Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 10, 2022 | Jun. 30, 2021 | |
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, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
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 | 127,745,808 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5.7 | ||
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 | ||
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, 2021 | Dec. 31, 2020 |
Real estate assets held for investment: | ||
Land and improvements | $ 2,516,715 | $ 2,090,592 |
Buildings and improvements | 4,962,203 | 4,302,004 |
Less: accumulated depreciation | (1,033,391) | (850,320) |
Total real estate assets held for investment, net | 6,445,527 | 5,542,276 |
Intangible lease assets, net | 426,972 | 367,989 |
Real estate assets under direct financing leases, net | 7,442 | 7,444 |
Real estate assets held for sale, net | 8,264 | 25,821 |
Loans receivable, net | 10,450 | 0 |
Total investments, net | 6,898,655 | 5,943,530 |
Cash and cash equivalents | 17,799 | 70,303 |
Deferred costs and other assets, net | 188,816 | 157,353 |
Goodwill | 225,600 | 225,600 |
Total assets | 7,330,870 | 6,396,786 |
Liabilities: | ||
Revolving credit facilities | 288,400 | 0 |
Term loans, net | 0 | 177,309 |
Senior Unsecured Notes, net | 2,718,641 | 1,927,348 |
Mortgages payable, net | 5,551 | 212,582 |
Convertible Notes, net | 0 | 189,102 |
Total debt, net | 3,012,592 | 2,506,341 |
Intangible lease liabilities, net | 128,077 | 121,902 |
Accounts payable, accrued expenses and other liabilities | 190,402 | 167,423 |
Total liabilities | 3,331,071 | 2,795,666 |
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, 2021 and December 31, 2020, liquidation preference of $25.00 per share | 166,177 | 166,177 |
Common stock, $0.05 par value, 350,000,000 shares authorized: 127,699,235 and 114,812,615 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 6,385 | 5,741 |
Capital in excess of common stock par value | 6,673,440 | 6,126,503 |
Accumulated deficit | (2,840,356) | (2,688,647) |
Accumulated other comprehensive loss | (5,847) | (8,654) |
Total stockholders’ equity | 3,999,799 | 3,601,120 |
Total liabilities and stockholders’ equity | $ 7,330,870 | $ 6,396,786 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | |
Common stock, shares issued | 127,699,235 | 114,812,615 |
Common stock, shares outstanding | 127,699,235 | 114,812,615 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Rental income | $ 606,099 | $ 479,901 | $ 438,691 |
Interest income on loans receivable | 29 | 998 | 3,240 |
Earned income from direct financing leases | 526 | 571 | 1,239 |
Related party fee income | 678 | 69,218 | |
Other income | 1,736 | 1,469 | 4,039 |
Total revenues | 608,390 | 483,617 | 516,427 |
Expenses: | |||
General and administrative | 52,608 | 48,380 | 52,424 |
Termination of interest rate swaps | 12,461 | ||
Property costs (including reimbursable) | 23,232 | 24,492 | 18,637 |
Deal pursuit costs | 1,136 | 2,432 | 844 |
Interest | 103,003 | 104,165 | 101,060 |
Depreciation and amortization | 244,624 | 212,620 | 175,465 |
Impairments | 23,760 | 81,476 | 24,091 |
Total expenses | 448,363 | 473,565 | 384,982 |
Other income: | |||
Loss on debt extinguishment | (29,186) | (7,227) | (14,330) |
Gain on disposition of assets | 41,468 | 24,156 | 58,850 |
Preferred dividend income from SMTA | 10,802 | ||
Total other income | 12,282 | 16,929 | 55,322 |
Income before income tax expense | 172,309 | 26,981 | 186,767 |
Income tax expense | (607) | (273) | (11,501) |
Net income | 171,702 | 26,708 | 175,266 |
Dividends paid to preferred stockholders | (10,350) | (10,350) | (10,350) |
Net income attributable to common stockholders | $ 161,352 | $ 16,358 | $ 164,916 |
Net income per share attributable to common stockholders: | |||
Basic (in USD per share) | $ 1.36 | $ 0.15 | $ 1.81 |
Diluted (in USD per share) | $ 1.35 | $ 0.15 | $ 1.81 |
Weighted average shares of common stock outstanding: | |||
Basic (in shares) | 118,342,441 | 104,357,660 | 90,621,808 |
Diluted (in shares) | 118,715,838 | 104,535,384 | 90,869,312 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income attributable to common stockholders | $ 161,352 | $ 16,358 | $ 164,916 |
Other comprehensive income (loss): | |||
Net reclassification of amounts from (to) AOCL | 2,807 | 2,807 | (4,302) |
Total comprehensive income | $ 164,159 | $ 19,165 | $ 160,614 |
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, 2018 | $ 2,801,749 | $ 166,177 | $ 4,289 | $ 4,995,697 | $ (2,357,255) | $ (7,159) |
Preferred shares outstanding, beginning balance at Dec. 31, 2018 | 6,900,000 | |||||
Common shares outstanding, beginning balance at Dec. 31, 2018 | 85,787,355 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 175,266 | 175,266 | ||||
Dividends declared on preferred stock | (10,350) | (10,350) | ||||
Net income attributable to common stockholders | 164,916 | 164,916 | ||||
Net reclassification of amounts from (to) AOCL | (4,302) | (4,302) | ||||
Dividends declared on common stock | (236,943) | (236,943) | ||||
Tax withholdings related to net stock settlements | (2,542) | $ (3) | (2,539) | |||
Tax withholdings related to net stock settlements (in shares) | (58,445) | |||||
Issuance of shares of common stock, net | 677,190 | $ 829 | 676,361 | |||
Issuance of shares of common stock, net (in shares) | 16,578,423 | |||||
Stock-based compensation, net | 13,260 | $ 9 | 14,268 | (1,017) | ||
Stock-based compensation, net (in shares) | 168,819 | |||||
Other | (79) | (79) | ||||
Ending balance, value at Dec. 31, 2019 | 3,413,249 | $ 166,177 | $ 5,124 | 5,686,247 | (2,432,838) | (11,461) |
Preferred shares outstanding, ending balance at Dec. 31, 2019 | 6,900,000 | |||||
Common shares outstanding, ending 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 | ||||
Net reclassification of amounts from (to) AOCL | 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 | 6,900,000 | ||||
Common shares outstanding, ending balance at Dec. 31, 2020 | 114,812,615 | 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 | ||||
Net reclassification of amounts from (to) AOCL | 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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 171,702 | $ 26,708 | $ 175,266 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 244,624 | 212,620 | 175,465 |
Impairments | 23,760 | 81,476 | 24,091 |
Amortization of deferred financing costs | 3,942 | 5,278 | 6,289 |
Amortization of debt discounts | 2,140 | 4,343 | 7,028 |
Amortization of deferred losses on interest rate swaps | 2,807 | 2,807 | 858 |
Loss on termination of interest rate swaps | 12,461 | ||
Payment for termination of interest rate swaps | (24,843) | ||
Stock-based compensation expense | 14,003 | 12,640 | 14,277 |
Loss on debt extinguishment | 29,186 | 7,227 | 14,330 |
Gain on dispositions of real estate and other assets | (41,468) | (24,156) | (58,850) |
Non-cash revenue | (47,605) | (12,996) | (19,943) |
Bad debt expense and other | 14 | 221 | 189 |
Changes in operating assets and liabilities: | |||
Deferred costs and other assets, net | 2,598 | (21,296) | 2,953 |
Accounts payable, accrued expenses and other liabilities | 5,430 | 19,440 | 9,482 |
Net cash provided by operating activities | 411,133 | 314,312 | 339,053 |
Investing activities | |||
Acquisitions of real estate | (1,235,861) | (867,456) | (1,295,545) |
Capitalized real estate expenditures | (21,957) | (12,659) | (47,652) |
Proceeds from redemption of preferred equity investment | 150,000 | ||
Collections from investment in Master Trust 2014 | 33,535 | ||
Investments in loans receivable | (11,000) | ||
Collections of principal on loans receivable | 31,771 | 11,037 | |
Proceeds from dispositions of real estate and other assets, net | 98,991 | 100,594 | 253,626 |
Net cash used in investing activities | (1,169,827) | (747,750) | (894,999) |
Financing activities | |||
Borrowings under revolving credit facilities | 1,077,500 | 1,155,000 | 1,047,200 |
Repayments under revolving credit facilities | (789,100) | (1,271,500) | (1,077,000) |
Repayments under mortgages payable | (208,891) | (4,101) | (242,049) |
Borrowings under term loans | 400,000 | 820,000 | |
Repayments under term loans | (178,000) | (222,000) | (1,240,000) |
Repayments under Convertible Notes | (190,426) | (154,574) | (402,500) |
Borrowings under Senior Unsecured Notes | 794,842 | 445,509 | 1,198,264 |
Debt extinguishment costs | (26,685) | (4,032) | (15,277) |
Deferred financing costs | (7,071) | (6,642) | (22,105) |
Proceeds from issuance of common stock, net of offering costs | 533,868 | 428,272 | 677,428 |
Repurchase of shares of common stock, including tax withholdings related to net stock settlements | (4,395) | (4,381) | (2,541) |
Common stock dividends paid | (298,097) | (260,488) | (226,522) |
Preferred stock dividends paid | (10,350) | (10,350) | (10,350) |
Net cash provided by financing activities | 693,195 | 490,713 | 504,548 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (65,499) | 57,275 | (51,398) |
Cash, cash equivalents and restricted cash, beginning of period | 83,298 | 26,023 | 77,421 |
Cash, cash equivalents and restricted cash, end of period | 17,799 | 83,298 | 26,023 |
Supplemental Cash Flow Disclosures: | |||
Cash paid for interest | 89,866 | 82,916 | 73,530 |
Cash paid for taxes | 657 | 801 | 11,826 |
Supplemental Disclosures of Non-Cash Activities: | |||
Dividends declared and unpaid | 81,380 | 71,758 | 64,049 |
Relief of debt through sale or foreclosure of real estate properties | 10,368 | ||
Net real estate and other collateral assets sold or surrendered to lender | 654 | ||
Accrued interest capitalized to principal | 251 | ||
Accrued market-based award dividend rights | 2,304 | 1,133 | 1,017 |
Accrued capitalized costs | $ 10,369 | 2,174 | 2,230 |
Right-of-use lease assets | 6,143 | ||
Lease liabilities | 6,143 | ||
Reclass of residual value from direct financing lease to operating lease | 6,831 | 5,841 | |
Cash flow hedge changes in fair value | $ 18,593 | ||
Receivable for disposal of real estate property | $ 2,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
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 within 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 the assets that collateralized Master Trust 2014, properties leased to Shopko, and certain other assets into an independent, publicly traded REIT, Spirit MTA REIT ("SMTA"). The Company formed Spirit Realty AM Corporation (“SRAM”), a wholly-owned taxable REIT subsidiary. The rights and obligations of the Asset Management Agreement were transferred to SRAM on April 1, 2019, which was subsequently terminated and simultaneously replaced by the Interim Management Agreement between SRAM and SMTA, which was effective from September 20, 2019 through September 4, 2020. The Company allocated personnel and other general and administrative costs to SRAM for management services provided to SMTA. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Principles of Consolidation The accompanying 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 a 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. A variable interest entity (“VIE”) would be consolidated by the Company when the Company is the primary beneficiary, which is based on whether the Company has (i) the power to direct activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Determination of the primary beneficiary of a VIE considers all relationships between the Company and the VIE, including management agreements and other contractual arrangements. The Company evaluated SMTA as a VIE at the time of Spin-Off and quarterly thereafter until the third quarter of 2019 and concluded the Company was not the primary beneficiary. In the third quarter of 2019, the Company no longer had variable interests in SMTA and control was evaluated under the voting interest model. The Company concluded SMTA did not require consolidation by the Company for any period presented. These 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, 2021 and 2020, net assets totaling 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 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. For real estate acquired subject to existing lease agreements, 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 current market conditions and costs to execute similar leases at the time of the acquisition. 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. Impairments 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 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 our 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 (i) has no controlling financial interest in the real estate and (ii) has no 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, 2021 and 2020 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, 2021 and 2020 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 policy 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. In conjunction with the FASB Staff Q&A released in April 2020, 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, 2021 and 2020, $13.4 million and $26.3 million 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. 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 escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period and may adjust annually or over multiple-year periods. 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 escalators are recognized when the changes in the rental rates have occurred. 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 change in the factor on which the contingent lease payment is based actually occurs. 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 Company’s 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 Initial direct costs associated with the origination of a lease are deferred and amortized as an adjustment to rental revenue. Above- and below-market lease intangibles are amortized as a decrease and increase, respectively, to rental revenue. Amortization of in-place lease intangibles is included in depreciation and amortization expense. 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 Company’s consolidated statements of operations. Other Income: Lease Termination Fees Lease termination fees are included in other income on the Company’s 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 Loans Receivable Loans receivable consists of mortgage loans, net of premium, and other loans. 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 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 accompanying 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 accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): December 31, 2021 December 31, 2020 December 31, 2019 Cash and cash equivalents $ 17,799 $ 70,303 $ 14,492 Restricted cash: Collateral deposits (1) — 335 347 Tenant improvements, repairs and leasing commissions (2) — 12,660 10,877 Other (3) — — 307 Total cash, cash equivalents and restricted cash $ 17,799 $ 83,298 $ 26,023 (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. (3) Funds held in lender-controlled accounts released after scheduled debt service requirements are met. 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 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 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 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 other comprehensive (loss) income. The amounts recorded in other comprehensive (loss) income will subsequently be 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. 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. Accordingly, all asset management fees earned from April 1, 2019 through September 4, 2020, including the termination fee income earned in September 2019, were subject to income tax. 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 income or loss from continuing operations as the basis for determining whether potential common shares are dilutive or anti-dilutive and undistributed net income or loss as the basis for determining 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, 2021 | |
Real Estate [Abstract] | |
Investments | NOTE 3. INVESTMENTS Owned Properties As of December 31, 2021, the Company’s gross investment in owned real estate properties totaled approximately $7.9 billion. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, and 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 11.9%, 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, 2021 and 2020, 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, 2019 1,750 2 1,752 $ 6,140,775 $ 1,223 $ 6,141,998 Acquisitions/improvements (1) 146 — 146 880,897 — 880,897 Dispositions of real estate (2) (20 ) (18 ) (38 ) (53,985 ) (32,028 ) (86,013 ) Transfers to Held for Sale (23 ) 23 — (72,912 ) 72,912 — Impairments (3) — — — (70,376 ) (11,100 ) (81,476 ) Reset of gross balances (4) — — — (45,386 ) (3,243 ) (48,629 ) Other — — — (1,340 ) — (1,340 ) 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 Accumulated depreciation and amortization (1,182,959 ) (98 ) (1,183,057 ) Net balance, December 31, 2021 (5) $ 6,751,864 $ 8,264 $ 6,760,128 (1) Includes investments of $15.4 million and $10.0 million, respectively, in revenue producing capitalized expenditures, and $10.7 million and $2.5 million, respectively, of non-revenue producing capitalized expenditures for the years ended December 31, 2021 and 2020. ( 2 ) The total net gain on disposal of assets for properties held in use was $37.3 million, $10.2 million and $26.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. The total gain on disposal of assets for properties held for sale was $2.2 million, $14.2 million and $32.4 million for the years ended December 31, 2021, 2020 and 2019, 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 accompanying consolidated balance sheet at December 31, 2021 is as follows: Real estate assets held for investment, net $ 6,445,527 Intangible lease assets, net 426,972 Real estate assets under direct financing leases, net 7,442 Real estate assets held for sale, net 8,264 Intangible lease liabilities, net (128,077 ) Net balance $ 6,760,128 Operating Leases As of December 31, 2021, 2020, and 2019, the Company held 1,998, 1,852 and 1,745 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands): For the Year Ended December 31, 2021 2020 2019 Base Cash Rent (1) $ 541,726 $ 453,013 $ 404,720 Variable cash rent (including reimbursables) 16,768 13,176 12,737 Straight-line rent, net of uncollectible reserve (2) 44,758 11,876 16,924 Amortization of above- and below- market lease intangibles, net (3) 2,847 1,836 4,310 Total rental income $ 606,099 $ 479,901 $ 438,691 (1) Includes net impact of amounts recovered/(amounts not deemed probable of collection) of $5.5 million, $(10.9) million and $0.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. ( 2 ) Includes net impact of amounts recovered/(amounts not deemed probable for collection) of $10.9 million, $(14.9) million and $(0.2) million for the years ended December 31, 2021, 2020 and 2019, respectively. ( 3 ) Excludes amortization of in-place leases of $38.5 million, $34.8 million and $29.8 million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations. Scheduled minimum future rent to be received under the remaining non-cancellable term of these operating leases (including contractual fixed rent increases occurring on or after January 1, 2022) at December 31, 2021 are as follows (in thousands): December 31, 2021 2022 $ 589,408 2023 581,102 2024 567,137 2025 556,015 2026 532,790 Thereafter 3,980,944 Total future minimum rentals $ 6,807,396 Because lease renewal periods are exercisable at the lessees’ options, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum rentals do not include any contingent rentals based on a percentage of the lessees’ gross sales or lease escalations based on future changes in the CPI. The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): December 31, 2021 December 31, 2020 In-place leases $ 536,344 $ 473,062 Above-market leases 100,837 83,185 Less: accumulated amortization (210,209 ) (188,258 ) Intangible lease assets, net $ 426,972 $ 367,989 Below-market leases $ 188,718 $ 178,614 Less: accumulated amortization (60,641 ) (56,712 ) Intangible lease liabilities, net $ 128,077 $ 121,902 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. The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was 12.8 years, 11.0 years, 17.4 years and 13.7 years, respectively, as of December 31, 2020. 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. During the year ended December 31, 2020, the Company acquired in-place lease intangible assets of $47.7 million, above-market lease intangible assets of $3.5 million and below-market lease intangible liabilities of $6.3 million. Based on the intangible assets and liabilities at December 31, 2021, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows (in thousands): December 31, 2021 2022 $ 36,480 2023 34,824 2024 32,805 2025 29,355 2026 26,951 Thereafter 138,480 Total future minimum amortization $ 298,895 Direct Financing Leases As of December 31, 2021 and 2020, the Company held one property under a direct financing lease, which was held in use. As of December 31, 2021, this property had $3.0 million in scheduled minimum future payments to be received under its remaining non-cancellable lease term. As of December 31, 2021, 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 As of December 31, 2020, all of the Company’s previous loans receivable were fully paid off and the related allowance for loan losses reversed. During 2021, the Company issued a fixed-rate, uncollateralized loan receivable for $11.0 million. The Company evaluated the collectability of the amounts receivable under the loan and recorded an allowance for loan losses of $0.6 million as of December 31, 2021. During the years ended December 31, 2021 and 2020, the Company had the following loan activity (dollars in thousands): Mortgage Loans Other Loans Total Properties Investment Investment Investment Principal, December 31, 2019 43 $ 31,733 $ 1,972 $ 33,705 Principal payments and payoffs (43 ) (31,733 ) (1,972 ) (33,705 ) Principal, December 31, 2020 — — — — Issuance of loan — — 11,000 11,000 Principal, December 31, 2021 — $ — $ 11,000 $ 11,000 Impairments and Allowance for Credit Losses The following table summarizes total impairments and allowance for credit losses recognized in the accompanying consolidated statements of operations (in thousands): Year Ended December 31, 2021 2020 2019 Real estate asset impairment $ 22,120 $ 59,206 $ 24,130 Intangible asset impairment (recovery) 1,090 22,118 (39 ) Allowance for credit losses on direct financing leases — 152 — Allowance for credit losses on loans receivable 550 — — Total impairment loss $ 23,760 $ 81,476 $ 24,091 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 4. DEBT The Company's debt is summarized below (dollars in thousands): 2021 Weighted Average Effective Interest Rates (1) 2021 Weighted Average Stated Rates (2) 2021 Weighted Average Remaining Years to Maturity (3) December 31, 2021 December 31, 2020 Debt: Revolving credit facilities 3.41 % 1.03 % 1.3 $ 288,400 $ — Term loans 1.96 % — — — 178,000 Senior Unsecured Notes 3.46 % 3.25 % 7.4 2,750,000 1,950,000 Mortgages payable 4.42 % 5.83 % 8.9 5,350 214,237 Convertible Notes 5.03 % — — — 190,426 Total debt 3.52 % 3.04 % 6.8 3,043,750 2,532,663 Debt discount, net (10,824 ) (7,807 ) Deferred financing costs, net (4) (20,334 ) (18,515 ) Total debt, net $ 3,012,592 $ 2,506,341 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the year ended December 31, 2021 based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of December 31, 2021. (3) (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 includes the 2019 Credit Facility. The 2019 Facilities Agreements replaced the previous 2015 Credit Agreement and 2015 Term Loan Agreement. The 2019 Credit Facility is comprised of $800.0 million of aggregate revolving commitments with a maturity date of March 31, 2023 and includes two six-month As of December 31, 2021, 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 each case, based on the Operating Partnership's credit rating. The unamortized deferred financing costs were Term Loans As discussed above, on January 14, 2019, the Operating Partnership entered into the 2019 Revolving Credit and Term Loan Agreement, which included the A-1 Term Loans. The A-1 Term Loans had an aggregate borrowing amount of $420.0 million and a maturity date of March 31, 2024. In addition, on January 14, 2019, the Operating Partnership entered into the A-2 Term Loans, with an aggregate of $400.0 million of delayed draw term loans and a maturity date of March 31, 2022. The Company drew on the A-2 Term Loans to retire the 2.875% Convertible Notes upon their maturity in May 2019. On September 16, 2019, in connection with the issuance of the 2027 Senior Unsecured Notes and 2030 Senior Unsecured Notes described below, the Company repaid the A-1 Term Loans and A-2 Term Loans in full. On April 2, 2020, the Operating Partnership entered into the 2020 Term Loan Agreement, which provided for $ 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 $ million of term loans. T he 2020 Term Loans bore interest at LIBOR plus an applicable margin of % 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. As of December 31, 2020, the remaining unamortized deferred financing costs were $0.7 million. On January 4, 2021, the Company repaid the 2020 Term Loan in full and wrote-off the remaining unamortized deferred financing costs. 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, 2021 December 31, 2020 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 — 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 — Total Senior Unsecured Notes 3.25% $ 2,750,000 $ 1,950,000 For the years ended December 31, 2019, 2020 and 2021, the Operating Partnership completed the following issuances of Senior Unsecured Notes: • 2029 Senior Unsecured Notes issued on June 27, 2019, resulting in net proceeds of $395.9 million, deferred financing costs of $3.8 million and an offering discount of $0.3 million; • 2027 Senior Unsecured Notes and the 2030 Senior Unsecured Notes issued on September 16, 2019, resulting in net proceeds of $791.2 million, deferred financing costs of $7.3 million and an offering discount of $1.5 million; • 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, 2021 and December 31, 2020, the unamortized deferred financing costs were $20.3 million and $15.6 million, respectively, and the unamortized discount was $11.0 million and $7.0 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, 2021. Mortgages Payable Master Trust 2013 was an asset-backed securitization platform through which the Company raised capital through the issuance of non-recourse net-lease mortgage notes collateralized by commercial real estate, net-leases and mortgage loans. On June 20, 2019, the Company elected to retire the Master Trust 2013 notes, which had one series of notes outstanding and were secured by 267 owned and financed properties at time of repayment. 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 in March 2021 , the Company repaid three of these loans. As such, as of December 31, 2021, i ndirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under two non-defaulted loans with stated interest rates of % and %, respectively. Each loan w as secured by one propert y . There were no unamortized deferred financing costs as of December 31, 2021, compared to unamortized deferred financing costs of $ 1.9 million as of December 31, 2020. The unamortized net premium as of both December 31, 2021 and 2020 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, 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. During the year ended December 31, 2019, the Company extinguished the following debt: • $820.0 million of indebtedness outstanding under the A-1 Term Loans and A-2 Term Loans, resulting in a loss on debt extinguishment of $5.3 million, • $606.7 million of indebtedness outstanding under the 2015 Credit Agreement and 2015 Term Loan Agreement, resulting in a loss on debt extinguishment of $0.7 million, • $402.5 million of the 2019 Convertible Notes upon their maturity, • $165.5 million aggregate principal amount of the Master Trust 2013 notes, resulting in a loss on debt extinguishment of $15.0 million, and • $52.8 million aggregate principal amount of CMBS indebtedness on two loans secured by 13 properties, resulting in a net gain on debt extinguishment of $6.7 million. Debt Maturities As of December 31, 2021, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total 2022 $ 525 $ — $ 525 2023 556 288,400 288,956 2024 590 — 590 2025 610 16 626 2026 469 300,000 300,469 Thereafter 2,531 2,450,053 2,452,584 Total $ 5,281 $ 3,038,469 $ 3,043,750 Interest Expense The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Year Ended December 31, 2021 2020 2019 Revolving credit facilities (1) $ 2,930 $ 3,686 $ 5,201 Term loans 24 3,545 15,448 Senior Unsecured Notes 85,996 61,750 29,286 Mortgages payable 2,506 12,028 18,733 Convertible Notes 2,658 10,728 17,245 Interest rate swaps — — 972 Non-cash amortization of: Deferred financing costs 3,942 5,278 6,289 Debt discount, net 2,140 4,343 7,028 Net losses related to interest rate swaps 2,807 2,807 858 Total interest expense $ 103,003 $ 104,165 $ 101,060 (1) Includes facility fees of approximately $1.7 million, $1.6 million and $2.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
