilities $ 1,128 $ 3,465 $ 4,593

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Summary of Notional Amount and Fair Value of Instruments	The following table summarizes the key terms and fair value of these instruments (in thousands): Fair Value of Asset Interest Rate Swap Notional Amount Fixed Interest Rate Effective Date Maturity Date December 31, $ 300,000 2.501 % September 15, 2022 August 22, 2027 $ 15,675 $ 200,000 2.507 % September 15, 2022 August 22, 2027 10,349 $ 300,000 2.636 % September 15, 2022 August 22, 2025 11,104 $ 37,128
Summary of Amounts Recorded in AOCL	The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands): Year Ended December 31, 2022 2021 2020 Cash flow hedge derivatives $ 39,366 $ — $ — Amount of gain reclassified from AOCIL to interest ( 2,238 ) — — Amount of loss reclassified from AOCIL to interest 2,807 2,807 2,807 Total $ 39,935 $ 2,807 $ 2,807

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring	The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Derivatives held at December 31, 2022 Interest rate swaps $ 37,128 $ — $ 37,128 $ —
Fair Value Measurements, Nonrecurring	The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at December 31, 2022 Impaired at March 31, 2022 $ — $ — $ — $ — Impaired at June 30, 2022 $ 4,700 $ — $ — $ 4,700 Impaired at September 30, 2022 $ 4,094 $ — $ — $ 4,094 Impaired at December 31, 2022 $ 29,636 $ — $ — $ 29,636 Assets held at December 31, 2021 Impaired at March 31, 2021 $ 1,739 $ — $ — $ 1,739 Impaired at June 30, 2021 $ 9,655 $ — $ — $ 9,655 Impaired at September 30, 2021 $ 3,479 $ — $ — $ 3,479 Impaired at December 31, 2021 $ 11,656 $ — $ — $ 11,656
Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale	For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for the remaining properties are as follows: Unobservable Input Asset Type Property Count Price Per Square Foot Range Weighted Average Price Per Square Foot Square December 31, 2022 PSA, LOI or BOV Retail 12 $ 30.00 - $ 384.88 $ 93.60 223,225 PSA, LOI or BOV Data Center 1 $ 24.94 $ 24.94 188,475 Comparable Properties Retail 3 $ 26.05 - $ 197.15 $ 56.36 100,195 Comparable Properties Office 2 $ 71.69 - $ 135.00 $ 98.97 73,000 December 31, 2021 PSA, LOI or BOV Retail 6 $ 63.83 - $ 418.57 $ 102.35 39,603 PSA, LOI or BOV Medical 2 $ 65.63 - $ 105.16 $ 75.60 41,496 PSA, LOI or BOV Data Center 1 $ 38.57 $ 38.57 188,475 Comparable Properties Retail 3 $ 29.35 - $ 483.09 $ 67.48 42,357 Comparable Properties Medical 1 $ 78.66 - $ 106.35 $ 95.00 15,974
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): December 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net (1) $ 23,023 $ 23,462 $ 10,450 $ 11,381 2019 Credit Facility 55,500 55,502 288,400 288,549 2022 Term Loans, net (2) 792,309 802,363 — — Senior Unsecured Notes, net (2) 2,722,514 2,310,547 2,718,641 2,865,187 Mortgages payable, net (2) 4,986 4,685 5,551 5,748 (1) The carrying value of the loans receivable are net of an allowance for credit losses. (2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Incentive Award Plan and Empl_2

Incentive Award Plan and Employee Benefit Plan (Tables)	12 Months Ended
	Dec. 31, 2022
Compensation Related Costs [Abstract]
Summary of Restricted Share Activity	The following table summarizes the restricted share activity: 2022 2021 2020 Number of Weighted (1) Number of Weighted (1) Number of Weighted (1) Outstanding non-vested shares, beginning of year 233,135 $ 42.22 279,912 $ 42.67 321,627 $ 40.66 Shares granted 128,367 45.73 118,996 39.22 148,045 46.42 Shares vested ( 145,723 ) 42.23 ( 157,054 ) 40.83 ( 182,653 ) 42.04 Shares forfeited ( 418 ) 46.30 ( 8,719 ) 40.87 ( 7,107 ) 45.77 Outstanding non-vested shares, end of year 215,361 $ 44.30 233,135 $ 42.22 279,912 $ 42.67 (1) Based on grant date fair values.
Summary of Market-Based Award Activity	The following table summarizes the market-based award activity: 2022 2021 2020 Number of Weighted Number of Weighted Number of Weighted Outstanding non-vested awards, beginning of year 258,053 $ 74.08 201,468 $ 58.12 319,731 $ 49.49 Grants at target 166,307 93.26 170,307 77.57 87,746 67.30 Earned above performance target — — 154,312 50.92 83,259 54.57 Vested — — ( 266,319 ) 50.92 ( 268,694 ) 54.57 Forfeited ( 87,746 ) 67.30 — — — — Incremental Shares (1) — N/A ( 1,715 ) N/A ( 20,574 ) N/A Outstanding non-vested awards, end of year 336,614 $ 85.32 258,053 $ 74.08 201,468 $ 58.12 (1) In 2018, in connection with the Spin-Off and in accordance with the rights granted per the Amended Incentive Award Plan, the Board of Directors made an equitable adjustment for all market-based awards outstanding, resulting in incremental shares. During the years ended December 31, 2021 and 2020, 1.7 thousand and 20.6 thousand, respectively, of these incremental shares were earned. Because the fair value of the outstanding market-based awards the day prior to and the day after the Spin-Off did not materially change, there was no change to unrecognized compensation expense and no incremental compensation expense related to the incremental shares.
Summary of Remaining Unamortized Stock-based Compensation Expense	The following is a summary of remaining unamortized stock-based compensation expense (in thousands): December 31, 2022 December 31, 2021 Restricted share awards $ 4,727 $ 4,787 Market-based awards 15,165 11,143 Total unamortized stock-based compensation expense $ 19,892 $ 15,930

Income Per Share (Tables)

Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Loss Per Share	The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands): Years Ended December 31, 2022 2021 2020 Basic and diluted income: Income from continuing operations $ 285,516 $ 171,702 $ 26,708 Less: dividends paid to preferred stockholders ( 10,350 ) ( 10,350 ) ( 10,350 ) Less: dividends and income attributable to unvested restricted stock ( 555 ) ( 581 ) ( 728 ) Net income attributable to common stockholders used in basic and diluted income per share $ 274,611 $ 160,771 $ 15,630 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 134,768,664 118,587,722 104,656,242 Less: unvested weighted average shares of restricted stock ( 220,578 ) ( 245,281 ) ( 298,582 ) Basic weighted average shares of common stock outstanding 134,548,086 118,342,441 104,357,660 Net income per share attributable to common stockholders - basic $ 2.04 $ 1.36 $ 0.15 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards 97,565 373,396 175,952 Plus: unsettled shares under open forward equity contracts — 1 1,772 Diluted weighted average shares of common stock outstanding 134,645,651 118,715,838 104,535,384 Net income per share attributable to common stockholders - diluted $ 2.04 $ 1.35 $ 0.15 Potentially dilutive shares of common stock related to: Unvested restricted share awards 67,206 95,411 62,448 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense	The Company’s total income tax expense was as follows (in thousands): Year Ended December 31, 2022 2021 2020 State income tax $ 890 $ 605 $ 128 Federal income tax 7 2 145 Total income tax expense $ 897 $ 607 $ 273
Schedule of Common Stock Dividends Characterized for Tax	Common stock dividends paid were characterized for tax as follows (per share): Year Ended December 31, 2022 2021 2020 Ordinary income $ 2.41 $ 1.37 $ 1.80 Return of capital 0.06 1.14 0.70 Capital gain 0.11 — — Total $ 2.58 $ 2.51 $ 2.50

Consolidated Quarterly Financ_2

Consolidated Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Schedule of Consolidated Quarterly Financial Data	The following table sets forth certain unaudited consolidated financial information for each of the four quarters included in the years ended December 31, 2022 and 2021 (in thousands, except share and per share data): 2022 First Second Third Fourth (Unaudited) Quarter Quarter Quarter Quarter Year Total operating revenues $ 168,396 $ 174,935 $ 182,904 $ 183,394 $ 709,629 Depreciation and amortization ( 69,108 ) ( 72,898 ) ( 74,600 ) ( 76,379 ) ( 292,985 ) Interest ( 26,023 ) ( 27,594 ) ( 30,956 ) ( 33,049 ) ( 117,622 ) Other operating expenses ( 23,593 ) ( 30,631 ) ( 24,010 ) ( 51,679 ) ( 129,913 ) Loss on debt extinguishment ( 172 ) — — — ( 172 ) Gain on disposition of assets 877 38,928 23,302 47,793 110,900 Other income 5,679 — — — 5,679 Net income 56,056 82,740 76,640 70,080 285,516 Dividends paid to preferred stockholders ( 2,588 ) ( 2,588 ) ( 2,587 ) ( 2,587 ) ( 10,350 ) Net income attributable to common stockholders $ 53,468 $ 80,152 $ 74,053 $ 67,493 $ 275,166 Net income per share attributable to common stockholders - basic $ 0.42 $ 0.60 $ 0.54 $ 0.48 $ 2.04 Net income per share attributable to common stockholders - diluted $ 0.42 $ 0.60 $ 0.54 $ 0.48 $ 2.04 Dividends declared per common share $ 0.638 $ 0.638 $ 0.663 $ 0.663 $ 2.602 2021 First Second Third Fourth (Unaudited) Quarter Quarter Quarter Quarter Year Total operating revenues $ 135,141 $ 164,626 $ 152,568 $ 156,055 $ 608,390 Depreciation and amortization ( 57,087 ) ( 60,074 ) ( 63,061 ) ( 64,402 ) ( 244,624 ) Interest ( 26,624 ) ( 26,170 ) ( 25,078 ) ( 25,131 ) ( 103,003 ) Other operating expenses ( 25,558 ) ( 27,955 ) ( 24,005 ) ( 23,825 ) ( 101,343 ) (Loss) gain on debt extinguishment ( 29,177 ) ( 10 ) 1 — ( 29,186 ) Gain on disposition of assets 1,836 37,507 453 1,672 41,468 Net (loss) income ( 1,469 ) 87,924 40,878 44,369 171,702 Dividends paid to preferred stockholders ( 2,588 ) ( 2,588 ) ( 2,587 ) ( 2,587 ) ( 10,350 ) Net (loss) income attributable to common stockholders $ ( 4,057 ) $ 85,336 $ 38,291 $ 41,782 $ 161,352 Net (loss) income per share attributable to common stockholders - basic $ ( 0.04 ) $ 0.74 $ 0.32 $ 0.34 $ 1.36 Net (loss) income per share attributable to common stockholders - diluted $ ( 0.04 ) $ 0.74 $ 0.32 $ 0.34 $ 1.35 Dividends declared per common share $ 0.625 $ 0.625 $ 0.638 $ 0.638 $ 2.526

Organization - Narrative (Detai

Organization - Narrative (Details) - Operating Partnership	12 Months Ended
	Dec. 31, 2022
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership of operating partnership	1%
Limited partner ownership of operating partnership	99%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 8,472,866,000	$ 7,330,870,000
Net liabilities	$ 3,911,550,000	$ 3,331,071,000
Number of segments | Segment	1
Impairment of lease, expiration period (or less)	60 days
Option to terminate, percentage (less than)	1%	1%
Option to purchase, percentage (less than)	10%	10%
Deferred rent recognized related to COVID19 pandemic	$ 400,000	$ 13,400,000	$ 26,300,000
Loan placed on non accrual status, past due days	60 days
Accounts receivable	$ 18,200,000	21,700,000
Accounts receivable, deemed not probable of collection	3,200,000	3,900,000
Deferred rental revenue receivables	167,100,000	137,600,000
Deferred rent receivables, deemed not probable of collection	1,300,000	2,600,000
Goodwill impairment	0
Goodwill	225,600,000	225,600,000	225,600,000
Provision for income taxes	0
Interest Income and Other
Summary Of Significant Accounting Policies [Line Items]
Lease termination fee	$ 2,000	19,000	$ 700,000
Walgreen Co
Summary Of Significant Accounting Policies [Line Items]
Lease term	50 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	10 years
Building and improvements | Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful life	20 years
Building and improvements | Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life	50 years
Tenant and Land improvements | Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful life	5 years
Tenant and Land improvements | Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life	20 years
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 11,700,000	12,300,000
Net liabilities	$ 4,900,000	$ 5,500,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 8,770	$ 17,799	$ 70,303
Total cash, cash equivalents and restricted cash	61,953	17,799	83,298	$ 26,023
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	0	335
Tenant improvements, repairs, and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	0	12,660
1031 Exchange proceeds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 53,183	$ 0	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property State	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 Property
Real Estate Properties [Line Items]
Gross investment in owned real estate properties	$ 9,200,000
Portfolio diversity, number of states | State	49
Minimum real estate investment in state for disclosure	10%
Number of properties | Property	2,097
Sales-type and direct financing leases minimum future payments to be received	$ 2,500
Direct financing leases, net investment balance	7,500
Remaining reserve against net investment	100
Issuance of loan	12,700	$ 11,000
Loan receivable	23,700	11,000
Total allowance for credit losses	700
Allowance (reversal) for credit losses	$ 127	550
Uncollateralized
Real Estate Properties [Line Items]
Issuance of loan		$ 11,000
In-place leases
Real Estate Properties [Line Items]
Lease intangibles weighted average amortization period	12 years 4 months 24 days	13 years 3 months 18 days
Acquired finite-lived intangible assets	$ 57,300	$ 84,800
Above market leases
Real Estate Properties [Line Items]
Lease intangibles weighted average amortization period	13 years	13 years 8 months 12 days
Acquired finite-lived intangible assets	$ 3,200	$ 23,100
Below-market Leases
Real Estate Properties [Line Items]
Lease intangibles weighted average amortization period	18 years 2 months 12 days	17 years 7 months 6 days
Acquired finite-lived intangible assets	$ 9,500	$ 16,800
Leases
Real Estate Properties [Line Items]
Lease intangibles weighted average amortization period	13 years 9 months 18 days	14 years 3 months 18 days
Texas
Real Estate Properties [Line Items]
Investment in real estate properties	14.50%
Property Subject To Operating Lease
Real Estate Properties [Line Items]
Number of properties | Property	2,111	1,998	1,852
Property Subject To Direct Financing Lease
Real Estate Properties [Line Items]
Number of properties | Property	1	1

Investments - Summary of Owned

Investments - Summary of Owned Real Estate Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property
Number of Properties
Ending balance (in properties) | Property	2,097
Real Estate Activity
Impairments	$ (37,156)	$ (23,760)	$ (81,476)
Ending balance	9,200,000
Net balance	$ 7,783,674
Held-in-use
Number of Properties
Beginning balance (in properties) | Property	2,000	1,853
Acquisitions/improvements (in properties) | Property	172	166
Dispositions of real estate (in properties) | Property	(38)	(13)
Transfers to Held for Sale (in properties) | Property	(37)	(9)
Transfers from Held for Sale (in properties) | Property	1	3
Impairments (in properties) | Property	0	0
Reset of gross balances (in properties) | Property	0	0
Other (in properties) | Property		0
Ending balance (in properties) | Property	2,098	2,000	1,853
Real Estate Activity
Beginning balance	$ 7,934,823	$ 6,777,673
Acquisitions	1,546,808	1,256,983
Dispositions	(198,865)	(42,472)
Transfers to Held for Sale	(96,234)	(18,403)
Transfers from Held for Sale	1,529	11,300
Impairments	(36,894)	(21,474)
Reset of gross balances	(29,004)	(31,143)
Other		2,359
Ending balance	9,122,163	$ 7,934,823	$ 6,777,673
Accumulated depreciation and amortization	(1,387,637)
Net balance	$ 7,734,526
Held-for-sale
Number of Properties
Beginning balance (in properties) | Property	3	7
Acquisitions/improvements (in properties) | Property	0	0
Dispositions of real estate (in properties) | Property	(22)	(10)
Transfers to Held for Sale (in properties) | Property	37	9
Transfers from Held for Sale (in properties) | Property	(1)	(3)
Impairments (in properties) | Property	0	0
Reset of gross balances (in properties) | Property	0	0
Other (in properties) | Property		0
Ending balance (in properties) | Property	17	3	7
Real Estate Activity
Beginning balance	$ 8,362	$ 27,764
Acquisitions	0	0
Dispositions	(41,200)	(22,750)
Transfers to Held for Sale	96,234	18,403
Transfers from Held for Sale	(1,529)	(11,300)
Impairments	(135)	(1,736)
Reset of gross balances	(151)	(2,019)
Other		0
Ending balance	61,581	$ 8,362	$ 27,764
Accumulated depreciation and amortization	(12,433)
Net balance	$ 49,148
Total
Number of Properties
Beginning balance (in properties) | Property	2,003	1,860
Acquisitions/improvements (in properties) | Property	172	166
Dispositions of real estate (in properties) | Property	(60)	(23)
Transfers to Held for Sale (in properties) | Property	0	0
Transfers from Held for Sale (in properties) | Property	0	0
Impairments (in properties) | Property	0	0
Reset of gross balances (in properties) | Property	0	0
Other (in properties) | Property		0
Ending balance (in properties) | Property	2,115	2,003	1,860
Real Estate Activity
Beginning balance	$ 7,943,185	$ 6,805,437
Acquisitions	1,546,808	1,256,983
Dispositions	(240,065)	(65,222)
Transfers to Held for Sale	0	0
Transfers from Held for Sale	0	0
Impairments	(37,029)	(23,210)
Reset of gross balances	(29,155)	(33,162)
Other		2,359
Ending balance	9,183,744	$ 7,943,185	$ 6,805,437
Accumulated depreciation and amortization	(1,400,070)
Net balance	$ 7,783,674

