GNL 10-K Fiscal year ended Dec. 31, 2023

Portions of the registrant’s proxy statement to be delivered to stockholders in connection with the registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant intends to file its proxy statement within 120 days after its fiscal year end.

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Global Net Lease, Inc. (the “Company”) is a real estate investment trust for United States (“U.S.”) federal income tax purposes (“REIT”) that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Historically, the Company focused on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, which consisted primarily of mission-critical, single tenant net-lease assets. As a result of acquiring The Necessity Retail REIT, Inc. (“RTL”) in September 2023, as further discussed below, the Company acquired a diversified portfolio of 989 properties consisting of primarily necessity-based retail single-tenant and multi-tenant properties located in the U.S. Until September 12, 2023, the Company was managed by Global Net Lease Advisors, LLC (“Advisor”), who managed the Company’s day-to-day business with the assistance of our property manager, Global Net Lease Properties, LLC (“Property Manager”), who managed and leased our properties to third parties. Prior to September 12, 2023, the former Advisor and the Property Manager were under common control with AR Global Investments, LLC (“AR Global”), and these related parties had historically received compensation and fees for various services provided to the Company. On September 12, 2023, the Company internalized its advisory and property management functions as well as the advisory and property management functions of RTL as a result of the Internalization Merger (defined below) in the quarter ended September 30, 2023.

As of December 31, 2023, the Company owned 1,296 properties (all references to number of properties, square footage and industry types are unaudited) consisting of 66.8 million rentable square feet, which were 96 % leased, with a weighted-average remaining lease term of 6.8 years. Based on the percentage of annualized rental income on a straight-line basis as of December 31, 2023, approximately 80 % of the Company’s properties were located in the U.S. and Canada and approximately 20 % were located in Europe. In addition, as of December 31, 2023, the Company’s portfolio was comprised of 32 % Industrial & Distribution properties, 27 % Multi-Tenant retail properties, 21 % Single-Tenant Retail properties and 20 % Office properties. These represent the Company’s four reportable segments and the percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (“USD”) as of December 31, 2023. The straight-line rent includes amounts for tenant concessions.

The Company’s properties are leased primarily to “Investment Grade” tenants, which includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of the tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or tenants that are identified as investment grade by using a proprietary Moody’s Analytics tool, which generates an implied rating by measuring an entity’s probability of default.

The Acquisition of The Necessity Retail REIT and the Internalization

On September 12, 2023 (the “Acquisition Date”), the REIT Merger (as defined below) and the Internalization Merger (as defined below) were both consummated (collectively, the “Mergers”). The REIT Merger and Internalization Merger were conditioned upon each other and accordingly are considered “related” and treated as a single transaction for accounting and reporting purposes (see Note 3 — The Mergers ).

The REIT Merger

Pursuant to the terms and conditions of the Agreement and Plan of Merger dated May 23, 2023 (the “REIT Merger Agreement”), on the Acquisition Date, RTL merged with and into Osmosis Sub I, LLC, a wholly-owned subsidiary of GNL (“REIT Merger Sub”), with REIT Merger Sub continuing as the surviving entity (the “REIT Merger”) and a wholly-owned subsidiary of GNL, followed by Osmosis Sub II, LLC, a wholly-owned subsidiary of the Global Net Lease Operating Partnership, L.P. (the “OP”), merging with and into The Necessity Retail REIT Operating Partnership, L.P. (“RTL OP”), with RTL OP continuing as the surviving entity (the “OP Merger” and collectively with the REIT Merger, the “REIT Mergers”).

On the Acquisition Date, pursuant to the REIT Merger Agreement, each issued and outstanding share of RTL’s (i) Class A Common Stock, par value $ 0.01 per share (the “RTL Class A Common Stock”), was converted into 0.670 shares (the “Exchange Ratio”) of GNL’s Common Stock, par value $ 0.01 per share (“Common Stock”), (ii) 7.50 % Series A Cumulative Redeemable Preferred Stock, par value $ 0.01 per share (“RTL Series A Preferred Stock”), was automatically converted into one share of newly created 7.50 % Series D Cumulative Redeemable Perpetual Preferred Stock, par value $ 0.01 per share (the “Series D Preferred Stock”), and (iii) 7.375 % Series C Cumulative Redeemable Perpetual Preferred Stock, par value $ 0.01 per share (“RTL Series C Preferred Stock”), was automatically converted into one share of newly created 7.375 % Series E Cumulative Redeemable Perpetual Preferred Stock, par value $ 0.01 per share (the “Series E Preferred Stock”).

On the Acquisition Date, after the REIT Merger but prior to the OP Merger, REIT Merger Sub distributed its general partnership interests in RTL OP to the Company. The Company, in turn, contributed its general partnership interests in RTL OP to the OP and, in turn, the OP contributed the general partnership interests in RTL OP to GNL Retail GP, LLC, a newly formed limited liability company that is wholly owned by the OP (“GNL Retail”). By virtue of the OP Merger and without any further action on the part of the OP, (i) GNL Retail became the sole general partner of the surviving company with respect to the OP

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Merger; (ii) all the preferred units of RTL OP held by REIT Merger Sub immediately after the Acquisition Date were cancelled and no payment was made with respect thereto; (iii) the OP continues as the sole limited partner of RTL OP; and (iv) each units of limited partnership interest in the OP designated as “OP Units” (“OP Units”) held by a limited partner of RTL OP other than RTL or any subsidiary of RTL issued and outstanding immediately prior to the Acquisition Date was automatically converted into new OP units in an amount equal to (x) one multiplied by (y) the Exchange Ratio, and each holder of new OP units was admitted as a limited partner of the OP in accordance with the terms of the partnership agreement of the OP. As a result, GNL Retail became the general partner and the OP is now the limited partner of RTL OP.

The Internalization Merger

Pursuant to the terms and conditions of the Agreement and Plan of Merger dated May 23, 2023 (the “Internalization Merger Agreement”) to internalize the advisory and property management functions of the combined companies, on the Acquisition Date, (i) GNL Advisor Merger Sub LLC, a wholly-owned subsidiary of the OP merged with and into the former Advisor, with the former Advisor continuing in existence; (ii) GNL PM Merger Sub LLC, a wholly-owned subsidiary of the OP merged with and into the Property Manager, with the Property Manager continuing in existence; (iii) RTL Advisor Merger Sub LLC merged with and into Necessity Retail Advisors, LLC (“RTL Advisor”), with RTL Advisor continuing in existence; and (iv) RTL PM Merger Sub LLC, a wholly-owned subsidiary of the OP merged with and into Necessity Retail Properties, LLC (“RTL Property Manager”), with RTL Property Manager continuing in existence (collectively, the “Internalization Merger”). As a result of the consummation of the Internalization Merger, the advisory agreements were terminated for both the Company and RTL and the Company assumed both of the Company’s and RTL’s property management agreements and the Company was no longer externally managed. The Company internalized these functions with its own dedicated workforce (see Note 3 — The Mergers for additional information on the Internalization Merger and see Note 12 — Related Party Transactions for additional information on the Internalization Merger).

Transaction Fees

BMO Capital Markets Corp. (“BMO”), the financial advisor to the special committee of the board of directors of the Company (the “Board”) comprised solely of independent directors that was formed by the Board (the “Special Committee”), was paid a fee of $ 30.0 million, $ 3.0 million of which was paid in the quarter ended June 30, 2023 upon delivery of BMO’s opinion regarding the REIT Merger and the remaining $ 27.0 million was paid upon consummation of the Mergers in the quarter ended September 30, 2023. In addition, the Company paid BMO a fee of $ 1.0 million in the quarter ended June 30, 2023, which was paid upon delivery of BMO’s opinion regarding the Internalization Merger. The Company has reimbursed BMO for its transaction-related expenses, which totaled approximately $ 0.3 million, and agreed to indemnify BMO and certain related parties against certain potential liabilities arising out of or in connection with its engagement.

Other Details

For additional details regarding the terms of the Mergers, including the fair value of the consideration paid and the purchase price allocation to the assets and liabilities acquired (see Note 3 — The Mergers ). In addition, various other impacts to the Company’s financial statements occurred in connection with the Mergers, which are discussed throughout these financial statements, including:

• The assumption of RTL’s mortgage debt (see Note 5 — Mortgage Notes Payable, Net ).

• The repayment of RTL’s credit facility with additional borrowings from the Company’s credit facility, as well as an amendment to the Company’s credit agreement (see Note 6 — Revolving Credit Facility ).

• The assumption of RTL’s $ 500.0 million aggregate principal, 4.50 % Senior Notes due 2028 (the “ 4.50 % Senior Notes”) (see Note 7 — Senior Notes, Net ).

• The issuance of two newly created series of preferred stock that were issued to RTL preferred stockholders (see Note 10 — Stockholders' Equity ).

• The issuance of Common Stock to the Blackwells/Related Parties (see Note 10 — Stockholders' Equity ).

• The termination of the stockholder rights plan (see Note 10 — Stockholders' Equity ).

• The modification of the terms of the multi-year outperformance agreement entered into with the former Advisor in 2021 (the “2021 OPP”) OPP to accelerate the timing for determining whether the award is vested and earned (see Note 2 — Summary of Significant Accounting Policies and Note 13 — Equity-Based Compensation ). Any RTL awards of long-term incentive plan units of limited partner interest in the RTL OP (“RTL LTIP Units”) that were earned prior to the Acquisition Date were converted into RTL Class A Common Stock prior to the Acquisition Date and were included in the consideration issued to holders of RTL Class A Common Stock (see Note 3 — The Mergers).

• The issuance by the OP of units of limited partnership designated as “Class A Units” (“Class A Units”) to the previous holder of RTL’s units of limited partnership designated as “Class A Units” (“RTL Class A Units”) (see Note 10 — Stockholders' Equity ).

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• The termination of the Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement”) (see Note 12 — Related Party Transactions).

• The Company has concluded that, as of September 30, 2023, it operates in four reportable segments consistent with its current management internal financial reporting purposes: (1) Industrial & Distribution, (2) Multi-Tenant Retail, (3) Single-Tenant Retail and (4) Office (see Note 15 — Segment Reporting).

Basis of Accounting

The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, derivative financial instruments, hedging activities, equity-based compensation expenses, income taxes and fair value measurements, as applicable.

Noncontrolling Interests

The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Noncontrolling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Noncontrolling interests are allocated a share of net income or loss based on their share of equity ownership. The Company did not allocate any net loss to non-controlling interests as the amount was not significant.

Revenue Recognition

The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the non-cancelable term of the lease. As of December 31, 2023, these leases had a weighted-average remaining lease term of 6.8 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rents receivable that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. As of December 31, 2023 and 2022, the Company’s cumulative straight-line rents receivable in the consolidated balance sheets was $ 84.3 million and $ 73.0 million, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company’s revenue from tenants included impacts of unbilled rental revenue of $ 10.4 million, $ 9.6 million and $ 5.7 million, respectively, to adjust contractual rent to straight-line rent.

For new leases after acquisition of a property, the commencement date is considered to be the date the lease is executed and the tenant has access to the space. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation for all leases in place at the time of acquisition. In the Company’s Industrial & Distribution, Single- Tenant Retail and Office segments, in addition to base rent, the Company’s lease agreements generally require tenants to pay for their property operating expenses or reimburse the Company for property operating expenses that the Company incurs (primarily insurance costs and real estate taxes). However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. In the Company’s Multi-Tenant Retail segment, the Company owns, manages and leases multi-tenant properties where the Company generally pays for the property operating expenses for those properties and most of the Company’s tenants are required to pay their pro rata share of property operating expenses. Under

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ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis.

The following table presents future minimum base rental cash payments due to the Company over the next five calendar years and thereafter as of December 31, 2023. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on increases in annual rent based on exceeding certain economic indexes among other items:

(In thousands)						Future Minimum Base Rent Payments (1)
2024						$	684,657
2025						644,992
2026						595,743
2027						531,830
2028						456,621
Thereafter						2,153,389
Total						$	5,067,232

(1) Assumes exchange rates of £1.00 to $ 1.27 for British Pounds Sterling (“GBP”), €1.00 to $ 1.10 for Euro (“EUR”) and $1.00 Canadian Dollar (“CAD”) to $ 0.75 as of December 31, 2023 for illustrative purposes, as applicable.

The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the credit worthiness and financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are not permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and contractually reimbursable property operating expenses), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight-line rent receivable would be written off where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable.

In accordance with the lease accounting rules, the Company records uncollectible amounts as reductions in revenue from tenants. Amounts recorded as reductions of revenue during the year ended December 31, 2023, 2022 and 2021 totaled $ 3.5 million, $ 0.7 million and $ 1.1 million, respectively.

On September 3, 2021, the Company entered into a lease termination agreement with one of its tenants which required the tenant to pay the Company a termination fee of approximately £ 6.7 million ($ 9.0 million based on the exchange rate as of the end of the lease term on January 4, 2022). This payment was received in January 2022, however it was recorded in revenue from tenants evenly over the period from September 3, 2021 through the end of the lease term, and as a result, the Company recorded approximately £ 0.2 million (approximately ($ 0.3 million) in revenue from tenants during the three months ended March 31, 2022. The Company recorded $ 6.5 million and $ 8.8 million in revenue from tenants during the three months and year ended December 31, 2021, respectively.