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 6.00% 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 $0.375 per share on a quarterly basis and $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, beginning on December 31, 2017. The Series A Preferred Stock trades on the NYSE under the symbol “SRC-A.” The Company may not redeem the Series A Preferred Stock prior to October 3, 2022, except in limited circumstances to preserve the Corporation’s status as a real estate investment trust, and pursuant to the special optional redemption provision described below. 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 or from time to 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. In addition, upon the occurrence of a change of control, the Company may, at its option, exercise the special optional redemption provision and redeem the Series A Preferred Stock, in whole or in part within 120 days after the first date on which such change of control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends up to, but not including, the date of redemption. Common Stock In May 2019, the Company entered into forward sale agreements in connection with an offering of 11.5 million shares of common stock at an initial gross offering price of $41.00 per share, before underwriting discounts and offering expenses. The forward purchasers borrowed and sold an aggregate of 11.5 million shares of common stock in the offering. The Company did not receive any proceeds from the sale of its shares of common stock by the forward purchasers at the time of the offering. All 11.5 million of these shares were settled during 2019, generating gross proceeds of $471.5 million. 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. The Company did not receive any proceeds from the sale of its shares of common stock by the forward purchasers at the time of the offering. 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. The Company did not receive any proceeds from the sale of its shares of common stock by the forward purchasers at the time of the offering. All 9.4 million of these shares remain open, with a final settlement date of July 19, 2023. ATM In November 2016, the Board of Directors approved the 2016 ATM Program and the Corporation terminated its prior program. The agreement provided for the offer and sale of shares of the Company’s common stock having an aggregate gross sales price of up to $500.0 million through the agents, as its sales agents or, if applicable, as forward sellers for forward purchasers, or directly to the agents acting as principals. The Company could sell shares in amounts and at times to be determined by the Company but had no obligation to sell any of the shares in the 2016 ATM Program. 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 and 0.6 million of these shares were settled during the year ended December 31, 2021, generating net proceeds of $21.9 million. In November 2020, the Board of Directors approved a new $500.0 million ATM Program, and the Corporation terminated its 2016 ATM program. 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 of these shares were settled during the year ended December 31, 2021, generating net proceeds of $391.4 million. In November 2021, the Board of Directors approved a new $500.0 million ATM Program, and the Corporation terminated its 2020 ATM program. Since inception of the 2021 ATM Program through December 31, 2021, 2.7 million shares of the Company’s common stock have been sold, of which 2.3 million were sold through forward sale agreements. During the year ended December 31, 2021, 2.6 million shares were issued for net proceeds of $120.3 million, and 0.1 million shares remained open under forward contracts as of December 31, 2021, with a weighted average forward settlement price of $47.45 per share. The final settlement date for these shares under open forward contracts is November 22, 2022. Approximately $375.9 million remained available under the program as of December 31, 2021. Stock Repurchase Program On May 1, 2018, the Company's Board of Directors approved a stock repurchase program, which authorized the Company to repurchase up to $250.0 million of the Company’s common stock. These purchases could be made in the open market or through private transactions from time to time over the 18-month time period following authorization, depending on prevailing market conditions and applicable legal and regulatory requirements. No shares of the Company’s common stock were repurchased under the program, and the full $250.0 million in gross repurchase capacity expired unused on November 1, 2019. Dividends Declared In fiscal years 2021 and 2020, the Company's Board of Directors declared the following dividends: Declaration Date Dividend Record Date Total Amount Payment Date (in Thousands) 2021 Preferred Stock February 17, 2021 $ 0.3750 March 15, 2021 $ 2,588 March 31, 2021 May 19, 2021 0.3750 June 15, 2021 2,588 June 30, 2021 July 29, 2021 0.3750 September 15, 2021 2,587 September 30, 2021 November 17, 2021 0.3750 December 15, 2021 2,587 December 31, 2021 Total Preferred Dividend $ 1.5000 $ 10,350 Common Stock February 17, 2021 $ 0.6250 March 31, 2021 $ 71,837 April 15, 2021 May 19, 2021 0.6250 June 30, 2021 74,436 July 15, 2021 July 29, 2021 0.6380 September 30, 2021 78,674 October 15, 2021 November 17, 2021 0.6380 December 31, 2021 81,378 January 14, 2022 Total Common Dividend $ 2.5260 $ 306,325 2020 Preferred Stock February 27, 2020 $ 0.3750 March 13, 2020 $ 2,588 March 31, 2020 May 22, 2020 0.3750 June 15, 2020 2,588 June 30, 2020 August 25, 2020 0.3750 September 15, 2020 2,587 September 30, 2020 November 13, 2020 0.3750 December 15, 2020 2,587 December 31, 2020 Total Preferred Dividend $ 1.5000 $ 10,350 Common Stock February 27, 2020 $ 0.6250 March 31, 2020 $ 64,338 April 15, 2020 May 22, 2020 0.6250 June 30, 2020 64,402 July 15, 2020 August 25, 2020 0.6250 September 30, 2020 66,171 October 15, 2020 November 13, 2020 0.6250 December 31, 2020 71,748 January 15, 2021 Total Common Dividend $ 2.5000 $ 266,659 The common stock dividend declared on November 17, 2021 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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 insured against such claims. The Company is contingently liable for 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, 2021, As of December 31, 2021, there were Purchase and Capital Improvement Commitments As of December 31, 2021, the Company had commitments totaling 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, $1.5 million and $1.6 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021 and 2020, respectively. Total rental expense included in property costs amounted to $0.3 million for each of the years ended December 31, 2021, 2020 and 2019, respectively. For all ground leases, rental expenses are reimbursed by tenants, and the corresponding rental revenue is recorded in rental income on the accompanying consolidated statements of operations. All leases are classified as operating leases and have a weighted average remaining lease term of 6.3 years. The Company’s minimum aggregate rental commitments under all non-cancellable operating leases as of December 31, 2021 Ground Office Lease Total 2022 $ 203 $ 1,040 $ 1,243 2023 169 1,055 1,224 2024 169 1,070 1,239 2025 151 1,086 1,237 2026 142 1,101 1,243 Thereafter 249 92 341 Total 1,083 5,444 6,527 Less: imputed interest (251 ) (1,130 ) (1,381 ) Total operating lease liabilities $ 832 $ 4,314 $ 5,146 Imputed interest was calculated using a weighted-average discount rate of 4.25%. 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, 2021 and 2020, the Company had a right-of-use lease asset balance of $3.7 million and $4.6 million, respectively, which are included in deferred costs and other assets, net and an operating lease liability balance of $5.1 million and $6.3 million, respectively, which are included in accounts payable, accrued expenses and other liabilities on the accompanying consolidated balance sheets. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
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 AOCL and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of non-cash investing and financing 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. In December 2018, the Company entered into interest rate swap agreements. In the third quarter of 2019, the Company terminated those interest rate swaps and accelerated the reclassification of a loss of $12.5 million from AOCL 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 March 31, 2024. As of December 31, 2021, the unamortized portion of loss in AOCL related to terminated interest rate swaps was $5.8 million. The following table provides information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately (in thousands): Year Ended December 31, 2021 2020 2019 Gross amount of loss recognized in AOCL on derivatives $ — $ — $ (18,593 ) Amount of loss reclassified from AOCL to termination of interest rate swaps — — 12,461 Amount of loss reclassified from AOCL to interest expense 2,807 2,807 1,830 Net reclassification of amounts from (to) AOCL $ 2,807 $ 2,807 $ (4,302 ) 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 8. FAIR VALUE MEASUREMENTS 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. 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. 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, 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 Assets held at December 31, 2020 Impaired at March 31, 2020 $ 36,491 $ — $ — $ 36,491 Impaired at June 30, 2020 $ 8,055 $ — $ — $ 8,055 Impaired at September 30, 2020 $ 10,027 $ — $ — $ 10,027 Impaired at December 31, 2020 $ 14,259 $ — $ — $ 14,259 As of Unobservable Input Asset Type Property Count Price Per Square Foot Range Weighted Average Price Per Square Foot Square Footage 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 December 31, 2020 PSA, LOI or BOV Retail 11 $16.67 - $338.98 $43.32 577,945 Comparable Properties Retail 10 $4.35 - $282.08 $57.62 431,563 Comparable Properties Office 1 $79.80 - $103.79 $89.25 28,804 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 accompanying 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 Senior Unsecured Notes, net are classified as Level 1 of the fair value of the hierarchy as of December 31, 2021 and the remaining measurements are classified as Level 2. The following table discloses fair value information for these financial instrume nts (in thousands): December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 10,450 $ 11,381 $ — $ — 2019 Credit Facility 288,400 288,549 — — 2020 Term Loans, net (1) — — 177,309 177,884 Senior Unsecured Notes, net (1) 2,718,641 2,865,187 1,927,348 2,122,409 Mortgages payable, net (1) 5,551 5,748 212,582 226,240 Convertible Notes, net (1) — — 189,102 194,124 (1) 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, 2021 | |
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 consultants or advisors of the Company. Awards under the Amended Incentive Award Plan may be in the form of stock options, restricted stock, dividend equivalents, restricted stock units, 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, 2021, 1.9 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, 2021, 2020 and 2019 valued at $4.4 million, $4.4 million and $2.5 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 2021 2020 2019 Number of Shares Weighted Average Price (1) (per share) Number of Shares Weighted Average Price (1) (per share) Number of Shares Weighted Average Price (1) (per share) Outstanding non-vested shares, beginning of year 279,912 $ 42.67 321,627 $ 40.66 346,181 $ 45.48 Shares granted 118,996 39.22 148,045 46.42 172,818 38.41 Shares vested (157,054 ) 40.83 (182,653 ) 42.04 (193,373 ) 47.33 Shares forfeited (8,719 ) 40.87 (7,107 ) 45.77 (3,999 ) 38.40 Outstanding non-vested shares, end of year 233,135 $ 42.22 279,912 $ 42.67 321,627 $ 40.66 (1) Based on grant date fair values. The Company recorded $4.7 million in deferred stock-based compensation associated with restricted shares granted during the year ended December 31, 2021. 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, 2021, restricted shares with an aggregate fair value of $6.5 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, 2021 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 st 2021 2020 2019 Number of Target Shares Weighted Average Fair Value (per share) Number of Target Shares Weighted Average Fair Value (per share) Number of Target Shares Weighted Average Fair Value (per share) Outstanding non-vested awards, beginning of year 201,468 $ 58.12 319,731 $ 49.49 266,801 $ 51.19 Grants at target 170,307 77.57 87,746 67.30 96,543 50.95 Earned above performance target 154,312 50.92 83,259 54.57 — — Vested (266,319 ) 50.92 (268,694 ) 54.57 (30,597 ) 69.54 Forfeited — — — — (8,662 ) 72.24 Incremental Shares (1) (1,715 ) N/A (20,574 ) N/A (4,354 ) N/A Outstanding non-vested awards, end of year 258,053 $ 74.08 201,468 $ 58.12 319,731 $ 49.49 (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, 2020 and 2019, 1.7 thousand, 20.6 thousand and 3.4 thousand, respectively, of these incremental shares were earned. 1 thousand of the incremental shares expired unearned during the year ended December 31, 2019. 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 2021, significant inputs for the calculation were expected volatility of the Company of 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 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 $3.3 million and $2.3 million in dividend rights have been accrued as of December 31, 2021 and 2020, respectively. Stock-based Compensation Expense For the The following is a summary of remaining unamortized stock-based compensation expense (in thousands): December 31, 2021 December 31, 2020 Restricted share awards $ 4,787 $ 6,421 Market-based awards 11,143 5,920 Total unamortized stock-based compensation expense $ 15,930 $ 12,341 401(k) Plan The Company has a 401(k) Plan, which is available to full-time 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 |
Income Per Share
Income Per Share | 12 Months Ended |
Dec. 31, 2021 | |
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 Years Ended December 31, 2021 2020 2019 Basic and diluted income: Income from continuing operations $ 171,702 $ 26,708 $ 175,266 Less: dividends paid to preferred stockholders (10,350 ) (10,350 ) (10,350 ) Less: dividends and income attributable to unvested restricted stock (581 ) (728 ) (915 ) Net income attributable to common stockholders used in basic and diluted income per share $ 160,771 $ 15,630 $ 164,001 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 118,587,722 104,656,242 91,005,932 Less: unvested weighted average shares of restricted stock (245,281 ) (298,582 ) (384,124 ) Basic weighted average shares of common stock outstanding 118,342,441 104,357,660 90,621,808 Net income per share attributable to common stockholders - basic $ 1.36 $ 0.15 $ 1.81 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards 373,396 175,952 247,504 Plus: unsettled shares under open forward equity contracts 1 1,772 — Diluted weighted average shares of common stock outstanding 118,715,838 104,535,384 90,869,312 Net income per share attributable to common stockholders - diluted $ 1.35 $ 0.15 $ 1.81 Potentially dilutive shares of common stock related to: Unsettled shares of restricted stock 95,411 62,448 166,625 ( 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, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 11. RELATED PARTY TRANSACTIONS 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. 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, concurrently with SMTA’s entry into an agreement to sell Master Trust 2014, the Company entered into a termination agreement of the Asset Management Agreement, which became effective on September 20, 2019, pursuant to which SMTA paid the Company a termination fee of $48.2 million. On June 2, 2019, the Company and SMTA also entered into an Interim Management Agreement, which became effective September 20, 2019 and was subsequently terminated effective September 4, 2020. Asset management fees of $0.7 million and $14.7 million were earned during the years ended December 31, 2020 and 2019, respectively, and are included in related party fee income in the consolidated statements of operations. Also, under the terms of the Asset Management Agreement, the Company recognized related party fee income of $0.9 million, which was fully offset by general and administrative expense, for other compensation awarded by SMTA to an employee of Spirit for the year ended December 31, 2019. Property Management and Servicing Agreement Prior to September 20, 2019, the Operating Partnership provided property management services and special services for Master Trust 2014. Property management fees of $4.2 million and special servicing fees of $1.2 million were earned for the year ended December 31, 2019, which are included in related party fee income in the consolidated statements of operations. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the notes were retired and the Property Management and Servicing Agreement was terminated. Related Party Loans Payable Prior to September 20, 2019, wholly-owned subsidiaries of the Company were the borrower on four mortgage loans payable to SMTA and secured by six single-tenant commercial properties owned by the Company. The notes incurred interest expense of $0.2 million for the year ended December 31, 2019, which is included in interest expense in the consolidated statements of operations. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the Company repaid the related party loans in full. Related Party Notes Receivable The Operating Partnership, as sponsor of the issuance, retained a 5.0% economic interest in the Master Trust 2014 Series 2017-1 notes as required by the risk retention rules issued under 17 CFR Part 246. The notes generated interest income of $1.1 million for the year ended December 31, 2019, which is included in interest income on loans receivable in the consolidated statements of operations. In conjunction with SMTA’s sale of Master Trust 2014 on September 20, 2019, the Master Trust 2014 notes were redeemed, resulting in the Company receiving the full outstanding principal balance of $33.5 million, plus an early repayment premium of $0.9 million. Investments in SMTA In conjunction with the Spin-Off, SMTA issued to the Operating Partnership and one of its affiliates, both wholly-owned subsidiaries of Spirit, a total of 6.0 million shares of Series A preferred stock with an aggregate liquidation preference of $150.0 million (the “SMTA Preferred Stock”). The SMTA Preferred Stock paid cash dividends at the rate of 10.0% per annum on the liquidation preference of $25.00 per share. Spirit recognized $10.8 million in dividends during the year ended December 31, 2019 that is reflected as preferred dividend income from SMTA in the consolidated statements of operations. On September 20, 2019, in conjunction with SMTA’s sale of Master Trust 2014, the SMTA Preferred Stock was repurchased by SMTA. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 State income tax $ 605 $ 128 $ 1,327 Federal income tax 2 145 10,174 Total income tax expense $ 607 $ 273 $ 11,501 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, The Operating Partnership transferred its rights and obligations under the Asset Management Agreement to 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 between SRAM and SMTA, effective from September 20, 2019 through September 4, 2020. Accordingly, all asset management fees earned from April 1, 2019 through September 4, 2020, including the termination fee income earned in September 2019, were subject to income tax. The Operating Partnership allocated personnel and other general and administrative costs to SRAM for management services provided to SMTA, including services provided in connection with SMTA’s sale of Master Trust 2014 on September 20, 2019. The federal income tax related to SRAM for the year ended December 31, 2019 was $10.2 million and the state income tax for the year ended December 31, 2019 was $0.7 million. Income tax expense for SRAM attributable to income before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate of 21% to income before income taxes. The difference between the statutory rate and reported amount for SRAM is caused by non-deductible executive compensation expenses totaling $0.6 million and the impact of state income taxes, net of federal income tax benefit, totaling $0.6 million. 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, The Corporation has federal net operating loss carry-forwards for income tax purposes totaling The Company files federal, state and local income tax returns. All federal tax returns for years prior to 2018 are no longer subject to examination. Additionally, state tax returns for years prior to 2017 are generally no longer subject to examination. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was Common stock dividends paid were characterized for tax as follows (per share): Year Ended December 31, 2021 2020 2019 Ordinary income $ 1.37 $ 1.80 $ 1.94 Return of capital 1.14 0.70 0.05 Capital gain — — 0.51 Total $ 2.51 $ 2.50 $ 2.50 |
Consolidated Quarterly Financia