Investments - Summary of Owne_2

Investments - Summary of Owned Real Estate Activity (Footnote) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Revenue producing capitalized expenditures	$ 95,400	$ 15,400
Non-revenue producing capitalized expenditures	16,800	10,700
Gains recognized on two asset substitutions within master lease		1,700
Other gains		300
Real estate assets held for investment, net	7,421,306	6,445,527
Intangible lease assets, net	423,870	426,972
Real estate assets under direct financing leases, net	7,427	7,442
Real estate assets held for sale, net	49,148	8,264
Intangible lease liabilities, net	(118,077)	(128,077)
Net balance	7,783,674
Held-in-use
Real Estate [Line Items]
Gain on disposition of properties	87,900	37,300	$ 10,200
Net balance	7,734,526
Held-for-sale
Real Estate [Line Items]
Gain on disposition of properties	23,000	$ 2,200	$ 14,200
Net balance	$ 49,148

Investments - Operating Lease I

Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Base Cash Rent	$ 638,340	$ 541,726	$ 453,013
Variable cash rent (including reimbursables)	25,597	16,768	13,176
Straight-line rent, net of uncollectible reserve	36,902	44,758	11,876
Amortization of above- and below- market lease intangibles, net	2,190	2,847	1,836
Total rental income	703,029	606,099	479,901
Base cash rent amounts (reserved)/recovered	(500)	5,500	(10,900)
Straight-line rent amounts (reserved)/recovered	(26)	10,900	(14,900)
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 43,900	$ 38,500	$ 34,800

Investments - Scheduled Minimum

Investments - Scheduled Minimum Future Rent from Operating Lease (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases, Future Contractual Rent Receivable
2023	$ 679,645
2024	670,893
2025	659,867
2026	633,330
2027	589,881
Thereafter	4,706,694
Total future minimum rentals	$ 7,940,310

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (237,686)	$ (210,209)
Intangible lease assets, net	423,870	426,972
Below-market leases	179,187	188,718
Less: accumulated amortization	(61,110)	(60,641)
Intangible lease liabilities, net	118,077	128,077
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	559,962	536,344
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	$ 101,594	$ 100,837

Investments - Schedule of Net A

Investments - Schedule of Net Aggregate Amortization Expense of Intangible Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
2023	$ 41,412
2024	39,365
2025	35,767
2026	32,490
2027	26,873
Thereafter	129,886
Total future minimum amortization	$ 305,793

Investments - Schedule of Loan

Investments - Schedule of Loan Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Number of Properties
Ending balance (in properties) | Property	2,097
Loans Receivable
Beginning balance	$ 11,000
Issuance of loan	12,700	$ 11,000
Ending balance	23,700	11,000
Other Loans
Loans Receivable
Beginning balance	11,000
Issuance of loan	12,700	11,000
Ending balance	$ 23,700	$ 11,000

Investments - Summary of Impair

Investments - Summary of Impairment and Credit Losses Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Real estate asset impairment	$ 35,988	$ 22,120	$ 59,206
Intangible asset impairment (recovery)	1,041	1,090	22,118
Allowance for credit losses on direct financing leases			152
Allowance for credit losses on loans receivable	127	550
Total impairment loss	$ 37,156	$ 23,760	$ 81,476

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Aug. 06, 2020
Debt Instrument [Line Items]
Effective Interest Rates	3.47%
Stated Interest Rate	3.73%
Remaining Years to Maturity	5 years 9 months 18 days
Total debt, gross	$ 3,610,325,000	$ 3,043,750,000
Debt discount, net	(9,556,000)	(10,824,000)
Deferred financing costs, net	(25,460,000)	(20,334,000)
Total debt, net	$ 3,575,309,000	3,012,592,000
Revolving credit facilities
Debt Instrument [Line Items]
Effective Interest Rates	2.85%
Stated Interest Rate	5.17%
Remaining Years to Maturity	3 years 2 months 12 days
Total debt, gross	$ 55,500,000	288,400,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Effective Interest Rates	3.42%
Stated Interest Rate	3.25%
Remaining Years to Maturity	6 years 4 months 24 days
Total debt, gross	$ 2,750,000,000	2,750,000,000
Deferred financing costs, net	$ (17,800,000)	(20,300,000)
Mortgages Payable
Debt Instrument [Line Items]
Effective Interest Rates	4.87%
Stated Interest Rate	5.82%
Remaining Years to Maturity	8 years
Total debt, gross	$ 4,825,000	5,350,000
Deferred financing costs, net	$ 0	$ 0
Term Loans
Debt Instrument [Line Items]
Effective Interest Rates	3.92%
Stated Interest Rate	3.50%
Remaining Years to Maturity	3 years 10 months 24 days
Total debt, gross	$ 800,000,000
Deferred financing costs, net	$ (7,700,000)		$ (1,000,000)

Debt - Summary of Debt (Footnot

Debt - Summary of Debt (Footnote) (Details)	Dec. 31, 2022
Term Loans
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage excluding the impact of cash flow hedges	5.29%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details)		9 Months Ended	12 Months Ended	38 Months Ended
	Mar. 30, 2022 USD ($) ExtensionOption	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 29, 2022	Dec. 31, 2021 USD ($)	Jan. 14, 2019 USD ($)
Line of Credit Facility [Line Items]
Unamortized deferred financing costs		$ 25,460,000	$ 25,460,000		$ 20,334,000
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 1,200,000,000					$ 800,000,000
Line of Credit Facility, Commitment Fee Percentage		0.15%		0.20%
Number of extension options | ExtensionOption	2
Term of extension option	6 months
Increased borrowing capacity under accordion feature	$ 500,000,000
Credit facility maturity date	Mar. 31, 2026
Description of variable rate basis		1-month adjusted SOFR		1-month LIBOR
Write off deferred financing costs			200,000
Deferred financing costs incurred		$ 8,600,000	8,600,000
Unamortized deferred financing costs		7,800,000	7,800,000		$ 1,400,000
Line of credit facility remaining borrowing capacity		1,100,000,000	1,100,000,000
Letters of credit outstanding		$ 0	$ 0
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.90%
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.775%

Debt - Term Loans - Narrative (

Debt - Term Loans - Narrative (Details) - USD ($)					3 Months Ended	12 Months Ended
	Nov. 17, 2022	Aug. 22, 2022	Aug. 06, 2020	Apr. 02, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of long-term debt						$ 178,000,000	$ 222,000,000
Unamortized deferred financing costs						$ 20,334,000		$ 25,460,000
Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000,000	$ 800,000,000		$ 200,000,000
Debt Instrument, Unused Borrowing Capacity, Amount								500,000,000
Repayments of long-term debt			$ 222,000,000
Deferred financing costs incurred		$ 8,400,000		$ 2,500,000
Debt Instrument, Description of Variable Rate Basis	1-month adjusted SOFR	1-month adjusted SOFR
Unamortized deferred financing costs			$ 1,000,000					$ 7,700,000
Accordion feature fully exercised					$ 200,000,000
Debt Instrument, Maturity Date	Jun. 16, 2025			Apr. 02, 2022
Term Loan Accordian Feature Increase Limit	$ 100,000	$ 200,000,000
LIBOR | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
SOFR | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.95%	0.85%
2022 Term Loans Tranche 1 | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 300,000,000
Debt Instrument, Maturity Date		Aug. 22, 2025
2022 Term Loans Tranche 2 | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000,000
Debt Instrument, Maturity Date		Aug. 20, 2027

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Stated Interest Rate	3.73%
Total Debt	$ 3,610,325	$ 3,043,750
Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Total Debt	$ 2,750,000	2,750,000
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Senior Unsecured Notes | 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Sep. 15, 2026
Interest Payment Dates	March 15 and September 15
Stated Interest Rate	4.45%
Total Debt	$ 300,000	300,000
Senior Unsecured Notes | 2027 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2027
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	3.20%
Total Debt	$ 300,000	300,000
Senior Unsecured Notes | 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Mar. 15, 2028
Interest Payment Dates	March 15 and September 15
Stated Interest Rate	2.10%
Total Debt	$ 450,000	450,000
Senior Unsecured Notes | 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jul. 15, 2029
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	4%
Total Debt	$ 400,000	400,000
Senior Unsecured Notes | 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2030
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	3.40%
Total Debt	$ 500,000	500,000
Senior Unsecured Notes | 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2031
Interest Payment Dates	February 15 and August 15
Stated Interest Rate	3.20%
Total Debt	$ 450,000	450,000
Senior Unsecured Notes | 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2032
Interest Payment Dates	February 15 and August 15
Stated Interest Rate	2.70%
Total Debt	$ 350,000	$ 350,000

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 03, 2021	Aug. 06, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 794,842	$ 445,509
Unamortized deferred financing costs			$ 25,460	20,334
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized discount			$ 9,700	11,000
Redemption price, percent of principal amount			100%
Unamortized deferred financing costs			$ 17,800	$ 20,300
Senior Unsecured Notes | 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 441,300
Deferred financing costs incurred		4,200
Unamortized discount		$ 4,500
Senior Unsecured Notes | 2028 and 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 787,700
Deferred financing costs incurred	7,100
Unamortized discount	$ 5,200

Debt - Mortgages Payable - Narr

Debt - Mortgages Payable - Narrative (Details)	Dec. 31, 2022 USD ($) Property Loan	Dec. 31, 2021 USD ($) Property Loan	Mar. 31, 2021 Loan
Debt Instrument [Line Items]
Stated interest rate	3.73%
Unamortized deferred financing costs	$ 25,460,000	$ 20,334,000
Mortgages Payable
Debt Instrument [Line Items]
Number of properties securing borrowings | Property	1
Number of loans secured by mortgage on leased properties and related assets | Loan	2
Stated interest rate	5.82%
Unamortized deferred financing costs	$ 0	0
Unamortized net offering premium	$ 200,000	$ 200,000
Mortgages Payable | Minimum
Debt Instrument [Line Items]
Stated interest rate	5.80%
Mortgages Payable | Maximum
Debt Instrument [Line Items]
Stated interest rate	6%
Mortgages Payable | CMBS
Debt Instrument [Line Items]
Number of properties securing borrowings | Property		86
Number of loans secured by mortgage on leased properties and related assets | Loan		3	3

Debt - Convertible Notes - Narr

Debt - Convertible Notes - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2014	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Debt Instrument [Line Items]
Stated interest rate				3.73%
Repurchase of convertible notes		$ 190,426,000	$ 154,574,000
Unamortized deferred financing costs		$ 20,334,000		$ 25,460,000
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 345,000,000
Stated interest rate	3.75%
Repurchase of convertible notes			154,600,000
Unamortized discount			1,000,000
Unamortized deferred financing costs			$ 300,000
Debt instrument, maturity date	May 15, 2021

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) Loan	Dec. 31, 2022 USD ($) Property Loan	Dec. 31, 2021 USD ($) Property Loan	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
(Loss) gain on extinguishment of debt	$ (172)	$ 1	$ (10)	$ (29,177)	$ (172)	$ (29,186)	$ (7,227)
Term Loans
Debt Instrument [Line Items]
Debt extinguished						178,000	222,000
(Loss) gain on extinguishment of debt						700	1,000
Mortgages Payable
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | Loan					2
Number of properties securing borrowings | Property					1
Convertible Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Debt extinguished						190,400	154,600
(Loss) gain on extinguishment of debt							$ 6,200
CMBS | Mortgages Payable
Debt Instrument [Line Items]
Debt extinguished						207,400
(Loss) gain on extinguishment of debt						$ 28,500
Number of loans secured by mortgage on leased properties and related assets | Loan				3		3
Number of properties securing borrowings | Property						86
Revolving credit facilities | Unsecured Debt | Credit Facility 2019
Debt Instrument [Line Items]
(Loss) gain on extinguishment of debt					$ (200)

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Scheduled Debt Maturities
2023	$ 556
2024	590
2025	300,626
2026	355,969
2027	800,497
Thereafter	2,152,087
Total debt, net	3,610,325	$ 3,043,750
Scheduled Principal
Scheduled Debt Maturities
2023	556
2024	590
2025	610
2026	469
2027	497
Thereafter	2,034
Total debt, net	4,756
Balloon Payment
Scheduled Debt Maturities
2025	300,016
2026	355,500
2027	800,000
Thereafter	2,150,053
Total debt, net	$ 3,605,569

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Expense
Amortization of deferred financing costs									$ 5,410	$ 3,942	$ 5,278
Amortization of debt discount, net									1,269	2,140	4,343
Amortization of net losses related to interest rate swaps									2,807	2,807	2,807
Capitalized interest									1,119	0	0
Total interest expense	$ 33,049	$ 30,956	$ 27,594	$ 26,023	$ 25,131	$ 25,078	$ 26,170	$ 26,624	117,622	103,003	104,165
Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Facility fees									2,100	1,700	1,600
Interest expense									9,470	2,930	3,686
Term Loans
Schedule Of Interest Expenses [Line Items]
Interest expense									10,237	24	3,545
Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense									89,252	85,996	61,750
Mortgages Payable
Schedule Of Interest Expenses [Line Items]
Interest expense									296	2,506	12,028
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense									$ 0	$ 2,658	$ 10,728

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)		1 Months Ended			12 Months Ended			13 Months Ended	14 Months Ended	49 Months Ended
	Oct. 03, 2017	Jan. 31, 2022	Dec. 31, 2021	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2021	Dec. 31, 2022	Nov. 30, 2020	Oct. 03, 2022	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred stock, shares outstanding			6,900,000		6,900,000	6,900,000			6,900,000
Dividend rate	6%
Preferred stock, liquidation preference (in dollars per share)	$ 25		$ 25		$ 25	$ 25			$ 25		$ 25
Dividend rate, annual basis (in USD per share)	$ 1.50
Proceeds from issuance of common stock, net of offering costs					$ 595,448,000	$ 533,868,000	$ 428,272,000
Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares outstanding			6,900,000		6,900,000	6,900,000	6,900,000		6,900,000			6,900,000
Public Stock Offering | Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares outstanding	6,900,000
Forward Sales Agreements
Class Of Stock [Line Items]
Forward sale agreements, shares of common stock		9,400,000		9,200,000
Forward sale agreements, price per share		$ 47.60		$ 37.35
Issuance of common shares					9,400,000		9,200,000
Proceeds from issuance of common stock, net of offering costs					$ 427,700,000		$ 319,100,000
ATM Program, November 2016
Class Of Stock [Line Items]
Forward sale agreements, shares of common stock										7,000,000
Issuance of common shares						600,000	2,900,000
Proceeds from issuance of common stock, net of offering costs						$ 21,900,000	$ 109,200,000
Common stock authorized										$ 500,000
Common stock sold										8,800,000
ATM Program, November 2020
Class Of Stock [Line Items]
Issuance of common shares						9,300,000
Proceeds from issuance of common stock, net of offering costs						$ 391,400,000
Common stock authorized								$ 500,000,000
Common stock sold								9,300,000
ATM Program, November 2021
Class Of Stock [Line Items]
Issuance of common shares			2,650,000		4,015,000
Proceeds from issuance of common stock, net of offering costs			$ 120,286,000		$ 167,850,000
Unsettled shares sold			56,000			56,000
Common stock authorized									$ 500,000,000
Common stock sold			2,706,000		3,959,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended								12 Months Ended
	Nov. 04, 2022	Aug. 08, 2022	May 18, 2022	Feb. 09, 2022	Nov. 17, 2021	Jul. 29, 2021	May 19, 2021	Feb. 17, 2021	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Preferred stock, dividend per share (in USD per share)	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375									$ 1.500	$ 1.500
Preferred stock, total amount	$ 2,587	$ 2,587	$ 2,588	$ 2,588	$ 2,587	$ 2,587	$ 2,588	$ 2,588									$ 10,350	$ 10,350	$ 10,350
Common stock, dividend per share (in USD per share)	$ 0.663	$ 0.663	$ 0.638	$ 0.638	$ 0.638	$ 0.638	$ 0.625	$ 0.625	$ 0.663	$ 0.663	$ 0.638	$ 0.638	$ 0.638	$ 0.638	$ 0.625	$ 0.625	$ 2.602	$ 2.526
Common stock, total amount	$ 93,636	$ 92,595	$ 86,987	$ 85,688	$ 81,378	$ 78,674	$ 74,436	$ 71,837									$ 358,906	$ 306,325	$ 266,659

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Activities Under 2021 ATM Program (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Net Proceeds on Issuances		$ 595,448	$ 533,868	$ 428,272
ATM Program, November 2021
Class of Stock [Line Items]
Shares sold	2,706	3,959
Shares issued	(2,650)	(4,015)
Unsettled shares sold	56		56
Net Proceeds on Issuances	$ 120,286	$ 167,850
Forward Shares | ATM Program, November 2021
Class of Stock [Line Items]
Shares sold	2,268	2,434
Shares issued	(2,212)	(2,490)
Unsettled shares sold	56		56
Regular Shares | ATM Program, November 2021
Class of Stock [Line Items]
Shares sold	438	1,525
Shares issued	(438)	(1,525)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Claim Ground_lease	Dec. 31, 2021 USD ($) Tenant Ground_lease	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Contingently liable amount of debt owed by tenant		$ 5,700,000
Number of tenants indemnified by | Tenant		1
Accruals made for environmental remediation	$ 0
Outstanding claims | Claim	0
Other income	$ 5,679,000
Total commitments	111,100,000
Total commitments relating to future acquisitions	13,800,000
Commitments expected to be funded in next twelve months	$ 35,100,000
Operating lease renewal option	two
Operating lease renewal term	5 years
Number of long-term non-cancelable ground leases | Ground_lease	4	4
Operating lease, weighted average remaining lease term	5 years 1 month 6 days
Operating Lease, weighted average discount rate	4.19%
Incentive to Lessee	$ 1,700,000
Operating lease, right-of-use assets	$ 3,400,000	$ 3,700,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Deferred costs and other assets, net	Deferred costs and other assets, net
Operating lease liabilities	$ 4,593,000	$ 5,100,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities	Accounts Payable and Other Accrued Liabilities
General and Administrative Expense
Loss Contingencies [Line Items]
Rental expense	$ 1,500,000	$ 1,500,000	$ 1,500,000
Property Costs
Loss Contingencies [Line Items]
Rental expense	$ 300,000	$ 300,000	$ 300,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Company's Minimum Aggregate Rental Commitments Under all Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
2023	$ 1,340
2024	1,355
2025	1,353
2026	1,359
2027	259
Thereafter	107
Total	5,773
Less: imputed interest	(1,180)
Total operating lease liabilities	4,593	$ 5,100
Ground Leases
Lessee, Lease, Description [Line Items]
2023	285
2024	285
2025	267
2026	258
2027	167
Thereafter	107
Total	1,369
Less: imputed interest	(241)
Total operating lease liabilities	1,128
Office Leases
Lessee, Lease, Description [Line Items]
2023	1,055
2024	1,070
2025	1,086
2026	1,101
2027	92
Total	4,404
Less: imputed interest	(939)
Total operating lease liabilities	$ 3,465