Investments in Real Estate

Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred.

At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in Real Estate.

Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations as of December 31, 2023 and 2022. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of

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carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of December 31, 2023, the Company had two properties classified as held for sale (see Note 4 — Real Estate Investments, Net for additional information). The Company did no t have any assets held for sale as of December 31, 2022.

Purchase Price Allocation

In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases, and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. Other than the Mergers which were accounted for as a business combination (see Note 1 — Organization and N o te 3 — The Mergers ), all of the other acquisitions during the years ended December 31, 2023, 2022 and 2021 were asset acquisitions.

For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s preacquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed.

The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow, direct capitalization and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, market rent, and land values per square foot. Identifiable intangible assets include amounts allocated to acquired leases for above- and below-market lease rates, and the value of in-place leases, as applicable.

Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from 12 to 18 months. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses.

Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease, and (ii) management’s estimate of market rent for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases.

Accounting for Leases

Lessor Accounting

In accordance with the lease accounting standard, all of the Company’s leases as lessor prior to adoption of ASC 842 were accounted for as operating leases and the Company continued to account for them as operating leases under the transition guidance. The Company evaluates new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed

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sale-leaseback transactions and accounted for as financing transactions by the lessor. During the three-year period ended December 31, 2023, the Company had no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules.

As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed as incurred.

As of December 31, 2023, the Company had two parcels of land leased to tenants that qualify as financing leases which were acquired in the REIT Merger. The carrying value of these leases was $ 6.6 million as of December 31, 2023 and the amounts are included in prepaid expenses and other assets on the Company’s consolidated balance sheet as of December 31, 2023. Income of $ 0.2 million relating to these two leases is included in revenue from tenants in the Company’s consolidated statement of operations for the year ended December 31, 2023.

Lessee Accounting

For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 11 — Commitments and Contingencies.

The Company is the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified, as well as land leases and other operating leases that were acquired or entered into in connection with the Mergers. These leases are reflected on the balance sheet as right of use assets and operating lease liabilities and the rent expense is reflected on a straight-line basis over the lease term.

Impairment of Long-Lived Assets

If circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.

Gains and Losses on Dispositions of Real Estate Investments

Gains on sales of rental real estate are not considered sales to customers and are generally recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”).

Depreciation and Amortization

Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land and building improvements, five years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests.

The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases.

Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.

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Deferred leasing commissions are recorded over the terms of the related leases. Amounts related to leasing commissions incurred from third parties are recorded in depreciation and amortization. Amounts related to leasing commissions incurred from the former Advisor are recorded within operating fees to related parties in the consolidated statements of operations.

Above and Below-Market Lease Amortization

Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time.

Above market intangibles and below market intangibles will also be treated in the same way as in-place intangibles upon a lease termination.

If a tenant modifies its lease, the unamortized portion of the in-place lease value, customer relationship intangibles, above-market leases and below market leases are assessed to determine whether their useful lives need to be amended (generally accelerated).

The amortization associated with the Company’s ROUs is recorded in property operating expenses on a straight-line basis over the terms of the leases.

Cash and Cash Equivalents

Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. The Company deposits cash with high quality financial institutions. Deposits in the U.S. and other countries where we have deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) in the U.S., Financial Services Compensation Scheme (“FSCS”) in the United Kingdom, Duchy Deposit Guarantee Scheme (“DDGS”) in Luxembourg and by similar agencies in the other countries, up to insurance limits. The Company had deposits in the U.S., United Kingdom, Luxembourg, Germany, Finland, France and The Netherlands totaling $ 121.6 million at December 31, 2023, of which $ 47.0 million, $ 32.8 million and $ 26.6 million are currently in excess of amounts insured by the FDIC, FSCS and European equivalent deposit insurance companies including DDGS, respectively. At December 31, 2022, the Company had deposits in the U.S., United Kingdom, Luxembourg, Germany, Finland and The Netherlands totaling $ 103.3 million, of which $ 40.6 million, $ 19.1 million and $ 32.3 million were in excess of the amounts insured by the FDIC, FSCS and European equivalent deposit insurance companies including DDGS, respectively. Although the Company bears risk to amounts in excess of those insured, losses are not anticipated.

Restricted Cash

Restricted cash primarily consists of debt service and real estate tax reserves. The Company had restricted cash of $ 40.8 million and $ 1.1 million as of December 31, 2023 and 2022, respectively.

Goodwill

The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We evaluated the company's goodwill upon the completion of the Mergers as we viewed that as a triggering event, and goodwill was not impaired based on that assessment. The Company also performed its annual impairment evaluation during the fourth quarter of 2023 to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Based on this assessment, the Company determined that the goodwill was no t impaired as of December 31, 2023. We will continue to assess for triggering events. Should any triggering event occur, we would evaluate the carrying value of our goodwill by segment through an impairment test. If impairment is warranted, the charge would be recorded through the combined income statement as a reduction to earnings.

The Company recorded goodwill of $ 25.2 million during the year ended December 31, 2023 related to the Mergers (see Note 3 — The Mergers ).

Derivative Instruments

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. In addition, all foreign currency denominated borrowings under the Company’s Revolving Credit Facility (as defined in Note 6 - Revolving Credit Facility ) are designated as net investment hedges. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the USD. The Company enters into derivative financial instruments in an effort to protect the value or fix the amount of certain obligations in terms of its functional currency.

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The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive (loss) income to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings.

Deferred Financing Costs, Net

Deferred financing costs, net are costs associated with the Revolving Credit Facility (as defined in Note 6 — Revolving Credit Facility ) and consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.

Equity-Based Compensation

The Company has stock-based incentive plans under which its directors, officers, employees, consultants or entities that provide services to the Company are, or have historically been, eligible to receive awards. Awards granted thereunder are accounted for under the guidance for employee share-based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation in the consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met.

The Company has issued restricted shares of Common Stock (“Restricted Shares”), restricted stock units in respect of shares of Common Stock (“RSUs”), and, during the three months ended December 31, 2023, performance stock units (“PSUs”). Also, although none remain outstanding as of December 31, 2023, the Company historically had issued long-term incentive plan units of limited partner interest in the OP (“GNL LTIP Units”) (see below for more information). For additional information on all of the equity-based compensation awards issued by the Company, see Note 13 — Equity-Based Compensation .

Multi-Year Outperformance Agreement With Former Advisor

On June 2, 2021, the Company entered into the 2021 OPP with the former Advisor.

Under the 2021 OPP, the Company initially recorded equity-based compensation evenly over the requisite service period of approximately 3.1 years beginning on May 3, 2021, the date that the Company’s independent directors approved the award of GNL LTIP Units. However, in connection with the Internalization Merger Agreement, the parties agreed to modify the terms of the existing 2021 OPP to accelerate the timing for determining whether the award is vested and earned, and as a result all of the remaining unrecognized compensation expense was accelerated and recorded in the quarter ended September 30, 2023 (through September 11, 2023).

Any RTL LTIP Units that were earned prior to the Acquisition Date were converted by RTL into RTL Class A Common Stock prior to the Acquisition Date and were included in the consideration issued to holders of RTL Class A Common Stock (see Note 3 — The Mergers ).

For additional information on the 2021 OPP and the ultimate determination of the vesting of the award on September 11, 2023, see Note 13 — Equity-Based Compensation .

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Under accounting guidance, the total equity-based compensation expense calculated is fixed and reflected as a charge to earnings over the service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, may result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period, however the modification noted above had no incremental value to amortize. The expense for these non-employee awards is included in the equity-based compensation line item of the Company’s consolidated statements of operations.

Income Taxes

The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the taxable year ended December 31, 2013. Commencing with such taxable year, the Company was organized to operate in such a manner as to qualify for taxation as a REIT under the Code and believes it has so qualified. The Company intends to continue to operate in such a manner to continue to qualify for taxation as a REIT, but no assurance can be given that it will operate in a manner to remain qualified as a REIT. As a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements.

The Company conducts business in various states and municipalities within the U.S., Canada, Puerto Rico, the United Kingdom and Western Europe and, as a result, the Company or one of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. As a result, the Company may be subject to certain federal, state, local and foreign taxes on its income and assets, including alternative minimum taxes, taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes. Any of these taxes decrease the Company’s earnings and available cash. In addition, the Company’s international assets and operations, including those owned through direct or indirect subsidiaries that are disregarded entities for U.S. federal income tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted.

Significant judgment is required in determining the Company’s tax provision and in evaluating its tax positions. The Company establishes tax reserves based on a benefit recognition model, which the Company believes could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The Company derecognizes the tax position when the likelihood of the tax position being sustained is no longer more likely than not.

The Company recognizes deferred income taxes in certain of its subsidiaries taxable in the U.S. or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. The Company provides a valuation allowance against its deferred income tax assets when it believes that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).

The Company derives most of its REIT taxable income from its real estate operations in the U.S. and has historically distributed all of its REIT taxable income to its shareholders. As such, the Company’s real estate operations are generally not subject to U.S. federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable.

The Company recognizes current income tax expense for state and local income taxes and taxes incurred in its foreign jurisdictions. The Company’s current income tax expense fluctuates from period to period based primarily on the timing of its taxable income. Deferred income tax (expense) benefit is generally a function of the period’s temporary differences and the utilization of net operating losses generated in prior years that had been previously recognized as deferred income tax assets from state and local taxes in the U.S. or in foreign jurisdictions.

The amount of dividends payable to the Company’s common stockholders is determined by the Board and is dependent on a number of factors, including funds available for distributions, financial condition, capital expenditure requirements, as applicable, and annual dividend requirements needed to qualify and maintain the Company’s status as a REIT under the Code.

For addition details related to the Company’s income tax expense, as well as recorded deferred tax assets and liabilities, see Note 16 — Income Taxes.

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Foreign Currency Translation

The Company’s reporting currency is the USD. The functional currency of the Company’s foreign operations is the applicable local currency for each foreign subsidiary. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. The amounts reported in the consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of AOCI in the consolidated statements of equity.

Per Share Data

The Company calculates basic earnings per share of its $ 0.01 par value per share common stock (“Common Stock”) by dividing net income (loss) for the period by weighted-average shares of its Common Stock outstanding for a respective period. Diluted income per share takes into account the effect of dilutive instruments such as unvested RSUs, Restricted Shares, and in 2022 and 2021, long-term incentive plan units of limited partner interest in the OP (“GNL LTIP Units”), based on the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding (see Note 14 — Earnings Per Share ).

Reportable Segments

As of December 31, 2023, the Company determined that it has four reportable segments based on property type: (1) Industrial & Distribution, (2) Multi-Tenant Retail, (3) Single-Tenant Retail and (4) Office (see Note 15 — Segment Reporting for additional information).

Recently Issued Accounting Pronouncements

Adopted as of January 1, 2022:

In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Topic 815). The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU became effective for the Company January 1, 2022, and did not have a material impact on the Company’s consolidated financial statements.

Adopted as of December 31, 2023:

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . Topic 848 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in Topic 848 is optional and may be elected over the period from March 12, 2020 through June 30, 2023 as reference rate reform activities occur. During quarter ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company fully adopted this guidance as of June 30, 2023.

Pending Adoption as of December 31, 2023

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 80) — Improvements to Reportable Segment Disclosures . The new standard requires additional disclosures regarding a company’s segments, including enhanced disclosures about significant segment expenses on an annual and interim basis. However, the new standard does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will adopt the new guidance in its Form 10-K for the year ended December 31, 2024 and we don’t expect this to have an impact on its consolidated financial statements as the provisions are related to disclosure only.

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Pursuant to the REIT Merger Agreement, each issued and outstanding share of RTL’s Class A Common Stock (or fraction thereof) as of the Acquisition Date was converted into shares of Common Stock equal to the Exchange Ratio.

Also, pursuant to the REIT Merger Agreement:

• The Company issued Common Stock (adjusted for the Exchange Ratio) for certain shares of restricted RTL Class A Common Stock (“RTL Restricted Shares”) (see table below for details).

• The Company issued Class A Units (adjusted for the Exchange Ratio) to the previous holder of RTL Class A Units (see table below for details).

• Holders of (i) RTL’s Series A Preferred Stock received one share of newly created Series D Preferred Stock and (ii) RTL’s Series C Preferred Stock received one share of newly created Series E Preferred Stock (see table below for details).

As consideration for the Internalization Merger, the Company issued 29,614,825 shares of its Common Stock valued in the aggregate at $ 325.0 million to AR Global and paid cash in an amount equal to $ 50.0 million to AR Global. The number of shares issued in respect of the Internalization Merger was valued based on the Company’s 5-day volume-weighted average price as of market close on May 11, 2023 of $ 10.97 per share of Common Stock. The Company registered these shares for resale under the Securities Act, pursuant to the terms and conditions (including limitations) thereof.