Consolidated Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 First Second Third Fourth (Unaudited) Quarter Quarter Quarter Quarter Year Total 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 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 $ 0.6250 $ 0.6250 $ 0.6380 $ 0.6380 $ 2.5260 2020 First Second Third Fourth (Unaudited) Quarter Quarter Quarter Quarter Year Total revenues $ 122,720 $ 118,524 $ 113,741 $ 128,632 $ 483,617 Depreciation and amortization (52,236 ) (53,160 ) (52,170 ) (55,054 ) (212,620 ) Interest (25,359 ) (26,095 ) (26,404 ) (26,307 ) (104,165 ) Other expenses (61,360 ) (40,340 ) (24,880 ) (30,473 ) (157,053 ) (Loss) gain on debt extinguishment — — (7,252 ) 25 (7,227 ) Gain on disposition of assets 388 658 10,763 12,347 24,156 Net (loss) income (15,847 ) (413 ) 13,798 29,170 26,708 Dividends paid to preferred stockholders (2,588 ) (2,588 ) (2,587 ) (2,587 ) (10,350 ) Net (loss) income attributable to common stockholders $ (18,435 ) $ (3,001 ) $ 11,211 $ 26,583 $ 16,358 Net (loss) income per share attributable to common stockholders - basic $ (0.18 ) $ (0.03 ) $ 0.11 $ 0.24 $ 0.15 Net (loss) income per share attributable to common stockholders - diluted $ (0.18 ) $ (0.03 ) $ 0.11 $ 0.24 $ 0.15 Dividends declared per common share $ 0.6250 $ 0.6250 $ 0.6250 $ 0.6250 $ 2.5000 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Tenant Concept Number of Properties (a) Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Construction Year Date Acquired Life in which depreciation in latest Statement of Operations is computed 24 Hour Fitness 1 (d) $ 6,982 $ 9,255 $ (3,817 ) $ (5,674 ) $ 3,165 $ 3,581 $ 6,746 (349 ) 1987 05/07/2015 4 to 25 years Aaron's 25 (d) 11,215 24,883 — — 11,215 24,883 36,098 (8,540 ) 1957 - 2008 07/17/2013 8 to 49 years Academy Sports + Outdoors 9 (d) 20,495 51,603 — 76 20,495 51,679 72,174 (5,782 ) 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 (4,059 ) 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 (12,548 ) 1965 - 2008 07/17/2013 - 11/25/2019 4 to 50 years Alabama Clinics 1 (d) 695 1,707 — 20 695 1,727 2,422 (414 ) 2012 12/21/2016 1 to 40 years Alaska Club 5 (d) 14,160 46,839 — — 14,160 46,839 60,999 (6,898 ) 1972 - 2006 08/15/2018 10 to 43 years Albertsons 4 (d) 9,615 12,420 — (176 ) 9,615 12,244 21,859 (4,555 ) 1982 - 1998 12/17/2013 - 04/01/2015 15 to 30 years Aldi 1 (d) 1,131 1,176 (372 ) (435 ) 759 741 1,500 (228 ) 1995 07/17/2013 4 to 22 years Aludyne 3 (d) 3,018 11,943 — — 3,018 11,943 14,961 (583 ) 1969 - 2000 02/03/2021 7 to 33 years AMC Theatres 4 (d) 12,027 44,079 (2,405 ) (8,043 ) 9,622 36,036 45,658 (12,700 ) 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 (219 ) 2000 - 2011 11/25/2019 10 to 42 years Amigos United 1 (d) 620 5,415 — (156 ) 620 5,259 5,879 (1,895 ) 2000 08/25/2005 40 to 40 years Amware Fulfillment 1 (d) 1,731 12,990 — — 1,731 12,990 14,721 (755 ) 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 (631 ) 1995 - 2019 09/19/2014 - 09/12/2016 13 to 40 years Applebee's 23 (d) 25,368 43,959 — — 25,368 43,959 69,327 (12,625 ) 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 (2,375 ) 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 (870 ) 2005 11/10/2020 6 to 30 years Ashley HomeStore (f) 5 (d) 10,298 22,217 (728 ) (3,057 ) 9,570 19,160 28,730 (4,438 ) 1947 - 2008 07/17/2013 - 11/23/2021 3 to 45 years At Home (f) 14 (d) 62,839 106,826 — 134 62,839 106,960 169,799 (17,450 ) 1984 - 2018 08/01/2016 - 05/27/2021 7 to 40 years AT&T 1 (d) 2,873 8,252 — (401 ) 2,873 7,851 10,724 (1,511 ) 2002 07/17/2013 16 to 48 years ATC Fitness 1 (d) 1,187 1,817 — — 1,187 1,817 3,004 (541 ) 2014 09/17/2014 15 to 40 years Auria St. Clair 1 (d) 1,511 6,379 — — 1,511 6,379 7,890 (720 ) 1991 01/09/2020 9 to 26 years Avalon Flooring 1 (d) 753 3,299 — — 753 3,299 4,052 (752 ) 2006 03/31/2015 11 to 40 years Bagger Dave's Burger Tavern 2 (d) 1,069 429 — — 1,069 429 1,498 (100 ) 1927 - 1985 11/25/2019 6 to 27 years Bank of America 2 (d) 16,962 91,417 — — 16,962 91,417 108,379 (8,946 ) 1974 - 1975 07/17/2013 - 09/26/2019 8 to 52 years Best Buy (f) 5 (d) 12,438 28,454 — (109 ) 12,438 28,345 40,783 (6,039 ) 1984 - 2002 07/17/2013 - 11/30/2021 6 to 41 years Big Lots (f) 1 (d) 1,119 1,676 — (327 ) 1,119 1,349 2,468 (1,001 ) 1988 07/17/2013 9 to 30 years Big Sandy Furniture 7 (d) 5,327 18,252 — 24 5,327 18,276 23,603 (2,782 ) 1976 - 1998 11/25/2019 3 to 34 years BJ's Wholesale Club 9 (d) 47,966 130,403 — 155 47,966 130,558 178,524 (22,049 ) 1993 - 2020 07/17/2013 - 03/26/2021 8 to 50 years BlueLinx 3 (d) 37,932 71,290 — — 37,932 71,290 109,222 (3,786 ) 1988 - 1996 04/07/2021 7 to 27 years Bojangles' 1 (d) 598 1,893 — — 598 1,893 2,491 (443 ) 1995 11/25/2019 5 to 10 years Books-A-Million 1 (d) 575 2,568 — (6 ) 575 2,562 3,137 (767 ) 2001 07/17/2013 7 to 45 years Boscovs 1 (d) 1,803 4,314 — — 1,803 4,314 6,117 (843 ) 1970 11/25/2019 3 to 25 years Brookshire Brothers 7 (d) 4,397 8,077 — (589 ) 4,397 7,488 11,885 (5,621 ) 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 (2,058 ) 2003 - 2015 11/05/2014 - 11/25/2019 9 to 40 years Builders FirstSource 2 (d) 6,280 5,800 — — 6,280 5,800 12,080 (325 ) 1973 - 2005 05/13/2021 - 11/08/2021 3 to 39 years Burger King 16 (d) 10,108 10,186 6 (6 ) 10,114 10,180 20,294 (3,108 ) 1976 - 1998 09/29/2006 - 11/25/2019 3 to 34 years Caliber Collision 3 (d) 4,587 6,250 — 65 4,587 6,315 10,902 (1,324 ) 1986 - 2016 12/28/2016 - 11/25/2019 4 to 50 years Camping World 8 (d) 25,620 20,025 — 15,969 25,620 35,994 61,614 (8,410 ) 2004 - 2016 03/27/2015 - 11/25/2019 8 to 40 years Car Wash USA Express 24 (d) 13,861 66,423 — — 13,861 66,423 80,284 (5,051 ) 1998 - 2018 09/27/2019 9 to 39 years CarMax (f) 8 (d) 48,804 72,425 — (211 ) 48,804 72,214 121,018 (16,212 ) 1994 - 2005 06/30/2005 - 11/25/2019 6 to 45 years Chapala 1 (d) 477 139 — — 477 139 616 (37 ) 1998 11/25/2019 3 to 20 years Charleston's Restaurant 2 (d) 2,620 6,455 — 12 2,620 6,467 9,087 (900 ) 1992 - 2002 11/25/2019 2 to 20 years Chick-Fil-A 1 (d) 985 725 — — 985 725 1,710 (321 ) 1995 07/17/2013 11 to 33 years Childcare Network 20 (d) 9,432 18,736 — 36 9,432 18,772 28,204 (5,285 ) 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 (1,874 ) 1974 - 2010 07/17/2013 - 02/19/2015 8 to 40 years Chili's 3 (d) 2,628 3,337 — — 2,628 3,337 5,965 (1,145 ) 1985 - 1999 07/17/2013 11 to 35 years Chuck-A-Rama and Grub Steak 13 (d) 9,209 24,455 — — 9,209 24,455 33,664 (3,271 ) 1964 - 2011 01/22/2019 7 to 37 years Church's Chicken 161 (d) 66,161 77,981 (304 ) (53 ) 65,857 77,928 143,785 (33,628 ) 1965 - 2007 07/17/2013 3 to 40 years Cinemark 1 (d) 4,023 10,346 — 52 4,023 10,398 14,421 (1,599 ) 2016 02/21/2017 15 to 50 years Circle K 75 (d) 54,186 90,228 (21 ) — 54,165 90,228 144,393 (40,397 ) 1950 - 2005 07/17/2013 3 to 38 years City Electric Supply 74 (d) 27,568 74,284 31 771 27,599 75,055 102,654 (3,019 ) 1935 - 2017 11/30/2020 5 to 48 years Clean Freak 8 (d) 11,436 13,593 — 54 11,436 13,647 25,083 (2,544 ) 1970 - 2016 09/29/2016 - 01/16/2020 15 to 37 years ClubCorp 20 (d) 146,753 44,705 — — 146,753 44,705 191,458 (4,447 ) 1959 - 2008 07/19/2021 4 to 39 years Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2021 Tenant Concept Number of Properties (a) Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Construction Year Date Acquired Life in which depreciation in latest Statement of Operations is computed Coastal Construction Products 3 (d) 4,523 7,356 — — 4,523 7,356 11,879 (216 ) 1970 - 2007 03/30/2021 6 to 39 years Columbus Fish Market 1 (d) 2,164 1,165 — — 2,164 1,165 3,329 (757 ) 1960 07/17/2013 9 to 23 years Conney Safety 1 (d) 1,189 11,451 — — 1,189 11,451 12,640 (1,149 ) 1986 01/09/2020 8 to 23 years Convergys 1 (d) 808 6,045 — (334 ) 808 5,711 6,519 (1,139 ) 2008 07/17/2013 12 to 52 years Cost-U-Less 1 (d) 2,132 5,992 — — 2,132 5,992 8,124 (1,909 ) 2005 07/17/2013 8 to 37 years Crème de la Crème 5 (d) 10,538 18,955 — 61 10,538 19,016 29,554 (1,500 ) 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 (4,483 ) 1993 - 2017 11/29/2016 - 11/25/2019 8 to 44 years C-Store 250 (d) 183,280 155,118 (1,219 ) 2,924 182,061 158,042 340,103 (68,584 ) 1945 - 2011 07/02/2007 - 06/28/2019 7 to 40 years Curacao (f) 1 (d) 9,470 13,326 (2,049 ) (5,007 ) 7,421 8,319 15,740 (805 ) 1968 12/30/2014 6 to 24 years Curt Manufacturing 2 (d) 4,582 13,044 — 130 4,582 13,174 17,756 (994 ) 2009 - 2010 11/13/2020 9 to 29 years CVS 33 (d) 31,849 92,724 (185 ) (1,587 ) 31,664 91,137 122,801 (25,467 ) 1994 - 2007 07/17/2013 7 to 43 years Dairy Queen 4 (d) 2,570 4,333 — 90 2,570 4,423 6,993 (1,061 ) 1984 - 2010 02/16/2017 5 to 40 years Dave & Buster's 3 (d) 10,420 12,348 — 87 10,420 12,435 22,855 (4,859 ) 1995 - 2017 07/17/2013 - 05/18/2017 7 to 50 years David's Bridal (f) 2 (d) 1,461 4,727 — 54 1,461 4,781 6,242 (1,147 ) 2005 - 2006 07/17/2013 11 to 48 years Davis-Standard 2 (d) 3,181 15,331 — 71 3,181 15,402 18,583 (3,025 ) 1969 - 1983 10/27/2016 5 to 40 years Defined Fitness 7 (d) 16,187 35,280 — 6 16,187 35,286 51,473 (6,226 ) 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 (6,752 ) 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 (323 ) 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 (835 ) 1972 11/25/2019 2 to 10 years Direct Shot Distributing 1 (d) 6,447 20,390 — — 6,447 20,390 26,837 (1,009 ) 2020 11/10/2020 6 to 34 years Dollar General 80 (d) 29,062 67,314 — 70 29,062 67,384 96,446 (14,158 ) 2005 - 2021 07/17/2013 - 12/13/2021 5 to 44 years Dollar Tree / Family Dollar (f) 111 (d) 44,147 81,252 (486 ) (1,471 ) 43,661 79,781 123,442 (11,729 ) 1932 - 2021 07/17/2013 - 11/10/2021 3 to 50 years Drive Time 2 (d) 2,158 2,071 — (46 ) 2,158 2,025 4,183 (1,361 ) 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 (245 ) 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 (1,111 ) 2007 07/17/2013 10 to 47 years Dunkin' 1 (d) 600 765 — — 600 765 1,365 (545 ) 1995 09/29/2006 15 to 30 years Eddie Merlot's 1 (d) 1,184 2,776 (885 ) (2,079 ) 299 697 996 (68 ) 1997 11/25/2019 6 to 22 years El Chico 1 (d) 1,337 61 (844 ) (39 ) 493 22 515 (18 ) 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 (13,162 ) 1984 - 2013 07/29/2016 - 11/25/2019 3 to 36 years Everbrook Academy 4 (d) 5,736 16,195 — — 5,736 16,195 21,931 (55 ) 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 (2,601 ) 2014 - 2016 03/30/2016 - 12/01/2016 16 to 50 years FABco 2 (d) 10,341 28,364 — — 10,341 28,364 38,705 — 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 (1,683 ) 1982 12/17/2013 15 to 20 years Family Medical Center 1 (d) 521 2,589 — 65 521 2,654 3,175 (872 ) 1988 08/18/2014 7 to 30 years Fazoli's 3 (d) 2,085 255 101 (119 ) 2,186 136 2,322 (53 ) 1982 08/27/2009 - 11/25/2019 7 to 18 years FedEx 6 (d) 33,331 67,662 631 333 33,962 67,995 101,957 (13,673 ) 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 (25,971 ) 2006 - 2007 07/17/2013 8 to 46 years FHE 2 (d) 3,236 14,281 — 11 3,236 14,292 17,528 (1,174 ) 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 — — 1,565 4,051 5,616 (48 ) 2013 09/28/2021 13 to 36 years Fire King 1 (d) 941 5,078 — 65 941 5,143 6,084 (421 ) 1977 12/20/2019 9 to 30 years Food City 3 (d) 4,591 15,150 — — 4,591 15,150 19,741 (4,487 ) 1969 - 2001 09/30/2014 10 to 40 years Food Lion 1 (d) 696 5,402 — — 696 5,402 6,098 (1,357 ) 1988 09/30/2014 10 to 40 years Fox Rehabilitation Services 1 (d) 4,078 6,076 — — 4,078 6,076 10,154 (1,687 ) 1998 11/23/2016 9 to 30 years Freddy's Frozen Custard & Steakburgers 1 (d) 594 1,196 — — 594 1,196 1,790 (142 ) 2016 06/28/2019 8 to 34 years Fresenius Medical Care 2 (d) 780 2,419 — (91 ) 780 2,328 3,108 (750 ) 2008 - 2009 08/18/2014 10 to 40 years Gardner School 1 (d) 2,461 1,427 — — 2,461 1,427 3,888 (342 ) 1976 03/27/2015 15 to 40 years Georgia Theatre 4 (d) 9,034 33,747 — — 9,034 33,747 42,781 (7,346 ) 2001 - 2010 12/30/2014 15 to 40 years Golden Corral 7 (d) 8,938 15,321 — — 8,938 15,321 24,259 (4,067 ) 1993 - 2011 07/17/2013 - 11/25/2019 5 to 33 years Gourmet Foods 2 (d) 6,224 8,369 — — 6,224 8,369 14,593 (745 ) 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 (1,889 ) 2016 11/05/2015 12 to 50 years Grease Monkey 29 (d) 8,374 15,376 — — 8,374 15,376 23,750 (8,871 ) 1968 - 1998 09/07/2007 - 11/25/2019 6 to 40 years H&E Equipment Services 1 (d) 1,790 1,267 — — 1,790 1,267 3,057 (839 ) 2014 09/30/2014 11 to 30 years Hardee's 34 (d) 13,901 18,960 — — 13,901 18,960 32,861 (9,341 ) 1969 - 1999 12/21/2012 - 11/25/2019 5 to 30 years Hartford Provision Company 1 (d) 1,590 6,774 — 632 1,590 7,406 8,996 (2,640 ) 1982 05/05/2015 7 to 20 years Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2021 Tenant Concept Number of Properties (a) Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Construction Year Date Acquired Life in which depreciation in latest Statement of Operations is computed Hatch Stamping 3 (d) 2,411 9,705 — — 2,411 9,705 12,116 (1,432 ) 1975 - 2001 06/17/2019 6 to 25 years Havana Farm and Home Supply 1 (d) 526 813 — (32 ) 526 781 1,307 (493 ) 2000 05/31/2006 15 to 30 years Health Point Family Medicine 1 (d) 159 1,124 — (24 ) 159 1,100 1,259 (255 ) 2012 08/18/2014 15 to 40 years Hobby Lobby (f) 1 (d) 2,612 4,840 — 128 2,612 4,968 7,580 (2,513 ) 2006 07/17/2013 4 to 39 years Home Depot (f) 8 (c), (d) 59,098 67,982 — 535 59,098 68,517 127,615 (22,224 ) 1978 - 2003 07/17/2013 - 06/28/2021 1 to 33 years Hy-Vee Food Store (f) 1 (d) 648 379 — (100 ) 648 279 927 (384 ) 1974 05/31/2006 15 to 20 years IBM 2 (d) 4,573 40,263 (544 ) (1,337 ) 4,029 38,926 42,955 (6,138 ) 1989 08/02/2017 5 to 35 years In-Shape 2 (d) 3,146 7,985 — 2,244 3,146 10,229 13,375 (2,742 ) 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 (2,232 ) 2012 - 2020 09/11/2018 - 11/30/2020 7 to 35 years Interstate Resources 1 (d) 1,084 5,507 — 682 1,084 6,189 7,273 (2,376 ) 1999 07/17/2013 8 to 26 years J. Jill 1 (d) 7,420 19,608 — — 7,420 19,608 27,028 (10,466 ) 1998 07/17/2013 8 to 25 years Jiffy Lube 17 (d) 14,478 17,335 — 1,089 14,478 18,424 32,902 (2,251 ) 1985 - 2002 03/19/2013 - 12/09/2021 9 to 43 years Jo-Ann's (f) 3 (d) 5,425 8,958 151 281 5,576 9,239 14,815 (3,093 ) 1998 - 2000 07/17/2013 7 to 43 years Joe's Crab Shack 1 (d) 882 612 — — 882 612 1,494 (103 ) 1989 11/25/2019 3 to 20 years KFC 18 (d) 9,506 12,023 109 118 9,615 12,141 21,756 (4,490 ) 1966 - 2016 10/03/2011 - 12/23/2020 10 to 40 years King’s Daughters Medical Center 1 (d) 658 3,171 — — 658 3,171 3,829 (870 ) 2013 08/18/2014 9 to 40 years Kiolbassa 2 (d) 4,088 9,105 — — 4,088 9,105 13,193 (586 ) 2004 - 2007 05/07/2020 8 to 30 years Kohl's 13 (d) 36,903 69,915 200 534 37,103 70,449 107,552 (17,108 ) 1994 - 2007 07/17/2013 - 03/31/2021 5 to 46 years Kroger 1 (d) 972 8,435 — (28 ) 972 8,407 9,379 (3,262 ) 1998 07/17/2013 9 to 25 years L-3 Link Simulation & Training 1 (d) 1,133 9,908 — — 1,133 9,908 11,041 (181 ) 1985 06/17/2021 8 to 40 years LA Fitness 8 (d) 23,885 58,328 284 13 24,169 58,341 82,510 (15,228 ) 1999 - 2009 07/17/2013 - 11/25/2019 5 to 43 years Lamb's/Ramona Tire 6 (d) 7,573 6,599 — — 7,573 6,599 14,172 (611 ) 1975 - 2012 09/27/2019 9 to 37 years La-Z-Boy 3 (d) 4,318 12,823 (1,374 ) (2,794 ) 2,944 10,029 12,973 (2,221 ) 1987 - 2006 07/17/2013 4 to 45 years Lee's Famous Recipe Chicken 5 (d) 1,506 1,352 — — 1,506 1,352 2,858 (540 ) 1970 - 1988 08/21/2015 15 to 30 years Liberty Oilfield Services 2 (d) 4,760 10,281 — — 4,760 10,281 15,041 (2,775 ) 1977 - 2001 12/30/2014 15 to 50 years Life Time Fitness 8 (d) 56,968 175,542 — 192 56,968 175,734 232,702 (16,588 ) 2002 - 2021 08/30/2018 - 03/10/2021 6 to 55 years Logan's Roadhouse 2 (d) 2,553 4,074 (1,822 ) (2,941 ) 731 1,133 1,864 (156 ) 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 (11,591 ) 1997 - 2000 09/30/2015 15 to 30 years Lowe's (f) 6 (d) 45,637 37,533 (7,082 ) (5,581 ) 38,555 31,952 70,507 (11,935 ) 1991 - 1998 07/17/2013 8 to 36 years Lutheran Health Physicians 1 (d) 220 278 68 (30 ) 288 248 536 (144 ) 2007 08/18/2014 10 to 20 years MAACO 3 (d) 2,501 2,815 (759 ) (63 ) 1,742 2,752 4,494 (555 ) 1950 - 1999 03/31/2017 6 to 30 years Mac Papers + Packaging 18 (d) 22,631 89,843 — — 22,631 89,843 112,474 (5,865 ) 1956 - 2016 03/12/2020 - 08/07/2020 6 to 46 years Main Event 9 (d) 24,038 36,478 1,527 21,424 25,565 57,902 83,467 (18,399 ) 1998 - 2021 09/30/2005 - 03/10/2021 10 to 45 years Malibu Boats 2 (d) 4,644 13,911 — — 4,644 13,911 18,555 (7,818 ) 1992 - 1998 03/31/2008 15 to 30 years Market Street 2 (d) 3,559 10,834 — (775 ) 3,559 10,059 13,618 (5,717 ) 1997 - 1999 05/23/2005 20 to 40 years Mattress Firm 1 (d) 596 872 — 216 596 1,088 1,684 (409 ) 1998 07/17/2013 9 to 45 years Michael's (f) 1 (d) 1,114 6,726 — — 1,114 6,726 7,840 (2,481 ) 2002 07/17/2013 9 to 49 years Milo's 9 (d) 5,260 7,074 — 475 5,260 7,549 12,809 (3,090 ) 1977 - 2008 03/29/2013 - 11/25/2019 8 to 29 years Missoula Fresh Market 2 (d) 5,518 9,882 — — 5,518 9,882 15,400 (2,652 ) 1999 - 2008 03/11/2015 - 03/12/2015 15 to 30 years Mister Car Wash 22 (d) 41,796 48,845 536 150 42,332 48,995 91,327 (13,687 ) 1956 - 2016 05/15/2013 - 11/16/2021 3 to 40 years Mojo Grill 1 (d) 619 236 — 500 619 736 1,355 (133 ) 1996 10/26/2018 8 to 23 years Monterey's Tex Mex 1 (d) 818 670 — — 818 670 1,488 (99 ) 1988 11/25/2019 3 to 23 years Mountainside Fitness 1 (d) 1,687 2,935 — 12 1,687 2,947 4,634 (272 ) 2002 11/25/2019 3 to 35 years Mr. Clean/Jiffy Lube 2 (d) 4,964 3,351 — — 4,964 3,351 8,315 (382 ) 1996 - 1998 09/11/2019 10 to 30 years NextCare Urgent Care 1 (d) 271 728 — — 271 728 999 (193 ) 1985 08/18/2014 8 to 40 years NN, Inc. 1 (d) 3,595 21,969 — — 3,595 21,969 25,564 — 2019 12/29/2021 12 to 39 years Northern Tool & Equipment 1 (d) 1,728 3,437 — — 1,728 3,437 5,165 (1,001 ) 2006 07/17/2013 8 to 43 years Off Lease Only 4 (d) 60,479 38,683 — — 60,479 38,683 99,162 (2,684 ) 1988 - 2021 09/09/2020 - 06/24/2021 14 to 45 years Office Depot (f) 6 (d) 5,561 14,526 — 288 5,561 14,814 20,375 (4,115 ) 1999 - 2009 07/17/2013 8 to 47 years OfficeMax 1 (d) 621 2,208 (320 ) (1,009 ) 301 1,199 1,500 — 1999 07/17/2013 4 to 36 years Ogden Clinic 1 (d) 597 2,331 (221 ) (1,196 ) 376 1,135 1,511 — 1985 08/18/2014 7 to 22 years Ojos Locos Sports Cantina 1 (d) 1,725 1,470 — — 1,725 1,470 3,195 (463 ) 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 (4,292 ) 1985 - 1994 07/17/2013 - 05/08/2015 3 to 20 years O'Reilly Auto Parts 1 (d) 161 — — — 161 — 161 — (e) 11/25/2019 (e) Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2021 Tenant Concept Number of Properties (a) Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Construction Year Date Acquired Life in which depreciation in latest Statement of Operations is computed Panera 1 (d) 1,196 1,671 — (14 ) 1,196 1,657 2,853 (549 ) 1999 07/17/2013 11 to 34 years Party City 3 (d) 11,849 116,669 — — 11,849 116,669 128,518 (7,951 ) 1991 - 2015 06/28/2019 9 to 42 years Pawn I 2 (d) 1,440 3,684 — — 1,440 3,684 5,124 (663 ) 1994 - 2009 07/31/2015 15 to 50 years Pep Boys 12 (d) 15,715 32,593 — — 15,715 32,593 48,308 (10,629 ) 1987 - 1998 07/17/2013 7 to 41 years PetSmart 3 (d) 4,247 10,208 — — 4,247 10,208 14,455 (2,805 ) 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 (275 ) 2018 03/29/2019 19 to 35 years Pioneer Seeds 1 (d) 870 6,961 — 29 870 6,990 7,860 (1,139 ) 2016 12/16/2016 9 to 40 years Planet Fitness 3 (d) 2,704 5,612 — 22 2,704 5,634 8,338 (1,860 ) 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 (1,118 ) 1975 - 2004 11/25/2019 4 to 19 years PriMed Physicians 1 (d) 559 1,420 (201 ) (678 ) 358 742 1,100 — 1985 08/18/2014 7 to 32 years Progressive Medical Center 1 (d) 1,061 4,556 — 22 1,061 4,578 5,639 (792 ) 1988 10/27/2016 2 to 40 years Rally's 1 (d) 160 693 (1 ) (4 ) 159 689 848 (140 ) 1990 11/25/2019 6 to 12 years Raymour & Flanigan Furniture 2 (d) 2,825 19,295 — 25 2,825 19,320 22,145 (1,366 ) 1978 - 2005 11/25/2019 7 to 43 years Red Lobster 24 (d) 23,805 39,408 — 69 23,805 39,477 63,282 (10,402 ) 1971 - 2013 12/23/2014 - 12/22/2016 11 to 40 years Red Mesa Grill 3 (d) 947 3,140 — — 947 3,140 4,087 (751 ) 1997 - 2004 11/09/2015 15 to 30 years Regal Cinemas 8 (d) 22,833 40,156 — 6,474 22,833 46,630 69,463 (12,865 ) 1995 - 2006 12/30/2014 - 11/23/2016 4 to 40 years Renaissance Food 1 (d) 3,203 8,089 — 324 3,203 8,413 11,616 (659 ) 2016 12/03/2019 11 to 38 years Repair One 1 (d) 574 1,349 — — 574 1,349 1,923 (132 ) 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 (2,424 ) 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 (6,637 ) 1993 - 2006 07/17/2013 4 to 43 years Ross (f) 1 (d) 2,631 7,710 — (327 ) 2,631 7,383 10,014 (2,176 ) 2006 07/17/2013 11 to 43 years Ruth's Chris Steakhouse 2 (d) 3,558 3,428 — — 3,558 3,428 6,986 (1,239 ) 1964 - 2000 07/17/2013 10 to 30 years Ryerson 9 (d) 14,788 48,306 (140 ) 423 14,648 48,729 63,377 (6,413 ) 1935 - 2002 12/20/2019 4 to 27 years Sagebrush 2 (d) 1,514 4,759 — 49 1,514 4,808 6,322 (290 ) 1987 - 1993 11/23/2020 7 to 23 years Saisaki Asian Bistro and Sushi 1 (d) 1,184 311 — — 1,184 311 1,495 (440 ) 1995 06/25/2004 10 to 25 years Saltgrass 1 (d) 1,934 1,456 — — 1,934 1,456 3,390 (211 ) 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 (660 ) 2001 07/17/2013 4 to 30 years Sam's Club (f) 2 (d) 12,609 16,182 295 271 12,904 16,453 29,357 (11,259 ) 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 (694 ) 1990 - 2004 06/14/2013 15 to 40 years Service King 24 (d) 30,873 43,757 — — 30,873 43,757 74,630 (744 ) 1976 - 2004 11/25/2019 - 11/16/2021 7 to 40 years Sheffield Pharmaceuticals 1 (d) 627 4,767 — 27 627 4,794 5,421 (1,008 ) 1975 06/30/2016 4 to 30 years Shiloh Industries 3 (d) 10,350 26,362 — — 10,350 26,362 36,712 (1,234 ) 1987 - 2014 02/03/2021 - 08/04/2021 6 to 33 years Shooters World 2 (d) 4,238 15,646 390 5,508 4,628 21,154 25,782 (2,174 ) 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 (1,059 ) 2020 09/15/2020 10 to 45 years Skyline Chili 2 (d) 1,437 1,073 — — 1,437 1,073 2,510 (189 ) 1998 11/25/2019 8 to 18 years Slim Chickens 2 (d) 1,687 2,122 — — 1,687 2,122 3,809 (410 ) 2013 - 2015 03/31/2015 - 11/25/2019 7 to 40 years Smart & Final 2 (d) 11,172 19,859 — — 11,172 19,859 31,031 (5,092 ) 1997 - 2005 03/16/2015 - 03/23/2015 15 to 40 years Smokey Bones Barbecue & Grill 13 (d) 18,287 10,375 (350 ) (261 ) 17,937 10,114 28,051 (7,899 ) 1972 - 2006 12/31/2007 15 to 40 years Smoothie King 1 (d) 208 302 — (2 ) 208 300 508 (157 ) 2007 07/17/2013 13 to 24 years Sonic Drive-In 37 (d) 19,280 15,032 — — 19,280 15,032 34,312 (6,438 ) 1976 - 2010 09/17/2013 - 11/25/2019 2 to 30 years Sonny's BBQ 8 (d) 10,665 9,510 — 1,117 10,665 10,627 21,292 (2,027 ) 1984 - 2006 12/28/2016 - 06/09/2017 6 to 40 years South Carolina Oncology Associates 1 (d) 3,378 35,153 — — 3,378 35,153 38,531 (7,414 ) 2003 12/31/2013 15 to 40 years Southern Theatres 2 (d) 10,335 13,237 — 2,500 10,335 15,737 26,072 (4,789 ) 1999 - 2000 09/25/2014 15 to 30 years Specialists in Urology 9 (d) 7,469 32,725 (231 ) (680 ) 7,238 32,045 39,283 (8,535 ) 1978 - 2012 08/30/2012 - 03/31/2016 9 to 50 years Sportsman's Warehouse 9 (d) 21,563 47,014 — 7 21,563 47,021 68,584 (13,412 ) 2000 - 2019 10/15/2012 - 12/20/2019 10 to 50 years Staples 6 (d) 4,993 15,964 — (21 ) 4,993 15,943 20,936 (4,109 ) 1998 - 2006 07/17/2013 8 to 48 years Starbucks 4 (d) 1,692 2,586 — (15 ) 1,692 2,571 4,263 (1,007 ) 2007 07/17/2013 10 to 39 years Stater Bros. Markets 1 (d) 1,569 4,271 — (58 ) 1,569 4,213 5,782 (1,404 ) 1983 12/17/2013 15 to 30 years Strickland Brothers 22 (d) 13,109 12,698 — — 13,109 12,698 25,807 — 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 (1,433 ) 1987 03/15/2017 10 to 40 years SunOpta 1 (d) 4,127 3,866 — 10,423 4,127 14,289 18,416 — (g) 08/13/2021 (g) SuperValu 1 (d) 3,331 3,500 — — 3,331 3,500 6,831 (447 ) 1992 07/17/2013 15 to 15 years Surf's Up Car Wash 11 (d) 23,527 42,359 — — 23,527 42,359 65,886 (229 ) 2008 - 2021 10/06/2021 - 12/22/2021 11 to 40 years Taco Bell 8 (d) 3,444 6,617 — (29 ) 3,444 6,588 10,032 (2,952 ) 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 (503 ) 2000 07/17/2013 10 to 30 years Initial Cost (b) Cost Capitalized / (Impaired) Gross Amount at December 31, 2021 Tenant Concept Number of Properties (a) Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total Accumulated Depreciation Construction Year Date Acquired Life in which depreciation in latest Statement of Operations is computed Taco Bueno 19 (d) 12,789 14,826 — (52 ) 12,789 14,774 27,563 (4,015 ) 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 (617 ) 2006 - 2013 11/25/2019 7 to 20 years Terra Mulch Products 1 (d) 1,356 5,406 — — 1,356 5,406 6,762 (1,707 ) 2006 05/11/2015 10 to 30 years Tesla 1 (d) 1,893 6,154 — 85 1,893 6,239 8,132 (234 ) 1980 12/22/2020 10 to 35 years Texas Corral 1 (d) 549 752 — — 549 752 1,301 (402 ) 2006 12/21/2007 15 to 50 years Texas Roadhouse 1 (d) 1,214 1,412 — — 1,214 1,412 2,626 (141 ) 2005 11/25/2019 5 to 33 years The Children's Courtyard 1 (d) 334 2,146 — 12 334 2,158 2,492 (360 ) 2003 03/31/2017 15 to 30 years The Gerson Company 1 (d) 6,381 30,134 — — 6,381 30,134 36,515 — 1960 12/09/2021 10 to 27 years The Toledo Hospital 1 (d) 728 3,440 — — 728 3,440 4,168 (1,258 ) 2002 08/18/2014 9 to 30 years TI Group Automotive 1 (d) 3,939 7,950 — — 3,939 7,950 11,889 (614 ) 2005 11/19/2020 9 to 32 years Tire Warehouse 1 (d) 695 944 — 12 695 956 1,651 (127 ) 1993 11/25/2019 5 to 22 years TJ Maxx (f) 1 (d) 578 2,063 — 358 578 2,421 2,999 (1,329 ) 1988 07/17/2013 5 to 20 years Topgolf 1 (d) 3,734 9,595 3,450 6,104 7,184 15,699 22,883 (1,811 ) 2018 12/10/2018 11 to 45 years Tower Automotive 1 (d) 5,344 28,900 — — 5,344 28,900 34,244 (2,623 ) 1990 01/28/2020 9 to 30 years Tractor Supply 20 (c), (d) 22,622 37,122 539 (108 ) 23,161 37,014 60,175 (16,603 ) 1975 - 2011 07/17/2013 - 11/13/2015 4 to 48 years Trinity Highway Products 3 (d) 14,314 50,948 — — 14,314 50,948 65,262 — 1940 - 1992 12/31/2021 10 to 39 years Truck-Lite 3 (d) 7,413 21,598 — — 7,413 21,598 29,011 (589 ) 1985 - 2020 05/27/2021 7 to 54 years Tupperware 1 (d) 17,283 19,024 — — 17,283 19,024 36,307 (565 ) 2007 04/23/2021 10 to 35 years Tutor Time 4 (d) 2,790 6,978 — (60 ) 2,790 6,918 9,708 (832 ) 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 (2,163 ) 1970 - 2002 04/30/2015 15 to 30 years United Ag & Turf 5 (d) 2,041 8,955 — — 2,041 8,955 10,996 (880 ) 1981 - 2006 01/28/2020 6 to 40 years United Supermarkets 6 (d) 8,332 10,703 — (696 ) 8,332 10,007 18,339 (3,920 ) 1988 - 1999 05/23/2005 - 08/29/2011 15 to 40 years United Technologies Corporation 1 (d) 927 3,455 — (270 ) 927 3,185 4,112 (1,059 ) 1987 07/17/2013 10 to 40 years Vacant 3 (d) 3,809 5,568 (1,971 ) (3,427 ) 1,838 2,141 3,979 (649 ) 1997 - 2006 07/17/2013 1 to 29 years Valley Surgical Center 1 (d) 363 3,726 — — 363 3,726 4,089 (825 ) 2009 08/18/2014 14 to 40 years VASA Fitness 4 (d) 8,403 20,764 — 110 8,403 20,874 29,277 (2,494 ) 1988 - 2000 11/20/2015 - 09/29/2021 8 to 39 years Verizon 1 (d) 343 152 — (2 ) 343 150 493 (164 ) 2007 07/17/2013 10 to 24 years Walgreens (f) 33 (d) 35,433 133,220 (105 ) (411 ) 35,328 132,809 168,137 (33,423 ) 1994 - 2008 07/17/2013 3 to 45 years Walmart 3 (d) 3,940 4,646 69 (82 ) 4,009 4,564 8,573 (3,022 ) 1987 - 1991 07/17/2013 - 01/08/2019 7 to 22 years Warrior Manufacturing 1 (d) 2,518 10,195 — — 2,518 10,195 12,713 — 2007 12/16/2021 14 to 30 years Wawa 3 (d) 6,991 7,594 — — 6,991 7,594 14,585 (3,066 ) 2001 - 2006 07/17/2013 8 to 46 years Wendy's 1 (d) 336 773 — — 336 773 1,109 (93 ) 1985 11/25/2019 9 to 21 years Whirlpool 1 (d) 10,183 23,664 — — 10,183 23,664 33,847 (1,326 ) 2020 11/10/2020 5 to 31 years Winco Foods 1 (d) 3,108 12,817 — (16 ) 3,108 12,801 15,909 (3,358 ) 1960 07/17/2013 9 to 40 years Winsteads 1 (d) 607 123 — — 607 123 730 (43 ) 2009 11/25/2019 7 to 21 years Worthington Steel 3 (d) 9,026 33,903 — — 9,026 33,903 42,929 (1,375 ) 1997 - 2011 06/08/2021 9 to 40 years Yard House 1 (d) 1,370 8,260 (29 ) 21 1,341 8,281 9,622 (548 ) 2013 11/25/2019 3 to 35 years Zaxby's 3 (d) 2,259 4,964 (69 ) — 2,190 4,964 7,154 (1,283 ) 2006 - 2010 07/01/2015 - 09/17/2015 15 to 30 years Zips Car Wash 17 (d) 18,796 34,514 — 432 18,796 34,946 53,742 (4,913 ) 2005 - 2021 09/30/2015 - 12/30/2021 10 to 44 years 1,999 $ 2,538,703 $ 4,871,994 $ (21,988 ) $ 90,209 $ 2,516,715 $ 4,962,203 $ 7,478,918 $ (1,033,391 ) (a) As of December 31, 2021, the Company held one direct finance lease property and three held for sale properties, which are not included in the table above. (b) The aggregate cost of properties for federal income tax purposes is approximately $6.8 billion at December 31, 2021. (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 property where tenant is anchor tenant by rent in a multi-tenant property. (g) Represents property that is under construction and therefore date of construction and estimated life for depreciation not applicable. 2021 2020 2019 Land, buildings, and improvements Balance at the beginning of the year $ 6,392,596 $ 5,750,507 $ 4,757,717 Additions: Acquisitions, capital expenditures, and reclassifications from held for sale and deferred financing leases 1,177,140 842,891 1,238,020 Deductions: Dispositions of land, buildings, and improvements (38,390 ) (50,853 ) (98,445 ) Reclassifications to held for sale (17,047 ) (69,573 ) (119,449 ) Impairments, basis reset due to impairment and other adjustments (35,381 ) (80,376 ) (27,336 ) Gross Real Estate Balance at close of the year $ 7,478,918 $ 6,392,596 $ 5,750,507 Accumulated depreciation and amortization Balance at the beginning of the year $ (850,320 ) $ (717,097 ) $ (621,456 ) Additions: Depreciation expense and reclassifications from held for sale (205,881 ) (177,268 ) (145,104 ) Deductions: Dispositions of land, buildings, and improvements and other adjustments 21,952 38,723 32,678 Reclassifications to held for sale 858 5,322 16,785 Balance at close of the year $ (1,033,391 ) $ (850,320 ) $ (717,097 ) Net Real Estate Investment $ 6,445,527 $ 5,542,276 $ 5,033,410 |