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Accumulated other comprehensive income (loss)		$ 34,088	$ (5,847)
2018 Interest Rate Swap
Derivative [Line Items]
Accumulated other comprehensive income (loss)		3,000
Amount reclassified as an increase or decrease to interest expense related to terminated hedges of within the next 12 months		2,800
2022 Interest Rate Swap
Derivative [Line Items]
Amount reclassified as an increase or decrease to interest expense related to terminated hedges of within the next 12 months		$ (17,600)
Designated as Hedging Instrument | 2018 Interest Rate Swap
Derivative [Line Items]
Termination of interest rate swaps	$ 12,500
Deferred loss on termination of interest rate swaps	$ 12,300

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Instruments (Details) - Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 37,128,000
Interest Rate Swap One
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.501%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2027
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 15,675,000
Interest Rate Swap Two
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 200,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.507%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2027
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 10,349,000
Interest Rate Swap Three
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.636%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2025
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 11,104,000

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCIL and Loss Recorded in Operations when Reclassified out of AOCIL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge derivatives	$ 39,366
Amount of gain reclassified from AOCIL to interest	(2,238)
Amount of loss reclassified from AOCIL to interest	2,807	$ 2,807	$ 2,807
Total	$ 39,935	$ 2,807	$ 2,807

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Interest Rate Swaps $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 37,128
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 37,128

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Property	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of lease, expiration period (or less)	60 days
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of lease, expiration period (or less)	60 days
Number of properties accounted for at fair value	18	14
Fair Value, Measurements, Nonrecurring | Fair Value Estimated Using Capitalization Rate | Measurement Input Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties accounted for at fair value		1
Fair value input, capitalization rate		14%

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 4,700
Assets Held Impaired At September 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	4,094
Assets Held Impaired At December 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	29,636
Assets Held Impaired At March 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 1,739
Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		9,655
Assets Held Impaired At September 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		3,479
Assets Held Impaired At December 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		11,656
Level 3 | Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	4,700
Level 3 | Assets Held Impaired At September 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	4,094
Level 3 | Assets Held Impaired At December 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 29,636
Level 3 | Assets Held Impaired At March 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		1,739
Level 3 | Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		9,655
Level 3 | Assets Held Impaired At September 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		3,479
Level 3 | Assets Held Impaired At December 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 11,656

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	12 Months Ended
	Dec. 31, 2022 ft² Property $ / ft²	Dec. 31, 2021 ft² Property $ / ft²
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	12	6
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	30	63.83
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	384.88	418.57
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	93.60	102.35
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	223,225	39,603
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property		2
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		65.63
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		105.16
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		75.60
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²		41,496
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Data Center
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	1	1
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Data Center | Measurement Input Price Per Square Foot
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	24.94	38.57
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Data Center | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	24.94	38.57
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Data Center | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	188,475	188,475
Fair Value Estimated Using Comparable Properties | Retail
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	3	3
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	26.05	29.35
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	197.15	483.09
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	56.36	67.48
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	100,195	42,357
Fair Value Estimated Using Comparable Properties | Medical
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property		1
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		78.66
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		106.35
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		95
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²		15,974
Fair Value Estimated Using Comparable Properties | Office
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	2
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	71.69
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	135
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	98.97
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	73,000

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 23,023	$ 10,450
Revolving credit facilities	55,500	288,400
Term loans, net	792,309
Senior Unsecured Notes, net	2,722,514	2,718,641
Mortgages payable, net	4,986	5,551
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	23,462	11,381
2019 Credit Facility	55,502	288,549
2022 Term Loans, net	802,363
Senior Unsecured Notes, net	2,310,547	2,865,187
Mortgages payable, net	$ 4,685	$ 5,748

Incentive Award Plan and Empl_3

Incentive Award Plan and Employee Benefit Plan - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance	4,800,000
Value of shares surrendered for payment of federal and state with holding taxes	$ 6,487	$ 4,395	$ 4,381
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 17,400	$ 14,000	$ 12,600
Maximum | Elective Deferrals
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, employer matching contribution, percent of match	100%
Percentage of employer matching contribution, of employee gross pay (up to)	4%
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense	$ 5,900
Weighted average recognition period	8 months 12 days
Vested in period, fair value	$ 6,700
Requisite service period of awards	3 years
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average recognition period	1 year 8 months 12 days
Incremental shares earned		1,700	20,600
Expected volatility	39.50%
Risk free interest rate	1.59%
Shares released for awards	200,000
Accrued dividend rights	$ 2,500	$ 3,300
Market-Based Awards | Group of Company's Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate, minimum	21.50%
Volatility rate, maximum	53.60%
Average volatility rate	35.70%
Market-Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	0%
Market-Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	375%

Incentive Award Plan and Empl_4

Incentive Award Plan and Employee Benefit Plan - Summary of Restricted Share Activity (Details) - Restricted Share Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Target Shares
Outstanding non-vested shares, beginning of year (in shares)	233,135	279,912	321,627
Shares granted (in shares)	128,367	118,996	148,045
Shares vested (in shares)	(145,723)	(157,054)	(182,653)
Shares forfeited (in shares)	(418)	(8,719)	(7,107)
Outstanding non-vested shares, end of year (in shares)	215,361	233,135	279,912
Weighted average price
Outstanding non-vested shares, beginning of year (in dollars per share)	$ 42.22	$ 42.67	$ 40.66
Shares granted (in dollars per share)	45.73	39.22	46.42
Shares vested (in dollars per share)	42.23	40.83	42.04
Shares forfeited (in dollars per share)	46.30	40.87	45.77
Outstanding non-vested shares, end of year (in dollars per share)	$ 44.30	$ 42.22	$ 42.67

Incentive Award Plan and Empl_5

Incentive Award Plan and Employee Benefit Plan - Summary of Market-Based Award Activity (Details) - Market-Based Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Target Shares
Outstanding non-vested shares, beginning of year (in shares)	258,053	201,468	319,731
Shares granted (in shares)	166,307	170,307	87,746
Shares earned above performance target (in shares)		154,312	83,259
Shares vested (in shares)		(266,319)	(268,694)
Shares forfeited (in shares)	(87,746)
Incremental shares (in shares)		(1,715)	(20,574)
Outstanding non-vested shares, end of year (in shares)	336,614	258,053	201,468
Weighted Average Fair Value
Outstanding non-vested shares, beginning of year (in dollars per share)	$ 74.08	$ 58.12	$ 49.49
Shares granted (in dollars per share)	93.26	77.57	67.30
Shares earned above performance target (in dollars per share)		50.92	54.57
Shares vested (in dollars per share)		50.92	54.57
Shares forfeited (in dollars per share)	67.30
Outstanding non-vested shares, end of year (in dollars per share)	$ 85.32	$ 74.08	$ 58.12

Incentive Award Plan and Empl_6

Incentive Award Plan and Employee Benefit Plan - Summary of Remaining Unamortized Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 19,892	$ 15,930
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	4,727	4,787
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 15,165	$ 11,143

Income Per Share - Schedule of

Income Per Share - Schedule of Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic and diluted income:
Income from continuing operations	$ 70,080	$ 76,640	$ 82,740	$ 56,056	$ 44,369	$ 40,878	$ 87,924	$ (1,469)	$ 285,516	$ 171,702	$ 26,708
Less: dividends paid to preferred stockholders	$ (2,587)	$ (2,587)	$ (2,588)	$ (2,588)	$ (2,587)	$ (2,587)	$ (2,588)	$ (2,588)	(10,350)	(10,350)	(10,350)
Less: dividends and income attributable to unvested restricted stock									(555)	(581)	(728)
Net income attributable to common stockholders used in basic and diluted income per share									$ 274,611	$ 160,771	$ 15,630
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding									134,768,664	118,587,722	104,656,242
Less: unvested weighted average shares of restricted stock									(220,578)	(245,281)	(298,582)
Basic weighted average shares of common stock outstanding									134,548,086	118,342,441	104,357,660
Net (loss) income per share attributable to common stockholders - basic	$ 0.48	$ 0.54	$ 0.60	$ 0.42	$ 0.34	$ 0.32	$ 0.74	$ (0.04)	$ 2.04	$ 1.36	$ 0.15
Diluted weighted average shares of common stock outstanding:
Plus: unvested market-based awards									97,565	373,396	175,952
Plus: unsettled shares under open forward equity contracts										1	1,772
Diluted weighted average shares of common stock outstanding									134,645,651	118,715,838	104,535,384
Net (loss) income per share attributable to common stockholders - diluted	$ 0.48	$ 0.54	$ 0.60	$ 0.42	$ 0.34	$ 0.32	$ 0.74	$ (0.04)	$ 2.04	$ 1.35	$ 0.15
Restricted Share Awards
Potentially dilutive shares of common stock related to:
Dilutive shares									67,206	95,411	62,448

Related Party Transactions - As

Related Party Transactions - Asset Management Agreement and Interim Management Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Related party fee income	$ 678
Spirit MTA REIT | Asset Management Agreement Asset Management Fees
Related Party Transaction [Line Items]
Related party fee income	$ 700

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expenses [Line Items]
Total income tax expense	$ 897	$ 607	$ 273
State Income Tax
Income Tax Expenses [Line Items]
Total income tax expense	890	605	128
Federal Income Tax
Income Tax Expenses [Line Items]
Total income tax expense	$ 7	$ 2	$ 145

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expenses [Line Items]
Income tax expense	$ 897	$ 607	$ 273
Net operating loss carry-forwards	66,100	66,100	66,100
Federal Income Tax
Income Tax Expenses [Line Items]
Income tax expense	7	2	145
State Income Tax
Income Tax Expenses [Line Items]
Income tax expense	$ 890	$ 605	$ 128

Income Taxes - Schedule of Comm

Income Taxes - Schedule of Common Stock Dividends Characterized for Tax (Details) - Income Tax - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends Per Share [Line Items]
Common stock dividends paid (in dollars per share)	$ 2.58	$ 2.51	$ 2.50
Common Shares
Dividends Per Share [Line Items]
Ordinary income (in dollars per share)	2.41	1.37	1.80
Return of capital (in dollars per share)	0.06	$ 1.14	$ 0.70
Capital gain (in dollars per share)	$ 0.11

Consolidated Quarterly Financ_3

Consolidated Quarterly Financial Data - Schedule of Consolidated Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended								12 Months Ended
	Nov. 04, 2022	Aug. 08, 2022	May 18, 2022	Feb. 09, 2022	Nov. 17, 2021	Jul. 29, 2021	May 19, 2021	Feb. 17, 2021	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Total operating revenues									$ 183,394	$ 182,904	$ 174,935	$ 168,396	$ 156,055	$ 152,568	$ 164,626	$ 135,141	$ 709,629	$ 608,390	$ 483,617
Depreciation and amortization									(76,379)	(74,600)	(72,898)	(69,108)	(64,402)	(63,061)	(60,074)	(57,087)	(292,985)	(244,624)	(212,620)
Interest									(33,049)	(30,956)	(27,594)	(26,023)	(25,131)	(25,078)	(26,170)	(26,624)	(117,622)	(103,003)	(104,165)
Other operating expenses									(51,679)	(24,010)	(30,631)	(23,593)	(23,825)	(24,005)	(27,955)	(25,558)	(129,913)	(101,343)
(Loss) gain on extinguishment of debt												(172)		1	(10)	(29,177)	(172)	(29,186)	(7,227)
Gain on disposition of assets									47,793	23,302	38,928	877	1,672	453	37,507	1,836	110,900	41,468	24,156
Other income												5,679					5,679
Net (loss) income									70,080	76,640	82,740	56,056	44,369	40,878	87,924	(1,469)	285,516	171,702	26,708
Dividends paid to preferred stockholders									(2,587)	(2,587)	(2,588)	(2,588)	(2,587)	(2,587)	(2,588)	(2,588)	(10,350)	(10,350)	(10,350)
Net income attributable to common stockholders									$ 67,493	$ 74,053	$ 80,152	$ 53,468	$ 41,782	$ 38,291	$ 85,336	$ (4,057)	$ 275,166	$ 161,352	$ 16,358
Net (loss) income per share attributable to common stockholders - basic									$ 0.48	$ 0.54	$ 0.60	$ 0.42	$ 0.34	$ 0.32	$ 0.74	$ (0.04)	$ 2.04	$ 1.36	$ 0.15
Net (loss) income per share attributable to common stockholders - diluted									0.48	0.54	0.60	0.42	0.34	0.32	0.74	(0.04)	2.04	1.35	$ 0.15
Common stock, dividend per share (in USD per share)	$ 0.663	$ 0.663	$ 0.638	$ 0.638	$ 0.638	$ 0.638	$ 0.625	$ 0.625	$ 0.663	$ 0.663	$ 0.638	$ 0.638	$ 0.638	$ 0.638	$ 0.625	$ 0.625	$ 2.602	$ 2.526