Fair Value of Consideration Transferred

The following table presents the fair value of the consideration transferred to affect the acquisition:

						Fair Value Calculation
						Shares or Units						Price Used to Calculate Fair Value						Fair Value of Consideration Transferred (In thousands)						Consideration Type
Fair value of Common Stock issued to holders of RTL Class A Common Stock (1)						93,432,946						$	11.11		(2)			$	1,038,040					Common Stock
Fair value of Common Stock issued upon vesting of certain RTL Restricted Shares						209,906						$	11.11		(2)			2,332						Common Stock
Fair value of Common Stock issued to AR Global for the Internalization Merger						29,614,825			(3)			$	11.11		(2)			329,021						Common Stock
Fair value of Class A Units issued by the OP to holder of RTL Class A Units						115,857						$	11.11		(2)			1,287						Class A Units
Fair value of GNL Series D Preferred Stock issued to holders of RTL Series A Preferred Stock (6)						7,933,711			(4)			$	19.61		(4)			155,580						Series D Preferred Stock
Fair value of GNL Series E Preferred Stock to be issued to holders of RTL Series C Preferred Stock (6)						4,595,175			(5)			$	19.75		(5)			90,755						Series E Preferred Stock
Total equity consideration																		1,617,015
Cash consideration paid to AR Global																		50,000						Cash
Cash used to repay RTL’s credit facility at closing of the REIT Merger																		466,000						Cash
Total consideration transferred																		$	2,133,015

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(1) Includes RTL LTIP Units earned and converted to RTL Class A Common Stock and certain vested shares of RTL Restricted Shares, both of which occurred prior to the Acquisition Date (see Note 13 — Equity-Based Compensation).

(2) Represents the closing price of GNL’s Common Stock on the Acquisition Date.

(3) The considered value of Common Stock to be issued to AR Global was $ 325.0 million for the Internalization Merger, and the number of shares issued was valued based on the Company’s 5-day volume-weighted average price as of market close on May 11, 2023. The price used to calculate fair value represents the closing price of GNL’s Common Stock on the Acquisition Date.

(3) Each share of the RTL Series A Preferred Stock was exchanged for one new share of Series D Preferred Stock respectively. The price used to calculate fair value represents the closing price of the RTL Series A Preferred Stock on the Acquisition Date.

(5) Each share of the RTL Series C Preferred Stock was exchanged for one new share of Series E Preferred Stock respectively. The price used to calculate fair value represents the closing price of the RTL Series C Preferred Stock on the Acquisition Date.

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Purchase Price Allocation

The Mergers were all conditioned upon each other and accordingly are considered “related” and treated as a single transaction for accounting and reporting purposes. The Mergers are accounted for under the acquisition method for business combinations pursuant to GAAP, with the Company as the accounting acquirer of RTL. The consideration transferred by the Company in the Mergers establishes a new accounting basis for the assets acquired, liabilities assumed and any non-controlling interests, measured at their respective fair value as of the Acquisition Date. To the extent fair value of the consideration paid exceeds fair value of net assets acquired, any such excess represents goodwill.

The Company provided a provisional allocation of the fair value of the assets acquired and liabilities assumed in the Mergers in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. During the three months ended December 31, 2023, measurement period adjustments were determined and recorded as if they had been completed at the Acquisition Date. Future adjustments to the provisional allocation of the fair value of the assets and liabilities acquired in the Mergers, as well as adjustments to the consideration paid may change the determination and amount of goodwill and may impact depreciation, amortization and accretion based on revised fair value of assets acquired and liabilities assumed. The finalization of the Company’s fair value assessments could result in changes in the valuation of assets acquired and liabilities assumed up to a year after the Acquisition Date.

The following table summarizes the provisional amounts recognized for the assets acquired and liabilities assumed as of Acquisition Date, as well as adjustments made in the three months ended December 31, 2023 (measurement period adjustments) to the amounts previously reported in the three months ended September 30, 2023.

(in thousands)						Amounts Recognized as of the Acquisition Date (as previously reported)						Measurement Period Adjustments						Amounts Recognized as of the Acquisition Date (as adjusted)
Assets Acquired:
Land						$	954,967					$	615					$	955,582
Buildings, fixtures and improvements						2,526,810						349						2,527,159
Total tangible assets						3,481,777						964			(1)			3,482,741
Acquired intangible assets:
In-place leases						582,475						( 1,045 )						581,430
Above-market lease assets						67,718						50						67,768
Total acquired intangible lease assets						650,193						( 995 )			(1)			649,198
Cash						65,223						( 607 )			(2)			64,616
Operating lease right-of-use assets						26,407						10						26,417
Prepaid expenses and other assets						60,862						3,507			(3)			64,369
Goodwill						29,817						( 4,611 )			(4)			25,206
Total assets acquired						4,314,279						( 1,732 )						4,312,547
Liabilities Assumed:
Mortgage notes payable, net						1,587,455						—						1,587,455
Senior notes, net						386,250						—						386,250
Acquired intangible lease liabilities						76,682						3						76,685
Accounts payable and accrued expenses						86,031						( 1,725 )			(5)			84,306
Operating lease liabilities						26,407						( 10 )						26,397
Prepaid rent						18,439						—						18,439
Total liabilities assumed						2,181,264						( 1,732 )						2,179,532
Total consideration transferred						$	2,133,015					$	—					$	2,133,015

________

(1) These adjustments were recorded to reflect changes in the estimated fair value of tangible and intangible assets, from the initial provisional estimates, due to the receipt of new information.

(2) The decrease in cash was due to the receipt of new information, subsequent to the initial provisional estimates, related to cash acquired as of the Acquisition Date.

(3) The increase in prepaid expenses and other assets was due to the receipt of new information, subsequent to the initial provisional estimates, primarily related to receivables that had previously been deemed uncollectible as of the Acquisition Date.

(4) The decrease in goodwill from the initial provisional valuation reflects the net impact of all measurement period adjustments to the assets acquired and liabilities assumed.

(5) The decrease in accounts payable and accrued expenses was due to the receipt of new information, subsequent to the initial provisional estimates, related to accrued expenses that were estimated as of the Acquisition Date.

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Goodwill

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Specifically, the goodwill recorded as part of the Mergers includes the expected synergies and other benefits that we believe will result from the Internalization Merger and any intangible assets that do not qualify for separate recognition. Goodwill is not amortized and the Company has allocated the goodwill to its segments (see Note 15 — Segment Reporting for additional details).

Impact of Acquisition

The following table presents information for RTL that is included in the Company’s consolidated statements of income from the Acquisition Date through the year ended December 31, 2023:

(In thousands)						RTL’s Operations Included in GNL’s Results
Revenue from tenants						$	132,506
Net loss						$	( 22,735 )

Pro Forma Information (Unaudited)

The following table presents unaudited supplemental pro forma information as if the Mergers had occurred on January 1, 2022 for the years ended December 31, 2023 and 2022. The unaudited supplemental pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the Mergers had taken place on January 1, 2022, nor is it indicative of the results of operations for future periods.

(In thousands)						Year Ended December 31,
						2023						2022
Pro Forma Revenue from tenants						$	815,803					$	819,991
Pro Forma Net loss						$	( 347,046 )					$	( 89,796 )

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Property Acquisitions

The following table presents the allocation of the assets acquired and liabilities assumed during the years ended December 31, 2023, 2022 and 2021, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. With the exception of the Mergers which was treated as a business combination (see N ote 3 — The Mergers) , all acquisitions in these periods were considered asset acquisitions for accounting purposes.

						Year Ended December 31,																		Year Ended December 31,
(Dollar amounts in thousands)						2023																		2022						2021
						Business Combination						Asset Acquisitions						Total						Total (All Asset Acquisitions)						Total (All Asset Acquisitions)
Real estate investments, at cost:
Land						$	955,582					$	9,541					$	965,123					$	4,176					$	62,491
Buildings, fixtures and improvements						2,527,159						73,150						2,600,309						25,938						397,659
Total tangible assets						3,482,741						82,691						3,565,432						30,114						460,150
Acquired intangible lease assets:
In-place leases						581,430						9,231						590,661						4,010						51,700
Above-market lease assets						67,768						40,964						108,732						—						5,728
Below-market lease liabilities						—						—						—						( 230 )						( 1,623 )
Total intangible assets and liabilities						649,198						50,195						699,393						3,780						55,805
Cash						64,616						—						64,616						—						—
Right-of-use asset						26,417						1,426						27,843						—						—
Prepaid expenses and other assets						64,369						—						64,369						—						—
Goodwill						25,206						—						25,206						—						—
Total assets acquired						4,312,547						134,312						4,446,859						33,894						515,955
Liabilities Assumed:
Mortgage note payable						1,587,455						—						1,587,455						—						38,562
Senior notes, net						386,250						—						386,250						—						—
Acquired intangible lease liabilities						76,685						211						76,896						—						—
Accounts payable and accrued expenses						84,306						—						84,306						—						—
Operating lease liabilities						26,397						—						26,397						—						—
Prepaid rent						18,439						—						18,439						—						—
Total liabilities assumed						2,179,532						211						2,179,743						—						38,562
Equity issued in acquisitions						1,617,015						—						1,617,015						—						—
Cash paid for acquired real estate investments						$	516,000					$	134,101					$	650,101					$	33,894					$	477,393
Number of properties purchased (1)						989						9						998						3						25

(1) Amount in 2021 includes one parking lot purchased adjacent to a previously purchased property.

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The following table summarizes the acquisition by property type, listed by reportable segment, during the years ended December 31, 2023, 2022 and 2021:

Property Type						Number of Properties						Square Feet (unaudited)
												(In thousands)
Properties Acquired in 2023:
Industrial & Distribution						31						4,085,826
Multi-Tenant Retail						109						16,375,661
Single-Tenant Retail						851						7,140,274
Office						7						305,912
						998						27,907,673
Properties Acquired in 2022:
Industrial & Distribution						2						232,600
Multi-Tenant Retail						—						—
Single-Tenant Retail						—						—
Office						1						66,626
						3						299,226
Properties Acquired in 2021:
Industrial & Distribution (1)						23						2,268
Multi-Tenant Retail						—						—
Single-Tenant Retail						—						—
Office						2						204
						25						2,472

(1) Represents a parking lot purchased adjacent to a previously purchased property.

Acquired Intangible Lease Assets

The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment.

During the years ended December 31, 2023 and 2022, the Company wrote off certain intangibles related to properties that were evaluated for impairments. The Company also wrote off certain lease intangibles related to one of the properties that was sold in 2022. During the year ended December 31, 2021, the Company wrote off certain lease intangibles related to terminated leases. Please see the “Intangible Lease Assets and Lease Liabilities” section below for additional information on all of these impairments.

Dispositions

During the year ended December 31, 2023, the Company sold eleven properties, ten of which were acquired in the REIT Merger, and recorded a net loss of $ 1.7 million during the year ended December 31, 2023.

During the year ended December 31, 2022, the Company sold one property in the U.S., one property in the United Kingdom (“U.K.”) and one property in France for an aggregate contract sales price of approximately $ 56.0 million for all three properties sold. As a result, the Company recorded an aggregate gain of $ 0.3 million during the year ended December 31, 2022.

During the year ended December 31, 2021, the Company sol d one property in Conroe, Texas, one property in Houston, Texas, one property in South Bend, Indiana and 18 properties in Puerto Rico for an aggregate contract sales price of $ 49.6 million for all 21 properties sold. These dispositions resulted in an aggregate net gain of $ 1.5 million, which is reflected in gain (loss) on dispositions of real estate investments in the consolidated statements of operations for the year ended December 31, 2021.

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The following table summarizes the aforementioned properties sold in 2023, 2022 and 2021:

Portfolio						Country/State						Disposition Date						Number of Properties						Square Feet (unaudited)
Properties Sold in 2023:
American Car Center						Florida						September 13, 2023						1						47,927
American Car Center						Mississippi						September 21, 2023						1						29,919
TOMs King						Ohio						October 13, 2023						1						4,798
American Car Center						Georgia						October 19, 2023						1						6,425
TOMs King						Ohio						November 1, 2023						1						4,014
American Car Center						Mississippi						November 3, 2023						1						4,889
Truist Bank						North Carolina						November 13, 2023						1						4,156
American Car Center						Alabama						December 1, 2023						1						3,096
Family Dollar						Kentucky						December 6, 2023						1						8,050
O'Charley's						South Carolina						December 6, 2023						1						6,873
Quest Diagnostics						California						December 22, 2023						1						223,894
																		11						344,041
Properties Sold in 2022:
Bradford & Bingley						UK						May 6, 2022						1						120,618
Axon						Texas						July 25, 2022						1						26,400
Sagemcom						France						November 30, 2022						1						265,309
																		3						412,327
Properties Sold in 2021:
Axon						Texas						October 22, 2021						1						126,114
Encanto						Puerto Rico						November 23, 2021						18						65,262
C&J Energy						Texas						December 10, 2021						1						96,149
Beacon Health						Indiana						December 10, 2021						1						49,712
																		21						337,237

Impairment Charges

During the year ended December 31, 2023, the Company recorded aggregate impairment charges of $ 68.7 million, comprised of the following.