Schedule IV Mortgage Loans on R
Schedule IV Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (In thousands) 2021 2020 2019 Reconciliation of Mortgage Loans on Real Estate Balance January 1, $ — $ 32,654 $ 45,187 Deductions during period Collections of principal — (31,733 ) (10,927 ) Amortization of premium — (921 ) (1,606 ) Mortgage loans receivable December 31, — — 32,654 Other loans receivable 10,450 — 1,811 Total loans receivable $ 10,450 $ — $ 34,465 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying 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 a fair statement of the information required to be set forth therein.A variable interest entity (“VIE”) would be consolidated by the Company when the Company is the primary beneficiary, which is based on whether the Company has (i) the power to direct activities that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Determination of the primary beneficiary of a VIE considers all relationships between the Company and the VIE, including management agreements and other contractual arrangements. The Company evaluated SMTA as a VIE at the time of Spin-Off and quarterly thereafter until the third quarter of 2019 and concluded the Company was not the primary beneficiary. In the third quarter of 2019, the Company no longer had variable interests in SMTA and control was evaluated under the voting interest model. The Company concluded SMTA did not require consolidation by the Company for any period presented. |
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.These 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 |
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. For real estate acquired subject to existing lease agreements, 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 current market conditions and costs to execute similar leases at the time of the acquisition. 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. Impairments 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 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 our 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 (i) has no controlling financial interest in the real estate and (ii) has no 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, 2021 and 2020 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, 2021 and 2020 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 policy 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. In conjunction with the FASB Staff Q&A released in April 2020, 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, 2021 and 2020, $13.4 million and $26.3 million 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. 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 escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period and may adjust annually or over multiple-year periods. 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 escalators are recognized when the changes in the rental rates have occurred. 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 change in the factor on which the contingent lease payment is based actually occurs. 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 Company’s 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 Initial direct costs associated with the origination of a lease are deferred and amortized as an adjustment to rental revenue. Above- and below-market lease intangibles are amortized as a decrease and increase, respectively, to rental revenue. Amortization of in-place lease intangibles is included in depreciation and amortization expense. 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 Company’s consolidated statements of operations. Other Income: Lease Termination Fees Lease termination fees are included in other income on the Company’s 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 |
Loans Receivable | Loans Receivable Loans receivable consists of mortgage loans, net of premium, and other loans. 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 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 accompanying 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 accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): December 31, 2021 December 31, 2020 December 31, 2019 Cash and cash equivalents $ 17,799 $ 70,303 $ 14,492 Restricted cash: Collateral deposits (1) — 335 347 Tenant improvements, repairs and leasing commissions (2) — 12,660 10,877 Other (3) — — 307 Total cash, cash equivalents and restricted cash $ 17,799 $ 83,298 $ 26,023 (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. (3) Funds held in lender-controlled accounts released after scheduled debt service requirements are met. |
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 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 |
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 |
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 other comprehensive (loss) income. The amounts recorded in other comprehensive (loss) income will subsequently be 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. 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. Accordingly, all asset management fees earned from April 1, 2019 through September 4, 2020, including the termination fee income earned in September 2019, were subject to income tax. 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 income or loss from continuing operations as the basis for determining whether potential common shares are dilutive or anti-dilutive and undistributed net income or loss as the basis for determining 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, 2021 | |
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, 2021 December 31, 2020 December 31, 2019 Cash and cash equivalents $ 17,799 $ 70,303 $ 14,492 Restricted cash: Collateral deposits (1) — 335 347 Tenant improvements, repairs and leasing commissions (2) — 12,660 10,877 Other (3) — — 307 Total cash, cash equivalents and restricted cash $ 17,799 $ 83,298 $ 26,023 (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. (3) Funds held in lender-controlled accounts released after scheduled debt service requirements are met. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Summary of Owned Real Estate Activity | During the years ended December 31, 2021 and 2020, 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, 2019 1,750 2 1,752 $ 6,140,775 $ 1,223 $ 6,141,998 Acquisitions/improvements (1) 146 — 146 880,897 — 880,897 Dispositions of real estate (2) (20 ) (18 ) (38 ) (53,985 ) (32,028 ) (86,013 ) Transfers to Held for Sale (23 ) 23 — (72,912 ) 72,912 — Impairments (3) — — — (70,376 ) (11,100 ) (81,476 ) Reset of gross balances (4) — — — (45,386 ) (3,243 ) (48,629 ) Other — — — (1,340 ) — (1,340 ) 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 Accumulated depreciation and amortization (1,182,959 ) (98 ) (1,183,057 ) Net balance, December 31, 2021 (5) $ 6,751,864 $ 8,264 $ 6,760,128 (1) Includes investments of $15.4 million and $10.0 million, respectively, in revenue producing capitalized expenditures, and $10.7 million and $2.5 million, respectively, of non-revenue producing capitalized expenditures for the years ended December 31, 2021 and 2020. ( 2 ) The total net gain on disposal of assets for properties held in use was $37.3 million, $10.2 million and $26.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. The total gain on disposal of assets for properties held for sale was $2.2 million, $14.2 million and $32.4 million for the years ended December 31, 2021, 2020 and 2019, 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 accompanying consolidated balance sheet at December 31, 2021 is as follows: Real estate assets held for investment, net $ 6,445,527 Intangible lease assets, net 426,972 Real estate assets under direct financing leases, net 7,442 Real estate assets held for sale, net 8,264 Intangible lease liabilities, net (128,077 ) Net balance $ 6,760,128 |
Schedule of Operating Lease Income | The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands): For the Year Ended December 31, 2021 2020 2019 Base Cash Rent (1) $ 541,726 $ 453,013 $ 404,720 Variable cash rent (including reimbursables) 16,768 13,176 12,737 Straight-line rent, net of uncollectible reserve (2) 44,758 11,876 16,924 Amortization of above- and below- market lease intangibles, net (3) 2,847 1,836 4,310 Total rental income $ 606,099 $ 479,901 $ 438,691 (1) Includes net impact of amounts recovered/(amounts not deemed probable of collection) of $5.5 million, $(10.9) million and $0.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. ( 2 ) Includes net impact of amounts recovered/(amounts not deemed probable for collection) of $10.9 million, $(14.9) million and $(0.2) million for the years ended December 31, 2021, 2020 and 2019, respectively. ( 3 ) Excludes amortization of in-place leases of $38.5 million, $34.8 million and $29.8 million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations. |
Schedule of Minimum Future Contractual Rent to be Received from Operating Lease | Scheduled minimum future rent to be received under the remaining non-cancellable term of these operating leases (including contractual fixed rent increases occurring on or after January 1, 2022) at December 31, 2021 are as follows (in thousands): December 31, 2021 2022 $ 589,408 2023 581,102 2024 567,137 2025 556,015 2026 532,790 Thereafter 3,980,944 Total future minimum rentals $ 6,807,396 |
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, 2021 December 31, 2020 In-place leases $ 536,344 $ 473,062 Above-market leases 100,837 83,185 Less: accumulated amortization (210,209 ) (188,258 ) Intangible lease assets, net $ 426,972 $ 367,989 Below-market leases $ 188,718 $ 178,614 Less: accumulated amortization (60,641 ) (56,712 ) Intangible lease liabilities, net $ 128,077 $ 121,902 |
Schedule of Net Aggregate Amortization Expense of Intangible Assets and Liabilities | Based on the intangible assets and liabilities at December 31, 2021, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows (in thousands): December 31, 2021 2022 $ 36,480 2023 34,824 2024 32,805 2025 29,355 2026 26,951 Thereafter 138,480 Total future minimum amortization $ 298,895 |
Schedule of Loan Activity | During the years ended December 31, 2021 and 2020, the Company had the following loan activity (dollars in thousands): Mortgage Loans Other Loans Total Properties Investment Investment Investment Principal, December 31, 2019 43 $ 31,733 $ 1,972 $ 33,705 Principal payments and payoffs (43 ) (31,733 ) (1,972 ) (33,705 ) Principal, December 31, 2020 — — — — Issuance of loan — — 11,000 11,000 Principal, December 31, 2021 — $ — $ 11,000 $ 11,000 |
Summary of Impairment and Credit Losses Recognized | The following table summarizes total impairments and allowance for credit losses recognized in the accompanying consolidated statements of operations (in thousands): Year Ended December 31, 2021 2020 2019 Real estate asset impairment $ 22,120 $ 59,206 $ 24,130 Intangible asset impairment (recovery) 1,090 22,118 (39 ) Allowance for credit losses on direct financing leases — 152 — Allowance for credit losses on loans receivable 550 — — Total impairment loss $ 23,760 $ 81,476 $ 24,091 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The Company's debt is summarized below (dollars in thousands): 2021 Weighted Average Effective Interest Rates (1) 2021 Weighted Average Stated Rates (2) 2021 Weighted Average Remaining Years to Maturity (3) December 31, 2021 December 31, 2020 Debt: Revolving credit facilities 3.41 % 1.03 % 1.3 $ 288,400 $ — Term loans 1.96 % — — — 178,000 Senior Unsecured Notes 3.46 % 3.25 % 7.4 2,750,000 1,950,000 Mortgages payable 4.42 % 5.83 % 8.9 5,350 214,237 Convertible Notes 5.03 % — — — 190,426 Total debt 3.52 % 3.04 % 6.8 3,043,750 2,532,663 Debt discount, net (10,824 ) (7,807 ) Deferred financing costs, net (4) (20,334 ) (18,515 ) Total debt, net $ 3,012,592 $ 2,506,341 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the year ended December 31, 2021 based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of December 31, 2021. (3) (4) Excludes deferred financing costs for the revolving credit facilities. |
Summary of Senior Unsecured Notes | The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands): Maturity Date Interest Payment Dates Stated Interest Rate December 31, 2021 December 31, 2020 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 — 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 — Total Senior Unsecured Notes 3.25% $ 2,750,000 $ 1,950,000 |
Schedule of Debt Maturities | As of December 31, 2021, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total 2022 $ 525 $ — $ 525 2023 556 288,400 288,956 2024 590 — 590 2025 610 16 626 2026 469 300,000 300,469 Thereafter 2,531 2,450,053 2,452,584 Total $ 5,281 $ 3,038,469 $ 3,043,750 |
Summary of Components of Interest Expense Related to Borrowings | The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Year Ended December 31, 2021 2020 2019 Revolving credit facilities (1) $ 2,930 $ 3,686 $ 5,201 Term loans 24 3,545 15,448 Senior Unsecured Notes 85,996 61,750 29,286 Mortgages payable 2,506 12,028 18,733 Convertible Notes 2,658 10,728 17,245 Interest rate swaps — — 972 Non-cash amortization of: Deferred financing costs 3,942 5,278 6,289 Debt discount, net 2,140 4,343 7,028 Net losses related to interest rate swaps 2,807 2,807 858 Total interest expense $ 103,003 $ 104,165 $ 101,060 (1) Includes facility fees of approximately $1.7 million, $1.6 million and $2.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Dividends Declared | In fiscal years 2021 and 2020, the Company's Board of Directors declared the following dividends: Declaration Date Dividend Record Date Total Amount Payment Date (in Thousands) 2021 Preferred Stock February 17, 2021 $ 0.3750 March 15, 2021 $ 2,588 March 31, 2021 May 19, 2021 0.3750 June 15, 2021 2,588 June 30, 2021 July 29, 2021 0.3750 September 15, 2021 2,587 September 30, 2021 November 17, 2021 0.3750 December 15, 2021 2,587 December 31, 2021 Total Preferred Dividend $ 1.5000 $ 10,350 Common Stock February 17, 2021 $ 0.6250 March 31, 2021 $ 71,837 April 15, 2021 May 19, 2021 0.6250 June 30, 2021 74,436 July 15, 2021 July 29, 2021 0.6380 September 30, 2021 78,674 October 15, 2021 November 17, 2021 0.6380 December 31, 2021 81,378 January 14, 2022 Total Common Dividend $ 2.5260 $ 306,325 2020 Preferred Stock February 27, 2020 $ 0.3750 March 13, 2020 $ 2,588 March 31, 2020 May 22, 2020 0.3750 June 15, 2020 2,588 June 30, 2020 August 25, 2020 0.3750 September 15, 2020 2,587 September 30, 2020 November 13, 2020 0.3750 December 15, 2020 2,587 December 31, 2020 Total Preferred Dividend $ 1.5000 $ 10,350 Common Stock February 27, 2020 $ 0.6250 March 31, 2020 $ 64,338 April 15, 2020 May 22, 2020 0.6250 June 30, 2020 64,402 July 15, 2020 August 25, 2020 0.6250 September 30, 2020 66,171 October 15, 2020 November 13, 2020 0.6250 December 31, 2020 71,748 January 15, 2021 Total Common Dividend $ 2.5000 $ 266,659 |
Commitments and Contingencies
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Ground Office Lease Total 2022 $ 203 $ 1,040 $ 1,243 2023 169 1,055 1,224 2024 169 1,070 1,239 2025 151 1,086 1,237 2026 142 1,101 1,243 Thereafter 249 92 341 Total 1,083 5,444 6,527 Less: imputed interest (251 ) (1,130 ) (1,381 ) Total operating lease liabilities $ 832 $ 4,314 $ 5,146 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Amounts Recorded in AOCL | The following table provides information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately (in thousands): Year Ended December 31, 2021 2020 2019 Gross amount of loss recognized in AOCL on derivatives $ — $ — $ (18,593 ) Amount of loss reclassified from AOCL to termination of interest rate swaps — — 12,461 Amount of loss reclassified from AOCL to interest expense 2,807 2,807 1,830 Net reclassification of amounts from (to) AOCL $ 2,807 $ 2,807 $ (4,302 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
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, 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 Assets held at December 31, 2020 Impaired at March 31, 2020 $ 36,491 $ — $ — $ 36,491 Impaired at June 30, 2020 $ 8,055 $ — $ — $ 8,055 Impaired at September 30, 2020 $ 10,027 $ — $ — $ 10,027 Impaired at December 31, 2020 $ 14,259 $ — $ — $ 14,259 |
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 and, for the properties valued using comparable properties during 2020, the price per square foot includes a discount of 0-10% to account for the market impact of the COVID-19 pandemic. The unobservable inputs for the remaining properties are as follows: Unobservable Input Asset Type Property Count Price Per Square Foot Range Weighted Average Price Per Square Foot Square Footage December 31, 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 December 31, 2020 PSA, LOI or BOV Retail 11 $16.67 - $338.98 $43.32 577,945 Comparable Properties Retail 10 $4.35 - $282.08 $57.62 431,563 Comparable Properties Office 1 $79.80 - $103.79 $89.25 28,804 |
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments | The following table discloses fair value information for these financial instrume nts (in thousands): December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 10,450 $ 11,381 $ — $ — 2019 Credit Facility 288,400 288,549 — — 2020 Term Loans, net (1) — — 177,309 177,884 Senior Unsecured Notes, net (1) 2,718,641 2,865,187 1,927,348 2,122,409 Mortgages payable, net (1) 5,551 5,748 212,582 226,240 Convertible Notes, net (1) — — 189,102 194,124 (1) 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, 2021 | |
Compensation Related Costs [Abstract] | |
Summary of Restricted Share Activity | The following table summarizes the restricted share activity: 2021 2020 2019 Number of Shares Weighted Average Price (1) (per share) Number of Shares Weighted Average Price (1) (per share) Number of Shares Weighted Average Price (1) (per share) Outstanding non-vested shares, beginning of year 279,912 $ 42.67 321,627 $ 40.66 346,181 $ 45.48 Shares granted 118,996 39.22 148,045 46.42 172,818 38.41 Shares vested (157,054 ) 40.83 (182,653 ) 42.04 (193,373 ) 47.33 Shares forfeited (8,719 ) 40.87 (7,107 ) 45.77 (3,999 ) 38.40 Outstanding non-vested shares, end of year 233,135 $ 42.22 279,912 $ 42.67 321,627 $ 40.66 (1) Based on grant date fair values. |
Summary of Market-Based Award Activity | The following table summarizes the market-based award activity: 2021 2020 2019 Number of Target Shares Weighted Average Fair Value (per share) Number of Target Shares Weighted Average Fair Value (per share) Number of Target Shares Weighted Average Fair Value (per share) Outstanding non-vested awards, beginning of year 201,468 $ 58.12 319,731 $ 49.49 266,801 $ 51.19 Grants at target 170,307 77.57 87,746 67.30 96,543 50.95 Earned above performance target 154,312 50.92 83,259 54.57 — — Vested (266,319 ) 50.92 (268,694 ) 54.57 (30,597 ) 69.54 Forfeited — — — — (8,662 ) 72.24 Incremental Shares (1) (1,715 ) N/A (20,574 ) N/A (4,354 ) N/A Outstanding non-vested awards, end of year 258,053 $ 74.08 201,468 $ 58.12 319,731 $ 49.49 (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, 2020 and 2019, 1.7 thousand, 20.6 thousand and 3.4 thousand, respectively, of these incremental shares were earned. 1 thousand of the incremental shares expired unearned during the year ended December 31, 2019. 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, 2021 December 31, 2020 Restricted share awards $ 4,787 $ 6,421 Market-based awards 11,143 5,920 Total unamortized stock-based compensation expense $ 15,930 $ 12,341 |
Income Per Share (Tables)
Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Years Ended December 31, 2021 2020 2019 Basic and diluted income: Income from continuing operations $ 171,702 $ 26,708 $ 175,266 Less: dividends paid to preferred stockholders (10,350 ) (10,350 ) (10,350 ) Less: dividends and income attributable to unvested restricted stock (581 ) (728 ) (915 ) Net income attributable to common stockholders used in basic and diluted income per share $ 160,771 $ 15,630 $ 164,001 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 118,587,722 104,656,242 91,005,932 Less: unvested weighted average shares of restricted stock (245,281 ) (298,582 ) (384,124 ) Basic weighted average shares of common stock outstanding 118,342,441 104,357,660 90,621,808 Net income per share attributable to common stockholders - basic $ 1.36 $ 0.15 $ 1.81 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards 373,396 175,952 247,504 Plus: unsettled shares under open forward equity contracts 1 1,772 — Diluted weighted average shares of common stock outstanding 118,715,838 104,535,384 90,869,312 Net income per share attributable to common stockholders - diluted $ 1.35 $ 0.15 $ 1.81 Potentially dilutive shares of common stock related to: Unsettled shares of restricted stock 95,411 62,448 166,625 ( 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, 2021 | |
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, 2021 2020 2019 State income tax $ 605 $ 128 $ 1,327 Federal income tax 2 145 10,174 Total income tax expense $ 607 $ 273 $ 11,501 |
Schedule of Common Stock Dividends Characterized for Tax | Common stock dividends paid were characterized for tax as follows (per share): Year Ended December 31, 2021 2020 2019 Ordinary income $ 1.37 $ 1.80 $ 1.94 Return of capital 1.14 0.70 0.05 Capital gain — — 0.51 Total $ 2.51 $ 2.50 $ 2.50 |
Consolidated Quarterly Financ_2
Consolidated Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 First Second Third Fourth (Unaudited) Quarter Quarter Quarter Quarter Year Total 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 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 $ 0.6250 $ 0.6250 $ 0.6380 $ 0.6380 $ 2.5260 2020 First Second Third Fourth (Unaudited) Quarter Quarter Quarter Quarter Year Total revenues $ 122,720 $ 118,524 $ 113,741 $ 128,632 $ 483,617 Depreciation and amortization (52,236 ) (53,160 ) (52,170 ) (55,054 ) (212,620 ) Interest (25,359 ) (26,095 ) (26,404 ) (26,307 ) (104,165 ) Other expenses (61,360 ) (40,340 ) (24,880 ) (30,473 ) (157,053 ) (Loss) gain on debt extinguishment — — (7,252 ) 25 (7,227 ) Gain on disposition of assets 388 658 10,763 12,347 24,156 Net (loss) income (15,847 ) (413 ) 13,798 29,170 26,708 Dividends paid to preferred stockholders (2,588 ) (2,588 ) (2,587 ) (2,587 ) (10,350 ) Net (loss) income attributable to common stockholders $ (18,435 ) $ (3,001 ) $ 11,211 $ 26,583 $ 16,358 Net (loss) income per share attributable to common stockholders - basic $ (0.18 ) $ (0.03 ) $ 0.11 $ 0.24 $ 0.15 Net (loss) income per share attributable to common stockholders - diluted $ (0.18 ) $ (0.03 ) $ 0.11 $ 0.24 $ 0.15 Dividends declared per common share $ 0.6250 $ 0.6250 $ 0.6250 $ 0.6250 $ 2.5000 |
Organization - Narrative (Detai
Organization - Narrative (Details) - Operating Partnership | 12 Months Ended |
Dec. 31, 2021 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
General partner ownership of operating partnership | 1.00% |
Limited partner ownership of operating partnership | 99.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Net assets | $ 7,330,870,000 | $ 6,396,786,000 | |
Net liabilities | $ 3,331,071,000 | $ 2,795,666,000 | |
Number of segments | segment | 1 | ||
Impairment of lease, expiration period (or less) | 60 days | ||
Option to terminate, percentage (less than) | 1.00% | 1.00% | |
Option to purchase, percentage (less than) | 10.00% | 10.00% | |
Deferred rent recognized related to COVID19 pandemic | $ 13,400,000 | $ 26,300,000 | |
Loan placed on non accrual status, past due days | 60 days | ||
Accounts receivable | $ 21,700,000 | 29,500,000 | |
Accounts receivable, deemed not probable of collection | 3,900,000 | 13,100,000 | |
Deferred rental revenue receivables | 137,600,000 | 93,100,000 | |
Deferred rent receivables, deemed not probable of collection | 2,600,000 | 14,500,000 | |
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 | $ 19,000 | 700,000 | $ 400,000 |
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 | $ 12,300,000 | 343,400,000 | |
Net liabilities | $ 5,500,000 | $ 215,900,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 17,799 | $ 70,303 | $ 14,492 | |