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation - 1 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Cost Capitalized / (Impaired)
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
24 Hour Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 6,982
Buildings and Improvements	9,255
Cost Capitalized / (Impaired)
Improvements/Land	(3,817)
Improvements/building	(5,674)
Gross amount
Land and improvements	3,165
Buildings and improvements	3,581
Total real estate investments	6,746
Final Accumulated Depreciation	$ (549)
24 Hour Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
24 Hour Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Aaron's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	25
Initial Cost to Company
Land and Improvements	$ 11,215
Buildings and Improvements	24,883
Cost Capitalized / (Impaired)
Improvements/Land	(1,112)
Improvements/building	(2,314)
Gross amount
Land and improvements	10,103
Buildings and improvements	22,569
Total real estate investments	32,672
Final Accumulated Depreciation	$ (7,675)
Aaron's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Aaron's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	49 years
Academy Sports + Outdoors
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 20,495
Buildings and Improvements	51,603
Cost Capitalized / (Impaired)
Improvements/building	76
Gross amount
Land and improvements	20,495
Buildings and improvements	51,679
Total real estate investments	72,174
Final Accumulated Depreciation	$ (8,280)
Academy Sports + Outdoors | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Academy Sports + Outdoors | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	37 years
Accel International
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 8,691
Buildings and Improvements	22,860
Gross amount
Land and improvements	8,691
Buildings and improvements	22,860
Total real estate investments	31,551
Final Accumulated Depreciation	$ (5,427)
Accel International | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Accel International | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Advance Auto Parts
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	54
Initial Cost to Company
Land and Improvements	$ 27,610
Buildings and Improvements	49,920
Cost Capitalized / (Impaired)
Improvements/building	(76)
Gross amount
Land and improvements	27,610
Buildings and improvements	49,844
Total real estate investments	77,454
Final Accumulated Depreciation	$ (14,449)
Advance Auto Parts | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Advance Auto Parts | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Advanced Distributor Products
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,134
Buildings and Improvements	17,583
Gross amount
Land and improvements	2,134
Buildings and improvements	17,583
Total real estate investments	19,717
Final Accumulated Depreciation	$ (573)
Advanced Distributor Products | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Advanced Distributor Products | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	37 years
Alabama Clinics
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 695
Buildings and Improvements	1,707
Cost Capitalized / (Impaired)
Improvements/building	20
Gross amount
Land and improvements	695
Buildings and improvements	1,727
Total real estate investments	2,422
Final Accumulated Depreciation	$ (458)
Alabama Clinics | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Alabama Clinics | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Alaska Club
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 14,160
Buildings and Improvements	46,839
Gross amount
Land and improvements	14,160
Buildings and improvements	46,839
Total real estate investments	60,999
Final Accumulated Depreciation	$ (8,968)
Alaska Club | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Alaska Club | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Albertsons
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 8,145
Buildings and Improvements	10,140
Cost Capitalized / (Impaired)
Improvements/building	(132)
Gross amount
Land and improvements	8,145
Buildings and improvements	10,008
Total real estate investments	18,153
Final Accumulated Depreciation	$ (3,962)
Albertsons | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Albertsons | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Alta Material Handling
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 3,199
Buildings and Improvements	7,542
Gross amount
Land and improvements	3,199
Buildings and improvements	7,542
Total real estate investments	10,741
Final Accumulated Depreciation	$ (311)
Alta Material Handling | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Alta Material Handling | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Aludyne
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 7,112
Buildings and Improvements	35,843
Gross amount
Land and improvements	7,112
Buildings and improvements	35,843
Total real estate investments	42,955
Final Accumulated Depreciation	$ (1,612)
Aludyne | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Aludyne | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
AMC Theatres
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 12,027
Buildings and Improvements	44,079
Cost Capitalized / (Impaired)
Improvements/Land	(2,405)
Improvements/building	(8,043)
Gross amount
Land and improvements	9,622
Buildings and improvements	36,036
Total real estate investments	45,658
Final Accumulated Depreciation	$ (13,756)
AMC Theatres | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
AMC Theatres | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
America's Service Station
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,157
Buildings and Improvements	2,825
Gross amount
Land and improvements	2,157
Buildings and improvements	2,825
Total real estate investments	4,982
Final Accumulated Depreciation	$ (324)
America's Service Station | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
America's Service Station | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	42 years
Amigos United
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 620
Buildings and Improvements	5,415
Cost Capitalized / (Impaired)
Improvements/building	(156)
Gross amount
Land and improvements	620
Buildings and improvements	5,259
Total real estate investments	5,879
Final Accumulated Depreciation	$ (2,027)
Amigos United | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Amigos United | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Amware Fulfillment
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,731
Buildings and Improvements	12,990
Gross amount
Land and improvements	1,731
Buildings and improvements	12,990
Total real estate investments	14,721
Final Accumulated Depreciation	$ (1,402)
Amware Fulfillment | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Amware Fulfillment | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Andy's Frozen Custard
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 3,081
Buildings and Improvements	902
Cost Capitalized / (Impaired)
Improvements/Land	317
Improvements/building	3,198
Gross amount
Land and improvements	3,398
Buildings and improvements	4,100
Total real estate investments	7,498
Final Accumulated Depreciation	$ (773)
Andy's Frozen Custard | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Andy's Frozen Custard | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Ann Taylor / LOFT
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 16,637
Buildings and Improvements	95,965
Gross amount
Land and improvements	16,637
Buildings and improvements	95,965
Total real estate investments	$ 112,602
Ann Taylor / LOFT | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Ann Taylor / LOFT | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	29 years
Anytime Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 547
Buildings and Improvements	1,070
Gross amount
Land and improvements	547
Buildings and improvements	1,070
Total real estate investments	1,617
Final Accumulated Depreciation	$ (15)
Anytime Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Anytime Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	52 years
Applebee's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	23
Initial Cost to Company
Land and Improvements	$ 25,368
Buildings and Improvements	43,959
Gross amount
Land and improvements	25,368
Buildings and improvements	43,959
Total real estate investments	69,327
Final Accumulated Depreciation	$ (14,185)
Applebee's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Applebee's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Arby's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	12
Initial Cost to Company
Land and Improvements	$ 6,265
Buildings and Improvements	9,685
Cost Capitalized / (Impaired)
Improvements/Land	17
Improvements/building	(18)
Gross amount
Land and improvements	6,282
Buildings and improvements	9,667
Total real estate investments	15,949
Final Accumulated Depreciation	$ (3,040)
Arby's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Arby's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Armacell
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,318
Buildings and Improvements	17,900
Gross amount
Land and improvements	1,318
Buildings and improvements	17,900
Total real estate investments	19,218
Final Accumulated Depreciation	$ (1,617)
Armacell | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Armacell | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Ashley Home Store
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 13,582
Buildings and Improvements	30,681
Cost Capitalized / (Impaired)
Improvements/Land	(728)
Improvements/building	(3,057)
Gross amount
Land and improvements	12,854
Buildings and improvements	27,624
Total real estate investments	40,478
Final Accumulated Depreciation	$ (5,442)
Ashley Home Store | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Ashley Home Store | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
At Home
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	16
Initial Cost to Company
Land and Improvements	$ 70,855
Buildings and Improvements	125,450
Cost Capitalized / (Impaired)
Improvements/building	134
Gross amount
Land and improvements	70,855
Buildings and improvements	125,584
Total real estate investments	196,439
Final Accumulated Depreciation	$ (23,418)
At Home | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
At Home | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
AT&T
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,873
Buildings and Improvements	8,252
Cost Capitalized / (Impaired)
Improvements/building	(401)
Gross amount
Land and improvements	2,873
Buildings and improvements	7,851
Total real estate investments	10,724
Final Accumulated Depreciation	$ (1,690)
AT&T | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	16 years
AT&T | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
A T C Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,187
Buildings and Improvements	1,817
Gross amount
Land and improvements	1,187
Buildings and improvements	1,817
Total real estate investments	3,004
Final Accumulated Depreciation	$ (615)
A T C Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
A T C Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Auria St. Clair
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,511
Buildings and Improvements	6,379
Gross amount
Land and improvements	1,511
Buildings and improvements	6,379
Total real estate investments	7,890
Final Accumulated Depreciation	$ (1,081)
Auria St. Clair | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Auria St. Clair | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	26 years
Auto Driveaway
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,526
Buildings and Improvements	543
Gross amount
Land and improvements	2,526
Buildings and improvements	543
Total real estate investments	3,069
Final Accumulated Depreciation	$ (64)
Auto Driveaway | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Auto Driveaway | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	53 years
Avalon Flooring
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 753
Buildings and Improvements	3,299
Gross amount
Land and improvements	753
Buildings and improvements	3,299
Total real estate investments	4,052
Final Accumulated Depreciation	$ (864)
Avalon Flooring | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Avalon Flooring | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Bagger Dave's Burger Tavern
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,069
Buildings and Improvements	429
Gross amount
Land and improvements	1,069
Buildings and improvements	429
Total real estate investments	1,498
Final Accumulated Depreciation	$ (148)
Bagger Dave's Burger Tavern | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Bagger Dave's Burger Tavern | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Bank of America
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 13,131
Buildings and Improvements	74,628
Cost Capitalized / (Impaired)
Improvements/building	1,312
Gross amount
Land and improvements	13,131
Buildings and improvements	75,940
Total real estate investments	89,071
Final Accumulated Depreciation	$ (7,895)
Bank of America | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Bank of America | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	52 years
Best Buy
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 21,346
Buildings and Improvements	51,864
Cost Capitalized / (Impaired)
Improvements/building	134
Gross amount
Land and improvements	21,346
Buildings and improvements	51,998
Total real estate investments	73,344
Final Accumulated Depreciation	$ (8,571)
Best Buy | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Best Buy | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	41 years
Better Being Co
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,407
Buildings and Improvements	46,940
Gross amount
Land and improvements	3,407
Buildings and improvements	46,940
Total real estate investments	50,347
Final Accumulated Depreciation	$ (417)
Better Being Co | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Better Being Co | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Big Lots
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,498
Buildings and Improvements	3,398
Cost Capitalized / (Impaired)
Improvements/building	7,499
Gross amount
Land and improvements	3,498
Buildings and improvements	10,897
Total real estate investments	14,395
Final Accumulated Depreciation	$ (1,227)
Big Lots | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Big Lots | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Big Sandy Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 5,327
Buildings and Improvements	18,252
Cost Capitalized / (Impaired)
Improvements/building	24
Gross amount
Land and improvements	5,327
Buildings and improvements	18,276
Total real estate investments	23,603
Final Accumulated Depreciation	$ (4,115)
Big Sandy Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Big Sandy Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Binswanger Glass
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 3,696
Buildings and Improvements	14,737
Gross amount
Land and improvements	3,696
Buildings and improvements	14,737
Total real estate investments	18,433
Final Accumulated Depreciation	$ (242)
Binswanger Glass | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Binswanger Glass | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
BJ's Wholesale Club
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	11
Initial Cost to Company
Land and Improvements	$ 58,082
Buildings and Improvements	162,530
Cost Capitalized / (Impaired)
Improvements/building	229
Gross amount
Land and improvements	58,082
Buildings and improvements	162,759
Total real estate investments	220,841
Final Accumulated Depreciation	$ (27,524)
BJ's Wholesale Club | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
BJ's Wholesale Club | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Black Box
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 5,470
Buildings and Improvements	24,982
Gross amount
Land and improvements	5,470
Buildings and improvements	24,982
Total real estate investments	30,452
Final Accumulated Depreciation	$ (887)
Black Box | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Black Box | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	26 years
Blue Linx
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 37,932
Buildings and Improvements	71,290
Cost Capitalized / (Impaired)
Improvements/building	52
Gross amount
Land and improvements	37,932
Buildings and improvements	71,342
Total real estate investments	109,274
Final Accumulated Depreciation	$ (8,841)
Blue Linx | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Blue Linx | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Bob's Discount Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,776
Buildings and Improvements	8,024
Gross amount
Land and improvements	3,776
Buildings and improvements	8,024
Total real estate investments	11,800
Final Accumulated Depreciation	$ (224)
Bob's Discount Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Bob's Discount Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	46 years
Books-A-Million
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 575
Buildings and Improvements	2,568
Cost Capitalized / (Impaired)
Improvements/building	(6)
Gross amount
Land and improvements	575
Buildings and improvements	2,562
Total real estate investments	3,137
Final Accumulated Depreciation	$ (824)
Books-A-Million | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Books-A-Million | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Boscovs
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,803
Buildings and Improvements	4,314
Gross amount
Land and improvements	1,803
Buildings and improvements	4,314
Total real estate investments	6,117
Final Accumulated Depreciation	$ (1,247)
Boscovs | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Boscovs | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Brookshire Brothers
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 4,397
Buildings and Improvements	8,077
Cost Capitalized / (Impaired)
Improvements/building	(589)
Gross amount
Land and improvements	4,397
Buildings and improvements	7,488
Total real estate investments	11,885
Final Accumulated Depreciation	$ (6,016)
Brookshire Brothers | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Brookshire Brothers | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Buffalo Wild Wings
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 8,282
Buildings and Improvements	5,665
Gross amount
Land and improvements	8,282
Buildings and improvements	5,665
Total real estate investments	13,947
Final Accumulated Depreciation	$ (2,413)
Buffalo Wild Wings | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Buffalo Wild Wings | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Builders FirstSource
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 6,280
Buildings and Improvements	5,800
Cost Capitalized / (Impaired)
Improvements/building	242
Gross amount
Land and improvements	6,280
Buildings and improvements	6,042
Total real estate investments	12,322
Final Accumulated Depreciation	$ (990)
Builders FirstSource | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Builders FirstSource | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Burger King
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	15
Initial Cost to Company
Land and Improvements	$ 8,939
Buildings and Improvements	9,665
Gross amount
Land and improvements	8,939
Buildings and improvements	9,665
Total real estate investments	18,604
Final Accumulated Depreciation	$ (3,949)
Burger King | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Burger King | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Burlington
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 5,741
Buildings and Improvements	12,303
Gross amount
Land and improvements	5,741
Buildings and improvements	12,303
Total real estate investments	18,044
Final Accumulated Depreciation	$ (324)
Burlington | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Burlington | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Caliber Collision
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,587
Buildings and Improvements	6,250
Cost Capitalized / (Impaired)
Improvements/building	65
Gross amount
Land and improvements	4,587
Buildings and improvements	6,315
Total real estate investments	10,902
Final Accumulated Depreciation	$ (1,720)
Caliber Collision | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Caliber Collision | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Camping World
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 22,547
Buildings and Improvements	16,301
Cost Capitalized / (Impaired)
Improvements/building	15,957
Gross amount
Land and improvements	22,547
Buildings and improvements	32,258
Total real estate investments	54,805
Final Accumulated Depreciation	$ (9,653)
Camping World | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Camping World | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Car Wash USA Express
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	21
Initial Cost to Company
Land and Improvements	$ 13,035
Buildings and Improvements	63,614
Gross amount
Land and improvements	13,035
Buildings and improvements	63,614
Total real estate investments	76,649
Final Accumulated Depreciation	$ (6,880)
Car Wash USA Express | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Car Wash USA Express | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Car Max
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 45,244
Buildings and Improvements	48,842
Cost Capitalized / (Impaired)
Improvements/building	(244)
Gross amount
Land and improvements	45,244
Buildings and improvements	48,598
Total real estate investments	93,842
Final Accumulated Depreciation	$ (12,620)
Car Max | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Car Max | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Chapala
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 477
Buildings and Improvements	139
Gross amount
Land and improvements	477
Buildings and improvements	139
Total real estate investments	616
Final Accumulated Depreciation	$ (54)
Chapala | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Chapala | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Charleston's Restaurant
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,620
Buildings and Improvements	6,455
Cost Capitalized / (Impaired)
Improvements/building	12
Gross amount
Land and improvements	2,620
Buildings and improvements	6,467
Total real estate investments	9,087
Final Accumulated Depreciation	$ (1,328)
Charleston's Restaurant | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Charleston's Restaurant | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Childcare Network
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	20
Initial Cost to Company
Land and Improvements	$ 9,432
Buildings and Improvements	18,736
Cost Capitalized / (Impaired)
Improvements/building	36
Gross amount
Land and improvements	9,432
Buildings and improvements	18,772
Total real estate investments	28,204
Final Accumulated Depreciation	$ (6,121)
Childcare Network | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Childcare Network | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Childtime
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 2,106
Buildings and Improvements	4,181
Gross amount
Land and improvements	2,106
Buildings and improvements	4,181
Total real estate investments	6,287
Final Accumulated Depreciation	$ (2,081)
Childtime | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Childtime | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years