• During the three months ended December 31, 2023, the Company determined that one of its properties located in Scotland (which was owned prior to the REIT Merger) had an estimated fair value that was lower than its carrying value based on the estimated selling price of the property, and as a result, the Company recorded an impairment charge of approximately $ 1.8 million. Also during three months ended December 31, 2023, the Company determined that two of its properties located in the U.S. (which were acquired in the REIT Merger) had an estimated fair value that was lower than its carrying value based on the estimated selling prices of the properties, and as a result, the Company recorded an impairment charge of approximately $ 1.2 million.

• During the three months ended September 30, 2023, the Company determined that the fair values of four of its properties ( one in the U.K. and three in the U.S.) were lower than their carrying values. These four properties were all owned by the Company prior to the REIT Merger. The Company recorded aggregate impairment charges for these properties, including the impairments to intangible assets noted below, of $ 65.7 million in the three months ended September 30, 2023, which is recorded in impairment charges in the consolidated statement of operations for the year ended December 31, 2023. The impairment charge in the third quarter of 2023 for the property in the U.K. was based on a calculation of the estimated fair value of the property. The impairment charges for the properties in the U.S. were based on the estimated selling prices of the properties.

During the year ended December 31, 2022, the Company recorded aggregate impairment charges of $ 21.6 million for three properties, which are recorded in the Company’s consolidated statement of operations for the year ended December 31, 2022. For one of these properties, which was held for sale in the first quarter, the Company incurred an additional impairment for costs to sell the asset. The other two properties that were impaired during 2022 were both being marketed for sale. The

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impairment for the first property being marketed for sale occurred in the second quarter of 2022 and totaled $ 16.0 million. The impairment was based on a purchase and sale contract; however, the property did not meet the criteria for held for sale at that time. In the third quarter, this property met the criteria for held for sale and an additional impairment of $ 0.8 million was taken for costs to sell the asset. This property was sold in November 2022. The impairment charge for the second property being marketed for sale was recorded in the fourth quarter of 2022 and totaled $ 4.5 million, based on the agreed upon selling price of the asset.

The impairment charges recorded during the year ended December 31, 2021 of $ 17.5 million were recorded to adjust the carrying value of three properties to their estimated fair values based on the estimated selling prices of two of our assets; one located in Texas (sold in 2021) and one located in the United Kingdom, which we began marketing for sale in the fourth quarter of 2021, (sold in the second quarter of 2022). The impairments were recorded in the nine months ended September 30, 2021 and quarter ended December 31, 2021 in the amounts of $ 7.9 million and $ 9.6 million, respectively.

Assets Held for Sale

When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets.

As of December 31, 2023, the Company evaluated its assets for held for sale classification and determined that two properties, both of which were acquired in the Merger, qualified for held for sale treatment based on the Company's accounting policies. Because these assets are considered held for sale, the operating results remain classified within continuing operations for all periods presented. One of the properties was subsequently disposed in February 2024 (see N o te 1 7 — Subsequent Events for more information). The Company did no t have any assets held for sale as of December 31, 2022.

The following table details the major classes of the assets associated with the properties that the Company determined to be classified as held for sale as of December 31, 2023:

(Dollar amounts in thousands)						December 31, 2023
Real estate investments held for sale, at cost:
Land						$	860
Buildings, fixtures and improvements						2,349
Total real estate assets held for sale, at cost						3,209
Less accumulated depreciation and amortization						( 21 )
Total real estate investments held for sale, net						$	3,188

Intangible Lease Assets and Lease Liabilities

The Company recorded impairment charges of approximately $ 1.0 million on its in-place lease intangible assets and $ 0.8 million on its above-market lease intangible assets during the year ended December 31, 2023. These impairments were recorded in connection with the four properties that were impaired in the quarter ended September 30, 2023 (as described above).

The Company recorded impairment charges of $ 0.5 million to its in-place intangible assets and $ 0.2 million to its below-market lease intangible liabilities, both associated with a real estate investment that it sold during the year ended December 31, 2022.

During the year ended December 31, 2021, the Company terminated some leases with certain tenants and, as a result, the amortization of approximately $ 2.0 million of in-place lease intangibles related to these leases was accelerated. This amount is recorded in depreciation and amortization in the Company’s consolidated statements of operations for the year ended December 31, 2021.

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Acquired intangible lease assets and lease liabilities consist of the following:

						December 31, 2023																		December 31, 2022
(In thousands)						Gross Carrying Amount						Accumulated Amortization						Net Carrying amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying amount
Intangible assets:
In-place leases						$	1,215,443					$	436,249					$	779,194					$	654,108					$	367,315					$	286,793
Above-market leases						144,538						32,724						111,814						35,167						22,194						12,973
Total acquired intangible lease assets						$	1,359,981					$	468,973					$	891,008					$	689,275					$	389,509					$	299,766
Intangible liabilities:
Below-market leases						$	120,022					$	24,212					$	95,810					$	42,745					$	18,195					$	24,550
Total acquired intangible lease liabilities						$	120,022					$	24,212					$	95,810					$	42,745					$	18,195					$	24,550

Projected Amortization for Intangible Lease Assets and Liabilities

The following table provides the weighted-average amortization periods as of December 31, 2023 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years:

(In thousands)						Weighted-Average Amortization Years						2024						2025						2026						2027						2028
In-place leases						6.3						$	171,604					$	136,470					$	107,900					$	84,570					$	62,644
Total to be included as an increase to depreciation and amortization												$	171,604					$	136,470					$	107,900					$	84,570					$	62,644
Above-market lease assets						7.5						$	18,142					$	15,836					$	13,860					$	12,588					$	10,238
Below-market lease liabilities						12.9						( 11,605 )						( 10,613 )						( 9,145 )						( 8,214 )						( 6,952 )
Total to be included as an increase (decrease) to revenue from tenants												$	6,537					$	5,223					$	4,715					$	4,374					$	3,286

Significant Tenants

There were no tenants whose annualized rental income on a straight-line basis as of December 31, 2023 represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2023. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues.

Geographic Concentrations

The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis as of December 31, 2023, represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2023, 2022 and 2021.

						December 31,
Country / U.S. State						2023						2022						2021
United States						79.7 %						63.9 %						59.2 %
Michigan						8.4 %						15.5 %						14.5 %
United Kingdom						11.1 %						17.4 %						21.5 %

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In connection with the REIT Merger, the Company assumed all of RTL’s mortgage notes payable as of the Acquisition

Date. Mortgage notes payable, net as of December 31, 2023 and 2022 consisted of the following:

									Encumbered Properties						Outstanding Loan Amount (1)												Effective Interest Rate						Interest Rate
Country			Portfolio												December 31, 2023						December 31, 2022																		Maturity						Anticipated Repayment (2)
															(In thousands)						(In thousands)
Finland:			Finland Properties						5						$	81,695					$	79,232					2.4 %			(3)			Fixed/Variable						Feb. 2029						Feb. 2029
Germany			Germany Properties						—						—						55,140						— %			(4)			N/A						N/A						N/A
Luxembourg/ The Netherlands:			Benelux Properties						3						129,752						128,485						1.4 %						Fixed						Jun. 2024						Jun. 2024
			Total EUR denominated						8						211,447						262,857
United Kingdom:			McLaren						3						128,587						122,182						6.1 %						Fixed						Apr. 2024						Apr. 2024
			United Kingdom Properties - Bulk Loan						—						—						194,320						— %			(5)			N/A						N/A						N/A
			Total GBP denominated						3						128,587						316,502
United States:			Penske Logistics						1						70,000						70,000						4.7 %			(6)			Fixed						Nov. 2028						Nov. 2028
			Multi-Tenant Mortgage Loan I						10						162,580						162,580						4.4 %			(6)			Fixed						Nov. 2027						Nov. 2027
			Multi-Tenant Mortgage Loan II						8						32,750						32,750						4.4 %			(6)			Fixed						Feb. 2028						Feb. 2028
			Multi-Tenant Mortgage Loan III						7						98,500						98,500						4.9 %			(6)			Fixed						Dec. 2028						Dec. 2028
			Multi-Tenant Mortgage Loan IV						16						97,500						97,500						4.6 %			(6)			Fixed						May 2029						May 2029
			Multi-Tenant Mortgage Loan V						11						139,771						204,000						3.7 %			(6)			Fixed						Oct. 2029						Oct. 2029
			2019 Class A-1 Net-Lease Mortgage Notes						97						110,815						—						3.8 %			(7)			Fixed						May 2049						May 2026
			2019 Class A-2 Net-Lease Mortgage Notes						101						119,409						—						4.5 %			(7)			Fixed						May 2049						May 2029
			2021 Class A-1 Net-Lease Mortgage Notes						43						50,971						—						2.2 %			(7)			Fixed						May 2051						May 2028
			2021 Class A-2 Net-Lease Mortgage Notes						44						88,041						—						2.8 %			(7)			Fixed						May 2051						May 2031
			2021 Class A-3 Net-Lease Mortgage Notes						32						34,997						—						3.1 %			(7)			Fixed						May 2051						May 2028
			2021 Class A-4 Net-Lease Mortgage Notes						33						54,995						—						3.7 %			(7)			Fixed						May 2051						May 2031
			Column Financial Mortgage Notes						359						697,595						—						3.8 %			(7)			Fixed						Aug. 2025						Aug. 2025
			Mortgage Loan II						12						210,000						—						4.3 %			(7)			Fixed						Jan. 2028						Jan. 2028
			Mortgage Loan III						22						33,400						—						4.1 %			(7)			Fixed						Jan. 2028						Jan. 2028
			RTL Multi-Tenant Mortgage II						4						25,000						—						4.5 %			(7)			Fixed						Feb. 2024						Feb. 2024
			McGowin Park						1						39,025						—						4.1 %			(7)			Fixed						May 2024						May 2024
			CMBS Loan						29						260,000						—						6.5 %			(7)			Fixed						Sept. 2033						Sept. 2033
			Total USD denominated						830						2,325,349						665,330
			Gross mortgage notes payable						841						2,665,383						1,244,689						4.2 %
			Mortgage discount												( 140,403 )						( 1,207 )						—
			Deferred financing costs, net of accumulated amortization (8)												( 7,112 )						( 10,401 )						—
			Mortgage notes payable, net						841						$	2,517,868					$	1,233,081					4.2 %

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(1) Amounts borrowed in local currency are translated at the spot rate in effect at the applicable reporting date.

(2) The Company determines an anticipated repayment date when the terms of a debt obligation provide for earlier repayment than the legal maturity and when the Company expects to repay such debt obligations earlier due to factors such as elevated interest rates or additional principal payment requirements.

(3) 80 % fixed as a result of a “pay-fixed” interest rate swap agreement and 20 % variable. Variable portion is approximately 1.4 % plus 3-month Euribor. Euribor rate in effect as of December 31, 2023. This loan was extended from its original maturity date of February 2024 to February 2029 (see Note 17 — Subsequent Events for more information).

(4) This loan was repaid in the quarter ended June 30, 2023 and the five properties were added to the borrowing base of the Revolving Credit Facility (as defined below). Prior to its repayment, the loan was 80 % fixed as a result of a “pay-fixed” interest rate swap agreement and 20 % variable.

(5) This loan was repaid in the quarter ended June 30, 2023 and the 41 properties were added to the borrowing base of the Revolving Credit Facility (as defined below). Prior to its repayment, this loan was 80 % fixed as a result of a “pay-fixed” interest rate swap agreement and 20 % variable.

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(6) The borrower’s (wholly-owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers.

(7) These mortgages were assumed from RTL pursuant to the terms of the REIT Merger Agreement.

(8) Deferred financing costs consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.

The following table presents future scheduled aggregate principal payments on the mortgage notes payable over the next five calendar years and thereafter as of December 31, 2023:

(In thousands)						Future Principal Payments (1)
2024						$	405,240
2025						698,775
2026						110,287
2027						163,191
2028						531,229
Thereafter						756,661
Total						$	2,665,383

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(1) Assumes exchange rates of £1.00 to $ 1.27 for GBP and €1.00 to $ 1.10 for EUR as of December 31, 2023 for illustrative purposes, as applicable.

The total gross carrying value of the Company’s unencumbered assets as of December 31, 2023 was $ 4.9 billion, and approximately $ 4.8 billion of this amount was included in the unencumbered asset pool comprising the borrowing base under the Revolving Credit Facility (as defined in Note 6 — Revolving Credit Facility ) and therefore is not available to serve as collateral for future borrowings.

Mortgage Covenants

The Company’s mortgage notes payable agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of December 31, 2023, there were certain covenants that the Company was not in compliance with (as discussed below) however, there were no uncured defaults or events of default. The Company was in compliance with all of its other financial covenants under its mortgage notes payable agreements.

Benelux Properties

During the three months ended June 30, 2023, the borrower entities under the mortgage loan which is secured by three of the Company’s properties in Luxembourg and The Netherlands did not maintain the required loan-to-value ratio and a cash trap event under the loan occurred. The event triggering the cash sweep was not, however, an event of default. As a result, € 2.4 million was swept and had been retained by the lender, and during the three months ended September 30, 2023, the Company repaid approximately € 2.5 million (approximately $ 2.7 million at the time of payment) of principal on this mortgage using cash that was previously swept and retained by the le nder. In January 2024, the Company repaid approximately € 9.8 million (approximately $ 10.6 million at the time of payment) of principal on this mortgage (see N ote 17 — Subsequent Events for additional information). The repayment was comprised of € 6.5 million (approximately $ 7.2 million as of December 31, 2023) that was swept and retained by the lender as of December 31, 2023, and the incremental cash trapped through the January 2024 payment date. The cash trap event is now cured as the required loan-to-value ratio was restored due to these principal repayments.