Total cash, cash equivalents and restricted cash | 17,799 | 83,298 | 26,023 | $ 77,421 |
Collateral deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 335 | 347 | |
Tenant improvements, repairs, and leasing commissions | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 0 | 12,660 | 10,877 | |
Other | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 0 | $ 0 | $ 307 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)StateProperty | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | |
Real Estate Properties [Line Items] | |||
Gross investment in owned real estate properties | $ 7,900,000 | ||
Portfolio diversity, number of states | State | 49 | ||
Minimum real estate investment in state for disclosure | 10.00% | ||
Number of properties | Property | 1,999 | ||
Sales-type and direct financing leases minimum future payments to be received | $ 3,000 | ||
Direct financing leases, net investment balance | 7,500 | ||
Reserve against net investment | 100 | ||
Uncollateralized loan receivable | 11,000 | $ 33,705 | |
Allowance (reversal) for credit losses | $ 550 | ||
In-place leases | |||
Real Estate Properties [Line Items] | |||
Lease intangibles weighted average amortization period | 13 years 3 months 18 days | 12 years 9 months 18 days | |
Acquired finite-lived intangible assets | $ 84,800 | $ 47,700 | |
Above market leases | |||
Real Estate Properties [Line Items] | |||
Lease intangibles weighted average amortization period | 13 years 8 months 12 days | 11 years | |
Acquired finite-lived intangible assets | $ 23,100 | $ 3,500 | |
Below-market Leases | |||
Real Estate Properties [Line Items] | |||
Lease intangibles weighted average amortization period | 17 years 7 months 6 days | 17 years 4 months 24 days | |
Acquired finite-lived intangible assets | $ 16,800 | $ 6,300 | |
Leases | |||
Real Estate Properties [Line Items] | |||
Lease intangibles weighted average amortization period | 14 years 3 months 18 days | 13 years 8 months 12 days | |
Texas | |||
Real Estate Properties [Line Items] | |||
Investment in real estate properties | 11.90% | ||
Property Subject To Operating Lease | |||
Real Estate Properties [Line Items] | |||
Number of properties | Property | 1,998 | 1,852 | 1,745 |
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, 2021USD ($)Property | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | |
Number of Properties | |||
Ending balance (in properties) | Property | 1,999 | ||
Dollar Amount of Investments | |||
Impairments | $ (23,760) | $ (81,476) | $ (24,091) |
Ending balance | 7,900,000 | ||
Net balance | $ 6,760,128 | ||
Held in Use | |||
Number of Properties | |||
Beginning balance (in properties) | Property | 1,853 | 1,750 | |
Acquisitions/improvements (in properties) | Property | 166 | 146 | |
Dispositions of real estate (in properties) | Property | (13) | (20) | |
Transfers to Held for Sale (in properties) | Property | (9) | (23) | |
Transfers from Held for Sale (in properties) | Property | 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 | 2,000 | 1,853 | 1,750 |
Dollar Amount of Investments | |||
Beginning balance | $ 6,777,673 | $ 6,140,775 | |
Acquisitions | 1,256,983 | 880,897 | |
Dispositions | (42,472) | (53,985) | |
Transfers to Held for Sale | (18,403) | (72,912) | |
Transfers from Held for Sale | 11,300 | ||
Impairments | (21,474) | (70,376) | |
Reset of gross balances | (31,143) | (45,386) | |
Other | 2,359 | (1,340) | |
Ending balance | 7,934,823 | $ 6,777,673 | $ 6,140,775 |
Accumulated depreciation and amortization | (1,182,959) | ||
Net balance | $ 6,751,864 | ||
Held for Sale | |||
Number of Properties | |||
Beginning balance (in properties) | Property | 7 | 2 | |
Acquisitions/improvements (in properties) | Property | 0 | 0 | |
Dispositions of real estate (in properties) | Property | (10) | (18) | |
Transfers to Held for Sale (in properties) | Property | 9 | 23 | |
Transfers from Held for Sale (in properties) | Property | (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 | 3 | 7 | 2 |
Dollar Amount of Investments | |||
Beginning balance | $ 27,764 | $ 1,223 | |
Acquisitions | 0 | 0 | |
Dispositions | (22,750) | (32,028) | |
Transfers to Held for Sale | 18,403 | 72,912 | |
Transfers from Held for Sale | (11,300) | ||
Impairments | (1,736) | (11,100) | |
Reset of gross balances | (2,019) | (3,243) | |
Other | 0 | 0 | |
Ending balance | 8,362 | $ 27,764 | $ 1,223 |
Accumulated depreciation and amortization | (98) | ||
Net balance | $ 8,264 | ||
Total | |||
Number of Properties | |||
Beginning balance (in properties) | Property | 1,860 | 1,752 | |
Acquisitions/improvements (in properties) | Property | 166 | 146 | |
Dispositions of real estate (in properties) | Property | (23) | (38) | |
Transfers to Held for Sale (in properties) | Property | 0 | 0 | |
Transfers from Held for Sale (in properties) | Property | 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 | 2,003 | 1,860 | 1,752 |
Dollar Amount of Investments | |||
Beginning balance | $ 6,805,437 | $ 6,141,998 | |
Acquisitions | 1,256,983 | 880,897 | |
Dispositions | (65,222) | (86,013) | |
Transfers to Held for Sale | 0 | 0 | |
Transfers from Held for Sale | 0 | ||
Impairments | (23,210) | (81,476) | |
Reset of gross balances | (33,162) | (48,629) | |
Other | 2,359 | (1,340) | |
Ending balance | 7,943,185 | $ 6,805,437 | $ 6,141,998 |
Accumulated depreciation and amortization | (1,183,057) | ||
Net balance | $ 6,760,128 |
Investments - Summary of Owne_2
Investments - Summary of Owned Real Estate Activity (Footnote) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Line Items] | |||
Revenue producing capitalized expenditures | $ 15,400 | $ 10,000 | |
Non-revenue producing capitalized expenditures | 10,700 | 2,500 | |
Gains recognized on two asset substitutions within master lease | 1,700 | ||
Other gains | 300 | ||
Real estate assets held for investment, net | 6,445,527 | 5,542,276 | |
Intangible lease assets, net | 426,972 | 367,989 | |
Real estate assets under direct financing leases, net | 7,442 | 7,444 | |
Real estate assets held for sale, net | 8,264 | 25,821 | |
Intangible lease liabilities, net | (128,077) | (121,902) | |
Net balance | 6,760,128 | ||
Held in Use | |||
Real Estate [Line Items] | |||
Gain on disposal of assets for properties | 37,300 | 10,200 | $ 26,500 |
Net balance | 6,751,864 | ||
Held for Sale | |||
Real Estate [Line Items] | |||
Gain on disposal of assets for properties | 2,200 | $ 14,200 | $ 32,400 |
Net balance | $ 8,264 |
Investments - Operating Lease I
Investments - Operating Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor Lease Description [Line Items] | |||
Base Cash Rent | $ 541,726 | $ 453,013 | $ 404,720 |
Variable cash rent (including reimbursables) | 16,768 | 13,176 | 12,737 |
Straight-line rent, net of uncollectible reserve | 44,758 | 11,876 | 16,924 |
Amortization of above- and below- market lease intangibles, net | 2,847 | 1,836 | 4,310 |
Total rental income | 606,099 | 479,901 | 438,691 |
Base cash rent amounts recovered/ (amounts not deemed probable of collection) | 5,500 | (10,900) | 400 |
Straight-line rent amounts recovered/(amount not deemed probable of collection) | 10,900 | (14,900) | (200) |
In-place leases | |||
Lessor Lease Description [Line Items] | |||
Leases amortization expenses | $ 38,500 | $ 34,800 | $ 29,800 |
Investments - Schedule of Minim
Investments - Schedule of Minimum Future Contractual Rent to be Received from Operating Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Leases, Future Contractual Rent Receivable | |
2022 | $ 589,408 |
2023 | 581,102 |
2024 | 567,137 |
2025 | 556,015 |
2026 | 532,790 |
Thereafter | 3,980,944 |
Total future minimum rentals | $ 6,807,396 |
Investments - Schedule of Lease
Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessor Lease Description [Line Items] | ||
Less: accumulated amortization | $ (210,209) | $ (188,258) |
Intangible lease assets, net | 426,972 | 367,989 |
Below-market leases | 188,718 | 178,614 |
Less: accumulated amortization | (60,641) | (56,712) |
Intangible lease liabilities, net | 128,077 | 121,902 |
In-place leases | ||
Lessor Lease Description [Line Items] | ||
Intangible lease assets, gross | 536,344 | 473,062 |
Above-market leases | ||
Lessor Lease Description [Line Items] | ||
Intangible lease assets, gross | $ 100,837 | $ 83,185 |
Investments - Schedule of Net A
Investments - Schedule of Net Aggregate Amortization Expense of Intangible Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Real Estate [Abstract] | |
2022 | $ 36,480 |
2023 | 34,824 |
2024 | 32,805 |
2025 | 29,355 |
2026 | 26,951 |
Thereafter | 138,480 |
Total future minimum amortization | $ 298,895 |
Investments - Schedule of Loan
Investments - Schedule of Loan Activity (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($)Property | |
Number of Properties | ||
Ending balance (in properties) | Property | 1,999 | |
Loans Receivable | ||
Beginning balance | $ 33,705 | |
Principal payments and payoffs | $ (33,705) | |
Issuance of loan | $ 11,000 | |
Ending balance | 11,000 | |
Mortgage Loans | ||
Number of Properties | ||
Beginning balance (in properties) | Property | 43 | |
Principal payments and payoffs | Property | (43) | |
Loans Receivable | ||
Beginning balance | $ 31,733 | |
Principal payments and payoffs | (31,733) | |
Other Loans | ||
Loans Receivable | ||
Beginning balance | 1,972 | |
Principal payments and payoffs | $ (1,972) | |
Issuance of loan | 11,000 | |
Ending balance | $ 11,000 |
Investments - Summary of Impair
Investments - Summary of Impairment and Credit Losses Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Abstract] | |||
Real estate asset impairment | $ 22,120 | $ 59,206 | $ 24,130 |
Intangible asset impairment (recovery) | 1,090 | 22,118 | (39) |
Allowance for credit losses on direct financing leases | 152 | ||
Allowance for credit losses on loans receivable | 550 | ||
Total impairment loss | $ 23,760 | $ 81,476 | $ 24,091 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 06, 2020 | |
Debt Instrument [Line Items] | |||
Effective Interest Rates | 3.52% | ||
Stated Interest Rate | 3.04% | ||
Remaining Years to Maturity | 6 years 9 months 18 days | ||
Total debt, gross | $ 3,043,750,000 | $ 2,532,663,000 | |
Debt discount, net | (10,824,000) | (7,807,000) | |
Deferred financing costs, net | (20,334,000) | (18,515,000) | |
Total debt, net | $ 3,012,592,000 | 2,506,341,000 | |
Revolving credit facilities | |||
Debt Instrument [Line Items] | |||
Effective Interest Rates | 3.41% | ||
Stated Interest Rate | 1.03% | ||
Remaining Years to Maturity | 1 year 3 months 18 days | ||
Total debt, gross | $ 288,400,000 | ||
Term loans | |||
Debt Instrument [Line Items] | |||
Effective Interest Rates | 1.96% | ||
Total debt, gross | 178,000,000 | ||
Deferred financing costs, net | (700,000) | $ (1,000,000) | |
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Effective Interest Rates | 3.46% | ||
Stated Interest Rate | 3.25% | ||
Remaining Years to Maturity | 7 years 4 months 24 days | ||
Total debt, gross | $ 2,750,000,000 | 1,950,000,000 | |
Deferred financing costs, net | $ (20,300,000) | (15,600,000) | |
Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Effective Interest Rates | 4.42% | ||
Stated Interest Rate | 5.83% | ||
Remaining Years to Maturity | 8 years 10 months 24 days | ||
Total debt, gross | $ 5,350,000 | 214,237,000 | |
Deferred financing costs, net | $ 0 | (1,900,000) | |
Convertible Notes | |||
Debt Instrument [Line Items] | |||
Effective Interest Rates | 5.03% | ||
Total debt, gross | $ 190,426,000 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facilities - Narrative (Details) - Credit Facility 2019 - Revolving credit facilities - Unsecured Debt | Jan. 14, 2019USD ($)ExtensionOption | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 800,000,000 | ||
Number of extension options | ExtensionOption | 2 | ||
Term of extension option | 6 months | ||
Increased borrowing capacity under accordion feature | $ 400,000,000 | ||
Credit facility maturity date | Mar. 31, 2023 | ||
Facility fee percentage | 0.20% | ||
Description of variable rate basis | 1-Month LIBOR | ||
Unamortized deferred financing costs | $ 1,400,000 | $ 2,600,000 | |
Line of credit facility remaining borrowing capacity | 511,600,000 | ||
Letters of credit outstanding | $ 0 | ||
LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.90% |
Debt - Term Loans - Narrative (
Debt - Term Loans - Narrative (Details) - USD ($) | Aug. 06, 2020 | Apr. 02, 2020 | Jan. 14, 2019 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2019 |
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 3.04% | |||||||
Unamortized deferred financing costs | $ 20,334,000 | $ 18,515,000 | ||||||
Convertible Senior Notes Due 2019 | Convertible Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 2.875% | |||||||
Repayments under term loans | $ 402,500,000 | |||||||
Term loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 200,000,000 | |||||||
Credit facility maturity date | Apr. 2, 2022 | |||||||
Accordion feature fully exercised | $ 200,000,000 | |||||||
Deferred financing costs | $ 2,500,000 | |||||||
Repayments under term loans | $ 222,000,000 | $ 178,000,000 | 222,000,000 | |||||
Unamortized deferred financing costs | $ 1,000,000 | $ 700,000 | ||||||
Term loans | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
Term loans | A-1 Term Loan | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 420,000,000 | |||||||
Credit facility maturity date | Mar. 31, 2024 | |||||||
Term loans | A-2 Term Loan | Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 400,000,000 | |||||||
Credit facility maturity date | Mar. 31, 2022 |
Debt - Summary of Senior Unsecu
Debt - Summary of Senior Unsecured Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Stated Interest Rate | 3.04% | |
Total Debt | $ 3,043,750 | $ 2,532,663 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate | 3.25% | |
Total Debt | $ 2,750,000 | 1,950,000 |
Senior Notes | Weighted Average | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate | 3.25% | |
Senior 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 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 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 | |
Senior Notes | 2029 Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jul. 15, 2029 | |
Interest Payment Dates | January 15 and July 15 | |
Stated Interest Rate | 4.00% | |
Total Debt | $ 400,000 | 400,000 |
Senior 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 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 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 |
Debt - Senior Unsecured Notes -
Debt - Senior Unsecured Notes - Narrative (Details) - USD ($) $ in Thousands | Mar. 03, 2021 | Aug. 06, 2020 | Sep. 16, 2019 | Jun. 27, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of debt | $ 794,842 | $ 445,509 | $ 1,198,264 | ||||
Unamortized deferred financing costs | 20,334 | 18,515 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized discount | $ 11,000 | 7,000 | |||||
Redemption price, percent of principal amount | 100.00% | ||||||
Unamortized deferred financing costs | $ 20,300 | $ 15,600 | |||||
Senior Notes | 2031 Senior Unsecured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of debt | $ 441,300 | ||||||
Deferred financing costs | 4,200 | ||||||
Unamortized discount | $ 4,500 | ||||||
Senior Notes | 2028 and 2032 Senior Unsecured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of debt | $ 787,700 | ||||||
Deferred financing costs | 7,100 | ||||||
Unamortized discount | $ 5,200 | ||||||
Senior Notes | 2027 and 2030 Senior Unsecured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of debt | $ 791,200 | ||||||
Deferred financing costs | 7,300 | ||||||
Unamortized discount | $ 1,500 | ||||||
Senior Notes | 2029 Senior Unsecured Notes | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of debt | $ 395,900 | ||||||
Deferred financing costs | 3,800 | ||||||
Unamortized discount | $ 300 |
Debt - Mortgages Payable - Narr
Debt - Mortgages Payable - Narrative (Details) | Dec. 31, 2021USD ($)Propertyloan | Dec. 31, 2020USD ($) | Dec. 31, 2019Propertyloan | Jun. 20, 2019Propertydebt_series |
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.04% | |||
Unamortized deferred financing costs | $ | $ 20,334,000 | $ 18,515,000 | ||
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 | 5.83% | |||
Unamortized deferred financing costs | $ | $ 0 | 1,900,000 | ||
Unamortized net offering premium | $ | $ 200,000 | $ 200,000 | ||
Mortgages Payable | Minimum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.80% | |||
Mortgages Payable | Maximum | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.00% | |||
Mortgages Payable | Master Trust 2013 Notes | ||||
Debt Instrument [Line Items] | ||||
Number of debt series outstanding | debt_series | 1 | |||
Number of properties securing borrowings | Property | 267 | |||
Mortgages Payable | CMBS | ||||
Debt Instrument [Line Items] | ||||
Number of properties securing borrowings | Property | 86 | 13 | ||
Number of loans secured by mortgage on leased properties and related assets | loan | 3 | 2 |
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, 2019 | |
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.04% | |||
Repurchase of convertible notes | $ 190,426,000 | $ 154,574,000 | $ 402,500,000 | |
Unamortized deferred financing costs | $ 20,334,000 | 18,515,000 | ||
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 | Aug. 06, 2020USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)Propertyloan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Propertyloan | Jun. 20, 2019Property |
Debt Instrument [Line Items] | ||||||||||
Gain (Loss) on extinguishment of debt | $ 1 | $ (10) | $ (29,177) | $ 25 | $ (7,252) | $ (29,186) | $ (7,227) | $ (14,330) | ||
2015 Credit Agreement and 2015 Term Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt extinguished | 606,700 | |||||||||
Gain (Loss) on extinguishment of debt | (700) | |||||||||
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 | |||||||||
Mortgages Payable | Master Trust 2013 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt extinguished | 165,500 | |||||||||
Gain (Loss) on extinguishment of debt | (15,000) | |||||||||
Number of properties securing borrowings | Property | 267 | |||||||||
Convertible Notes | Convertible Senior Notes Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt extinguished | $ 190,400 | 154,600 | ||||||||
Gain (Loss) on extinguishment of debt | (6,200) | |||||||||
Convertible Notes | Convertible Senior Notes Due 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt extinguished | 402,500 | |||||||||
CMBS | Mortgages Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt extinguished | 207,400 | 52,800 | ||||||||
Gain (Loss) on extinguishment of debt | $ (28,500) | $ 6,700 | ||||||||
Number of loans secured by mortgage on leased properties and related assets | loan | 3 | 2 | ||||||||
Number of properties securing borrowings | Property | 86 | 13 | ||||||||
Term loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt extinguished | $ 222,000 | $ 178,000 | 222,000 | |||||||
Gain (Loss) on extinguishment of debt | $ (700) | $ (1,000) | ||||||||
Term loans | A-1 Term Loans and A-2 Term Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt extinguished | $ 820,000 | |||||||||
Gain (Loss) on extinguishment of debt | $ (5,300) |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Scheduled Debt Maturities | ||
2022 | $ 525 | |
2023 | 288,956 | |
2024 | 590 | |
2025 | 626 | |
2026 | 300,469 | |
Thereafter | 2,452,584 | |
Total debt, net | 3,043,750 | $ 2,532,663 |
Scheduled Principal | ||
Scheduled Debt Maturities | ||
2022 | 525 | |
2023 | 556 | |
2024 | 590 | |
2025 | 610 | |
2026 | 469 | |
Thereafter | 2,531 | |
Total debt, net | 5,281 | |
Balloon Payment | ||
Scheduled Debt Maturities | ||
2023 | 288,400 | |
2025 | 16 | |
2026 | 300,000 | |
Thereafter | 2,450,053 | |
Total debt, net | $ 3,038,469 |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-cash amortization of: | |||||||||||
Deferred financing costs | $ 3,942 | $ 5,278 | $ 6,289 | ||||||||
Debt discount, net | 2,140 | 4,343 | 7,028 | ||||||||
Net losses related to interest rate swaps | 2,807 | 2,807 | 858 | ||||||||
Total interest expense | $ 25,131 | $ 25,078 | $ 26,170 | $ 26,624 | $ 26,307 | $ 26,404 | $ 26,095 | $ 25,359 | 103,003 | 104,165 | 101,060 |
Revolving credit facilities | |||||||||||
Schedule Of Interest Expenses [Line Items] | |||||||||||
Facility fees | 1,700 | 1,600 | 2,000 | ||||||||
Interest expense | 2,930 | 3,686 | 5,201 | ||||||||
Term loans | |||||||||||
Schedule Of Interest Expenses [Line Items] | |||||||||||
Interest expense | 24 | 3,545 | 15,448 | ||||||||
Senior Unsecured Notes | |||||||||||
Schedule Of Interest Expenses [Line Items] | |||||||||||
Interest expense | 85,996 | 61,750 | 29,286 | ||||||||
Mortgages Payable | |||||||||||
Schedule Of Interest Expenses [Line Items] | |||||||||||
Interest expense | 2,506 | 12,028 | 18,733 | ||||||||
Convertible Notes | |||||||||||
Schedule Of Interest Expenses [Line Items] | |||||||||||
Interest expense | $ 2,658 | $ 10,728 | 17,245 | ||||||||
Interest Rate Swaps | |||||||||||
Schedule Of Interest Expenses [Line Items] | |||||||||||
Interest expense | $ 972 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | May 31, 2018 | Oct. 03, 2017 | Jan. 31, 2022 | Jun. 30, 2021 | May 31, 2019 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2021 | Nov. 01, 2019 | Nov. 30, 2020 | Dec. 31, 2018 |
Class Of Stock [Line Items] | |||||||||||||
Preferred stock, shares outstanding | 6,900,000 | 6,900,000 | 6,900,000 | ||||||||||
Dividend rate | 6.00% | ||||||||||||
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 | $ 25 | $ 25 | |||||||||
Dividend rate, quarterly basis (in USD per share) | 0.375 | ||||||||||||
Dividend rate, annual basis (in USD per share) | $ 1.50 | ||||||||||||
Period for change of control provision | 120 days | ||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 533,868 | $ 428,272 | $ 677,428 | ||||||||||
2018 Stock Repurchase Program | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ 250,000 | ||||||||||||
Stock repurchase program, period in force | 18 months | ||||||||||||
Stock repurchased during period (in shares) | 0 | ||||||||||||
Stock repurchase program, expired unused | $ 250,000 | ||||||||||||
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 | ||||||||
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 | 11,500,000 | ||||||||||
Forward sale agreements, price per share | $ 47.60 | $ 37.35 | $ 41 | ||||||||||
Issuance of common shares | 9,200,000 | 11,500,000 | |||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 319,100 | $ 471,500 | |||||||||||
Number of remaining open forward sale agreements | 9,400,000 | ||||||||||||
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 | $ 109,200 | |||||||||||
Common stock authorized | $ 500,000 | ||||||||||||
Common stock sold | 8,800,000 | ||||||||||||
ATM Program, November 2020 | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 391,400 | ||||||||||||
Common stock authorized | $ 500,000 | ||||||||||||
Common stock sold | 9,300,000 | ||||||||||||
ATM Program, November 2021 | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Forward sale agreements, shares of common stock | 2,300,000 | ||||||||||||
Forward sale agreements, price per share | $ 47.45 | ||||||||||||
Issuance of common shares | 2,600,000 | ||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 120,300 | ||||||||||||
Number of remaining open forward sale agreements | 100,000 | 100,000 | |||||||||||
Common stock authorized | $ 500,000 | ||||||||||||
Common stock sold | 2,700,000 | ||||||||||||
Final settlement date | Nov. 22, 2022 | ||||||||||||
Gross proceeds capacity remaining | $ 375,900 | $ 375,900 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 17, 2021 | Jul. 29, 2021 | May 19, 2021 | Feb. 17, 2021 | Nov. 13, 2020 | Aug. 25, 2020 | May 22, 2020 | Feb. 27, 2020 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | |||||||||||||||||||
Preferred stock, dividend per share (in USD per share) | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 0.3750 | $ 1.5000 | $ 1.5000 | |||||||||
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) | $ 0.6380 | $ 0.6380 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6380 | $ 0.6380 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 2.5260 | $ 2.5000 | |
Common stock, total amount | $ 81,378 | $ 78,674 | $ 74,436 | $ 71,837 | $ 71,748 | $ 66,171 | $ 64,402 | $ 64,338 | $ 306,325 | $ 266,659 | $ 236,943 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)tenantclaimground_lease | Dec. 31, 2020USD ($)ground_lease | Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |||
Contingently liable amount of debt owed by tenant | $ 5,700,000 | $ 5,700,000 | |
Number of tenants indemnified by | tenant | 1 | ||
Accruals made for environmental remediation | $ 0 | ||
Outstanding claims | claim | 0 | ||
Total commitments | $ 232,700,000 | ||
Total commitments relating to future acquisitions | 165,300,000 | ||
Commitments expected to be funded in next twelve months | $ 224,700,000 | ||
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 | 6 years 3 months 18 days | ||
Operating Lease, weighted average discount rate | 4.25% | ||
Incentive to Lessee | $ 1,700,000 | ||
Operating lease, right-of-use assets | $ 3,700,000 | $ 4,600,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | |
Operating lease liabilities | $ 5,146,000 | $ 6,300,000 | |
General and Administrative Expense | |||
Loss Contingencies [Line Items] | |||
Rental expense | 1,500,000 | 1,500,000 | $ 1,600,000 |
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, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
2022 | $ 1,243 | |
2023 | 1,224 | |
2024 | 1,239 | |
2025 | 1,237 | |
2026 | 1,243 | |
Thereafter | 341 | |
Total | 6,527 | |
Less: imputed interest | (1,381) | |
Total operating lease liabilities | 5,146 | $ 6,300 |
Ground Leases | ||
Lessee, Lease, Description [Line Items] | ||
2022 | 203 | |
2023 | 169 | |
2024 | 169 | |
2025 | 151 | |
2026 | 142 | |
Thereafter | 249 | |
Total | 1,083 | |
Less: imputed interest | (251) | |