Schedule III Real Estate and _3

Schedule III Real Estate and Accumulated Depreciation - 2 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Cost Capitalized / (Impaired)
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
Chilis
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,628
Buildings and Improvements	3,337
Cost Capitalized / (Impaired)
Improvements/Land	(735)
Gross amount
Land and improvements	1,893
Buildings and improvements	3,337
Total real estate investments	5,230
Final Accumulated Depreciation	$ (1,281)
Chilis | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Chilis | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Chuck-A-Rama and Grub Steak
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	12
Initial Cost to Company
Land and Improvements	$ 8,406
Buildings and Improvements	23,314
Gross amount
Land and improvements	8,406
Buildings and improvements	23,314
Total real estate investments	31,720
Final Accumulated Depreciation	$ (4,123)
Chuck-A-Rama and Grub Steak | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Chuck-A-Rama and Grub Steak | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	37 years
Church's Chicken
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	160
Initial Cost to Company
Land and Improvements	$ 65,562
Buildings and Improvements	77,569
Cost Capitalized / (Impaired)
Improvements/Land	(304)
Improvements/building	(53)
Gross amount
Land and improvements	65,258
Buildings and improvements	77,516
Total real estate investments	142,774
Final Accumulated Depreciation	$ (37,301)
Church's Chicken | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Church's Chicken | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Cinemark
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,023
Buildings and Improvements	10,346
Cost Capitalized / (Impaired)
Improvements/building	52
Gross amount
Land and improvements	4,023
Buildings and improvements	10,398
Total real estate investments	14,421
Final Accumulated Depreciation	$ (1,929)
Cinemark | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Cinemark | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Circle K
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	71
Initial Cost to Company
Land and Improvements	$ 51,773
Buildings and Improvements	85,711
Cost Capitalized / (Impaired)
Improvements/Land	(21)
Gross amount
Land and improvements	51,752
Buildings and improvements	85,711
Total real estate investments	137,463
Final Accumulated Depreciation	$ (42,690)
Circle K | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Circle K | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	38 years
City Electric Supply
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	74
Initial Cost to Company
Land and Improvements	$ 27,568
Buildings and Improvements	74,284
Cost Capitalized / (Impaired)
Improvements/Land	31
Improvements/building	779
Gross amount
Land and improvements	27,599
Buildings and improvements	75,063
Total real estate investments	102,662
Final Accumulated Depreciation	$ (5,670)
City Electric Supply | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
City Electric Supply | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
Clean Freak
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 13,899
Buildings and Improvements	16,644
Cost Capitalized / (Impaired)
Improvements/Land	152
Improvements/building	3,133
Gross amount
Land and improvements	14,051
Buildings and improvements	19,777
Total real estate investments	33,828
Final Accumulated Depreciation	$ (3,287)
Clean Freak | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Clean Freak | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Coastal Construction Products
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 5,623
Buildings and Improvements	10,074
Cost Capitalized / (Impaired)
Improvements/building	33
Gross amount
Land and improvements	5,623
Buildings and improvements	10,107
Total real estate investments	15,730
Final Accumulated Depreciation	$ (610)
Coastal Construction Products | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Coastal Construction Products | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Coil Tubing Partners
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,343
Buildings and Improvements	4,950
Gross amount
Land and improvements	2,343
Buildings and improvements	4,950
Total real estate investments	7,293
Final Accumulated Depreciation	$ (84)
Coil Tubing Partners | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Coil Tubing Partners | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Colbert Packaging
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,835
Buildings and Improvements	22,707
Gross amount
Land and improvements	1,835
Buildings and improvements	22,707
Total real estate investments	$ 24,542
Colbert Packaging | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Colbert Packaging | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
Columbus Fish Market
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,164
Buildings and Improvements	1,165
Gross amount
Land and improvements	2,164
Buildings and improvements	1,165
Total real estate investments	3,329
Final Accumulated Depreciation	$ (847)
Columbus Fish Market | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Columbus Fish Market | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Conney Safety
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,189
Buildings and Improvements	11,451
Gross amount
Land and improvements	1,189
Buildings and improvements	11,451
Total real estate investments	12,640
Final Accumulated Depreciation	$ (1,724)
Conney Safety | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Conney Safety | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Convergys
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 808
Buildings and Improvements	6,045
Cost Capitalized / (Impaired)
Improvements/Land	(266)
Improvements/building	(1,580)
Gross amount
Land and improvements	542
Buildings and improvements	4,465
Total real estate investments	$ 5,007
Convergys | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Convergys | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	42 years
Cost-U-Less
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,132
Buildings and Improvements	5,992
Gross amount
Land and improvements	2,132
Buildings and improvements	5,992
Total real estate investments	8,124
Final Accumulated Depreciation	$ (2,133)
Cost-U-Less | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Cost-U-Less | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	37 years
Crash Champions
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	24
Initial Cost to Company
Land and Improvements	$ 30,873
Buildings and Improvements	43,757
Cost Capitalized / (Impaired)
Improvements/building	5
Gross amount
Land and improvements	30,873
Buildings and improvements	43,762
Total real estate investments	74,635
Final Accumulated Depreciation	$ (2,960)
Crash Champions | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Crash Champions | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Crème de la Crème
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 10,538
Buildings and Improvements	18,955
Cost Capitalized / (Impaired)
Improvements/building	61
Gross amount
Land and improvements	10,538
Buildings and improvements	19,016
Total real estate investments	29,554
Final Accumulated Depreciation	$ (2,219)
Crème de la Crème | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Crème de la Crème | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	41 years
Crunch Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 7,424
Buildings and Improvements	21,920
Cost Capitalized / (Impaired)
Improvements/building	3,036
Gross amount
Land and improvements	7,424
Buildings and improvements	24,956
Total real estate investments	32,380
Final Accumulated Depreciation	$ (5,470)
Crunch Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Crunch Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
C-Store
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	233
Initial Cost to Company
Land and Improvements	$ 162,580
Buildings and Improvements	136,269
Cost Capitalized / (Impaired)
Improvements/Land	(649)
Improvements/building	3,464
Gross amount
Land and improvements	161,931
Buildings and improvements	139,733
Total real estate investments	301,664
Final Accumulated Depreciation	$ (66,376)
C-Store | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
C-Store | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Curacao
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 9,470
Buildings and Improvements	13,326
Cost Capitalized / (Impaired)
Improvements/Land	(2,049)
Improvements/building	(5,007)
Gross amount
Land and improvements	7,421
Buildings and improvements	8,319
Total real estate investments	15,740
Final Accumulated Depreciation	$ (1,265)
Curacao | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Curacao | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	24 years
Curt Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,582
Buildings and Improvements	13,044
Cost Capitalized / (Impaired)
Improvements/building	130
Gross amount
Land and improvements	4,582
Buildings and improvements	13,174
Total real estate investments	17,756
Final Accumulated Depreciation	$ (1,848)
Curt Manufacturing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Curt Manufacturing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	29 years
C V S
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	30
Initial Cost to Company
Land and Improvements	$ 29,087
Buildings and Improvements	82,977
Cost Capitalized / (Impaired)
Improvements/Land	(301)
Improvements/building	(1,424)
Gross amount
Land and improvements	28,786
Buildings and improvements	81,553
Total real estate investments	110,339
Final Accumulated Depreciation	$ (25,682)
C V S | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
C V S | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Dairy Queen
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 2,570
Buildings and Improvements	4,333
Cost Capitalized / (Impaired)
Improvements/building	90
Gross amount
Land and improvements	2,570
Buildings and improvements	4,423
Total real estate investments	6,993
Final Accumulated Depreciation	$ (1,255)
Dairy Queen | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Dairy Queen | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Dave & Buster's / Main Event
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	15
Initial Cost to Company
Land and Improvements	$ 47,735
Buildings and Improvements	85,944
Cost Capitalized / (Impaired)
Improvements/Land	2,161
Improvements/building	25,241
Gross amount
Land and improvements	49,896
Buildings and improvements	111,185
Total real estate investments	161,081
Final Accumulated Depreciation	$ (26,548)
Dave & Buster's / Main Event | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Dave & Buster's / Main Event | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Davids Bridal
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,461
Buildings and Improvements	4,727
Cost Capitalized / (Impaired)
Improvements/building	54
Gross amount
Land and improvements	1,461
Buildings and improvements	4,781
Total real estate investments	6,242
Final Accumulated Depreciation	$ (1,285)
Davids Bridal | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Davids Bridal | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
Davis Standard
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,181
Buildings and Improvements	15,331
Cost Capitalized / (Impaired)
Improvements/building	71
Gross amount
Land and improvements	3,181
Buildings and improvements	15,402
Total real estate investments	18,583
Final Accumulated Depreciation	$ (3,562)
Davis Standard | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Davis Standard | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Deep Well Services
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,406
Buildings and Improvements	5,938
Gross amount
Land and improvements	2,406
Buildings and improvements	5,938
Total real estate investments	8,344
Final Accumulated Depreciation	$ (89)
Deep Well Services | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Deep Well Services | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Defined Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 16,187
Buildings and Improvements	35,280
Cost Capitalized / (Impaired)
Improvements/building	6
Gross amount
Land and improvements	16,187
Buildings and improvements	35,286
Total real estate investments	51,473
Final Accumulated Depreciation	$ (7,473)
Defined Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Defined Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Defy Trampoline Park
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 12,493
Buildings and Improvements	22,679
Cost Capitalized / (Impaired)
Improvements/Land	521
Improvements/building	3,758
Gross amount
Land and improvements	13,014
Buildings and improvements	26,437
Total real estate investments	39,451
Final Accumulated Depreciation	$ (8,016)
Defy Trampoline Park | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Defy Trampoline Park | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Denny's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 997
Buildings and Improvements	1,409
Cost Capitalized / (Impaired)
Improvements/Land	(24)
Improvements/building	25
Gross amount
Land and improvements	973
Buildings and improvements	1,434
Total real estate investments	2,407
Final Accumulated Depreciation	$ (422)
Denny's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Denny's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Dillon Tire
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,144
Buildings and Improvements	2,935
Gross amount
Land and improvements	1,144
Buildings and improvements	2,935
Total real estate investments	4,079
Final Accumulated Depreciation	$ (1,224)
Dillon Tire | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Dillon Tire | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Direct Shot Distributing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 6,447
Buildings and Improvements	20,390
Gross amount
Land and improvements	6,447
Buildings and improvements	20,390
Total real estate investments	26,837
Final Accumulated Depreciation	$ (1,874)
Direct Shot Distributing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Direct Shot Distributing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Dollar General
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	84
Initial Cost to Company
Land and Improvements	$ 30,981
Buildings and Improvements	71,005
Cost Capitalized / (Impaired)
Improvements/building	70
Gross amount
Land and improvements	30,981
Buildings and improvements	71,075
Total real estate investments	102,056
Final Accumulated Depreciation	$ (17,118)
Dollar General | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Dollar General | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
Dollar Tree / Family Dollar
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	132
Initial Cost to Company
Land and Improvements	$ 52,675
Buildings and Improvements	102,122
Cost Capitalized / (Impaired)
Improvements/Land	(486)
Improvements/building	(1,426)
Gross amount
Land and improvements	52,189
Buildings and improvements	100,696
Total real estate investments	152,885
Final Accumulated Depreciation	$ (16,522)
Dollar Tree / Family Dollar | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Dollar Tree / Family Dollar | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Drive Time
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,158
Buildings and Improvements	2,071
Cost Capitalized / (Impaired)
Improvements/building	(46)
Gross amount
Land and improvements	2,158
Buildings and improvements	2,025
Total real estate investments	4,183
Final Accumulated Depreciation	$ (1,555)
Drive Time | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Drive Time | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Driver’s Edge
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 5,737
Buildings and Improvements	5,766
Gross amount
Land and improvements	5,737
Buildings and improvements	5,766
Total real estate investments	11,503
Final Accumulated Depreciation	$ (512)
Driver’s Edge | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Driver’s Edge | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	38 years
Duluth Trading Co
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,776
Buildings and Improvements	3,990
Cost Capitalized / (Impaired)
Improvements/building	367
Gross amount
Land and improvements	2,776
Buildings and improvements	4,357
Total real estate investments	7,133
Final Accumulated Depreciation	$ (1,249)
Duluth Trading Co | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Duluth Trading Co | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	47 years
DWM Holdings, Inc.
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,056
Buildings and Improvements	4,198
Gross amount
Land and improvements	2,056
Buildings and improvements	4,198
Total real estate investments	6,254
Final Accumulated Depreciation	$ (128)
DWM Holdings, Inc. | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
DWM Holdings, Inc. | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
Eddie Merlot's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,184
Buildings and Improvements	2,776
Cost Capitalized / (Impaired)
Improvements/Land	(885)
Improvements/building	(2,079)
Gross amount
Land and improvements	299
Buildings and improvements	697
Total real estate investments	996
Final Accumulated Depreciation	$ (107)
Eddie Merlot's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Eddie Merlot's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
El Chico
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,337
Buildings and Improvements	61
Cost Capitalized / (Impaired)
Improvements/Land	(844)
Improvements/building	(39)
Gross amount
Land and improvements	493
Buildings and improvements	22
Total real estate investments	515
Final Accumulated Depreciation	$ (29)
El Chico | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
El Chico | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Emagine Theaters
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	13
Initial Cost to Company
Land and Improvements	$ 31,129
Buildings and Improvements	36,424
Cost Capitalized / (Impaired)
Improvements/Land	(419)
Improvements/building	23,260
Gross amount
Land and improvements	30,710
Buildings and improvements	59,684
Total real estate investments	90,394
Final Accumulated Depreciation	$ (16,436)
Emagine Theaters | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Emagine Theaters | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
EMCOR
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,292
Buildings and Improvements	8,033
Gross amount
Land and improvements	4,292
Buildings and improvements	8,033
Total real estate investments	12,325
Final Accumulated Depreciation	$ (372)
EMCOR | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
EMCOR | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Everbrook Academy
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 5,736
Buildings and Improvements	16,195
Cost Capitalized / (Impaired)
Improvements/building	104
Gross amount
Land and improvements	5,736
Buildings and improvements	16,299
Total real estate investments	22,035
Final Accumulated Depreciation	$ (648)
Everbrook Academy | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Everbrook Academy | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
Exceptional Health
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,495
Buildings and Improvements	12,652
Cost Capitalized / (Impaired)
Improvements/building	6,648
Gross amount
Land and improvements	4,495
Buildings and improvements	19,300
Total real estate investments	23,795
Final Accumulated Depreciation	$ (3,086)
Exceptional Health | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	16 years
Exceptional Health | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
F A Bco
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 10,341
Buildings and Improvements	28,364
Cost Capitalized / (Impaired)
Improvements/building	17
Gross amount
Land and improvements	10,341
Buildings and improvements	28,381
Total real estate investments	38,722
Final Accumulated Depreciation	$ (1,624)
F A Bco | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
F A Bco | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Family Fare Supermarket
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,198
Buildings and Improvements	3,328
Cost Capitalized / (Impaired)
Improvements/building	(67)
Gross amount
Land and improvements	2,198
Buildings and improvements	3,261
Total real estate investments	5,459
Final Accumulated Depreciation	$ (1,893)
Family Fare Supermarket | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Family Fare Supermarket | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Family Medical Center
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 521
Buildings and Improvements	2,589
Cost Capitalized / (Impaired)
Improvements/building	65
Gross amount
Land and improvements	521
Buildings and improvements	2,654
Total real estate investments	3,175
Final Accumulated Depreciation	$ (969)
Family Medical Center | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Family Medical Center | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Fazoli's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,186
Buildings and Improvements	136
Gross amount
Land and improvements	2,186
Buildings and improvements	136
Total real estate investments	2,322
Final Accumulated Depreciation	$ (78)
Fazoli's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Fazoli's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	18 years
Fed Ex
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 33,331
Buildings and Improvements	67,662
Cost Capitalized / (Impaired)
Improvements/Land	631
Improvements/building	426
Gross amount
Land and improvements	33,962
Buildings and improvements	68,088
Total real estate investments	102,050
Final Accumulated Depreciation	$ (16,844)
Fed Ex | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Fed Ex | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
Ferguson Enterprises
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 19,992
Buildings and Improvements	54,454
Gross amount
Land and improvements	19,992
Buildings and improvements	54,454
Total real estate investments	74,446
Final Accumulated Depreciation	$ (28,930)
Ferguson Enterprises | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Ferguson Enterprises | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	46 years
F H E
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,236
Buildings and Improvements	14,281
Cost Capitalized / (Impaired)
Improvements/building	11
Gross amount
Land and improvements	3,236
Buildings and improvements	14,292
Total real estate investments	17,528
Final Accumulated Depreciation	$ (1,644)
F H E | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
F H E | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Fiesta Mart
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,975
Gross amount
Land and improvements	3,975
Total real estate investments	$ 3,975
Finish Line Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,565
Buildings and Improvements	4,051
Cost Capitalized / (Impaired)
Improvements/building	19
Gross amount
Land and improvements	1,565
Buildings and improvements	4,070
Total real estate investments	5,635
Final Accumulated Depreciation	$ (240)
Finish Line Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Finish Line Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
Fire King
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 941
Buildings and Improvements	5,078
Cost Capitalized / (Impaired)
Improvements/building	65
Gross amount
Land and improvements	941
Buildings and improvements	5,143
Total real estate investments	6,084
Final Accumulated Depreciation	$ (632)
Fire King | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Fire King | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Flowers Foods
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 262
Buildings and Improvements	1,607
Gross amount
Land and improvements	262
Buildings and improvements	1,607
Total real estate investments	1,869
Final Accumulated Depreciation	$ (27)
Flowers Foods | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Flowers Foods | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years