Multi-Tenant Mortgage Loan III

During the three months ended December 31, 2020, a tenant failed to renew its lease triggering a cash sweep event under one of the Company’s mortgage loans secured by seven of the Company’s properties with a balance of $ 98.5 million as of December 31, 2023. The event triggering the cash sweep was not, however, an event of default. During the quarter ended March 31, 2021, the Company cured the cash sweep event through one of the available options under the loan by putting a $ 3.2 million letter of credit in place (subject to future increase under the terms of the loan agreement, to a maximum amount of $ 7.4 million). During the three months ended September 30, 2021, the amount of the letter of credit was increased by an additional $ 4.2 million, resulting in the lender holding the $ 7.4 million maximum amount in respect to this obligation as of September 30, 2021. This $ 7.4 million letter of credit is being held by the lender until such time the Company is able to find a suitable replacement tenant and it reduces the availability for future borrowings under the Revolving Credit Facility.

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The borrower entities under the same mortgage loan, based upon a review conducted during the three months ended June 30, 2022, identified that during the three months ended March 31, 2022, the borrowers failed to maintain the debt service coverage ratio required by the loan agreement for such period (a “DSCR Sweep Trigger”). Such failure, upon delivery of notice of the same by the lender, triggered a separate cash sweep event under the loan. A DSCR Sweep Trigger is not an event of default and instead triggers a cash sweep. The lender notified the borrower entities of the occurrence of the DSCR Sweep Trigger under the loan for the three-months ended March 31, 2022 and the continuance of such DSCR Sweep Trigger for the three months ended June 30, 2022. Per the loan agreement the Company can cure the cash sweep resulting from a DSCR Sweep Trigger by delivering a letter of credit in the face amount of the excess cash flow for the trailing three months immediately preceding the date of the DSCR Sweep Trigger. Such letter of credit is recalculated and increased (but never decreased) every three-month period until such time as the borrowers demonstrate compliance with the debt service coverage ratio required by the loan for a period of two consecutive calendar quarters. The Company cured the cash sweep resulting from the DSCR Sweep Trigger referenced above for the relevant periods by delivering a letter of credit to the lender in the face amount of approximately $ 0.9 million. The face value of such letter of credit was thereafter incrementally increased by an aggregate of $ 3.8 million to reflect the continuance of the DSCR Sweep Trigger for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023. The DSCR Sweep Trigger remained in place for the quarter ended December 31, 2023 and the Company intends to cure the cash sweep that would otherwise result from such continuance by further increasing the letter of credit by an additional $ 0.9 million as required by the terms of the loan agreement. Such letter of credit is held by the lender, and the Company expects to maintain the effectiveness of the cash sweep cure by future increases to the face value of such letter of credit on a quarterly basis, in each case in accordance with the terms of the loan agreement, until such time as the Company restores compliance with the debt service coverage ratio required by the loan agreement for the requisite two-calendar-quarter time period. For so long as it remains outstanding, the face value of such letter of credit will represent a dollar-for-dollar reduction to availability under the Revolving Credit Facility for future borrowings.

Also, during the three months ended September 30, 2023, a separate tenant failed to deliver notice of renewal of its lease within the timeframe required under the same mortgage loan, triggering a cash sweep event. The event triggering the cash sweep was not, however, an event of default. The Company cured the cash sweep event through one of the available options under the loan by putting a $ 1.0 million letter of credit in place (subject to future increase under the terms of the loan agreement to a maximum amount of $ 2.7 million). The cash sweep remained in place for the quarter ended December 31, 2023 and the Company intends to cure the cash sweep that would otherwise result from such continuance by further increasing the letter of credit by an additional $ 1.3 million as required by the terms of the loan agreement. This letter of credit is being held by the lender until such time as either (i) renewal of the existing lease with the current tenant is confirmed or (ii) following formal non-renewal by the current tenant, the Company secures a suitable replacement tenant for the property. For so long as it remains outstanding, the face value of such letter of credit will represent a dollar-for-dollar reduction to availability under the Revolving Credit Facility for future borrowings.

Mortgage Loan II

During the three months ended September 30, 2023, a tenant failed to deliver notice of renewal of its lease within the timeframe required under one of the Company’s mortgage loans securing 12 of the Company’s properties with a balance of $ 210.0 million as of December 31, 2023, triggering a cash sweep event thereunder. The event triggering the cash sweep was not, however, an event of default. The Company cured the cash sweep event through one of the available options under the loan by putting a $ 0.8 million letter of credit in place. This letter of credit is being held by the lender until such time as either (i) renewal of the existing lease with the current tenant is confirmed or (ii) following formal non-renewal by the current tenant, the Company secures a suitable replacement tenant for the property. For so long as it remains outstanding, the face value of such letter of credit will represent a dollar-for-dollar reduction to availability under the Revolving Credit Facility for future borrowings.

Multi-Tenant Mortgage Loan IV

During the three months ended September 30, 2021, a tenant exercised its right to terminate its lease effective December 31, 2022. Notice of the termination triggered a lease sweep event, which began in the fourth quarter of 2021, under one of the Company’s mortgage loans secured by this property. This was not, however, an event of default. The mortgage loan had a balance of $ 97.5 million as of December 31, 2023 and it encumbers 16 properties, including this property. Pursuant to the terms of the loan agreement, the lender has swept all cash flow attributable to the lease that triggered the lease sweep event into a rollover reserve account not to exceed an aggregate cap of $ 0.8 million, which has been met. This reserve is being held by the lender who is required to make the reserve funds available to the Company to fund re-tenanting expenses for the property. The lease sweep event will be cured under the loan agreement if and when the Company leases the space to a new tenant approved by the lender and, at such time, any amounts remaining in the rollover reserve account in respect of the lease sweep event will be released to the Company.

Multi-Tenant Mortgage Loan V

During the three months ended December 31, 2023, the Company completed an arm’s length sale of a major tenant property encumbered on one of the Company’s mortgage loans secured by eleven of the Company’s properties with a balance

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The table below details the outstanding balances as of December 31, 2023 and 2022 under the credit agreement with KeyBank National Association, as agent, and the other lender parties thereto which was originally entered into on July 24, 2017 and has been amended from time to time (the “Credit Agreement”). The Credit Agreement consists solely of the senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”). In connection with the Mergers, the Company amended the Credit Agreement on September 12, 2023 in order to, among other things, repay the outstanding indebtedness and obligations under RTL’s credit facility. The Company exercised the existing “accordion feature” on the Revolving Credit Facility and increased the aggregate total commitments under the Revolving Credit Facility by $ 500.0 million from $ 1.45 billion to $ 1.95 billion to repay and terminate RTL’s credit facility and to create additional availability after the closing of the REIT Merger. The sublimits for letters of credit and swing loans were also each increased from $ 50.0 million to $ 75.0 million.

The amendment to the Credit Agreement also includes modifications to the change of control events to reflect the changes to the composition of the Board and management of the Company following the REIT Merger and other modifications to account for multi-tenant properties for the credit support of additional eligible unencumbered properties that are owned by the subsidiaries of RTL OP that serve as guarantors under the Credit Agreement.

During the three months ended June 30, 2022, the amount previously outstanding under the senior unsecured term loan facility (the “Term Loan”) was converted to the Revolving Credit Facility upon the amendment and restatement in April 2022. The Company incurred approximately $ 10.1 million of deferred financing costs during the year ended December 31, 2022 related to the April 2022 amendment and restatement of the facility.

						December 31, 2023																																	December 31, 2022
(In thousands)						TOTAL USD (1)									USD (3)						GBP (4)						EUR (5)						CAD (6)						TOTAL USD (2)									USD						GBP						EUR						CAD (6)
Revolving Credit Facility						$	1,744,182								$	1,030,962					£	261,000					€	319,075					$	38,000					$	669,968								$	287,000					£	57,000					€	267,075					$	38,000

(1) Assumes exchange rates of £1.00 to $ 1.27 for GBP, €1.00 to $ 1.10 for EUR and $1.00 CAD to $ 0.75 as of December 31, 2023 for illustrative purposes, as applicable.

(2) Assumes exchange rates of £1.00 to $ 1.37 for GBP, €1.00 to $ 1.23 for EUR and $1.00 CAD to $ 0.74 as of December 31, 2022 for illustrative purposes, as applicable.

(3) The USD portion of the Revolving Credit Facility is 29 % fixed via swaps and, as of December 31, 2023, had a weighted-average effective interest rate of 7.0 % after giving effect to interest rate swaps in place.

(4) The GBP portion of Revolving Credit Facility is 100 % variable and, as of December 31, 2023, had a weighted-average effective interest rate of 7.1 %.

(5) The EUR portion of Revolving Credit Facility is 100 % fixed via swaps and, as of December 31, 2023, had a weighted-average effective interest rate of 2.0 % after giving effect to interest rate swaps in place.

(6) The CAD portion of Revolving Credit Facility is 100 % variable and, as of December 31, 2023, had a weighted-average effective interest rate of 7.3 %.

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Credit Agreement - Terms

The Revolving Credit Facility requires payments of interest only prior to maturity. Borrowings under the Revolving Credit Facility bear interest at a variable rate per annum based on an applicable margin that varies based on the ratio of consolidated total indebtedness to consolidated total asset value of the Company and its subsidiaries plus either (i) the Base Rate (as defined in the Credit Agreement) or (ii) the applicable Benchmark Rate (as defined in the Credit Agreement) for the currency being borrowed. The applicable interest rate margin is based on a range from 0.30 % to 0.90 % per annum with respect to Base Rate borrowings under the Revolving Credit Facility and 1.30 % to 1.90 % per annum with respect to Benchmark Rate borrowings under the Revolving Credit Facility. For Benchmark Rate Loans denominated in Dollars that bear interest calculated by reference to Term SOFR, there is an additional spread adjustment depending on the length of the interest period. In addition, (i) if the Company achieves an investment grade credit rating from at least two rating agencies, the OP can elect for the spread to be based on the credit rating of the Company, and (ii) the “floor” on the applicable Benchmark is 0 %. As of December 31, 2023, the Revolving Credit Facility had a weighted-average effective interest rate of 6.0 % after giving effect to interest rate swaps in place.

The Revolving Credit Facility matures on October 8, 2026, subject to the Company’s option, subject to customary conditions, to extend the maturity date by up to two additional six-month terms. Borrowings under the Revolving Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty, subject to customary breakage costs associated with borrowings for the applicable Benchmark Rate.

The Revolving Credit Facility requires the Company through the OP to pay an unused fee per annum of 0.25 % of the unused balance of the Revolving Credit Facility if the unused balance exceeds or is equal to 50 % of the total commitment or a fee per annum of 0.15 % of the unused balance of the Revolving Credit Facility if the unused balance is less than 50 % of the total commitment. From and after the time the Company obtains an investment grade credit rating, the unused fee will be replaced with a facility fee based on the total commitment under the Revolving Credit Facility multiplied by 0.30 %, decreasing as the Company’s credit rating increases.

The Revolving Credit Facility is supported by a pool of eligible unencumbered properties that are owned by the subsidiaries of the OP that serve as guarantors. The availability of borrowings under the Revolving Credit Facility continues to be based on the value of a pool of eligible unencumbered real estate assets owned by the Company or its subsidiaries and compliance with various ratios related to those assets. As of December 31, 2023, approximately $ 14.2 million was available for future borrowings under the Revolving Credit Facility. Any future borrowings may, at the option of the Company, be denominated in USD, EUR, CAD, GBP, Norwegian Krone, Swedish Krona and Swiss Francs provided that the total principal amount of non-USD loans cannot exceed the sum of the total revolving commitments minus $ 100.0 million. Amounts borrowed may not, however, be converted to, or repaid in, another currency once borrowed.

The Credit Agreement contains events of default relating to customary matters, including, among other things, payment defaults, covenant defaults, breaches of representations and warranties, events of default under other material indebtedness, material judgments, bankruptcy events and change of control events, such as certain changes to the composition of the Board and management. Upon the occurrence of an event of default, a majority of the lenders have the right to accelerate the payment on any outstanding borrowings and other obligations.

The Company, through the OP, may reduce the amount committed under the Revolving Credit Facility and repay outstanding borrowings under the Revolving Credit Facility, in whole or in part, at any time without premium or penalty, other than customary “breakage” costs payable on LIBOR borrowings. In the event of a default, lenders have the right to terminate their obligations under the Revolving Credit Facility agreement and to accelerate the payment on any unpaid principal amount of all outstanding loans. The Credit Agreement contains various customary operating covenants, including covenants restricting, among other things, restricted payments (including dividends and share repurchases (see additional information below), the incurrence of liens, the types of investments the Company may make, fundamental changes, agreements with affiliates and changes in nature of business. The Credit Agreement also contains financial maintenance covenants with respect to maximum leverage, minimum fixed charge coverage, maximum secured leverage, maximum secured recourse debt, minimum tangible net worth, maximum unencumbered leverage and unencumbered debt service coverage. As of December 31, 2023, the Company was in compliance with all covenants under the Credit Agreement.