Total operating lease liabilities | 832 | |
Office Leases | ||
Lessee, Lease, Description [Line Items] | ||
2022 | 1,040 | |
2023 | 1,055 | |
2024 | 1,070 | |
2025 | 1,086 | |
2026 | 1,101 | |
Thereafter | 92 | |
Total | 5,444 | |
Less: imputed interest | (1,130) | |
Total operating lease liabilities | $ 4,314 |
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, 2021 | Dec. 31, 2019 | Dec. 31, 2020 | |
Derivative [Line Items] | ||||
Accumulated other comprehensive loss | $ (5,847) | $ (8,654) | ||
Termination of interest rate swaps | $ 12,461 | |||
Amount reclassified as an increase to interest expense related to terminated hedges of existing floating-rate debt within the next 12 months | 2,800 | |||
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Accumulated other comprehensive loss | $ 5,800 | |||
Designated as Hedging Instrument | 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 Amounts Recorded in AOCL and Gain (Loss) Recorded in Operations when Reclassified out of AOCL or Recognized in Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net reclassification of amounts from (to) AOCL | $ 2,807 | $ 2,807 | $ (4,302) |
Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gross amount of loss recognized in AOCL on derivatives | (18,593) | ||
Amount of loss reclassified from AOCL to termination of interest rate swaps | 12,461 | ||
Interest Expense | Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss reclassified from AOCL to interest expense | $ 2,807 | $ 2,807 | $ 1,830 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Property | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of lease, expiration period (or less) | 60 days | |
Measurement Input Price Per Square Foot | Minimum | Impact of COVID-19 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Price per square foot, discount rate | 0.00% | |
Measurement Input Price Per Square Foot | Maximum | Impact of COVID-19 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Price per square foot, discount rate | 10.00% | |
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 | 14 | 23 |
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 | 1 |
Fair Value Input, capitalization rate | 14.00% | 10.06% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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, 2021 | ||
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 | |
Assets Held Impaired At March 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | $ 36,491 | |
Assets Held Impaired At June 30, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 8,055 | |
Assets Held Impaired At September 30, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 10,027 | |
Assets Held Impaired At December 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 14,259 | |
Level 1 | 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 | 0 | |
Level 1 | Assets Held Impaired At June 30, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 1 | 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 | 0 | |
Level 1 | 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 | 0 | |
Level 1 | Assets Held Impaired At March 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 1 | Assets Held Impaired At June 30, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 1 | Assets Held Impaired At September 30, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 1 | Assets Held Impaired At December 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 2 | 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 | 0 | |
Level 2 | Assets Held Impaired At June 30, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 2 | 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 | 0 | |
Level 2 | 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 | 0 | |
Level 2 | Assets Held Impaired At March 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 2 | Assets Held Impaired At June 30, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 2 | Assets Held Impaired At September 30, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
Level 2 | Assets Held Impaired At December 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 0 | |
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, 2021 | ||
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 | |
Level 3 | Assets Held Impaired At March 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 36,491 | |
Level 3 | Assets Held Impaired At June 30, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 8,055 | |
Level 3 | Assets Held Impaired At September 30, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | 10,027 | |
Level 3 | Assets Held Impaired At December 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets Impaired Fair Value Disclosure | $ 14,259 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details) | 12 Months Ended | |
Dec. 31, 2021ft²Property$ / ft² | Dec. 31, 2020ft²Property$ / 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 | 6 | 11 |
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 | 63.83 | 16.67 |
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 | 418.57 | 338.98 |
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 | 102.35 | 43.32 |
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 | 39,603 | 577,945 |
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 | |
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 | 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 | 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 | |
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 | 10 |
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 | 29.35 | 4.35 |
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 | 483.09 | 282.08 |
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 | 67.48 | 57.62 |
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Square Footage | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Square Footage | ft² | 42,357 | 431,563 |
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 | 1 | |
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 | 79.80 | |
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 | 103.79 | |
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 | 89.25 | |
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Square Footage | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Square Footage | ft² | 28,804 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable, net | $ 10,450 | $ 0 | $ 34,465 |
Revolving credit facilities | 288,400 | 0 | |
Term loans, net | 0 | 177,309 | |
Senior Unsecured Notes, net | 2,718,641 | 1,927,348 | |
Mortgages payable, net | 5,551 | 212,582 | |
Convertible Notes, net | 0 | 189,102 | |
Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans receivable, net | 11,381 | 0 | |
2019 Credit Facility | 288,549 | 0 | |
2020 Term Loans, net | 0 | 177,884 | |
Senior Unsecured Notes, net | 2,865,187 | 2,122,409 | |
Mortgages payable, net | 5,748 | 226,240 | |
Convertible Notes, net | $ 0 | $ 194,124 |
Incentive Award Plan and Empl_3
Incentive Award Plan and Employee Benefit Plan - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of common stock available for issuance | 1,900,000 | ||
Value of shares surrendered for payment of federal and state with holding taxes | $ 4,395 | $ 4,381 | $ 2,542 |
General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 14,000 | $ 12,600 | $ 14,300 |
Maximum | Elective Deferrals | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined contribution plan maximum annual contributions per employee percent | 100.00% | ||
Percentage of employer matching contribution, of employee gross pay (up to) | 4.00% | ||
Restricted Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation expense | $ 4,700 | ||
Weighted average recognition period | 8 months 12 days | ||
Vested in period, fair value | $ 6,500 | ||
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 9 months 18 days | ||
Vested in period, fair value | $ 12,800 | ||
Incremental shares earned | 1,700 | 20,600 | 3,400 |
Incremental shares unearned | 1,000 | ||
Expected volatility | 42.80% | ||
Average volatility rate | 39.30% | ||
Risk free interest rate | 0.19% | ||
Shares released for awards | 500,000 | ||
Accrued dividend rights | $ 3,300 | $ 2,300 | |
Market-Based Awards | Group of Company's Peers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility rate, minimum | 29.50% | ||
Volatility rate, maximum | 64.20% | ||
Market-Based Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent multiplier for shares granted | 0.00% | ||
Market-Based Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent multiplier for shares granted | 375.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Number of Target Shares | ||||
Outstanding non-vested shares, beginning of year (in shares) | 279,912 | 321,627 | 346,181 | |
Shares granted (in shares) | 118,996 | 148,045 | 172,818 | |
Shares vested (in shares) | (157,054) | (182,653) | (193,373) | |
Shares forfeited (in shares) | (8,719) | (7,107) | (3,999) | |
Outstanding non-vested shares, end of year (in shares) | 233,135 | 279,912 | 321,627 | |
Weighted average price | ||||
Outstanding non-vested shares, beginning of year (in dollars per share) | [1] | $ 42.67 | $ 40.66 | $ 45.48 |
Shares granted (in dollars per share) | [1] | 39.22 | 46.42 | 38.41 |
Shares vested (in dollars per share) | [1] | 40.83 | 42.04 | 47.33 |
Shares forfeited (in dollars per share) | [1] | 40.87 | 45.77 | 38.40 |
Outstanding non-vested shares, end of year (in dollars per share) | [1] | $ 42.22 | $ 42.67 | $ 40.66 |
[1] | Based on grant date fair values. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Target Shares | |||
Outstanding non-vested shares, beginning of year (in shares) | 201,468 | 319,731 | 266,801 |
Shares granted (in shares) | 170,307 | 87,746 | 96,543 |
Shares earned above performance target (in shares) | 154,312 | 83,259 | 0 |
Shares vested (in shares) | (266,319) | (268,694) | (30,597) |
Shares forfeited (in shares) | (8,662) | ||
Incremental shares (in shares) | (1,715) | (20,574) | (4,354) |
Outstanding non-vested shares, end of year (in shares) | 258,053 | 201,468 | 319,731 |
Weighted Average Fair Value | |||
Outstanding non-vested shares, beginning of year (in dollars per share) | $ 58.12 | $ 49.49 | $ 51.19 |
Shares granted (in dollars per share) | 77.57 | 67.30 | 50.95 |
Shares earned above performance target (in dollars per share) | 50.92 | 54.57 | 0 |
Shares vested (in dollars per share) | 50.92 | 54.57 | 69.54 |
Shares forfeited (in dollars per share) | 72.24 | ||
Outstanding non-vested shares, end of year (in dollars per share) | $ 74.08 | $ 58.12 | $ 49.49 |
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, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unamortized stock-based compensation expense | $ 15,930 | $ 12,341 |
Restricted Share Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unamortized stock-based compensation expense | 4,787 | 6,421 |
Market-Based Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unamortized stock-based compensation expense | $ 11,143 | $ 5,920 |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic and diluted income: | |||||||||||
Income from continuing operations | $ 44,369 | $ 40,878 | $ 87,924 | $ (1,469) | $ 29,170 | $ 13,798 | $ (413) | $ (15,847) | $ 171,702 | $ 26,708 | $ 175,266 |
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 | (581) | (728) | (915) | ||||||||
Net income attributable to common stockholders used in basic and diluted income per share | $ 160,771 | $ 15,630 | $ 164,001 | ||||||||
Basic weighted average shares of common stock outstanding: | |||||||||||
Weighted average shares of common stock outstanding | 118,587,722 | 104,656,242 | 91,005,932 | ||||||||
Less: unvested weighted average shares of restricted stock | (245,281) | (298,582) | (384,124) | ||||||||
Basic weighted average shares of common stock outstanding | 118,342,441 | 104,357,660 | 90,621,808 | ||||||||
Net income per share attributable to common stockholders - basic | $ 0.34 | $ 0.32 | $ 0.74 | $ (0.04) | $ 0.24 | $ 0.11 | $ (0.03) | $ (0.18) | $ 1.36 | $ 0.15 | $ 1.81 |
Diluted weighted average shares of common stock outstanding: | |||||||||||
Plus: unvested market-based awards | 373,396 | 175,952 | 247,504 | ||||||||
Plus: unsettled shares under open forward equity contracts | 1 | 1,772 | |||||||||
Diluted weighted average shares of common stock outstanding | 118,715,838 | 104,535,384 | 90,869,312 | ||||||||
Net income per share attributable to common stockholders - diluted | $ 0.34 | $ 0.32 | $ 0.74 | $ (0.04) | $ 0.24 | $ 0.11 | $ (0.03) | $ (0.18) | $ 1.35 | $ 0.15 | $ 1.81 |
Restricted Share Awards | |||||||||||
Potentially dilutive shares of common stock related to: | |||||||||||
Dilutive shares | 95,411 | 62,448 | 166,625 |
Related Party Transactions - As
Related Party Transactions - Asset Management Agreement and Interim Management Agreement (Details) - USD ($) $ in Thousands | Sep. 20, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||
Related party fee income | $ 678 | $ 69,218 | |
Spirit MTA REIT | Asset Management Agreement Asset Management Fees | |||
Related Party Transaction [Line Items] | |||
Related party fee income | $ 700 | 14,700 | |
Spirit MTA REIT | Affiliated Entity | General and Administrative Expense | |||
Related Party Transaction [Line Items] | |||
Related party fee income | $ 900 | ||
Spirit MTA REIT | Affiliated Entity | Asset Management Agreement | |||
Related Party Transaction [Line Items] | |||
Receive termination fee | $ 48,200 |
Related Party Transactions - Pr
Related Party Transactions - Property Management and Servicing Agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Related party fee income | $ 678 | $ 69,218 |
Affiliated Entity | Property Management | Spirit MTA REIT | ||
Related Party Transaction [Line Items] | ||
Related party fee income | 4,200 | |
Affiliated Entity | Special Servicing Fees | Spirit MTA REIT | ||
Related Party Transaction [Line Items] | ||
Related party fee income | $ 1,200 |
Related Party Transactions - Re
Related Party Transactions - Related Party Loans Payable (Details) - Spirit MTA REIT - Related party notes payable - Affiliated Entity - Mortgage loans payable $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)Propertyloan | |
Related Party Transaction [Line Items] | |
Number of mortgage loans with related party | loan | 4 |
Number of properties with related party | Property | 6 |
Interest expense on note payable | $ | $ 0.2 |
Related Party Transactions - _2
Related Party Transactions - Related Party Notes Receivable (Details) - Spirit MTA REIT - Affiliated Entity - Master Trust 2014 Series 2017-1 $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | |
Percentage of economic interest | 5.00% |
Outstanding principal balance | $ 33.5 |
Repayment premium related parties | 0.9 |
Interest income earned from related parties note | $ 1.1 |
Related Party Transactions - In
Related Party Transactions - Investments in SMTA (Details) - USD ($) | May 31, 2018 | Oct. 03, 2017 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||
Preferred stock, shares issued | 6,900,000 | 6,900,000 | |||
Dividend rate | 6.00% | ||||
Preferred stock, liquidation preference (in USD per share) | $ 25 | $ 25 | $ 25 | ||
Preferred dividend income from SMTA | $ 10,802,000 | ||||
Spirit MTA REIT | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Preferred stock, shares issued | 6,000,000 | ||||
Aggregate liquidation preference amount | $ 150,000,000 | ||||
Dividend rate | 10.00% | ||||
Preferred stock, liquidation preference (in USD per share) | $ 25 | ||||
Preferred dividend income from SMTA | $ 10,800,000 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expenses [Line Items] | |||
Total income tax expense | $ 607 | $ 273 | $ 11,501 |
State Income Tax | |||
Income Tax Expenses [Line Items] | |||
Total income tax expense | 605 | 128 | 1,327 |
Federal Income Tax | |||
Income Tax Expenses [Line Items] | |||
Total income tax expense | $ 2 | $ 145 | $ 10,174 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expenses [Line Items] | |||
Income tax expense | $ 607,000 | $ 273,000 | $ 11,501,000 |
Net operating loss carry-forwards | 66,100,000 | 66,100,000 | 66,100,000 |
Interest and penalties accrued | 0 | 0 | 0 |
Federal Income Tax | |||
Income Tax Expenses [Line Items] | |||
Income tax expense | 2,000 | 145,000 | 10,174,000 |
State Income Tax | |||
Income Tax Expenses [Line Items] | |||
Income tax expense | $ 605,000 | $ 128,000 | $ 1,327,000 |
SRAM | |||
Income Tax Expenses [Line Items] | |||
U.S. statutory federal income tax rate | 21.00% | ||
Non-deductible expense executive compensation | $ 600,000 | ||
Income tax reconciliation deductible state tax expense | 600,000 | ||
SRAM | Federal Income Tax | |||
Income Tax Expenses [Line Items] | |||
Income tax expense | 10,200,000 | ||
SRAM | State Income Tax | |||
Income Tax Expenses [Line Items] | |||
Income tax expense | $ 700,000 |
Income Taxes - Schedule of Comm
Income Taxes - Schedule of Common Stock Dividends Characterized for Tax (Details) - Income Tax - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends Per Share [Line Items] | |||
Common stock dividends paid (in dollars per share) | $ 2.51 | $ 2.50 | $ 2.50 |
Common Shares | |||
Dividends Per Share [Line Items] | |||
Ordinary income (in dollars per share) | 1.37 | 1.80 | 1.94 |
Return of capital (in dollars per share) | $ 1.14 | $ 0.70 | 0.05 |
Capital gain (in dollars per share) | $ 0.51 |
Consolidated Quarterly Financ_3
Consolidated Quarterly Financial Data - Schedule of Consolidated Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 17, 2021 | Jul. 29, 2021 | May 19, 2021 | Feb. 17, 2021 | Nov. 13, 2020 | Aug. 25, 2020 | May 22, 2020 | Feb. 27, 2020 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Total revenues | $ 156,055 | $ 152,568 | $ 164,626 | $ 135,141 | $ 128,632 | $ 113,741 | $ 118,524 | $ 122,720 | $ 608,390 | $ 483,617 | $ 516,427 | ||||||||
Depreciation and amortization | (64,402) | (63,061) | (60,074) | (57,087) | (55,054) | (52,170) | (53,160) | (52,236) | (244,624) | (212,620) | (175,465) | ||||||||
Interest | (25,131) | (25,078) | (26,170) | (26,624) | (26,307) | (26,404) | (26,095) | (25,359) | (103,003) | (104,165) | (101,060) | ||||||||
Other expenses | (23,825) | (24,005) | (27,955) | (25,558) | (30,473) | (24,880) | (40,340) | (61,360) | (101,343) | (157,053) | |||||||||
Gain (Loss) on extinguishment of debt | 1 | (10) | (29,177) | 25 | (7,252) | (29,186) | (7,227) | (14,330) | |||||||||||
Gain on disposition of assets | 1,672 | 453 | 37,507 | 1,836 | 12,347 | 10,763 | 658 | 388 | 41,468 | 24,156 | 58,850 | ||||||||
Net (loss) income | 44,369 | 40,878 | 87,924 | (1,469) | 29,170 | 13,798 | (413) | (15,847) | 171,702 | 26,708 | 175,266 | ||||||||
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 | $ 41,782 | $ 38,291 | $ 85,336 | $ (4,057) | $ 26,583 | $ 11,211 | $ (3,001) | $ (18,435) | $ 161,352 | $ 16,358 | $ 164,916 | ||||||||
Net income per share attributable to common stockholders - basic | $ 0.34 | $ 0.32 | $ 0.74 | $ (0.04) | $ 0.24 | $ 0.11 | $ (0.03) | $ (0.18) | $ 1.36 | $ 0.15 | $ 1.81 | ||||||||
Net income per share attributable to common stockholders - diluted | 0.34 | 0.32 | 0.74 | (0.04) | 0.24 | 0.11 | (0.03) | (0.18) | 1.35 | 0.15 | $ 1.81 | ||||||||
Common stock, dividend per share (in USD per share) | $ 0.6380 | $ 0.6380 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6380 | $ 0.6380 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 0.6250 | $ 2.5260 | $ 2.5000 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation - 1 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1,999 | |
Initial Cost to Company | ||
Land and Improvements | $ 2,538,703 | |
Buildings and Improvements | 4,871,994 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (21,988) | |
Improvements/building | 90,209 | |
Gross amount | ||
Land and improvements | 2,516,715 | $ 2,090,592 |
Buildings and improvements | 4,962,203 | 4,302,004 |
Total real estate investments | 7,478,918 | |
Final Accumulated Depreciation | $ (1,033,391) | $ (850,320) |
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 | $ (349) | |
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 | |
Gross amount | ||
Land and improvements | 11,215 | |
Buildings and improvements | 24,883 | |
Total real estate investments | 36,098 | |
Final Accumulated Depreciation | $ (8,540) | |
Aaron's | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 8 years | |
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 | $ (5,782) | |
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 | $ (4,059) | |
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 | $ (12,548) | |
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 | |
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 | $ (414) | |
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 | $ (6,898) | |
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 | 4 | |
Initial Cost to Company | ||
Land and Improvements | $ 9,615 | |
Buildings and Improvements | 12,420 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (176) | |
Gross amount | ||
Land and improvements | 9,615 | |
Buildings and improvements | 12,244 | |
Total real estate investments | 21,859 | |
Final Accumulated Depreciation | $ (4,555) | |
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 | |
Aldi | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 1,131 | |
Buildings and Improvements | 1,176 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (372) | |
Improvements/building | (435) | |
Gross amount | ||
Land and improvements | 759 | |
Buildings and improvements | 741 | |
Total real estate investments | 1,500 | |
Final Accumulated Depreciation | $ (228) | |
Aldi | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 4 years | |
Aldi | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 22 years | |
Aludyne | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 3 | |
Initial Cost to Company | ||
Land and Improvements | $ 3,018 | |
Buildings and Improvements | 11,943 | |
Gross amount | ||
Land and improvements | 3,018 | |
Buildings and improvements | 11,943 | |
Total real estate investments | 14,961 | |
Final Accumulated Depreciation | $ (583) | |
Aludyne | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 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 | $ (12,700) | |
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 | $ (219) | |
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 | $ (1,895) | |
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 | $ (755) | |
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 | $ (631) | |
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 | |
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 | $ (12,625) | |
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 | $ (2,375) | |
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 | $ (870) | |
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 | 5 | |
Initial Cost to Company | ||
Land and Improvements | $ 10,298 | |
Buildings and Improvements | 22,217 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (728) | |
Improvements/building | (3,057) | |
Gross amount | ||
Land and improvements | 9,570 | |
Buildings and improvements | 19,160 | |
Total real estate investments | 28,730 | |
Final Accumulated Depreciation | $ (4,438) | |
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 | 14 | |
Initial Cost to Company | ||
Land and Improvements | $ 62,839 | |
Buildings and Improvements | 106,826 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 134 | |
Gross amount | ||
Land and improvements | 62,839 | |
Buildings and improvements | 106,960 | |
Total real estate investments | 169,799 | |
Final Accumulated Depreciation | $ (17,450) | |
At Home | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 years | |
At Home | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 40 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 | $ (1,511) | |
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 | $ (541) | |
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 | $ (720) | |
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 | |
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 | $ (752) | |
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 | $ (100) | |
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 | 2 | |
Initial Cost to Company | ||
Land and Improvements | $ 16,962 | |
Buildings and Improvements | 91,417 | |
Gross amount | ||
Land and improvements | 16,962 | |
Buildings and improvements | 91,417 | |
Total real estate investments | 108,379 | |
Final Accumulated Depreciation | $ (8,946) | |
Bank of America | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 8 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 | 5 | |
Initial Cost to Company | ||
Land and Improvements | $ 12,438 | |
Buildings and Improvements | 28,454 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (109) | |
Gross amount | ||
Land and improvements | 12,438 | |
Buildings and improvements | 28,345 | |
Total real estate investments | 40,783 | |
Final Accumulated Depreciation | $ (6,039) | |
Best Buy | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 6 years | |
Best Buy | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 41 years | |
Big Lots | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 1,119 | |
Buildings and Improvements | 1,676 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (327) | |
Gross amount | ||
Land and improvements | 1,119 | |
Buildings and improvements | 1,349 | |
Total real estate investments | 2,468 | |
Final Accumulated Depreciation | $ (1,001) | |
Big Lots | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 9 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 | $ (2,782) | |
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 | |
BJ's Wholesale Club | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 9 | |
Initial Cost to Company | ||
Land and Improvements | $ 47,966 | |
Buildings and Improvements | 130,403 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 155 | |
Gross amount | ||
Land and improvements | 47,966 | |
Buildings and improvements | 130,558 | |
Total real estate investments | 178,524 | |
Final Accumulated Depreciation | $ (22,049) | |