Schedule III Real Estate and _4

Schedule III Real Estate and Accumulated Depreciation - 3 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Cost Capitalized / (Impaired)
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
Food City
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,591
Buildings and Improvements	15,150
Gross amount
Land and improvements	4,591
Buildings and improvements	15,150
Total real estate investments	19,741
Final Accumulated Depreciation	$ (5,104)
Food City | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Food City | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Food Lion
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 696
Buildings and Improvements	5,402
Gross amount
Land and improvements	696
Buildings and improvements	5,402
Total real estate investments	6,098
Final Accumulated Depreciation	$ (1,543)
Food Lion | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Food Lion | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Forum Energy Technologies
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 7,287
Buildings and Improvements	27,306
Gross amount
Land and improvements	7,287
Buildings and improvements	27,306
Total real estate investments	$ 34,593
Forum Energy Technologies | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Forum Energy Technologies | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
Fox Rehabilitation Services
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,078
Buildings and Improvements	6,076
Gross amount
Land and improvements	4,078
Buildings and improvements	6,076
Total real estate investments	10,154
Final Accumulated Depreciation	$ (2,019)
Fox Rehabilitation Services | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Fox Rehabilitation Services | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Freddy's Frozen Custard & Steakburgers
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 594
Buildings and Improvements	1,196
Gross amount
Land and improvements	594
Buildings and improvements	1,196
Total real estate investments	1,790
Final Accumulated Depreciation	$ (199)
Freddy's Frozen Custard & Steakburgers | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Freddy's Frozen Custard & Steakburgers | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Fresenius Medical Care
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 482
Buildings and Improvements	1,139
Cost Capitalized / (Impaired)
Improvements/building	(91)
Gross amount
Land and improvements	482
Buildings and improvements	1,048
Total real estate investments	1,530
Final Accumulated Depreciation	$ (368)
Fresenius Medical Care | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Fresenius Medical Care | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
General Aluminum Mfg. Company
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,124
Buildings and Improvements	10,152
Gross amount
Land and improvements	2,124
Buildings and improvements	10,152
Total real estate investments	12,276
Final Accumulated Depreciation	$ (401)
General Aluminum Mfg. Company | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
General Aluminum Mfg. Company | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Georgia Theatre
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 9,034
Buildings and Improvements	33,747
Gross amount
Land and improvements	9,034
Buildings and improvements	33,747
Total real estate investments	42,781
Final Accumulated Depreciation	$ (8,395)
Georgia Theatre | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Georgia Theatre | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Golden Corral
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 12,453
Buildings and Improvements	29,986
Gross amount
Land and improvements	12,453
Buildings and improvements	29,986
Total real estate investments	42,439
Final Accumulated Depreciation	$ (5,249)
Golden Corral | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Golden Corral | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Gourmet Foods
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 6,224
Buildings and Improvements	8,369
Gross amount
Land and improvements	6,224
Buildings and improvements	8,369
Total real estate investments	14,593
Final Accumulated Depreciation	$ (1,100)
Gourmet Foods | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Gourmet Foods | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
GQT Riverview 14 GDX
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,970
Buildings and Improvements	4,014
Cost Capitalized / (Impaired)
Improvements/building	8,907
Gross amount
Land and improvements	4,970
Buildings and improvements	12,921
Total real estate investments	17,891
Final Accumulated Depreciation	$ (2,268)
GQT Riverview 14 GDX | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	12 years
GQT Riverview 14 GDX | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Grease Monkey
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	29
Initial Cost to Company
Land and Improvements	$ 8,374
Buildings and Improvements	15,376
Gross amount
Land and improvements	8,374
Buildings and improvements	15,376
Total real estate investments	23,750
Final Accumulated Depreciation	$ (9,507)
Grease Monkey | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Grease Monkey | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Great Western Leasing & Sales
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,114
Buildings and Improvements	5,251
Gross amount
Land and improvements	2,114
Buildings and improvements	5,251
Total real estate investments	$ 7,365
Great Western Leasing & Sales | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Great Western Leasing & Sales | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	24 years
GTA Containers
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,064
Buildings and Improvements	9,343
Gross amount
Land and improvements	3,064
Buildings and improvements	9,343
Total real estate investments	12,407
Final Accumulated Depreciation	$ (305)
GTA Containers | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
GTA Containers | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	38 years
GXO Logistics
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,755
Buildings and Improvements	37,271
Gross amount
Land and improvements	3,755
Buildings and improvements	37,271
Total real estate investments	41,026
Final Accumulated Depreciation	$ (1,254)
GXO Logistics | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
GXO Logistics | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
H&E Equipment Services
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,790
Buildings and Improvements	1,267
Gross amount
Land and improvements	1,790
Buildings and improvements	1,267
Total real estate investments	3,057
Final Accumulated Depreciation	$ (954)
H&E Equipment Services | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
H&E Equipment Services | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Hardee's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	34
Initial Cost to Company
Land and Improvements	$ 13,901
Buildings and Improvements	18,960
Gross amount
Land and improvements	13,901
Buildings and improvements	18,960
Total real estate investments	32,861
Final Accumulated Depreciation	$ (10,809)
Hardee's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Hardee's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Harley Davidson
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 908
Buildings and Improvements	4,691
Gross amount
Land and improvements	908
Buildings and improvements	4,691
Total real estate investments	5,599
Final Accumulated Depreciation	$ (142)
Harley Davidson | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Harley Davidson | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Hartford Provision Company
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,590
Buildings and Improvements	6,774
Cost Capitalized / (Impaired)
Improvements/building	632
Gross amount
Land and improvements	1,590
Buildings and improvements	7,406
Total real estate investments	8,996
Final Accumulated Depreciation	$ (3,046)
Hartford Provision Company | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Hartford Provision Company | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Hatch Stamping
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,411
Buildings and Improvements	9,705
Gross amount
Land and improvements	2,411
Buildings and improvements	9,705
Total real estate investments	12,116
Final Accumulated Depreciation	$ (2,005)
Hatch Stamping | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Hatch Stamping | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Havana Farm And Home Supply
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 526
Buildings and Improvements	813
Cost Capitalized / (Impaired)
Improvements/building	(32)
Gross amount
Land and improvements	526
Buildings and improvements	781
Total real estate investments	1,307
Final Accumulated Depreciation	$ (528)
Havana Farm And Home Supply | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Havana Farm And Home Supply | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Health Point Family Medicine
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 159
Buildings and Improvements	1,124
Cost Capitalized / (Impaired)
Improvements/building	(24)
Gross amount
Land and improvements	159
Buildings and improvements	1,100
Total real estate investments	1,259
Final Accumulated Depreciation	$ (290)
Health Point Family Medicine | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Health Point Family Medicine | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Hobby Lobby
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 8,941
Buildings and Improvements	17,280
Cost Capitalized / (Impaired)
Improvements/building	128
Gross amount
Land and improvements	8,941
Buildings and improvements	17,408
Total real estate investments	26,349
Final Accumulated Depreciation	$ (3,199)
Hobby Lobby | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Hobby Lobby | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Home Depot
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 59,098
Buildings and Improvements	67,982
Cost Capitalized / (Impaired)
Improvements/Land	13
Improvements/building	535
Gross amount
Land and improvements	59,111
Buildings and improvements	68,517
Total real estate investments	127,628
Final Accumulated Depreciation	$ (26,382)
Home Depot | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Home Depot | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
HomTex
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 5,307
Buildings and Improvements	21,799
Gross amount
Land and improvements	5,307
Buildings and improvements	21,799
Total real estate investments	27,106
Final Accumulated Depreciation	$ (434)
HomTex | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
HomTex | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	29 years
Hy-Vee Food Store
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 648
Buildings and Improvements	379
Cost Capitalized / (Impaired)
Improvements/building	(100)
Gross amount
Land and improvements	648
Buildings and improvements	279
Total real estate investments	927
Final Accumulated Depreciation	$ (405)
Hy-Vee Food Store | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Hy-Vee Food Store | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
I B M
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,154
Buildings and Improvements	19,715
Cost Capitalized / (Impaired)
Improvements/building	12,816
Gross amount
Land and improvements	3,154
Buildings and improvements	32,531
Total real estate investments	35,685
Final Accumulated Depreciation	$ (7,401)
I B M | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
I B M | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
In-Shape
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,146
Buildings and Improvements	7,985
Cost Capitalized / (Impaired)
Improvements/building	2,244
Gross amount
Land and improvements	3,146
Buildings and improvements	10,229
Total real estate investments	13,375
Final Accumulated Depreciation	$ (3,184)
In-Shape | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
In-Shape | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Insurance Auto Auction
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 15,741
Buildings and Improvements	3,162
Gross amount
Land and improvements	15,741
Buildings and improvements	3,162
Total real estate investments	18,903
Final Accumulated Depreciation	$ (3,644)
Insurance Auto Auction | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Insurance Auto Auction | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Interstate Resources
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,084
Buildings and Improvements	5,507
Cost Capitalized / (Impaired)
Improvements/building	1,359
Gross amount
Land and improvements	1,084
Buildings and improvements	6,866
Total real estate investments	7,950
Final Accumulated Depreciation	$ (2,687)
Interstate Resources | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Interstate Resources | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	26 years
Invited Clubs
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	21
Initial Cost to Company
Land and Improvements	$ 153,144
Buildings and Improvements	48,864
Cost Capitalized / (Impaired)
Improvements/building	4,492
Gross amount
Land and improvements	153,144
Buildings and improvements	53,356
Total real estate investments	206,500
Final Accumulated Depreciation	$ (15,263)
Invited Clubs | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Invited Clubs | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
J. Jill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 7,420
Buildings and Improvements	19,608
Gross amount
Land and improvements	7,420
Buildings and improvements	19,608
Total real estate investments	27,028
Final Accumulated Depreciation	$ (11,255)
J. Jill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
J. Jill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Jiffy Lube
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	17
Initial Cost to Company
Land and Improvements	$ 14,478
Buildings and Improvements	17,335
Cost Capitalized / (Impaired)
Improvements/building	1,448
Gross amount
Land and improvements	14,478
Buildings and improvements	18,783
Total real estate investments	33,261
Final Accumulated Depreciation	$ (3,154)
Jiffy Lube | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Jiffy Lube | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Jo-Ann's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 5,425
Buildings and Improvements	8,958
Cost Capitalized / (Impaired)
Improvements/Land	151
Improvements/building	376
Gross amount
Land and improvements	5,576
Buildings and improvements	9,334
Total real estate investments	14,910
Final Accumulated Depreciation	$ (3,430)
Jo-Ann's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Jo-Ann's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
K F C
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	18
Initial Cost to Company
Land and Improvements	$ 9,506
Buildings and Improvements	12,023
Cost Capitalized / (Impaired)
Improvements/Land	109
Improvements/building	118
Gross amount
Land and improvements	9,615
Buildings and improvements	12,141
Total real estate investments	21,756
Final Accumulated Depreciation	$ (5,019)
K F C | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
K F C | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
KinderCare
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 870
Buildings and Improvements	2,912
Gross amount
Land and improvements	870
Buildings and improvements	2,912
Total real estate investments	3,782
Final Accumulated Depreciation	$ (80)
KinderCare | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
KinderCare | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
King’s Daughters Medical Center
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 658
Buildings and Improvements	3,171
Gross amount
Land and improvements	658
Buildings and improvements	3,171
Total real estate investments	3,829
Final Accumulated Depreciation	$ (988)
King’s Daughters Medical Center | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
King’s Daughters Medical Center | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Kiolbassa
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,088
Buildings and Improvements	9,105
Cost Capitalized / (Impaired)
Improvements/building	2,122
Gross amount
Land and improvements	4,088
Buildings and improvements	11,227
Total real estate investments	15,315
Final Accumulated Depreciation	$ (937)
Kiolbassa | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Kiolbassa | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Kohl's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	15
Initial Cost to Company
Land and Improvements	$ 42,634
Buildings and Improvements	85,795
Cost Capitalized / (Impaired)
Improvements/Land	200
Improvements/building	743
Gross amount
Land and improvements	42,834
Buildings and improvements	86,538
Total real estate investments	129,372
Final Accumulated Depreciation	$ (21,262)
Kohl's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Kohl's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	46 years
Kroger
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 972
Buildings and Improvements	8,435
Cost Capitalized / (Impaired)
Improvements/building	(28)
Gross amount
Land and improvements	972
Buildings and improvements	8,407
Total real estate investments	9,379
Final Accumulated Depreciation	$ (3,650)
Kroger | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Kroger | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
L-3 Link Simulation & Training
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,133
Buildings and Improvements	9,908
Cost Capitalized / (Impaired)
Improvements/building	16
Gross amount
Land and improvements	1,133
Buildings and improvements	9,924
Total real estate investments	11,057
Final Accumulated Depreciation	$ (545)
L-3 Link Simulation & Training | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
L-3 Link Simulation & Training | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
L A Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 21,371
Buildings and Improvements	51,561
Cost Capitalized / (Impaired)
Improvements/Land	(7,680)
Improvements/building	(10,901)
Gross amount
Land and improvements	13,691
Buildings and improvements	40,660
Total real estate investments	54,351
Final Accumulated Depreciation	$ (10,290)
L A Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
L A Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Lamb's/Ramona Tire
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 5,598
Buildings and Improvements	5,224
Gross amount
Land and improvements	5,598
Buildings and improvements	5,224
Total real estate investments	10,822
Final Accumulated Depreciation	$ (672)
Lamb's/Ramona Tire | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Lamb's/Ramona Tire | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
La-Z-Boy
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 13,026
Buildings and Improvements	36,142
Cost Capitalized / (Impaired)
Improvements/Land	(1,374)
Improvements/building	(2,794)
Gross amount
Land and improvements	11,652
Buildings and improvements	33,348
Total real estate investments	45,000
Final Accumulated Depreciation	$ (2,866)
La-Z-Boy | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
La-Z-Boy | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Lee's Famous Recipe Chicken
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 1,506
Buildings and Improvements	1,352
Gross amount
Land and improvements	1,506
Buildings and improvements	1,352
Total real estate investments	2,858
Final Accumulated Depreciation	$ (625)
Lee's Famous Recipe Chicken | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Lee's Famous Recipe Chicken | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Levin Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,042
Buildings and Improvements	3,808
Gross amount
Land and improvements	2,042
Buildings and improvements	3,808
Total real estate investments	5,850
Final Accumulated Depreciation	$ (160)
Levin Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Levin Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	28 years
Liberty Oilfield Services
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,760
Buildings and Improvements	10,281
Gross amount
Land and improvements	4,760
Buildings and improvements	10,281
Total real estate investments	15,041
Final Accumulated Depreciation	$ (3,171)
Liberty Oilfield Services | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Liberty Oilfield Services | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Life Time Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	12
Initial Cost to Company
Land and Improvements	$ 99,585
Buildings and Improvements	308,399
Cost Capitalized / (Impaired)
Improvements/building	173
Gross amount
Land and improvements	99,585
Buildings and improvements	308,572
Total real estate investments	408,157
Final Accumulated Depreciation	$ (25,997)
Life Time Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Life Time Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	55 years
Lincoln Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 7,411
Buildings and Improvements	10,150
Gross amount
Land and improvements	7,411
Buildings and improvements	10,150
Total real estate investments	17,561
Final Accumulated Depreciation	$ (252)
Lincoln Manufacturing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Lincoln Manufacturing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Logan's Roadhouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,553
Buildings and Improvements	4,074
Cost Capitalized / (Impaired)
Improvements/Land	(1,822)
Improvements/building	(2,941)
Gross amount
Land and improvements	731
Buildings and improvements	1,133
Total real estate investments	1,864
Final Accumulated Depreciation	$ (221)
Logan's Roadhouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Logan's Roadhouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Long John Silver's / A&W
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,329
Gross amount
Land and improvements	1,329
Total real estate investments	$ 1,329
Look Cinemas
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 8,657
Buildings and Improvements	47,880
Cost Capitalized / (Impaired)
Improvements/building	8,898
Gross amount
Land and improvements	8,657
Buildings and improvements	56,778
Total real estate investments	65,435
Final Accumulated Depreciation	$ (13,564)
Look Cinemas | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Look Cinemas | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Lowe's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 39,205
Buildings and Improvements	37,533
Cost Capitalized / (Impaired)
Improvements/Land	(7,896)
Improvements/building	(6,216)
Gross amount
Land and improvements	31,309
Buildings and improvements	31,317
Total real estate investments	62,626
Final Accumulated Depreciation	$ (13,206)
Lowe's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Lowe's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
Lutheran Health Physicians
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 220
Buildings and Improvements	278
Cost Capitalized / (Impaired)
Improvements/Land	68
Improvements/building	(30)
Gross amount
Land and improvements	288
Buildings and improvements	248
Total real estate investments	536
Final Accumulated Depreciation	$ (168)
Lutheran Health Physicians | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Lutheran Health Physicians | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years