Under the terms of the Credit Agreement, the Company may not pay distributions, including cash dividends payable with respect to Common Stock, the Company’s 7.25 % Series A Cumulative Redeemable Preferred Stock, $ 0.01 par value per share (“Series A Preferred Stock”), its 6.875 % Series B Cumulative Redeemable Perpetual Preferred Stock $ 0.01 par value per share (“Series B Preferred Stock”), its Series D Preferred Stock, its Series E Preferred Stock, or any other class or series of stock the Company may issue in the future, or redeem or otherwise repurchase shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, or any other class or series of stock the Company may

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issue in the future that exceed 100 % of the Company’s Adjusted FFO, as defined in the Credit Agreement (which is different from AFFO disclosed in this Annual Report on Form 10-K) for any period of four consecutive fiscal quarters, except in limited circumstances, including that for one fiscal quarter in each calendar year, the Company may pay cash dividends and other distributions, and make redemptions and other repurchases in an aggregate amount equal to no more than 105 % of its Adjusted FFO. However, notwithstanding the preceding sentence, the Company is permitted to make restricted payments (including the making of distributions and share repurchases) in an amount required to be paid by the Company in order for it to (x) maintain its REIT status for federal and state income tax purposes and (y) avoid the payment of federal and state income or excise tax. During a payment or bankruptcy event of default, restricted payments by the Company will only be permitted up to the minimum amount needed to maintain the Company’s status as a REIT for federal and state income tax purposes. From and after the time the Company obtains and continues to maintain an investment grade rating, the limitation on distributions discussed above will not be applicable. The Company used the exception to pay dividends that were between 100 % of Adjusted FFO to 105 % of Adjusted FFO during the quarter ended on June 30, 2020, and may use this exception in the future.

The Company’s ability to comply with the restrictions on the payment of distributions in the Credit Agreement depends on its ability to generate sufficient cash flows that in the applicable periods exceed the level of Adjusted FFO required by these restrictions. If the Company is not able to generate the necessary level of Adjusted FFO, the Company will have to reduce the amount of dividends paid on the common and the preferred stock or consider other actions. Alternatively, the Company could elect to pay a portion of its dividends on the Common Stock in additional shares of Common Stock if approved by the Board.

The Company and certain subsidiaries of the OP acting as guarantors (the “Guarantors”) have guaranteed, and any wholly owned eligible direct or indirect subsidiary of the OP that directly or indirectly owns or leases a real estate asset added to the pool of eligible unencumbered properties required to be maintained under the Credit Agreement is required to guarantee, the OP’s obligations under the Revolving Credit Facility. The Guarantors guaranteed the OP’s obligations under the Revolving Credit Facility pursuant to one or more guarantees (collectively, the “Guaranty”) and a related contribution agreement which governs contribution rights of the Guarantors in the event any amounts become payable under the Guaranty. For any Guarantor subsidiary of the OP, this guarantee will be released if the Company achieves an investment grade credit rating from at least one rating agency, but will again be required (i) if the Company loses its investment grade credit rating, or (ii) with respect to any Guarantor subsidiary of the Company, for so long as the subsidiary is the primary obligor under or provides a guaranty to any holder of unsecured indebtedness.

The details of the Company’s senior notes are as follows:

						December 31,
(In thousands)						2023						2022
3.75 % Senior Notes
Aggregate principal amount						$	500,000					$	500,000
Less: Deferred financing costs						( 5,491 )						( 6,878 )
3.75 % Senior Notes, net						494,509						493,122
4.50 % Senior Notes
Aggregate principal amount						500,000						—
Less: Discount						( 108,464 )						—
4.50 % Senior Notes, net						391,536						—
Senior Notes, Net						$	886,045					$	493,122

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3.75 % Senior Notes

On December 16, 2020, the Company and the OP (together the “Issuers”) issued $ 500.0 million aggregate principal amount of 3.75 % Senior Notes due 2027 (the “ 3.75 % Senior Notes”). In connection with the closing of the offering of the Senior Notes, the Company, the OP and their subsidiaries that guarantee the 3.75 % Senior Notes (the “ 3.75 % Senior Note Guarantors”) entered into an indenture with U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association, as trustee (the “Indenture”). The 3.75 % Senior Notes, which were issued at par, will mature on December 15, 2027 and accrue interest at a rate of 3.75 % per year. Interest on the 3.75 % Senior Notes is payable semi-annually in arrears on June 15 and December 15 of each year and they do not require any principal payments prior to maturity.

The 3.75 % Senior Notes are fully and unconditionally guaranteed on a joint and several basis by the subsidiaries of each Issuer that are guarantors under the Revolving Credit Facility (the “ 3.75 % Senior Note Guarantees”). Subject to certain exceptions, each future subsidiary of each Issuer that subsequently guarantees indebtedness under the Revolving Credit Facility, any other syndicated loan facility or any capital markets indebtedness, in each case, is required to execute a 3.75 % Senior Note Guarantee. Under certain circumstances, the 3.75 % Senior Note Guarantors may be automatically released from their 3.75 % Senior Note Guarantees without the consent of the holders of the 3.75 % Senior Notes.

The 3.75 % Senior Notes are redeemable at the option of the Issuers, in whole at any time or in part from time to time, in each case prior to September 15, 2027, for cash, at a redemption price equal to the greater of (i) 101 % of the principal amount of the 3.75 % Senior Notes to be redeemed or (ii) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 3.75 % Senior Notes to be redeemed that would be due if the 3.75 % Senior Notes matured on September 15, 2027 (exclusive of unpaid interest accrued to, but not including, the date of redemption) discounted to the date of redemption on a semi-annual basis at the treasury rate plus 50 basis points, plus, in each case, unpaid interest, if any, accrued to, but not including, the date of redemption. In addition, at any time on or after September 15, 2027, the 3.75 % Senior Notes will be redeemable, at the option of the Issuers, in whole at any time or in part from time to time, for cash, at a redemption price equal to 100 % of the principal amount of the 3.75 % Senior Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the date of redemption.

If a Change of Control Triggering Event (as defined in the Indenture) occurs, the Issuers will be required to make an offer to purchase the 3.75 % Senior Notes at a price equal to 101 % of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the purchase date.

If the Issuers or any of their restricted subsidiaries sell assets, under certain circumstances the Issuers will be required to make an offer to purchase the 3.75 % Senior Notes at a price equal to 100 % of the principal amount, plus accrued interest and unpaid interest, if any, up to, but excluding, the purchase date.

The Indenture contains covenants that, among other things, limit the ability of the Issuers and their restricted subsidiaries to (1) incur additional indebtedness, (2) pay dividends and make distributions on the capital stock of the Company and each Issuer’s restricted subsidiaries, (3) make investments or other restricted payments, (4) create liens on their assets, (5) enter into transactions with affiliates, (6) merge or consolidate or sell all or substantially all of their assets, (7) sell assets and (8) create restrictions on the ability of their restricted subsidiaries to pay dividends or other amounts to them. These covenants are subject to important exceptions and qualifications. In addition, if the 3.75 % Senior Notes are rated investment grade by any two of Moody’s Investors Service, Inc., Fitch Ratings Inc. and Standard & Poor’s Ratings Services, and at such time no default or event of default under the Indenture has occurred and is continuing, many of the covenants in the Indenture will be suspended or become more lenient and may not go back into effect.

The Indenture contains customary events of default which could, subject to certain conditions, cause the 3.75 % Senior Notes to become immediately due and payable. As of December 31, 2023 , the Company was in compliance with the covenants under the Indenture governin g the 3.75 % Senior Notes.

4.50 % Senior Notes

In connection with the REIT Merger, the Company and the OP assumed and became a guarantor under RTL’s 4.50 % Senior Notes (the “ 4.50 % Senior Note Issuers”). The assumption and guarantees made by the Company, the OP and their subsidiaries (the “ 4.50 % Senior Note Guarantors”) were made pursuant to a supplemental indenture governing the 4.50 % Senior Notes. The 4.50 % Senior Notes were recorded at their estimated fair value on the Acquisition Date of the Mergers, resulting in the recording of a discount. This discount is being amortized as an increase to interest expense over the remaining term of the 4.50 % Senior Notes. The 4.50 % Senior Notes, which RTL issued on October 7, 2021, were issued at par, will mature on September 30, 2028 and accrue interest at a rate of 4.500 % per year. Interest on the 4.50 % Senior Notes is payable semi-annually in arrears on March 30 and September 30 of each year and they do not require any principal payments prior to maturity.

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The 4.50 % Senior Notes are fully and unconditionally guaranteed by the 4.50 % Senior Note Guarantors (the “ 4.50 % Senior Note Guarantees”). Subject to certain exceptions, each future subsidiary of each 4.50 % Senior Note Issuer that subsequently guarantees indebtedness under the Revolving Credit Facility, any other syndicated loan facility or any capital markets indebtedness, in each case, of the 4.50 % Senior Note Issuers or a 4.50 % Senior Note Guarantor will be required to execute a 4.50 % Senior Note Guarantee. Under certain circumstances, the 4.50 % Senior Note Guarantors may be automatically released from their 4.50 % Senior Note Guarantees without the consent of the holders of the 4.50 % Senior Notes.

The 4.50 % Senior Notes and the 4.50 % Senior Note Guarantees are senior unsecured obligations of the 4.50 % Senior Notes Issuers and each 4.50 % Senior Note Guarantor and are equal in right of payment with all of the other existing and future senior unsecured indebtedness of the 4.50 % Senior Notes Issuers and each 4.50 % Senior Note Guarantor, including their obligations under the Revolving Credit Facility, senior in right of payment to any indebtedness that by its terms is expressly subordinated to the 4.50 % Senior Notes and the 4.50 % Senior Note Guarantees, effectively subordinated to all of the existing and future secured indebtedness of the 4.50 % Senior Notes Issuers and each Guarantor to the extent of the value of the collateral securing such debt and structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, of any subsidiary of the 4.50 % Senior Notes Issuers that do not guarantee the 4.50 % Senior Notes.

The 4.50 % Senior Notes are redeemable at the option of the 4.50 % Senior Notes Issuers, in whole at any time or in part from time to time, in each case prior to June 30, 2028, for cash, at a redemption price equal to the greater of (i) 101 % of the principal amount of the 4.50 % Senior Notes to be redeemed or (ii) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes to be redeemed that would be due if the Senior Notes matured on June 30, 2028 (exclusive of unpaid interest accrued to, but not including, the date of redemption) discounted to the date of redemption on a semi-annual basis at the treasury rate plus 50 basis points, plus, in each case, unpaid interest, if any, accrued to, but not including, the date of redemption. In addition, at any time on or after June 30, 2028, the 4.50 % Senior Notes will be redeemable, at the option of the Issuers, in whole at any time or in part from time to time, for cash, at a redemption price equal to 100 % of the principal amount of the 4.50 % Senior Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the date of redemption.

If a Change of Control Triggering Event (as defined in the original indenture) occurs, the 4.50 % Senior Notes Issuers will be required to make an offer to purchase the 4.50 % Senior Notes at a price equal to 101 % of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the purchase date.

If the 4.50 % Senior Notes Issuers or any of their restricted subsidiaries sell assets, under certain circumstances the Senior Notes Issuers will be required to make an offer to purchase the 4.50 % Senior Notes at a price equal to 100 % of the principal amount, plus accrued interest and unpaid interest, if any, up to, but excluding, the purchase date.

The supplemental indenture contains covenants that, among other things, limit the ability of the 4.50 % Senior Notes Issuers and their restricted subsidiaries to (1) incur additional indebtedness, (2) pay dividends and make distributions on the capital stock of the Company and each Senior Notes Issuer’s restricted subsidiaries, (3) make investments or other restricted payments, (4) create liens on their assets, (5) enter into transactions with affiliates, (6) merge or consolidate or sell all or substantially all of their assets, (7) sell assets and (8) create restrictions on the ability of their restricted subsidiaries to pay dividends or other amounts to them. These covenants are subject to important exceptions and qualifications. In addition, if the 4.50 % Senior Notes are rated investment grade by any two of Moody’s Investors Service, Inc., Fitch Ratings Inc. and Standard & Poor’s Ratings Services, and at such time no default or event of default under the Indenture has occurred and is continuing, many of the covenants in the Indenture will be suspended or become more lenient and may not go back into effect.

The supplemental indenture contains customary events of default which could, subject to certain conditions, cause the 4.50 % Senior Notes to become immediately due and payable.

As of December 31, 2023 , the Company and the issuers under the supplemental indenture were in compliance with the covenants under the Indenture governin g the 4.50 % Senior Notes.

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

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Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability and those inputs are significant.

Level 3 — Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of December 31, 2023 and 2022, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The valuation of derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves and implied volatilities. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties.