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 | |
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 | |
Gross amount | ||
Land and improvements | 37,932 | |
Buildings and improvements | 71,290 | |
Total real estate investments | 109,222 | |
Final Accumulated Depreciation | $ (3,786) | |
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 | |
Bojangles | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 598 | |
Buildings and Improvements | 1,893 | |
Gross amount | ||
Land and improvements | 598 | |
Buildings and improvements | 1,893 | |
Total real estate investments | 2,491 | |
Final Accumulated Depreciation | $ (443) | |
Bojangles | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 5 years | |
Bojangles | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 10 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 | $ (767) | |
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 | $ (843) | |
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 | $ (5,621) | |
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 | $ (2,058) | |
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 | |
Gross amount | ||
Land and improvements | 6,280 | |
Buildings and improvements | 5,800 | |
Total real estate investments | 12,080 | |
Final Accumulated Depreciation | $ (325) | |
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 | 16 | |
Initial Cost to Company | ||
Land and Improvements | $ 10,108 | |
Buildings and Improvements | 10,186 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | 6 | |
Improvements/building | (6) | |
Gross amount | ||
Land and improvements | 10,114 | |
Buildings and improvements | 10,180 | |
Total real estate investments | 20,294 | |
Final Accumulated Depreciation | $ (3,108) | |
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 | |
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 | $ (1,324) | |
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 | 8 | |
Initial Cost to Company | ||
Land and Improvements | $ 25,620 | |
Buildings and Improvements | 20,025 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 15,969 | |
Gross amount | ||
Land and improvements | 25,620 | |
Buildings and improvements | 35,994 | |
Total real estate investments | 61,614 | |
Final Accumulated Depreciation | $ (8,410) | |
Camping World | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 8 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 | 24 | |
Initial Cost to Company | ||
Land and Improvements | $ 13,861 | |
Buildings and Improvements | 66,423 | |
Gross amount | ||
Land and improvements | 13,861 | |
Buildings and improvements | 66,423 | |
Total real estate investments | 80,284 | |
Final Accumulated Depreciation | $ (5,051) | |
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 | 8 | |
Initial Cost to Company | ||
Land and Improvements | $ 48,804 | |
Buildings and Improvements | 72,425 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (211) | |
Gross amount | ||
Land and improvements | 48,804 | |
Buildings and improvements | 72,214 | |
Total real estate investments | 121,018 | |
Final Accumulated Depreciation | $ (16,212) | |
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 | 45 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 | $ (37) | |
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 | $ (900) | |
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 | |
Chick-Fil-A | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 985 | |
Buildings and Improvements | 725 | |
Gross amount | ||
Land and improvements | 985 | |
Buildings and improvements | 725 | |
Total real estate investments | 1,710 | |
Final Accumulated Depreciation | $ (321) | |
Chick-Fil-A | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 11 years | |
Chick-Fil-A | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 33 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 | $ (5,285) | |
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 | $ (1,874) | |
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 | |
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 | |
Gross amount | ||
Land and improvements | 2,628 | |
Buildings and improvements | 3,337 | |
Total real estate investments | 5,965 | |
Final Accumulated Depreciation | $ (1,145) | |
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 | 13 | |
Initial Cost to Company | ||
Land and Improvements | $ 9,209 | |
Buildings and Improvements | 24,455 | |
Gross amount | ||
Land and improvements | 9,209 | |
Buildings and improvements | 24,455 | |
Total real estate investments | 33,664 | |
Final Accumulated Depreciation | $ (3,271) | |
Chuck-A-Rama and Grub Steak | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 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 | 161 | |
Initial Cost to Company | ||
Land and Improvements | $ 66,161 | |
Buildings and Improvements | 77,981 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (304) | |
Improvements/building | (53) | |
Gross amount | ||
Land and improvements | 65,857 | |
Buildings and improvements | 77,928 | |
Total real estate investments | 143,785 | |
Final Accumulated Depreciation | $ (33,628) | |
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 | $ (1,599) | |
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 | 75 | |
Initial Cost to Company | ||
Land and Improvements | $ 54,186 | |
Buildings and Improvements | 90,228 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (21) | |
Gross amount | ||
Land and improvements | 54,165 | |
Buildings and improvements | 90,228 | |
Total real estate investments | 144,393 | |
Final Accumulated Depreciation | $ (40,397) | |
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 | 771 | |
Gross amount | ||
Land and improvements | 27,599 | |
Buildings and improvements | 75,055 | |
Total real estate investments | 102,654 | |
Final Accumulated Depreciation | $ (3,019) | |
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 | 8 | |
Initial Cost to Company | ||
Land and Improvements | $ 11,436 | |
Buildings and Improvements | 13,593 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 54 | |
Gross amount | ||
Land and improvements | 11,436 | |
Buildings and improvements | 13,647 | |
Total real estate investments | 25,083 | |
Final Accumulated Depreciation | $ (2,544) | |
Clean Freak | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 15 years | |
Clean Freak | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 37 years | |
ClubCorp | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 20 | |
Initial Cost to Company | ||
Land and Improvements | $ 146,753 | |
Buildings and Improvements | 44,705 | |
Gross amount | ||
Land and improvements | 146,753 | |
Buildings and improvements | 44,705 | |
Total real estate investments | 191,458 | |
Final Accumulated Depreciation | $ (4,447) | |
ClubCorp | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 4 years | |
ClubCorp | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 39 years |
Schedule III Real Estate and _3
Schedule III Real Estate and Accumulated Depreciation - 2 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1,999 | |
Initial Cost to Company | ||
Land and Improvements | $ 2,538,703 | |
Buildings and Improvements | 4,871,994 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (21,988) | |
Improvements/building | 90,209 | |
Gross amount | ||
Land and improvements | 2,516,715 | $ 2,090,592 |
Buildings and improvements | 4,962,203 | 4,302,004 |
Total real estate investments | 7,478,918 | |
Final Accumulated Depreciation | $ (1,033,391) | $ (850,320) |
Coastal Construction Products | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 3 | |
Initial Cost to Company | ||
Land and Improvements | $ 4,523 | |
Buildings and Improvements | 7,356 | |
Gross amount | ||
Land and improvements | 4,523 | |
Buildings and improvements | 7,356 | |
Total real estate investments | 11,879 | |
Final Accumulated Depreciation | $ (216) | |
Coastal Construction Products | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 6 years | |
Coastal Construction Products | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 39 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 | $ (757) | |
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 | $ (1,149) | |
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/building | (334) | |
Gross amount | ||
Land and improvements | 808 | |
Buildings and improvements | 5,711 | |
Total real estate investments | 6,519 | |
Final Accumulated Depreciation | $ (1,139) | |
Convergys | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 12 years | |
Convergys | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 52 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 | $ (1,909) | |
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 | |
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 | $ (1,500) | |
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 | $ (4,483) | |
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 | 250 | |
Initial Cost to Company | ||
Land and Improvements | $ 183,280 | |
Buildings and Improvements | 155,118 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (1,219) | |
Improvements/building | 2,924 | |
Gross amount | ||
Land and improvements | 182,061 | |
Buildings and improvements | 158,042 | |
Total real estate investments | 340,103 | |
Final Accumulated Depreciation | $ (68,584) | |
C-Store | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 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 | $ (805) | |
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 | $ (994) | |
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 | 33 | |
Initial Cost to Company | ||
Land and Improvements | $ 31,849 | |
Buildings and Improvements | 92,724 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (185) | |
Improvements/building | (1,587) | |
Gross amount | ||
Land and improvements | 31,664 | |
Buildings and improvements | 91,137 | |
Total real estate investments | 122,801 | |
Final Accumulated Depreciation | $ (25,467) | |
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 | $ (1,061) | |
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 | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 3 | |
Initial Cost to Company | ||
Land and Improvements | $ 10,420 | |
Buildings and Improvements | 12,348 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 87 | |
Gross amount | ||
Land and improvements | 10,420 | |
Buildings and improvements | 12,435 | |
Total real estate investments | 22,855 | |
Final Accumulated Depreciation | $ (4,859) | |
Dave & Buster's | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 years | |
Dave & Buster's | 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 | $ (1,147) | |
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 | $ (3,025) | |
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 | |
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 | $ (6,226) | |
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 | $ (6,752) | |
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 | $ (323) | |
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 | $ (835) | |
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 | $ (1,009) | |
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 | 80 | |
Initial Cost to Company | ||
Land and Improvements | $ 29,062 | |
Buildings and Improvements | 67,314 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 70 | |
Gross amount | ||
Land and improvements | 29,062 | |
Buildings and improvements | 67,384 | |
Total real estate investments | 96,446 | |
Final Accumulated Depreciation | $ (14,158) | |
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 | 111 | |
Initial Cost to Company | ||
Land and Improvements | $ 44,147 | |
Buildings and Improvements | 81,252 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (486) | |
Improvements/building | (1,471) | |
Gross amount | ||
Land and improvements | 43,661 | |
Buildings and improvements | 79,781 | |
Total real estate investments | 123,442 | |
Final Accumulated Depreciation | $ (11,729) | |
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 | $ (1,361) | |
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 | $ (245) | |
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 | $ (1,111) | |
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 | |
Dunkin' | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 600 | |
Buildings and Improvements | 765 | |
Gross amount | ||
Land and improvements | 600 | |
Buildings and improvements | 765 | |
Total real estate investments | 1,365 | |
Final Accumulated Depreciation | $ (545) | |
Dunkin' | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 15 years | |
Dunkin' | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 30 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 | $ (68) | |
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 | $ (18) | |
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 | $ (13,162) | |
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 | |
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 | |
Gross amount | ||
Land and improvements | 5,736 | |
Buildings and improvements | 16,195 | |
Total real estate investments | 21,931 | |
Final Accumulated Depreciation | $ (55) | |
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 | $ (2,601) | |
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 | |
Gross amount | ||
Land and improvements | 10,341 | |
Buildings and improvements | 28,364 | |
Total real estate investments | $ 38,705 | |
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 | $ (1,683) | |
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 | $ (872) | |
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 | $ 2,085 | |
Buildings and Improvements | 255 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | 101 | |
Improvements/building | (119) | |
Gross amount | ||
Land and improvements | 2,186 | |
Buildings and improvements | 136 | |
Total real estate investments | 2,322 | |
Final Accumulated Depreciation | $ (53) | |
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 | 333 | |
Gross amount | ||
Land and improvements | 33,962 | |
Buildings and improvements | 67,995 | |
Total real estate investments | 101,957 | |
Final Accumulated Depreciation | $ (13,673) | |
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 | $ (25,971) | |
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 | $ (1,174) | |
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 | |
Gross amount | ||
Land and improvements | 1,565 | |
Buildings and improvements | 4,051 | |
Total real estate investments | 5,616 | |
Final Accumulated Depreciation | $ (48) | |
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 | $ (421) | |
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 | |
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 | $ (4,487) | |
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 | $ (1,357) | |
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 | |
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 | $ (1,687) | |
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 | $ (142) | |
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 | 2 | |
Initial Cost to Company | ||
Land and Improvements | $ 780 | |
Buildings and Improvements | 2,419 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (91) | |
Gross amount | ||
Land and improvements | 780 | |
Buildings and improvements | 2,328 | |
Total real estate investments | 3,108 | |
Final Accumulated Depreciation | $ (750) | |
Fresenius Medical Care | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 10 years | |
Fresenius Medical Care | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 40 years | |
Gardner School | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 2,461 | |
Buildings and Improvements | 1,427 | |
Gross amount | ||
Land and improvements | 2,461 | |
Buildings and improvements | 1,427 | |
Total real estate investments | 3,888 | |
Final Accumulated Depreciation | $ (342) | |
Gardner School | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 15 years | |
Gardner School | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 40 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 | $ (7,346) | |
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 | 7 | |
Initial Cost to Company | ||
Land and Improvements | $ 8,938 | |
Buildings and Improvements | 15,321 | |
Gross amount | ||
Land and improvements | 8,938 | |
Buildings and improvements | 15,321 | |
Total real estate investments | 24,259 | |
Final Accumulated Depreciation | $ (4,067) | |
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 | 33 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 | $ (745) | |
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 | $ (1,889) | |
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 | $ (8,871) | |
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 | |
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 | $ (839) | |
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 | $ (9,341) | |
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 | |
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 | $ (2,640) | |
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 |
Schedule III Real Estate and _4
Schedule III Real Estate and Accumulated Depreciation - 3 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1,999 | |
Initial Cost to Company | ||
Land and Improvements | $ 2,538,703 | |
Buildings and Improvements | 4,871,994 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (21,988) | |
Improvements/building | 90,209 | |
Gross amount | ||
Land and improvements | 2,516,715 | $ 2,090,592 |
Buildings and improvements | 4,962,203 | 4,302,004 |
Total real estate investments | 7,478,918 | |
Final Accumulated Depreciation | $ (1,033,391) | $ (850,320) |
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 | $ (1,432) | |
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 | $ (493) | |
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 | $ (255) | |
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 | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 2,612 | |
Buildings and Improvements | 4,840 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 128 | |
Gross amount | ||
Land and improvements | 2,612 | |
Buildings and improvements | 4,968 | |
Total real estate investments | 7,580 | |
Final Accumulated Depreciation | $ (2,513) | |
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 | 39 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/building | 535 | |
Gross amount | ||
Land and improvements | 59,098 | |
Buildings and improvements | 68,517 | |
Total real estate investments | 127,615 | |
Final Accumulated Depreciation | $ (22,224) | |
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 | |
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 | $ (384) | |
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 | 2 | |
Initial Cost to Company | ||
Land and Improvements | $ 4,573 | |
Buildings and Improvements | 40,263 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (544) | |
Improvements/building | (1,337) | |
Gross amount | ||
Land and improvements | 4,029 | |
Buildings and improvements | 38,926 | |
Total real estate investments | 42,955 | |
Final Accumulated Depreciation | $ (6,138) | |
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 | 35 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 | $ (2,742) | |
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 | $ (2,232) | |
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 | 682 | |
Gross amount | ||
Land and improvements | 1,084 | |
Buildings and improvements | 6,189 | |
Total real estate investments | 7,273 | |
Final Accumulated Depreciation | $ (2,376) | |
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 | |
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 | $ (10,466) | |
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 | 1,089 | |
Gross amount | ||
Land and improvements | 14,478 | |
Buildings and improvements | 18,424 | |
Total real estate investments | 32,902 | |
Final Accumulated Depreciation | $ (2,251) | |
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 | 281 | |
Gross amount | ||
Land and improvements | 5,576 | |
Buildings and improvements | 9,239 | |
Total real estate investments | 14,815 | |
Final Accumulated Depreciation | $ (3,093) | |
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 | |
Joes Crab Shack | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 882 | |
Buildings and Improvements | 612 | |
Gross amount | ||
Land and improvements | 882 | |
Buildings and improvements | 612 | |
Total real estate investments | 1,494 | |
Final Accumulated Depreciation | $ (103) | |
Joes Crab Shack | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 3 years | |
Joes Crab Shack | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 20 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 | $ (4,490) | |
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 | |
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 | $ (870) | |
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 | |
Gross amount | ||
Land and improvements | 4,088 | |
Buildings and improvements | 9,105 | |
Total real estate investments | 13,193 | |
Final Accumulated Depreciation | $ (586) | |
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 | 13 | |
Initial Cost to Company | ||
Land and Improvements | $ 36,903 | |
Buildings and Improvements | 69,915 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | 200 | |
Improvements/building | 534 | |
Gross amount | ||
Land and improvements | 37,103 | |
Buildings and improvements | 70,449 | |
Total real estate investments | 107,552 | |
Final Accumulated Depreciation | $ (17,108) | |
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 | $ (3,262) | |
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 | |
Gross amount | ||
Land and improvements | 1,133 | |
Buildings and improvements | 9,908 | |
Total real estate investments | 11,041 | |
Final Accumulated Depreciation | $ (181) | |
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 | 8 | |
Initial Cost to Company | ||
Land and Improvements | $ 23,885 | |
Buildings and Improvements | 58,328 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | 284 | |
Improvements/building | 13 | |
Gross amount | ||
Land and improvements | 24,169 | |
Buildings and improvements | 58,341 | |
Total real estate investments | 82,510 | |
Final Accumulated Depreciation | $ (15,228) | |
L A Fitness | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 5 years | |
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 | 6 | |
Initial Cost to Company | ||
Land and Improvements | $ 7,573 | |
Buildings and Improvements | 6,599 | |
Gross amount | ||
Land and improvements | 7,573 | |
Buildings and improvements | 6,599 | |
Total real estate investments | 14,172 | |
Final Accumulated Depreciation | $ (611) | |
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 | 37 years | |
La-Z-Boy | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 3 | |
Initial Cost to Company | ||
Land and Improvements | $ 4,318 | |
Buildings and Improvements | 12,823 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (1,374) | |
Improvements/building | (2,794) | |
Gross amount | ||
Land and improvements | 2,944 | |
Buildings and improvements | 10,029 | |
Total real estate investments | 12,973 | |
Final Accumulated Depreciation | $ (2,221) | |
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 | $ (540) | |
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 | |
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 | $ (2,775) | |
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 | 8 | |
Initial Cost to Company | ||
Land and Improvements | $ 56,968 | |
Buildings and Improvements | 175,542 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 192 | |
Gross amount | ||
Land and improvements | 56,968 | |
Buildings and improvements | 175,734 | |
Total real estate investments | 232,702 | |
Final Accumulated Depreciation | $ (16,588) | |
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 | |
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 | $ (156) | |
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 | $ (11,591) | |
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 | 6 | |
Initial Cost to Company | ||
Land and Improvements | $ 45,637 | |
Buildings and Improvements | 37,533 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (7,082) | |
Improvements/building | (5,581) | |
Gross amount | ||
Land and improvements | 38,555 | |
Buildings and improvements | 31,952 | |
Total real estate investments | 70,507 | |
Final Accumulated Depreciation | $ (11,935) | |
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 | $ (144) | |
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 | |
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 | $ (555) | |
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 | 18 | |
Initial Cost to Company | ||
Land and Improvements | $ 22,631 | |
Buildings and Improvements | 89,843 | |
Gross amount | ||
Land and improvements | 22,631 | |
Buildings and improvements | 89,843 | |
Total real estate investments | 112,474 | |
Final Accumulated Depreciation | $ (5,865) | |
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 | |
Main Event | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 9 | |
Initial Cost to Company | ||
Land and Improvements | $ 24,038 | |
Buildings and Improvements | 36,478 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | 1,527 | |
Improvements/building | 21,424 | |
Gross amount | ||
Land and improvements | 25,565 | |
Buildings and improvements | 57,902 | |
Total real estate investments | 83,467 | |
Final Accumulated Depreciation | $ (18,399) | |
Main Event | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 10 years | |
Main Event | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 45 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 | $ (7,818) | |
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/building | (775) | |
Gross amount | ||
Land and improvements | 3,559 | |
Buildings and improvements | 10,059 | |
Total real estate investments | 13,618 | |
Final Accumulated Depreciation | $ (5,717) | |
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 | $ (409) | |
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 | $ (2,481) | |