Schedule III Real Estate and _5

Schedule III Real Estate and Accumulated Depreciation - 4 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Cost Capitalized / (Impaired)
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
M A A C O
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,501
Buildings and Improvements	2,815
Cost Capitalized / (Impaired)
Improvements/Land	(759)
Improvements/building	(63)
Gross amount
Land and improvements	1,742
Buildings and improvements	2,752
Total real estate investments	4,494
Final Accumulated Depreciation	$ (687)
M A A C O | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
M A A C O | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Mac Papers + Packaging
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	12
Initial Cost to Company
Land and Improvements	$ 14,377
Buildings and Improvements	63,823
Gross amount
Land and improvements	14,377
Buildings and improvements	63,823
Total real estate investments	78,200
Final Accumulated Depreciation	$ (6,448)
Mac Papers + Packaging | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Mac Papers + Packaging | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	46 years
Malibu Boats
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,644
Buildings and Improvements	13,911
Gross amount
Land and improvements	4,644
Buildings and improvements	13,911
Total real estate investments	18,555
Final Accumulated Depreciation	$ (8,386)
Malibu Boats | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Malibu Boats | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Market Street
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,559
Buildings and Improvements	10,834
Cost Capitalized / (Impaired)
Improvements/Land	(10)
Improvements/building	(775)
Gross amount
Land and improvements	3,549
Buildings and improvements	10,059
Total real estate investments	13,608
Final Accumulated Depreciation	$ (6,115)
Market Street | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Market Street | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Mattress Firm
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 596
Buildings and Improvements	872
Cost Capitalized / (Impaired)
Improvements/building	216
Gross amount
Land and improvements	596
Buildings and improvements	1,088
Total real estate investments	1,684
Final Accumulated Depreciation	$ (461)
Mattress Firm | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Mattress Firm | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Michael's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,114
Buildings and Improvements	6,726
Gross amount
Land and improvements	1,114
Buildings and improvements	6,726
Total real estate investments	7,840
Final Accumulated Depreciation	$ (2,746)
Michael's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Michael's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	49 years
Milo's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 5,260
Buildings and Improvements	7,074
Cost Capitalized / (Impaired)
Improvements/building	475
Gross amount
Land and improvements	5,260
Buildings and improvements	7,549
Total real estate investments	12,809
Final Accumulated Depreciation	$ (3,405)
Milo's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Milo's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	29 years
Mister Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	22
Initial Cost to Company
Land and Improvements	$ 41,796
Buildings and Improvements	48,845
Cost Capitalized / (Impaired)
Improvements/Land	536
Improvements/building	285
Gross amount
Land and improvements	42,332
Buildings and improvements	49,130
Total real estate investments	91,462
Final Accumulated Depreciation	$ (16,466)
Mister Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Mister Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Mojo Grill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 619
Buildings and Improvements	236
Cost Capitalized / (Impaired)
Improvements/building	500
Gross amount
Land and improvements	619
Buildings and improvements	736
Total real estate investments	1,355
Final Accumulated Depreciation	$ (178)
Mojo Grill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Mojo Grill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Monterey's Tex Mex
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 818
Buildings and Improvements	670
Gross amount
Land and improvements	818
Buildings and improvements	670
Total real estate investments	1,488
Final Accumulated Depreciation	$ (147)
Monterey's Tex Mex | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Monterey's Tex Mex | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Mountainside Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,687
Buildings and Improvements	2,935
Cost Capitalized / (Impaired)
Improvements/building	264
Gross amount
Land and improvements	1,687
Buildings and improvements	3,199
Total real estate investments	4,886
Final Accumulated Depreciation	$ (406)
Mountainside Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Mountainside Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
MPI
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 2,212
Buildings and Improvements	15,217
Gross amount
Land and improvements	2,212
Buildings and improvements	15,217
Total real estate investments	17,429
Final Accumulated Depreciation	$ (472)
MPI | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
MPI | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Mr. Clean/Jiffy Lube
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,964
Buildings and Improvements	3,351
Gross amount
Land and improvements	4,964
Buildings and improvements	3,351
Total real estate investments	8,315
Final Accumulated Depreciation	$ (546)
Mr. Clean/Jiffy Lube | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Mr. Clean/Jiffy Lube | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Next Care Urgent Care
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 271
Buildings and Improvements	728
Gross amount
Land and improvements	271
Buildings and improvements	728
Total real estate investments	999
Final Accumulated Depreciation	$ (218)
Next Care Urgent Care | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Next Care Urgent Care | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
NN, Inc.
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,595
Buildings and Improvements	21,969
Cost Capitalized / (Impaired)
Improvements/building	122
Gross amount
Land and improvements	3,595
Buildings and improvements	22,091
Total real estate investments	25,686
Final Accumulated Depreciation	$ (746)
NN, Inc. | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	12 years
NN, Inc. | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Northern Tool & Equipment
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,728
Buildings and Improvements	3,437
Gross amount
Land and improvements	1,728
Buildings and improvements	3,437
Total real estate investments	5,165
Final Accumulated Depreciation	$ (1,117)
Northern Tool & Equipment | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Northern Tool & Equipment | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
NWN Carousel
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,136
Buildings and Improvements	7,989
Gross amount
Land and improvements	1,136
Buildings and improvements	7,989
Total real estate investments	$ 9,125
NWN Carousel | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
NWN Carousel | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
Off Lease Only
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 65,556
Buildings and Improvements	38,688
Cost Capitalized / (Impaired)
Improvements/building	1,989
Gross amount
Land and improvements	65,556
Buildings and improvements	40,677
Total real estate investments	106,233
Final Accumulated Depreciation	$ (5,011)
Off Lease Only | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Off Lease Only | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Office Depot
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 5,561
Buildings and Improvements	14,526
Cost Capitalized / (Impaired)
Improvements/building	288
Gross amount
Land and improvements	5,561
Buildings and improvements	14,814
Total real estate investments	20,375
Final Accumulated Depreciation	$ (4,605)
Office Depot | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Office Depot | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	47 years
Ojos Locos Sports Cantina
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,725
Buildings and Improvements	1,470
Gross amount
Land and improvements	1,725
Buildings and improvements	1,470
Total real estate investments	3,195
Final Accumulated Depreciation	$ (532)
Ojos Locos Sports Cantina | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Ojos Locos Sports Cantina | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Old Time Pottery
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 6,071
Buildings and Improvements	12,093
Cost Capitalized / (Impaired)
Improvements/Land	(506)
Improvements/building	(1,516)
Gross amount
Land and improvements	5,565
Buildings and improvements	10,577
Total real estate investments	16,142
Final Accumulated Depreciation	$ (5,117)
Old Time Pottery | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Old Time Pottery | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Ollie's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,417
Buildings and Improvements	3,524
Gross amount
Land and improvements	3,417
Buildings and improvements	3,524
Total real estate investments	$ 6,941
Ollie's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Ollie's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
O'Reilly Auto Parts
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 161
Gross amount
Land and improvements	161
Total real estate investments	$ 161
Party City
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 11,849
Buildings and Improvements	116,669
Gross amount
Land and improvements	11,849
Buildings and improvements	116,669
Total real estate investments	128,518
Final Accumulated Depreciation	$ (11,132)
Party City | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Party City | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	42 years
Pawn I
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,440
Buildings and Improvements	3,684
Gross amount
Land and improvements	1,440
Buildings and improvements	3,684
Total real estate investments	5,124
Final Accumulated Depreciation	$ (767)
Pawn I | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Pawn I | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Pep Boys
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	11
Initial Cost to Company
Land and Improvements	$ 14,491
Buildings and Improvements	30,461
Cost Capitalized / (Impaired)
Improvements/Land	(1,936)
Improvements/building	(5,997)
Gross amount
Land and improvements	12,555
Buildings and improvements	24,464
Total real estate investments	37,019
Final Accumulated Depreciation	$ (7,163)
Pep Boys | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Pep Boys | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	41 years
Pet Smart
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,247
Buildings and Improvements	10,208
Gross amount
Land and improvements	4,247
Buildings and improvements	10,208
Total real estate investments	14,455
Final Accumulated Depreciation	$ (3,110)
Pet Smart | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Pet Smart | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
PetSuites Pet Resort & Spa
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,563
Buildings and Improvements	2,679
Gross amount
Land and improvements	1,563
Buildings and improvements	2,679
Total real estate investments	4,242
Final Accumulated Depreciation	$ (375)
PetSuites Pet Resort & Spa | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	19 years
PetSuites Pet Resort & Spa | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Pioneer Seeds
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 870
Buildings and Improvements	6,961
Cost Capitalized / (Impaired)
Improvements/building	29
Gross amount
Land and improvements	870
Buildings and improvements	6,990
Total real estate investments	7,860
Final Accumulated Depreciation	$ (1,367)
Pioneer Seeds | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Pioneer Seeds | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Planet Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,704
Buildings and Improvements	5,612
Cost Capitalized / (Impaired)
Improvements/building	22
Gross amount
Land and improvements	2,704
Buildings and improvements	5,634
Total real estate investments	8,338
Final Accumulated Depreciation	$ (2,154)
Planet Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Planet Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Popeye's Chicken & Biscuits
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 3,793
Buildings and Improvements	5,495
Gross amount
Land and improvements	3,793
Buildings and improvements	5,495
Total real estate investments	9,288
Final Accumulated Depreciation	$ (1,656)
Popeye's Chicken & Biscuits | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Popeye's Chicken & Biscuits | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	19 years
PoweHome Solar
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 894
Buildings and Improvements	3,733
Cost Capitalized / (Impaired)
Improvements/Land	(429)
Improvements/building	(1,800)
Gross amount
Land and improvements	465
Buildings and improvements	1,933
Total real estate investments	$ 2,398
PoweHome Solar | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
PoweHome Solar | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Progressive Medical Center
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,061
Buildings and Improvements	4,556
Cost Capitalized / (Impaired)
Improvements/building	22
Gross amount
Land and improvements	1,061
Buildings and improvements	4,578
Total real estate investments	5,639
Final Accumulated Depreciation	$ (906)
Progressive Medical Center | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Progressive Medical Center | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Quartz Health Solutions
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,252
Buildings and Improvements	15,544
Gross amount
Land and improvements	2,252
Buildings and improvements	15,544
Total real estate investments	$ 17,796
Quartz Health Solutions | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Quartz Health Solutions | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
Rally's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 160
Buildings and Improvements	693
Cost Capitalized / (Impaired)
Improvements/Land	(1)
Improvements/building	(4)
Gross amount
Land and improvements	159
Buildings and improvements	689
Total real estate investments	848
Final Accumulated Depreciation	$ (208)
Rally's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Rally's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	12 years
Raymour & Flanigan Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,825
Buildings and Improvements	19,295
Cost Capitalized / (Impaired)
Improvements/building	25
Gross amount
Land and improvements	2,825
Buildings and improvements	19,320
Total real estate investments	22,145
Final Accumulated Depreciation	$ (2,022)
Raymour & Flanigan Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Raymour & Flanigan Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Red Lobster
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	22
Initial Cost to Company
Land and Improvements	$ 21,559
Buildings and Improvements	35,043
Gross amount
Land and improvements	21,559
Buildings and improvements	35,043
Total real estate investments	56,602
Final Accumulated Depreciation	$ (10,981)
Red Lobster | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Red Lobster | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Red Mesa Grill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 947
Buildings and Improvements	3,140
Gross amount
Land and improvements	947
Buildings and improvements	3,140
Total real estate investments	4,087
Final Accumulated Depreciation	$ (873)
Red Mesa Grill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Red Mesa Grill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Regal Cinemas
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 22,833
Buildings and Improvements	40,156
Cost Capitalized / (Impaired)
Improvements/Land	(6,080)
Improvements/building	(788)
Gross amount
Land and improvements	16,753
Buildings and improvements	39,368
Total real estate investments	56,121
Final Accumulated Depreciation	$ (11,077)
Regal Cinemas | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Regal Cinemas | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Renaissance Food
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,203
Buildings and Improvements	8,089
Cost Capitalized / (Impaired)
Improvements/building	324
Gross amount
Land and improvements	3,203
Buildings and improvements	8,413
Total real estate investments	11,616
Final Accumulated Depreciation	$ (990)
Renaissance Food | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Renaissance Food | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	38 years
Repair One
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 574
Buildings and Improvements	1,349
Gross amount
Land and improvements	574
Buildings and improvements	1,349
Total real estate investments	1,923
Final Accumulated Depreciation	$ (196)
Repair One | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Repair One | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Residence Inn By Marriott
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,627
Buildings and Improvements	28,368
Cost Capitalized / (Impaired)
Improvements/building	4,729
Gross amount
Land and improvements	4,627
Buildings and improvements	33,097
Total real estate investments	37,724
Final Accumulated Depreciation	$ (3,324)
Residence Inn By Marriott | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Residence Inn By Marriott | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Rite Aid
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	11
Initial Cost to Company
Land and Improvements	$ 9,115
Buildings and Improvements	25,899
Cost Capitalized / (Impaired)
Improvements/Land	(378)
Improvements/building	(1,057)
Gross amount
Land and improvements	8,737
Buildings and improvements	24,842
Total real estate investments	33,579
Final Accumulated Depreciation	$ (7,518)
Rite Aid | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Rite Aid | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Ross
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,631
Buildings and Improvements	7,710
Cost Capitalized / (Impaired)
Improvements/building	301
Gross amount
Land and improvements	2,631
Buildings and improvements	8,011
Total real estate investments	10,642
Final Accumulated Depreciation	$ (2,447)
Ross | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Ross | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Ruth's Chris Steakhouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,558
Buildings and Improvements	3,428
Gross amount
Land and improvements	3,558
Buildings and improvements	3,428
Total real estate investments	6,986
Final Accumulated Depreciation	$ (1,386)
Ruth's Chris Steakhouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Ruth's Chris Steakhouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Ryerson
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 13,674
Buildings and Improvements	46,403
Cost Capitalized / (Impaired)
Improvements/Land	(140)
Improvements/building	708
Gross amount
Land and improvements	13,534
Buildings and improvements	47,111
Total real estate investments	60,645
Final Accumulated Depreciation	$ (9,182)
Ryerson | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Ryerson | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Sagebrush
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,514
Buildings and Improvements	4,759
Cost Capitalized / (Impaired)
Improvements/building	49
Gross amount
Land and improvements	1,514
Buildings and improvements	4,808
Total real estate investments	6,322
Final Accumulated Depreciation	$ (560)
Sagebrush | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Sagebrush | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Saisaki Asian Bistro And Sushi
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,184
Buildings and Improvements	311
Gross amount
Land and improvements	1,184
Buildings and improvements	311
Total real estate investments	1,495
Final Accumulated Depreciation	$ (462)
Saisaki Asian Bistro And Sushi | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Saisaki Asian Bistro And Sushi | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Saltgrass
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,934
Buildings and Improvements	1,456
Gross amount
Land and improvements	1,934
Buildings and improvements	1,456
Total real estate investments	3,390
Final Accumulated Depreciation	$ (312)
Saltgrass | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Saltgrass | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Same Day Delivery
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,287
Buildings and Improvements	4,469
Cost Capitalized / (Impaired)
Improvements/Land	(1,369)
Improvements/building	(2,277)
Gross amount
Land and improvements	918
Buildings and improvements	2,192
Total real estate investments	3,110
Final Accumulated Depreciation	$ (741)
Same Day Delivery | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Same Day Delivery | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Sam's Club
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 12,609
Buildings and Improvements	16,182
Cost Capitalized / (Impaired)
Improvements/Land	295
Improvements/building	541
Gross amount
Land and improvements	12,904
Buildings and improvements	16,723
Total real estate investments	29,627
Final Accumulated Depreciation	$ (12,193)
Sam's Club | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Sam's Club | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Serrano's Mexican Restaurant
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,031
Buildings and Improvements	2,161
Gross amount
Land and improvements	1,031
Buildings and improvements	2,161
Total real estate investments	3,192
Final Accumulated Depreciation	$ (774)
Serrano's Mexican Restaurant | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Serrano's Mexican Restaurant | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Sheffield Pharmaceuticals
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 627
Buildings and Improvements	4,767
Cost Capitalized / (Impaired)
Improvements/building	324
Gross amount
Land and improvements	627
Buildings and improvements	5,091
Total real estate investments	5,718
Final Accumulated Depreciation	$ (1,171)
Sheffield Pharmaceuticals | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Sheffield Pharmaceuticals | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Shiloh Industries
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 10,350
Buildings and Improvements	26,362
Cost Capitalized / (Impaired)
Improvements/building	22
Gross amount
Land and improvements	10,350
Buildings and improvements	26,384
Total real estate investments	36,734
Final Accumulated Depreciation	$ (2,815)
Shiloh Industries | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Shiloh Industries | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	54 years
Shooters World
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,238
Buildings and Improvements	15,646
Cost Capitalized / (Impaired)
Improvements/Land	390
Improvements/building	5,508
Gross amount
Land and improvements	4,628
Buildings and improvements	21,154
Total real estate investments	25,782
Final Accumulated Depreciation	$ (2,720)
Shooters World | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Shooters World | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Shutterfly
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 7,867
Buildings and Improvements	24,085
Gross amount
Land and improvements	7,867
Buildings and improvements	24,085
Total real estate investments	31,952
Final Accumulated Depreciation	$ (1,853)
Shutterfly | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Shutterfly | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Silgan Closures
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,789
Buildings and Improvements	6,634
Gross amount
Land and improvements	1,789
Buildings and improvements	6,634
Total real estate investments	8,423
Final Accumulated Depreciation	$ (244)
Silgan Closures | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Silgan Closures | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
Skyline Chili
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,437
Buildings and Improvements	1,073
Gross amount
Land and improvements	1,437
Buildings and improvements	1,073
Total real estate investments	2,510
Final Accumulated Depreciation	$ (280)
Skyline Chili | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Skyline Chili | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	18 years
Slim Chickens
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,687
Buildings and Improvements	2,122
Gross amount
Land and improvements	1,687
Buildings and improvements	2,122
Total real estate investments	3,809
Final Accumulated Depreciation	$ (499)
Slim Chickens | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Slim Chickens | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Smokey Bones Barbecue & Grill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	13
Initial Cost to Company
Land and Improvements	$ 18,287
Buildings and Improvements	10,375
Cost Capitalized / (Impaired)
Improvements/Land	(350)
Improvements/building	(261)
Gross amount
Land and improvements	17,937
Buildings and improvements	10,114
Total real estate investments	28,051
Final Accumulated Depreciation	$ (8,447)
Smokey Bones Barbecue & Grill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Smokey Bones Barbecue & Grill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Smoothie King
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 208
Buildings and Improvements	302
Cost Capitalized / (Impaired)
Improvements/building	(2)
Gross amount
Land and improvements	208
Buildings and improvements	300
Total real estate investments	508
Final Accumulated Depreciation	$ (175)
Smoothie King | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Smoothie King | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	24 years
Sonic Drive-In
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	39
Initial Cost to Company
Land and Improvements	$ 23,233
Buildings and Improvements	17,930
Gross amount
Land and improvements	23,233
Buildings and improvements	17,930
Total real estate investments	41,163
Final Accumulated Depreciation	$ (7,586)
Sonic Drive-In | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Sonic Drive-In | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Sonny's BBQ
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 10,665
Buildings and Improvements	9,510
Cost Capitalized / (Impaired)
Improvements/building	1,117
Gross amount
Land and improvements	10,665
Buildings and improvements	10,627
Total real estate investments	21,292
Final Accumulated Depreciation	$ (2,448)
Sonny's BBQ | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Sonny's BBQ | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Southern Theatres
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 10,335
Buildings and Improvements	13,237
Cost Capitalized / (Impaired)
Improvements/building	2,500
Gross amount
Land and improvements	10,335
Buildings and improvements	15,737
Total real estate investments	26,072
Final Accumulated Depreciation	$ (5,522)
Southern Theatres | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Southern Theatres | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Southwest Airlines
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 5,342
Buildings and Improvements	14,369
Gross amount
Land and improvements	5,342
Buildings and improvements	14,369
Total real estate investments	19,711
Final Accumulated Depreciation	$ (530)
Southwest Airlines | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Southwest Airlines | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Specialists In Urology
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 7,469
Buildings and Improvements	32,725
Cost Capitalized / (Impaired)
Improvements/Land	(231)
Improvements/building	(680)
Gross amount
Land and improvements	7,238
Buildings and improvements	32,045
Total real estate investments	39,283
Final Accumulated Depreciation	$ (9,542)
Specialists In Urology | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Specialists In Urology | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Sportsman's Warehouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 22,470
Buildings and Improvements	50,539
Cost Capitalized / (Impaired)
Improvements/building	7
Gross amount
Land and improvements	22,470
Buildings and improvements	50,546
Total real estate investments	73,016
Final Accumulated Depreciation	$ (15,292)
Sportsman's Warehouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Sportsman's Warehouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Staples
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 5,652
Buildings and Improvements	18,091
Cost Capitalized / (Impaired)
Improvements/building	(22)
Gross amount
Land and improvements	5,652
Buildings and improvements	18,069
Total real estate investments	23,721
Final Accumulated Depreciation	$ (4,691)
Staples | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Staples | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
Starbucks
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 1,692
Buildings and Improvements	2,586
Cost Capitalized / (Impaired)
Improvements/building	(15)
Gross amount
Land and improvements	1,692
Buildings and improvements	2,571
Total real estate investments	4,263
Final Accumulated Depreciation	$ (1,126)
Starbucks | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Starbucks | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Stater Bros. Markets
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,569
Buildings and Improvements	4,271
Cost Capitalized / (Impaired)
Improvements/building	(58)
Gross amount
Land and improvements	1,569
Buildings and improvements	4,213
Total real estate investments	5,782
Final Accumulated Depreciation	$ (1,580)
Stater Bros. Markets | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Stater Bros. Markets | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Strickland Brothers
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	22
Initial Cost to Company
Land and Improvements	$ 12,382
Buildings and Improvements	13,457
Cost Capitalized / (Impaired)
Improvements/Land	12
Improvements/building	414
Gross amount
Land and improvements	12,394
Buildings and improvements	13,871
Total real estate investments	26,265
Final Accumulated Depreciation	$ (606)
Strickland Brothers | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Strickland Brothers | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Studio Movie Grill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,930
Buildings and Improvements	7,616
Cost Capitalized / (Impaired)
Improvements/building	267
Gross amount
Land and improvements	2,930
Buildings and improvements	7,883
Total real estate investments	10,813
Final Accumulated Depreciation	$ (1,774)
Studio Movie Grill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Studio Movie Grill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Sun Opta
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,127
Buildings and Improvements	3,866
Cost Capitalized / (Impaired)
Improvements/Land	3,471
Improvements/building	55,837
Gross amount
Land and improvements	7,598
Buildings and improvements	59,703
Total real estate investments	67,301
Final Accumulated Depreciation	$ (252)
Sun Opta | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Sun Opta | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Surf's Up Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	16
Initial Cost to Company
Land and Improvements	$ 31,245
Buildings and Improvements	64,259
Cost Capitalized / (Impaired)
Improvements/building	184
Gross amount
Land and improvements	31,245
Buildings and improvements	64,443
Total real estate investments	95,688
Final Accumulated Depreciation	$ (2,691)
Surf's Up Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Surf's Up Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Taco Bell
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 1,343
Buildings and Improvements	2,642
Cost Capitalized / (Impaired)
Improvements/building	(12)
Gross amount
Land and improvements	1,343
Buildings and improvements	2,630
Total real estate investments	3,973
Final Accumulated Depreciation	$ (1,022)
Taco Bell | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Taco Bell | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Taco Bell / KFC
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 389
Buildings and Improvements	1,425
Cost Capitalized / (Impaired)
Improvements/building	(6)
Gross amount
Land and improvements	389
Buildings and improvements	1,419
Total real estate investments	1,808
Final Accumulated Depreciation	$ (563)
Taco Bell / KFC | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Taco Bell / KFC | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Taco Bueno
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	19
Initial Cost to Company
Land and Improvements	$ 12,789
Buildings and Improvements	14,826
Cost Capitalized / (Impaired)
Improvements/building	(52)
Gross amount
Land and improvements	12,789
Buildings and improvements	14,774
Total real estate investments	27,563
Final Accumulated Depreciation	$ (4,771)
Taco Bueno | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Taco Bueno | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Ted's Cafe Escondido
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,968
Buildings and Improvements	4,554
Gross amount
Land and improvements	2,968
Buildings and improvements	4,554
Total real estate investments	7,522
Final Accumulated Depreciation	$ (913)
Ted's Cafe Escondido | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Ted's Cafe Escondido | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Terra Mulch Products
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,356
Buildings and Improvements	5,406
Gross amount
Land and improvements	1,356
Buildings and improvements	5,406
Total real estate investments	6,762
Final Accumulated Depreciation	$ (1,963)
Terra Mulch Products | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Terra Mulch Products | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Tesla
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,893
Buildings and Improvements	6,154
Cost Capitalized / (Impaired)
Improvements/building	85
Gross amount
Land and improvements	1,893
Buildings and improvements	6,239
Total real estate investments	8,132
Final Accumulated Depreciation	$ (468)
Tesla | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Tesla | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Texas Corral
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 549
Buildings and Improvements	752
Gross amount
Land and improvements	549
Buildings and improvements	752
Total real estate investments	1,301
Final Accumulated Depreciation	$ (430)
Texas Corral | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Texas Corral | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Texas Roadhouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,214
Buildings and Improvements	1,412
Gross amount
Land and improvements	1,214
Buildings and improvements	1,412
Total real estate investments	2,626
Final Accumulated Depreciation	$ (209)
Texas Roadhouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Texas Roadhouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
The Children's Courtyard
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 334
Buildings and Improvements	2,146
Cost Capitalized / (Impaired)
Improvements/building	12
Gross amount
Land and improvements	334
Buildings and improvements	2,158
Total real estate investments	2,492
Final Accumulated Depreciation	$ (436)
The Children's Courtyard | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
The Children's Courtyard | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
The Gerson Company
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 6,381
Buildings and Improvements	30,134
Cost Capitalized / (Impaired)
Improvements/building	161
Gross amount
Land and improvements	6,381
Buildings and improvements	30,295
Total real estate investments	36,676
Final Accumulated Depreciation	$ (1,676)
The Gerson Company | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
The Gerson Company | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
The Toledo Hospital
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 728
Buildings and Improvements	3,440
Gross amount
Land and improvements	728
Buildings and improvements	3,440
Total real estate investments	4,168
Final Accumulated Depreciation	$ (1,429)
The Toledo Hospital | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
The Toledo Hospital | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
TI Group Automotive
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,939
Buildings and Improvements	7,950
Gross amount
Land and improvements	3,939
Buildings and improvements	7,950
Total real estate investments	11,889
Final Accumulated Depreciation	$ (1,181)
TI Group Automotive | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
TI Group Automotive | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
Tire Warehouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 695
Buildings and Improvements	944
Cost Capitalized / (Impaired)
Improvements/building	12
Gross amount
Land and improvements	695
Buildings and improvements	956
Total real estate investments	1,651
Final Accumulated Depreciation	$ (188)
Tire Warehouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Tire Warehouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
TJ Maxx
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 578
Buildings and Improvements	2,063
Cost Capitalized / (Impaired)
Improvements/building	358
Gross amount
Land and improvements	578
Buildings and improvements	2,421
Total real estate investments	2,999
Final Accumulated Depreciation	$ (1,445)
TJ Maxx | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
TJ Maxx | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Topgolf
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 9,337
Buildings and Improvements	9,595
Cost Capitalized / (Impaired)
Improvements/Land	3,450
Improvements/building	6,572
Gross amount
Land and improvements	12,787
Buildings and improvements	16,167
Total real estate investments	28,954
Final Accumulated Depreciation	$ (2,474)
Topgolf | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Topgolf | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Tower Automotive
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 5,344
Buildings and Improvements	28,900
Gross amount
Land and improvements	5,344
Buildings and improvements	28,900
Total real estate investments	34,244
Final Accumulated Depreciation	$ (3,992)
Tower Automotive | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Tower Automotive | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Tractor Supply
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	20
Initial Cost to Company
Land and Improvements	$ 22,622
Buildings and Improvements	37,122
Cost Capitalized / (Impaired)
Improvements/Land	575
Improvements/building	(108)
Gross amount
Land and improvements	23,197
Buildings and improvements	37,014
Total real estate investments	60,211
Final Accumulated Depreciation	$ (18,480)
Tractor Supply | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Tractor Supply | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
Trilogy Plastics
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,770
Buildings and Improvements	9,875
Gross amount
Land and improvements	2,770
Buildings and improvements	9,875
Total real estate investments	12,645
Final Accumulated Depreciation	$ (347)
Trilogy Plastics | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Trilogy Plastics | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
Trinity Highway Products
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 14,314
Buildings and Improvements	50,948
Cost Capitalized / (Impaired)
Improvements/building	321
Gross amount
Land and improvements	14,314
Buildings and improvements	51,269
Total real estate investments	65,583
Final Accumulated Depreciation	$ (2,317)
Trinity Highway Products | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Trinity Highway Products | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Truck-Lite
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 7,413
Buildings and Improvements	21,598
Gross amount
Land and improvements	7,413
Buildings and improvements	21,598
Total real estate investments	29,011
Final Accumulated Depreciation	$ (1,591)
Truck-Lite | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Truck-Lite | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	54 years
Tupperware
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 17,283
Buildings and Improvements	19,024
Cost Capitalized / (Impaired)
Improvements/building	13
Gross amount
Land and improvements	17,283
Buildings and improvements	19,037
Total real estate investments	36,320
Final Accumulated Depreciation	$ (1,412)
Tupperware | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Tupperware | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Tutor Time
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 2,790
Buildings and Improvements	6,978
Cost Capitalized / (Impaired)
Improvements/building	(33)
Gross amount
Land and improvements	2,790
Buildings and improvements	6,945
Total real estate investments	9,735
Final Accumulated Depreciation	$ (1,131)
Tutor Time | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Tutor Time | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
Twin Peaks
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,112
Gross amount
Land and improvements	1,112
Total real estate investments	$ 1,112
Twin Tiers Eye Care
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 912
Buildings and Improvements	8,750
Gross amount
Land and improvements	912
Buildings and improvements	8,750
Total real estate investments	9,662
Final Accumulated Depreciation	$ (2,488)
Twin Tiers Eye Care | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Twin Tiers Eye Care | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
United Ag & Turf
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 5,130
Buildings and Improvements	12,405
Gross amount
Land and improvements	5,130
Buildings and improvements	12,405
Total real estate investments	17,535
Final Accumulated Depreciation	$ (1,442)
United Ag & Turf | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
United Ag & Turf | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
United Supermarkets
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 8,332
Buildings and Improvements	10,703
Cost Capitalized / (Impaired)
Improvements/building	(696)
Gross amount
Land and improvements	8,332
Buildings and improvements	10,007
Total real estate investments	18,339
Final Accumulated Depreciation	$ (4,211)
United Supermarkets | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
United Supermarkets | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Universal Tax Systems
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,560
Buildings and Improvements	23,583
Cost Capitalized / (Impaired)
Improvements/building	4,709
Gross amount
Land and improvements	3,560
Buildings and improvements	28,292
Total real estate investments	31,852
Final Accumulated Depreciation	$ (6,217)
Universal Tax Systems | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Universal Tax Systems | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Vacant
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,260
Buildings and Improvements	24,457
Cost Capitalized / (Impaired)
Improvements/Land	(967)
Improvements/building	(16,410)
Gross amount
Land and improvements	1,293
Buildings and improvements	8,047
Total real estate investments	9,340
Final Accumulated Depreciation	$ (1,111)
Vacant | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Vacant | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Valley Surgical Center
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 363
Buildings and Improvements	3,726
Gross amount
Land and improvements	363
Buildings and improvements	3,726
Total real estate investments	4,089
Final Accumulated Depreciation	$ (937)
Valley Surgical Center | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Valley Surgical Center | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Value City Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,465
Buildings and Improvements	6,860
Gross amount
Land and improvements	1,465
Buildings and improvements	6,860
Total real estate investments	8,325
Final Accumulated Depreciation	$ (323)
Value City Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Value City Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
VASA Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 12,105
Buildings and Improvements	28,454
Cost Capitalized / (Impaired)
Improvements/building	110
Gross amount
Land and improvements	12,105
Buildings and improvements	28,564
Total real estate investments	40,669
Final Accumulated Depreciation	$ (3,674)
VASA Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
VASA Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Verizon
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 343
Buildings and Improvements	152
Cost Capitalized / (Impaired)
Improvements/building	(2)
Gross amount
Land and improvements	343
Buildings and improvements	150
Total real estate investments	493
Final Accumulated Depreciation	$ (183)
Verizon | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Verizon | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	24 years
Virgin Parking Garage
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,375
Buildings and Improvements	9,040
Gross amount
Land and improvements	3,375
Buildings and improvements	9,040
Total real estate investments	12,415
Final Accumulated Depreciation	$ (171)
Virgin Parking Garage | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Virgin Parking Garage | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
Walgreens
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	34
Initial Cost to Company
Land and Improvements	$ 36,749
Buildings and Improvements	138,327
Cost Capitalized / (Impaired)
Improvements/building	(63)
Gross amount
Land and improvements	36,749
Buildings and improvements	138,264
Total real estate investments	175,013
Final Accumulated Depreciation	$ (36,439)
Walgreens | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Walgreens | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Walmart
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,009
Buildings and Improvements	4,577
Cost Capitalized / (Impaired)
Improvements/building	(13)
Gross amount
Land and improvements	4,009
Buildings and improvements	4,564
Total real estate investments	8,573
Final Accumulated Depreciation	$ (3,255)
Walmart | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Walmart | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
Warrior Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,518
Buildings and Improvements	10,195
Cost Capitalized / (Impaired)
Improvements/building	37
Gross amount
Land and improvements	2,518
Buildings and improvements	10,232
Total real estate investments	12,750
Final Accumulated Depreciation	$ (478)
Warrior Manufacturing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Warrior Manufacturing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Way Interglobal
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 7,996
Buildings and Improvements	50,626
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	7,996
Buildings and improvements	50,626
Total real estate investments	58,622
Final Accumulated Depreciation	$ (295)
Way Interglobal | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Way Interglobal | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Weatherford
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 10,082
Buildings and Improvements	21,477
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	10,082
Buildings and improvements	21,477
Total real estate investments	31,559
Final Accumulated Depreciation	$ (1,229)
Weatherford | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Weatherford | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
Wendy's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 336
Buildings and Improvements	773
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	336
Buildings and improvements	773
Total real estate investments	1,109
Final Accumulated Depreciation	$ (138)
Wendy's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Wendy's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Whirlpool
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 10,183
Buildings and Improvements	23,664
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	10,183
Buildings and improvements	23,664
Total real estate investments	33,847
Final Accumulated Depreciation	$ (2,463)
Whirlpool | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Whirlpool | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	31 years
Winco Foods
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,108
Buildings and Improvements	12,817
Cost Capitalized / (Impaired)
Improvements/building	(16)
Gross amount
Land and improvements	3,108
Buildings and improvements	12,801
Total real estate investments	15,909
Final Accumulated Depreciation	$ (3,757)
Winco Foods | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Winco Foods | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Winsteads
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 607
Buildings and Improvements	123
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	607
Buildings and improvements	123
Total real estate investments	730
Final Accumulated Depreciation	$ (64)
Winsteads | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Winsteads | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Worthington Steel
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 7,303
Buildings and Improvements	29,831
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	7,303
Buildings and improvements	29,831
Total real estate investments	37,134
Final Accumulated Depreciation	$ (2,494)
Worthington Steel | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Worthington Steel | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Yard House
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,370
Buildings and Improvements	8,260
Cost Capitalized / (Impaired)
Improvements/Land	(29)
Improvements/building	21
Gross amount
Land and improvements	1,341
Buildings and improvements	8,281
Total real estate investments	9,622
Final Accumulated Depreciation	$ (811)
Yard House | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Yard House | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Yoke's Fresh Market
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 5,518
Buildings and Improvements	9,882
Cost Capitalized / (Impaired)
Improvements/Land
Improvements/building
Gross amount
Land and improvements	5,518
Buildings and improvements	9,882
Total real estate investments	15,400
Final Accumulated Depreciation	$ (3,041)
Yoke's Fresh Market | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Yoke's Fresh Market | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Zaxby's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,259
Buildings and Improvements	4,964
Cost Capitalized / (Impaired)
Improvements/Land	(69)
Improvements/building
Gross amount
Land and improvements	2,190
Buildings and improvements	4,964
Total real estate investments	7,154
Final Accumulated Depreciation	$ (1,484)
Zaxby's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Zaxby's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Zips Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	39
Initial Cost to Company
Land and Improvements	$ 51,457
Buildings and Improvements	85,255
Cost Capitalized / (Impaired)
Improvements/Land
Improvements/building	20,374
Gross amount
Land and improvements	51,457
Buildings and improvements	105,629
Total real estate investments	157,086
Final Accumulated Depreciation	$ (8,014)
Zips Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Zips Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years