The consideration transferred by the Company in the Mergers established a new accounting basis for the assets acquired, liabilities assumed and any non-controlling interests, measured at their respective fair value as of the Acquisition Date. This measurement is non-recurring and is only done as of the Acquisition Date. For more information on the allocation of the consideration paid in the Mergers to the fair value of assets acquired, liabilities assumed, see Note 3 — The Mergers.

Real Estate Investments Measured at Fair Value on a Non-Recurring Basis

The Company recorded impairments for real estate investments during the quarter ended September 30, 2023 (see Note 4 — Real Estate Investments, Net for additional information on impairment charges recorded by the Company). The carrying value of these impaired real estate investments on the consolidated balance sheet represents their estimated fair value at the time of impairment. The fair values were based on a calculation of the estimated fair value, which was driven by an assumed land value of £ 1.5 million per acre, for one property, and the others were based on the estimated selling prices of the assets. Impaired real estate investments which are held for use are generally classified in Level 3 of the fair value hierarchy.

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2023 and 2022, aggregated by the level in the fair value hierarchy within which those instruments fall.

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(In thousands)						Quoted Prices in Active Markets Level 1						Significant Other Observable Inputs Level 2						Significant Unobservable Inputs Level 3						Total
December 31, 2023
Foreign currency forwards, net (GBP & EUR)						$	—					$	( 1,569 )					$	—					$	( 1,569 )
Interest rate swaps, net (USD, GBP & EUR)						$	—					$	7,039					$	—					$	7,039
December 31, 2022
Foreign currency forwards, net (GBP & EUR)						$	—					$	6,174					$	—					$	6,174
Interest rate swaps, net (USD, GBP & EUR)						$	—					$	30,777					$	—					$	30,777

A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year ended December 31, 2023.

Financial Instruments not Measured at Fair Value

The carrying value of short-term financial instruments such as cash and cash equivalents, restricted cash, due to/from related parties, prepaid expenses and other assets, accounts payable, accrued expenses and dividends payable approximates their fair value due to their short-term nature.

• The gross carrying value of the Company’s mortgage notes payable as of December 31, 2023 and 2022 were $ 2.7 billion and $ 1.2 billion, respectively. The fair value of gross mortgage notes payable as of December 31, 2023 and 2022 was $ 2.5 billion and $ 1.2 billion, respectively, and is based on estimates of market interest rates. This approach relies on unobservable inputs and therefore is classified as Level 3 in the fair value hierarchy.

• As of December 31, 2023 the advances to the Company under the Revolving Credit Facility had a carrying value of $ 1.7 billion and a fair value of $ 1.7 billion. As of December 31, 2022 the advances to the Company under the Revolving Credit Facility had a carrying value of $ 670.0 million and a fair value of $ 672.6 million.

• As of December 31, 2023, the 3.75 % Senior Notes had a gross carrying value of $ 500.0 million and a fair value of $ 416.3 million. As of December 31, 2022, the 3.75 % Senior Notes had a gross carrying value of $ 500.0 million and a fair value of $ 417.9 million.

Risk Management Objective of Using Derivatives

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency, the USD.

The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate and currency risk management. The use of derivative financial instruments carries certain risks, including the risk that any counterparty to a contractual arrangement may not be able to perform under the agreement. To mitigate this risk, the Company only enters into a derivative financial instrument with a counterparty with a high credit rating with a major financial institution which the Company and its affiliates may also have other financial relationships with. The Company does not anticipate that any such counterparty will fail to meet its obligations, but there is no assurance that any counterparty will meet these obligations.

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The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2023 and 2022:

												December 31,
(In thousands)						Balance Sheet Location						2023						2022
Derivatives designated as hedging instruments:
Interest rate “pay-fixed” swaps (USD)						Derivative liabilities, at fair value						$	( 2,110 )					$	—
Interest rate “pay-fixed” swaps (GBP)						Derivative assets, at fair value						—						4,200
Interest rate “pay-fixed” swaps (EUR)						Derivative assets, at fair value						5,987						19,347
Total												$	3,877					$	23,547
Derivatives not designated as hedging instruments:
Foreign currency forwards (GBP-USD)						Derivative assets, at fair value						$	878					$	4,091
Foreign currency forwards (GBP-USD)						Derivative liabilities, at fair value						( 1,906 )						( 29 )
Foreign currency forwards (EUR-USD)						Derivative assets, at fair value						588						2,411
Foreign currency forwards (EUR-USD)						Derivative liabilities, at fair value						( 1,129 )						( 299 )
Interest rate swaps (EUR)						Derivative assets, at fair value						3,162						7,230
Total												$	1,593					$	13,404

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

All of the changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction impacts earnings. For the year ended December 31, 2023, such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

Amounts reported in AOCI related to derivatives are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. In the second quarter of 2022 the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of certain hedged forecasted transactions becoming probable not to occur. The accelerated amount was a gain of $ 2.4 million in the three months ended June 30, 2022 and is recorded in unrealized income on undesignated foreign currency advances and other hedge ineffectiveness in the Company’s consolidated income statement for the year ended December 31, 2022. During the next 12 months ending December 31, 2024, the Company estimates that an additional $ 7.6 million will be reclassified from other comprehensive income as an increase to interest expense.

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As of December 31, 2023 and 2022, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

						December 31,
						2023												2022
Derivatives						Number of Instruments						Notional Amount						Number of Instruments						Notional Amount
												(In thousands)												(In thousands)
Interest rate “pay-fixed” swaps (GBP)						—						$	—					45						$	229,752
Interest rate “pay-fixed” swaps (EUR) (1)						11						308,233						16						343,055
Interest rate “pay-fixed” swaps (USD)						5						300,000						—						—
Total						16						$	608,233					61						$	572,807

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(1) The Company entered into four additional interest rate swaps for a notional amount of approximately € 250 million ($ 276.0 million as of December 31, 2022) in July 2022 to replace existing swaps set to expire, which are not yet effective until August 1, 2024 and therefore, are not included in the notional amount in the table above .

The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2023, 2022 and 2021:

						Year Ended December 31,
(In thousands)						2023						2022						2021
Amount of (loss) gain recognized in AOCI from derivatives						$	( 5,100 )					$	27,896					$	6,228
Amount of gain (loss) reclassified from AOCI into income as interest expense						$	15,744					$	( 5 )					$	( 6,980 )
Total interest expense recorded in the consolidated statements of operations						$	179,411					$	97,510					$	94,345

Net Investment Hedges

The Company is exposed to fluctuations in foreign currency exchange rates on property investments in foreign countries which pay rental income, incur property related expenses and borrow in currencies other than its functional currency, the USD. For derivatives designated as net investment hedges, all of the changes in the fair value of the derivatives, including the ineffective portion of the change in fair value of the derivatives, if any, are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. As of December 31, 2023 and 2022 the Company did not have foreign currency derivatives that were designated as net investment hedges used to hedge its net investments in foreign operations and during the years ended December 31, 2023 and 2022, the Company did not use foreign currency derivatives that were designated as net investment hedges.

Foreign Denominated Debt Designated as Net Investment Hedges

All foreign currency denominated borrowings under the Revolving Credit Facility are designated as net investment hedges. As such, the designated portion of changes in value due to currency fluctuations are reported in AOCI (outside of earnings) as part of the cumulative translation adjustment. The remeasurement gains and losses attributable to the undesignated portion of the foreign-currency denominated debt are recognized directly in earnings. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated, or if the Company should no longer possess a controlling interest. The Company records adjustments to earnings for currency impacts related to undesignated excess positions, if any. There were no undesignated excess positions at any time during the years ended December 31, 2023, 2022 and 2021.

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Non-Designated Derivatives

The Company is exposed to fluctuations in the exchange rates of its functional currency, the USD, against the GBP and the EUR. The Company has used and may continue to use foreign currency derivatives, including options, currency forward and cross currency swap agreements, to manage its exposure to fluctuations in GBP-USD and EUR-USD exchange rates. While these derivatives are economically hedging the fluctuations in foreign currencies, they do not meet the strict hedge accounting requirements to be classified as hedging instruments. Changes in the fair value of derivatives not designated as hedges under qualifying hedging relationships are recorded directly in net income (loss). The Company recorded a loss of $ 3.7 million, a gain of $ 18.6 million and a gain of $ 5.8 million on the non-designated hedges for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023 and 2022, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships:

						December 31, 2023												December 31, 2022
Derivatives						Number of Instruments						Notional Amount						Number of Instruments						Notional Amount
												(In thousands)												(In thousands)
Foreign currency forwards (GBP - USD)						29						$	54,745					30						$	53,833
Foreign currency forwards (EUR - USD)						28						41,952						39						50,323
Interest rate swaps (EUR)						3						154,062						3						149,418
Total						60						$	250,759					72						$	253,574

Offsetting Derivatives

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2023 and 2022. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets.

																														Gross Amounts Not Offset on the Balance Sheet
(In thousands)						Gross Amounts of Recognized Assets						Gross Amounts of Recognized (Liabilities)						Gross Amounts Offset on the Balance Sheet						Net Amounts of Assets (Liabilities) presented on the Balance Sheet						Financial Instruments						Cash Collateral Received (Posted)						Net Amount
December 31, 2023						$	10,615					$	( 5,145 )					$	—					$	5,470					$	—					$	—					$	5,470
December 31, 2022						$	37,279					$	( 328 )					$	—					$	36,951					$	—					$	—					$	36,951

In addition to the above derivative arrangements, the Company also uses non-derivative financial instruments to hedge its exposure to foreign currency exchange rate fluctuations as part of its risk management program, including foreign denominated debt issued and outstanding with third parties to protect the value of its net investments in foreign subsidiaries against exchange rate fluctuations. The Company has drawn, and expects to continue to draw, foreign currency advances under the Revolving Credit Facility to fund certain investments in the respective local currency which creates a natural hedge against the original equity invested in the real estate investments, removing the need for the final cross currency swaps.

Credit-Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

As of December 31, 2023, the Company did not have any counterparties where the net derivative fair value held by that counterparty was in a net liability position including accrued interest but excluding any adjustment for nonperformance. As of December 31, 2023, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value.

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Common Stock

As of December 31, 2023 and 2022, the Company had 230,885,197 and 104,141,899 , respectively, shares of Common Stock issued and outstanding, including Restricted Shares and excluding RSUs and PSUs in 2023 and excluding RSUs and GNL LTIP Units in 2022. RSUs and PSUs may be settled in shares of Common Stock in the future.

ATM Program — Common Stock

The Company has an “at the market” equity offering program (the “Common Stock ATM Program”) pursuant to which the Company may sell shares of Common Stock, from time to time through its sales agents. In November 2022, the Company filed a new shelf registration statement and prospectus supplement having an aggregate offering price of up to $ 285.0 million, prior to the expiration of its previous registration statement, which had an aggregate offering price up to $ 500.0 million ($ 285.0 million was sold under the previous registration statement).

• The Company did no t sell any shares of Common Stock through the Common Stock ATM Program during the year ended December 31, 2023.

• During the year ended December 31, 2022, the Company sold 70,218 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $ 1.1 million, before nominal commissions and issuance costs were paid.

• During the year ended December 31, 2021, the Company s old 11,944,017 shares of Common Stock through the Common Stock ATM Program for gross proceeds of $ 217.5 million, before commissions paid of $ 3.3 million and additional issuance costs of $ 0.3 million.

Equity Consideration Issued in Connection with the Mergers

As previously disclosed in Note 3 — The Mergers , the Company issued:

• 123,257,677 shares of Common Stock,

• 7,933,711 shares of newly created Series D Preferred Stock (see “Preferred Stock” section below) and

• 4,595,175 shares of newly created Series E Preferred Stock (see “Preferred Stock” section below).

In addition, the OP issued 115,857 Class A Units to the previous owner of RTL Class A Units.

Common Stock Issued Under the Cooperation Agreement and Other Arrangements

On June 4, 2023, the Company entered into a Cooperation Agreement and Release (the “Cooperation Agreement”) with Blackwells Capital LLC, an affiliate of Blackwells Onshore I LLC, and certain others involved with the 2023 proxy solicitation (collectively “Blackwells/Related Parties”) and related litigation which began in December 2022. Under the Cooperation Agreement, all parties agreed to dismiss, with prejudice, any ongoing litigation.

As part of the Cooperation Agreement, the Company issued Common Stock to the Blackwells/Related Parties as a settlement fee and for consulting and advisory services. Under the Cooperation Agreement, the Company issued 495,000 shares of Common Stock to the Blackwells/Related Parties on July 11, 2023 as a settlement fee. As a result of these shares being issuable as of June 30, 2023, the Company recorded expense and an increase to additional paid-in capital of $ 4.9 million in the three months ended June 30, 2023, and the expense is presented in the settlement costs line item of the consolidated statement of operations for the year ended December 31, 2023. Also, on September 12, 2023, the Company issued 1,600,000 shares of Common Stock to the Blackwells/Related Parties as consideration for consulting and advisory services performed pursuant to the Cooperation Agreement, including corporate governance, stockholder engagement and outreach, investor relations and proxy advisory firm engagement, analysis prior to the Acquisition Date. As a result, the Company recorded expense and an increase to additional paid-in capital of $ 15.9 million in the three months ended September 30, 2023, and the expense is presented in the settlement costs line item of the consolidated statement of operations for the year ended December 31, 2023.