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 | $ (3,090) | |
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 | |
Missoula 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 | |
Gross amount | ||
Land and improvements | 5,518 | |
Buildings and improvements | 9,882 | |
Total real estate investments | 15,400 | |
Final Accumulated Depreciation | $ (2,652) | |
Missoula Fresh Market | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 15 years | |
Missoula Fresh Market | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 30 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 | 150 | |
Gross amount | ||
Land and improvements | 42,332 | |
Buildings and improvements | 48,995 | |
Total real estate investments | 91,327 | |
Final Accumulated Depreciation | $ (13,687) | |
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 | $ (133) | |
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 | $ (99) | |
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 | 12 | |
Gross amount | ||
Land and improvements | 1,687 | |
Buildings and improvements | 2,947 | |
Total real estate investments | 4,634 | |
Final Accumulated Depreciation | $ (272) | |
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 | |
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 | $ (382) | |
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 | $ (193) | |
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 | |
Gross amount | ||
Land and improvements | 3,595 | |
Buildings and improvements | 21,969 | |
Total real estate investments | $ 25,564 | |
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 | $ (1,001) | |
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 | |
Off Lease Only | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 4 | |
Initial Cost to Company | ||
Land and Improvements | $ 60,479 | |
Buildings and Improvements | 38,683 | |
Gross amount | ||
Land and improvements | 60,479 | |
Buildings and improvements | 38,683 | |
Total real estate investments | 99,162 | |
Final Accumulated Depreciation | $ (2,684) | |
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 | $ (4,115) | |
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 | |
Office Max | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 621 | |
Buildings and Improvements | 2,208 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (320) | |
Improvements/building | (1,009) | |
Gross amount | ||
Land and improvements | 301 | |
Buildings and improvements | 1,199 | |
Total real estate investments | $ 1,500 | |
Office Max | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 4 years | |
Office Max | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 36 years | |
Ogden Clinic | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 597 | |
Buildings and Improvements | 2,331 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (221) | |
Improvements/building | (1,196) | |
Gross amount | ||
Land and improvements | 376 | |
Buildings and improvements | 1,135 | |
Total real estate investments | $ 1,511 | |
Ogden Clinic | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 years | |
Ogden Clinic | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 22 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 | $ (463) | |
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 | $ (4,292) | |
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 | |
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 |
Schedule III Real Estate and _5
Schedule III Real Estate and Accumulated Depreciation - 4 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1,999 | |
Initial Cost to Company | ||
Land and Improvements | $ 2,538,703 | |
Buildings and Improvements | 4,871,994 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (21,988) | |
Improvements/building | 90,209 | |
Gross amount | ||
Land and improvements | 2,516,715 | $ 2,090,592 |
Buildings and improvements | 4,962,203 | 4,302,004 |
Total real estate investments | 7,478,918 | |
Final Accumulated Depreciation | $ (1,033,391) | $ (850,320) |
Panera | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 1,196 | |
Buildings and Improvements | 1,671 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (14) | |
Gross amount | ||
Land and improvements | 1,196 | |
Buildings and improvements | 1,657 | |
Total real estate investments | 2,853 | |
Final Accumulated Depreciation | $ (549) | |
Panera | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 11 years | |
Panera | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 34 years | |
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 | $ (7,951) | |
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 | $ (663) | |
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 | 12 | |
Initial Cost to Company | ||
Land and Improvements | $ 15,715 | |
Buildings and Improvements | 32,593 | |
Gross amount | ||
Land and improvements | 15,715 | |
Buildings and improvements | 32,593 | |
Total real estate investments | 48,308 | |
Final Accumulated Depreciation | $ (10,629) | |
Pep Boys | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 years | |
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 | $ (2,805) | |
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 | $ (275) | |
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 | $ (1,139) | |
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 | $ (1,860) | |
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 | $ (1,118) | |
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 | |
PriMed Physicians | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 559 | |
Buildings and Improvements | 1,420 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (201) | |
Improvements/building | (678) | |
Gross amount | ||
Land and improvements | 358 | |
Buildings and improvements | 742 | |
Total real estate investments | $ 1,100 | |
PriMed Physicians | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 years | |
PriMed Physicians | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 32 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 | $ (792) | |
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 | |
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 | $ (140) | |
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 | $ (1,366) | |
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 | 24 | |
Initial Cost to Company | ||
Land and Improvements | $ 23,805 | |
Buildings and Improvements | 39,408 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 69 | |
Gross amount | ||
Land and improvements | 23,805 | |
Buildings and improvements | 39,477 | |
Total real estate investments | 63,282 | |
Final Accumulated Depreciation | $ (10,402) | |
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 | $ (751) | |
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/building | 6,474 | |
Gross amount | ||
Land and improvements | 22,833 | |
Buildings and improvements | 46,630 | |
Total real estate investments | 69,463 | |
Final Accumulated Depreciation | $ (12,865) | |
Regal Cinemas | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 4 years | |
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 | $ (659) | |
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 | $ (132) | |
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 | $ (2,424) | |
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 | $ (6,637) | |
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 | (327) | |
Gross amount | ||
Land and improvements | 2,631 | |
Buildings and improvements | 7,383 | |
Total real estate investments | 10,014 | |
Final Accumulated Depreciation | $ (2,176) | |
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 | $ (1,239) | |
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 | 9 | |
Initial Cost to Company | ||
Land and Improvements | $ 14,788 | |
Buildings and Improvements | 48,306 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (140) | |
Improvements/building | 423 | |
Gross amount | ||
Land and improvements | 14,648 | |
Buildings and improvements | 48,729 | |
Total real estate investments | 63,377 | |
Final Accumulated Depreciation | $ (6,413) | |
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 | $ (290) | |
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 | $ (440) | |
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 | $ (211) | |
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 | $ (660) | |
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 | 271 | |
Gross amount | ||
Land and improvements | 12,904 | |
Buildings and improvements | 16,453 | |
Total real estate investments | 29,357 | |
Final Accumulated Depreciation | $ (11,259) | |
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 | $ (694) | |
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 | |
Service King | ||
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 | |
Gross amount | ||
Land and improvements | 30,873 | |
Buildings and improvements | 43,757 | |
Total real estate investments | 74,630 | |
Final Accumulated Depreciation | $ (744) | |
Service King | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 7 years | |
Service King | 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 | 27 | |
Gross amount | ||
Land and improvements | 627 | |
Buildings and improvements | 4,794 | |
Total real estate investments | 5,421 | |
Final Accumulated Depreciation | $ (1,008) | |
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 | |
Gross amount | ||
Land and improvements | 10,350 | |
Buildings and improvements | 26,362 | |
Total real estate investments | 36,712 | |
Final Accumulated Depreciation | $ (1,234) | |
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 | 33 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 | $ (2,174) | |
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 | $ (1,059) | |
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 | |
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 | $ (189) | |
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 | $ (410) | |
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 | |
Smart & Final | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 2 | |
Initial Cost to Company | ||
Land and Improvements | $ 11,172 | |
Buildings and Improvements | 19,859 | |
Gross amount | ||
Land and improvements | 11,172 | |
Buildings and improvements | 19,859 | |
Total real estate investments | 31,031 | |
Final Accumulated Depreciation | $ (5,092) | |
Smart & Final | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 15 years | |
Smart & Final | 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 | $ (7,899) | |
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 | $ (157) | |
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 | 37 | |
Initial Cost to Company | ||
Land and Improvements | $ 19,280 | |
Buildings and Improvements | 15,032 | |
Gross amount | ||
Land and improvements | 19,280 | |
Buildings and improvements | 15,032 | |
Total real estate investments | 34,312 | |
Final Accumulated Depreciation | $ (6,438) | |
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 | $ (2,027) | |
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 | |
South Carolina Oncology Associates | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 3,378 | |
Buildings and Improvements | 35,153 | |
Gross amount | ||
Land and improvements | 3,378 | |
Buildings and improvements | 35,153 | |
Total real estate investments | 38,531 | |
Final Accumulated Depreciation | $ (7,414) | |
South Carolina Oncology Associates | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 15 years | |
South Carolina Oncology Associates | 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 | $ (4,789) | |
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 | |
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 | $ (8,535) | |
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 | 9 | |
Initial Cost to Company | ||
Land and Improvements | $ 21,563 | |
Buildings and Improvements | 47,014 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 7 | |
Gross amount | ||
Land and improvements | 21,563 | |
Buildings and improvements | 47,021 | |
Total real estate investments | 68,584 | |
Final Accumulated Depreciation | $ (13,412) | |
Sportsman's Warehouse | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 10 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 | 6 | |
Initial Cost to Company | ||
Land and Improvements | $ 4,993 | |
Buildings and Improvements | 15,964 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (21) | |
Gross amount | ||
Land and improvements | 4,993 | |
Buildings and improvements | 15,943 | |
Total real estate investments | 20,936 | |
Final Accumulated Depreciation | $ (4,109) | |
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 | $ (1,007) | |
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 | $ (1,404) | |
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 | $ 13,109 | |
Buildings and Improvements | 12,698 | |
Gross amount | ||
Land and improvements | 13,109 | |
Buildings and improvements | 12,698 | |
Total real estate investments | $ 25,807 | |
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 | $ (1,433) | |
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/building | 10,423 | |
Gross amount | ||
Land and improvements | 4,127 | |
Buildings and improvements | 14,289 | |
Total real estate investments | $ 18,416 | |
Super Valu | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 3,331 | |
Buildings and Improvements | 3,500 | |
Gross amount | ||
Land and improvements | 3,331 | |
Buildings and improvements | 3,500 | |
Total real estate investments | 6,831 | |
Final Accumulated Depreciation | $ (447) | |
Super Valu | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 15 years | |
Super Valu | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 15 years | |
Surf's Up Car Wash | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 11 | |
Initial Cost to Company | ||
Land and Improvements | $ 23,527 | |
Buildings and Improvements | 42,359 | |
Gross amount | ||
Land and improvements | 23,527 | |
Buildings and improvements | 42,359 | |
Total real estate investments | 65,886 | |
Final Accumulated Depreciation | $ (229) | |
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 | 8 | |
Initial Cost to Company | ||
Land and Improvements | $ 3,444 | |
Buildings and Improvements | 6,617 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (29) | |
Gross amount | ||
Land and improvements | 3,444 | |
Buildings and improvements | 6,588 | |
Total real estate investments | 10,032 | |
Final Accumulated Depreciation | $ (2,952) | |
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 | $ (503) | |
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 |
Schedule III Real Estate and _6
Schedule III Real Estate and Accumulated Depreciation - 5 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1,999 | |
Initial Cost to Company | ||
Land and Improvements | $ 2,538,703 | |
Buildings and Improvements | 4,871,994 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (21,988) | |
Improvements/building | 90,209 | |
Gross amount | ||
Land and improvements | 2,516,715 | $ 2,090,592 |
Buildings and improvements | 4,962,203 | 4,302,004 |
Total real estate investments | 7,478,918 | |
Final Accumulated Depreciation | $ (1,033,391) | $ (850,320) |
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 | $ (4,015) | |
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 | $ (617) | |
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 | $ (1,707) | |
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 | $ (234) | |
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 | $ (402) | |
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 | $ (141) | |
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 | $ (360) | |
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 | |
Gross amount | ||
Land and improvements | 6,381 | |
Buildings and improvements | 30,134 | |
Total real estate investments | $ 36,515 | |
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 | $ (1,258) | |
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 | $ (614) | |
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 | $ (127) | |
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 | $ (1,329) | |
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 | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 3,734 | |
Buildings and Improvements | 9,595 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | 3,450 | |
Improvements/building | 6,104 | |
Gross amount | ||
Land and improvements | 7,184 | |
Buildings and improvements | 15,699 | |
Total real estate investments | 22,883 | |
Final Accumulated Depreciation | $ (1,811) | |
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 | $ (2,623) | |
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 | 539 | |
Improvements/building | (108) | |
Gross amount | ||
Land and improvements | 23,161 | |
Buildings and improvements | 37,014 | |
Total real estate investments | 60,175 | |
Final Accumulated Depreciation | $ (16,603) | |
Tractor Supply | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 4 years | |
Tractor Supply | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 48 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 | |
Gross amount | ||
Land and improvements | 14,314 | |
Buildings and improvements | 50,948 | |
Total real estate investments | $ 65,262 | |
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 | $ (589) | |
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 | |
Gross amount | ||
Land and improvements | 17,283 | |
Buildings and improvements | 19,024 | |
Total real estate investments | 36,307 | |
Final Accumulated Depreciation | $ (565) | |
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 | (60) | |
Gross amount | ||
Land and improvements | 2,790 | |
Buildings and improvements | 6,918 | |
Total real estate investments | 9,708 | |
Final Accumulated Depreciation | $ (832) | |
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 | $ (2,163) | |
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 | 5 | |
Initial Cost to Company | ||
Land and Improvements | $ 2,041 | |
Buildings and Improvements | 8,955 | |
Gross amount | ||
Land and improvements | 2,041 | |
Buildings and improvements | 8,955 | |
Total real estate investments | 10,996 | |
Final Accumulated Depreciation | $ (880) | |
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 | $ (3,920) | |
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 | |
United Technologies Corporation | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 1 | |
Initial Cost to Company | ||
Land and Improvements | $ 927 | |
Buildings and Improvements | 3,455 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | (270) | |
Gross amount | ||
Land and improvements | 927 | |
Buildings and improvements | 3,185 | |
Total real estate investments | 4,112 | |
Final Accumulated Depreciation | $ (1,059) | |
United Technologies Corporation | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 10 years | |
United Technologies Corporation | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 40 years | |
Vacant | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 3 | |
Initial Cost to Company | ||
Land and Improvements | $ 3,809 | |
Buildings and Improvements | 5,568 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (1,971) | |
Improvements/building | (3,427) | |
Gross amount | ||
Land and improvements | 1,838 | |
Buildings and improvements | 2,141 | |
Total real estate investments | 3,979 | |
Final Accumulated Depreciation | $ (649) | |
Vacant | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 1 year | |
Vacant | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 29 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 | $ (825) | |
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 | |
VASA Fitness | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 4 | |
Initial Cost to Company | ||
Land and Improvements | $ 8,403 | |
Buildings and Improvements | 20,764 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 110 | |
Gross amount | ||
Land and improvements | 8,403 | |
Buildings and improvements | 20,874 | |
Total real estate investments | 29,277 | |
Final Accumulated Depreciation | $ (2,494) | |
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 | 39 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 | $ (164) | |
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 | |
Walgreens | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 33 | |
Initial Cost to Company | ||
Land and Improvements | $ 35,433 | |
Buildings and Improvements | 133,220 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | (105) | |
Improvements/building | (411) | |
Gross amount | ||
Land and improvements | 35,328 | |
Buildings and improvements | 132,809 | |
Total real estate investments | 168,137 | |
Final Accumulated Depreciation | $ (33,423) | |
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 | $ 3,940 | |
Buildings and Improvements | 4,646 | |
Cost Capitalized / (Impaired) | ||
Improvements/Land | 69 | |
Improvements/building | (82) | |
Gross amount | ||
Land and improvements | 4,009 | |
Buildings and improvements | 4,564 | |
Total real estate investments | 8,573 | |
Final Accumulated Depreciation | $ (3,022) | |
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 | |
Gross amount | ||
Land and improvements | 2,518 | |
Buildings and improvements | 10,195 | |
Total real estate investments | $ 12,713 | |
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 | |
Wawa | ||
Real Estate And Accumulated Depreciation [Line Items] | ||
Number of properties | Property | 3 | |
Initial Cost to Company | ||
Land and Improvements | $ 6,991 | |
Buildings and Improvements | 7,594 | |
Gross amount | ||
Land and improvements | 6,991 | |
Buildings and improvements | 7,594 | |
Total real estate investments | 14,585 | |
Final Accumulated Depreciation | $ (3,066) | |
Wawa | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 8 years | |
Wawa | Maximum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 46 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 | |
Gross amount | ||
Land and improvements | 336 | |
Buildings and improvements | 773 | |
Total real estate investments | 1,109 | |
Final Accumulated Depreciation | $ (93) | |
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 | |
Gross amount | ||
Land and improvements | 10,183 | |
Buildings and improvements | 23,664 | |
Total real estate investments | 33,847 | |
Final Accumulated Depreciation | $ (1,326) | |
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 | $ (3,358) | |
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 | |
Gross amount | ||
Land and improvements | 607 | |
Buildings and improvements | 123 | |
Total real estate investments | 730 | |
Final Accumulated Depreciation | $ (43) | |
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 | 3 | |
Initial Cost to Company | ||
Land and Improvements | $ 9,026 | |
Buildings and Improvements | 33,903 | |
Gross amount | ||
Land and improvements | 9,026 | |
Buildings and improvements | 33,903 | |
Total real estate investments | 42,929 | |
Final Accumulated Depreciation | $ (1,375) | |
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 | 40 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 | $ (548) | |
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 | |
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) | |
Gross amount | ||
Land and improvements | 2,190 | |
Buildings and improvements | 4,964 | |
Total real estate investments | 7,154 | |
Final Accumulated Depreciation | $ (1,283) | |
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 | 17 | |
Initial Cost to Company | ||
Land and Improvements | $ 18,796 | |
Buildings and Improvements | 34,514 | |
Cost Capitalized / (Impaired) | ||
Improvements/building | 432 | |
Gross amount | ||
Land and improvements | 18,796 | |
Buildings and improvements | 34,946 | |
Total real estate investments | 53,742 | |
Final Accumulated Depreciation | $ (4,913) | |
Zips Car Wash | Minimum | ||
Gross amount | ||
Life in which depreciation in latest Statement of Operations is computed | 10 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 | Dec. 31, 2021USD ($) |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost of properties for federal income tax purpose | $ 6.8 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Land, buildings, and improvements | |||
Reclassifications to held for sale | $ (8,264) | $ (25,821) | |
Impairments, basis reset due to impairment and other adjustments | (22,120) | (59,206) | $ (24,130) |
Accumulated depreciation and amortization | |||
Net Real Estate Investment | 6,445,527 | 5,542,276 | |
Land, Buildings and Improvements | |||
Land, buildings, and improvements | |||
Balance at the beginning of the year | 6,392,596 | 5,750,507 | 4,757,717 |
Acquisitions, capital expenditures, and reclassifications from held for sale and deferred financing leases | 1,177,140 | 842,891 | 1,238,020 |
Dispositions of land, buildings, and improvements | (38,390) | (50,853) | (98,445) |
Reclassifications to held for sale | (17,047) | (69,573) | (119,449) |
Impairments, basis reset due to impairment and other adjustments | (35,381) | (80,376) | (27,336) |
Gross Real Estate Balance at close of the year | 7,478,918 | 6,392,596 | 5,750,507 |
Accumulated depreciation and amortization | |||
Balance at the beginning of the year | (850,320) | (717,097) | (621,456) |
Depreciation expense and reclassifications from held for sale | (205,881) | (177,268) | (145,104) |
Dispositions of land, buildings, and improvements and other adjustments | 21,952 | 38,723 | 32,678 |
Reclassifications to held for sale | 858 | 5,322 | 16,785 |
Balance at close of the year | (1,033,391) | (850,320) | (717,097) |
Net Real Estate Investment | $ 6,445,527 | $ 5,542,276 | $ 5,033,410 |
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, 2019 | Dec. 31, 2021 | |
Mortgage Loans On Real Estate [Abstract] | |||
Mortgage loans receivable beginning balance | $ 32,654 | $ 45,187 | |
Collections of principal | (31,733) | (10,927) | |
Amortization of premium | (921) | (1,606) | |
Mortgage loans receivable ending balance | 32,654 | ||
Other loans receivable | 1,811 | $ 10,450 | |
Total loans receivable | $ 0 | $ 34,465 | $ 10,450 |