Schedule III Real Estate and _6

Schedule III Real Estate and Accumulated Depreciation - 5 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
Walmart
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,009
Buildings and Improvements	4,577
Improvements/building	(13)
Gross amount
Land and improvements	4,009
Buildings and improvements	4,564
Total real estate investments	8,573
Final Accumulated Depreciation	$ (3,255)
Walmart | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Walmart | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
Warrior Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,518
Buildings and Improvements	10,195
Improvements/building	37
Gross amount
Land and improvements	2,518
Buildings and improvements	10,232
Total real estate investments	12,750
Final Accumulated Depreciation	$ (478)
Warrior Manufacturing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Warrior Manufacturing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Way Interglobal
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 7,996
Buildings and Improvements	50,626
Improvements/building
Gross amount
Land and improvements	7,996
Buildings and improvements	50,626
Total real estate investments	58,622
Final Accumulated Depreciation	$ (295)
Way Interglobal | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Way Interglobal | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Weatherford
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 10,082
Buildings and Improvements	21,477
Improvements/building
Gross amount
Land and improvements	10,082
Buildings and improvements	21,477
Total real estate investments	31,559
Final Accumulated Depreciation	$ (1,229)
Weatherford | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Weatherford | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
Wendy's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 336
Buildings and Improvements	773
Improvements/building
Gross amount
Land and improvements	336
Buildings and improvements	773
Total real estate investments	1,109
Final Accumulated Depreciation	$ (138)
Wendy's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Wendy's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Whirlpool
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 10,183
Buildings and Improvements	23,664
Improvements/building
Gross amount
Land and improvements	10,183
Buildings and improvements	23,664
Total real estate investments	33,847
Final Accumulated Depreciation	$ (2,463)
Whirlpool | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Whirlpool | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	31 years
Winco Foods
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,108
Buildings and Improvements	12,817
Improvements/building	(16)
Gross amount
Land and improvements	3,108
Buildings and improvements	12,801
Total real estate investments	15,909
Final Accumulated Depreciation	$ (3,757)
Winco Foods | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Winco Foods | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Winsteads
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 607
Buildings and Improvements	123
Improvements/building
Gross amount
Land and improvements	607
Buildings and improvements	123
Total real estate investments	730
Final Accumulated Depreciation	$ (64)
Winsteads | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Winsteads | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Worthington Steel
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 7,303
Buildings and Improvements	29,831
Improvements/building
Gross amount
Land and improvements	7,303
Buildings and improvements	29,831
Total real estate investments	37,134
Final Accumulated Depreciation	$ (2,494)
Worthington Steel | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Worthington Steel | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Yard House
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,370
Buildings and Improvements	8,260
Improvements/Land	(29)
Improvements/building	21
Gross amount
Land and improvements	1,341
Buildings and improvements	8,281
Total real estate investments	9,622
Final Accumulated Depreciation	$ (811)
Yard House | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Yard House | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Yoke's Fresh Market
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 5,518
Buildings and Improvements	9,882
Improvements/Land
Improvements/building
Gross amount
Land and improvements	5,518
Buildings and improvements	9,882
Total real estate investments	15,400
Final Accumulated Depreciation	$ (3,041)
Yoke's Fresh Market | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Yoke's Fresh Market | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Zaxby's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,259
Buildings and Improvements	4,964
Improvements/Land	(69)
Improvements/building
Gross amount
Land and improvements	2,190
Buildings and improvements	4,964
Total real estate investments	7,154
Final Accumulated Depreciation	$ (1,484)
Zaxby's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Zaxby's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Zips Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	39
Initial Cost to Company
Land and Improvements	$ 51,457
Buildings and Improvements	85,255
Improvements/Land
Improvements/building	20,374
Gross amount
Land and improvements	51,457
Buildings and improvements	105,629
Total real estate investments	157,086
Final Accumulated Depreciation	$ (8,014)
Zips Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Zips Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years

Schedule III Real Estate and _7

Schedule III Real Estate and Accumulated Depreciation - (Footnote) (Details) $ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($) Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Number of held direct finance lease property	1
Number of held for sale properties	17
Aggregate cost of properties for federal income tax purpose | $	$ 7.9

Schedule III Real Estate and _8

Schedule III Real Estate and Accumulated Depreciation (Reconciliation of Real Estate Properties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Land, buildings, and improvements
Impairments, basis reset due to impairment and other adjustments	$ (35,988)	$ (22,120)	$ (59,206)
Accumulated depreciation and amortization
Net Real Estate Investment	7,421,306	6,445,527
Land, Buildings and Improvements
Land, buildings, and improvements
Balance at the beginning of the year	7,478,918	6,392,596	5,750,507
Acquisitions, capital expenditures, and reclassifications from held for sale and deferred financing leases	1,497,363	1,177,140	842,891
Dispositions of land, buildings, and improvements	(198,280)	(38,390)	(50,853)
Reclassifications to held for sale	(93,331)	(17,047)	(69,573)
Impairments, basis reset due to impairment and other adjustments	(52,303)	(35,381)	(80,376)
Gross Real Estate Balance at close of the year	8,632,367	7,478,918	6,392,596
Accumulated depreciation and amortization
Balance at the beginning of the year	(1,033,391)	(850,320)	(717,097)
Depreciation expense and reclassifications from held for sale	(248,858)	(205,881)	(177,268)
Dispositions of land, buildings, and improvements and other adjustments	52,420	21,952	38,723
Reclassifications to held for sale	18,768	858	5,322
Balance at close of the year	(1,211,061)	(1,033,391)	(850,320)
Net Real Estate Investment	$ 7,421,306	$ 6,445,527	$ 5,542,276

Schedule IV Mortgage Loans on_2

Schedule IV Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Collections of principal	$ (31,733)
Amortization of premium	(921)
Mortgage loans receivable ending balance	$ 32,654
Other loans receivable		$ 23,023	$ 10,450
Total loans receivable		$ 23,023	$ 10,450