Also, the Company reimbursed Blackwells $ 8.8 million of expenses in June 2023, which is recorded in settlement costs in the consolidated statements of operations for the year ended December 31, 2023.

In addition, on June 30, 2023, the Company entered into an agreement with an unaffiliated third party to provide certain advisory services to the Company related to the Mergers. In exchange for these services, the Company issued 45,579 shares of Common Stock to the third party on July 13, 2023 as a non-refundable retainer and recorded expense and an increase to additional paid-in-capital of $ 0.5 million. Also, in October, 2023 the Company issued an additional 59,253 shares of Common Stock to the same third party, upon completion of the third party’s services, and recorded expense and an increase to additional paid-in-capital of $ 0.6 million.

As more fully discussed in Note 13 — Equity-Based Compensation , as of September 11, 2023, the end of the performance period applicable to the 2,500,000 GNL LTIP Units granted to the former Advisor pursuant to the 2021 OPP, a total of 883,750 of the GNL LTIP Units were earned and became vested and the remainder were forfeited. The earned GNL LTIP Units were

subsequently converted into an equal number of shares of Common Stock on the Acquisition Date. As a result, the Company recorded a reclassification of $ 27.7 million from non-controlling interests to additional paid-in-capital.

Other Common Stock Activity

During the first quarter of 2021, the cancellation of 8,668 shares of Common Stock that had been forfeited in a prior period was effectuated, which reduced the Common Stock outstanding as of December 31, 2021. The cancellation of these shares is presented in the consolidated statement of stockholders' equity in the issuance of common stock, net line item.

As of June 2 2021, the end of the performance period applicable to the 2,554,930 LTIP Units granted to the former Advisor pursuant to the multi-year outperformance agreement entered into with the former Advisor in 2018 (“2018 OPP”), a total of 2,135,496 of these LTIP Units were earned and became vested and the remainder were forfeited. The earned LTIP Units were subsequently converted into an equal number of OP Units. On June 17, 2021, the former Advisor exercised its right to redeem these OP Units for, at the Company’s option, cash or shares of Common Stock on a one-for-one basis. On the same day, the Board elected to satisfy the OP’s redemption obligation by issuing shares of Common Stock to the former Advisor. The shares were issued to the former Advisor on June 18, 2021. As a result, the Company recorded a reclassification of $ 25.3 million from non-controlling interests to additional paid-in-capital during the second quarter of 2021.

Preferred Stock

As discussed in Note 3 — The Mergers , in connection with the REIT Merger, each issued and outstanding share of (i) RTL Series A Preferred Stock was automatically converted into one share of newly created Series D Preferred Stock, and (ii) RTL Series C Preferred Stock was automatically converted into one share of newly created Series E Preferred Stock. The Series D Preferred Stock and Series E Preferred Stock have substantially identical powers, preferences, privileges, and rights as the RTL Series A Preferred Stock and RTL Series C Preferred Stock, respectively.

The Company is authorized to issue up to 40,000,000 shares of Preferred Stock.

• The Company has classified and designated 9,959,650 shares of its authorized Preferred Stock as authorized shares of its Series Preferred Stock as of December 31, 2023 and 2022. The Company had 6,799,467 shares of Series A Preferred Stock issued and outstanding, as of December 31, 2023 and 2022.

• The Company has classified and designated 11,450,000 shares of its authorized Preferred Stock as authorized shares of its Series B Preferred Stock as of December 31, 2023 and 2022. The Company had 4,695,887 and 4,695,887 shares of Series B Preferred Stock issued and outstanding, as of December 31, 2023 and 2022, respectively.

• The Company has classified and designated 100,000 shares of its authorized Preferred Stock as authorized shares of its Series C preferred stock, $ 0.01 par value (“Series C Preferred Stock”), as of December 31, 2023. No shares of Series C Preferred Stock were issued and outstanding as of December 31, 2023 and 2022. On February 26, 2024, the Company reclassified and redesignated each of the 100,000 shares of Series C Preferred Stock into 100,000 shares of unclassified and undesignated Preferred Stock.

• The Company has classified and designated 7,933,711 shares of its authorized Preferred Stock as authorized shares of Series D Preferred Stock, as of December 31, 2023. The Company had 7,933,711 shares of Series D Preferred Stock issued and outstanding as of December 31, 2023.

• The Company has classified and designated 4,595,175 shares of its authorized Preferred Stock as authorized shares of Series E Preferred Stock, as of December 31, 2023. The Company had 4,595,175 shares of Series E Preferred Stock issued and outstanding as of December 31, 2023.

ATM Program — Series B Preferred Stock

In December 2019, the Company established an “at the market” equity offering program for its Series B Preferred Stock (the “Series B Preferred Stock ATM Program”) pursuant to which the Company may sell shares of Series B Preferred Stock, from time to time through its sales agents. In November 2022, the Company filed a new shelf registration statement and prospectus supplement covering the Series B Preferred stock ATM Program having an aggregate offering price of up to $ 170.0 million, prior to the expiration of its previous registration statement, which had an aggregate offering price up to $ 200.0 million.

• During the year ended December 31, 2023, the Company did not sell any shares of its Series B Preferred Stock through the Series B Preferred Stock ATM Program.

• During the year ended December 31, 2022, the Company sold 191,994 shares of its Series B Preferred Stock through the Series B Preferred Stock ATM Program for gross proceeds of $ 4.8 million before nominal commissions paid and issuance costs.

• During the year ended December 31, 2021, the Compan y sold 641,940 shares of Series B Preferred Stock through the Series B Preferred Stock ATM Program for gross proceeds of $ 16.2 million, before commissions paid of approximately $ 0.2 million and nominal additional issuance costs.

Series A Preferred Stock - Terms

Holders of Series A Preferred Stock are entitled to cumulative dividends in an amount equal to $ 1.8125 per share each year, which is equivalent to the rate of 7.25 % of the $ 25.00 liquidation preference per share per annum. The Series A Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. The Series A Preferred Stock is redeemable in whole or in part, at the Company’s option, at a cash redemption price of $ 25.00 per share plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series A Preferred Stock (the “Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series A Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $ 25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series A Preferred Stock will have certain rights to convert Series A Preferred Stock into shares of Common Stock based on a defined formula subject to a cap whereby the holders of Series A Preferred Stock may receive a maximum of 2.301 shares of Common Stock (as adjusted for any stock splits) per share of Series A Preferred Stock. The necessary conditions to convert the Series A Preferred Stock into Common Stock have not been met as of December 31, 2023. Therefore, Series A Preferred Stock did not impact Company’s earnings per share calculations.

The Series A Preferred Stock ranks senior to Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, and on parity with the Series B Preferred Stock, Series D Preferred Stock and Series E Preferred Stock.

If dividends on any outstanding shares of Series A Preferred Stock have not been paid for six or more quarterly periods, holders of Series A Preferred Stock and holders of any other class or series of preferred stock ranking on parity with the Series A Preferred Stock, including the Series B Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, will have the exclusive power, voting together as a single class, to elect two additional directors until all accrued and unpaid dividends on the Series A Preferred Stock have been fully paid. In addition, the Company may not authorize or issue any class or series of equity securities ranking senior to the Series A Preferred Stock with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution or winding-up or amend the Company’s charter to materially and adversely change the terms of the Series A Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter by holders of outstanding shares of Series A Preferred Stock and holders of any other similarly-affected classes and series of preferred stock ranking on parity with the Series A Preferred Stock, including the Series B Preferred Stock, Series D Preferred Stock and Series E Preferred Stock. Other than the limited circumstances described above and in the Articles Supplementary, holders of Series A Preferred Stock do not have any voting rights.

Series B Preferred Stock - Terms

Holders of Series B Preferred Stock are entitled to cumulative dividends in an amount equal to $ 1.71875 per share each year, which is equivalent to the rate of 6.875 % of the $ 25.00 liquidation preference per share per annum. The Series B Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after November 26, 2024, at any time and from time to time, the Series B Preferred Stock will be redeemable in whole or in part, at the Company’s option, at a cash redemption price of $ 25.00 per share plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series B Preferred Stock (the “Series B Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series B Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $ 25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series B Preferred Stock will have certain rights to convert Series B Preferred Stock into shares of Common Stock based on a defined formula subject to a cap whereby the holders of Series B Preferred Stock may receive a maximum of 2.5126 shares of Common Stock (as adjusted for any stock splits) per share of Series B Preferred Stock. The necessary conditions to convert the Series B Preferred Stock into Common Stock have not been met as of December 31, 2023. Therefore, Series B Preferred Stock did not impact Company’s earnings per share calculations.

The Series B Preferred Stock ranks senior to Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, and on parity with the Series A Preferred Stock, Series D Preferred Stock and Series E Preferred Stock.

If dividends on any outstanding shares of Series B Preferred Stock have not been paid for six or more quarterly periods, holders of Series B Preferred Stock and holders of any other class or series of preferred stock ranking on parity with the Series B Preferred Stock, including the Series A Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, will be entitled to vote together as a single class, will have the exclusive power, voting together as a single class, to elect two additional directors until all accrued and unpaid dividends on the Series B Preferred Stock have been fully paid. In addition, the Company may not authorize or issue any class or series of equity securities ranking senior to the Series B Preferred Stock with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding-up or amend our charter to materially and adversely change the terms of the Series B Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter by holders of outstanding shares of Series B Preferred Stock and holders of any other similarly-affected classes and series of preferred stock ranking on parity with the Series B Preferred Stock, including the Series A Preferred Stock, Series D Preferred Stock and Series E Preferred Stock. Other than the limited circumstances described above and in the Series B Articles Supplementary, holders of Series B Preferred Stock do not have any voting rights.

Series D Preferred Stock - Terms

Holders of Series D Preferred Stock are entitled to cumulative dividends at a rate of 7.50 % of the $ 25.00 liquidation preference per share per annum. The Series D Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after March 26, 2024, at any time and from time to time, the Series D Preferred Stock is redeemable in whole, or in part, at the Company’s option, at a cash redemption price of $ 25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control, (each as defined in the articles supplementary governing the terms of the Series D Preferred Stock (the “Series D Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series D Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $ 25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series D Preferred Stock will have certain rights to convert Series D Preferred Stock into shares of Common Stock.

The Series D Preferred Stock ranks senior to Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, and on parity with the Series A Preferred Stock, Series B Preferred Stock and Series E Preferred Stock.

If dividends on any outstanding shares of Series D Preferred Stock have not been paid for six or more quarterly periods, holders of Series D Preferred Stock and holders of any other class or series of preferred stock ranking on parity with the Series D Preferred Stock, including the Series A Preferred Stock, Series B Preferred Stock and Series E Preferred Stock, will have the exclusive power, voting together in a single class, to elect two additional directors until all accrued and unpaid dividends on the Series D Preferred Stock have been fully paid. In addition, the Company may not authorize or issue any class or series of equity securities ranking senior to the Series D Preferred Stock with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding-up or amend the Company’s charter to materially and adversely change the terms of the Series D Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter by holders of outstanding shares of Series D Preferred Stock and holders of any other similarly-affected classes and series of preferred stock ranking on parity with the Series D Preferred Stock, including the Series A Preferred Stock, Series B Preferred Stock and Series E Preferred Stock. Other than the limited circumstances described above and in the Series D Articles Supplementary, holders of Series D Preferred Stock do not have any voting rights.

Series E Preferred Stock - Terms

Holders of Series E Preferred Stock are entitled to cumulative dividends in the amount of 7.375 % of the $ 25.00 liquidation preference per share per annum. The Series E Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after December 18, 2025, at any time and from time to time, the Series E Preferred Stock will be redeemable in whole, or in part, at the Company’s option, at a cash redemption price of $ 25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date. In addition, upon the occurrence of a Delisting Event or a Change of Control (each as defined in the articles supplementary governing the terms of the Series E Preferred Stock (the “Series E Articles Supplementary”), the Company may, subject to certain conditions, at its option, redeem the Series E Preferred Stock, in whole but not in part, within 90 days after the first date on which the Delisting Event occurred or within 120 days after the first date on which the Change of Control occurred, as applicable, by paying the liquidation preference of $ 25.00 per share, plus an amount equal to all dividends accrued

and unpaid (whether or not declared), if any, to, but not including, the redemption date. If the Company does not exercise these redemption rights upon the occurrence of a Delisting Event or a Change of Control, the holders of Series E Preferred Stock will have certain rights to convert Series E Preferred Stock into shares of Common Stock.

The Series E Preferred Stock ranks senior to Common Stock, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, and on parity with the Series A Preferred Stock, Series B Preferred Stock and Series D Preferred Stock.

If dividends on any outstanding shares of Series E Preferred Stock have not been paid for six or more quarterly periods, holders of Series E Preferred Stock and holders of any other class or series of preferred stock ranking on parity with the Series E Preferred Stock, including the Series A Preferred Stock, Series B Preferred Stock and Series D Preferred Stock, will have the exclusive power, voting together in a single class, to elect two additional directors until all accrued and unpaid dividends on the Series E Preferred Stock have been fully paid. In addition, the Company may not authorize or issue any class or series of equity securities ranking senior to the Series E Preferred Stock with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding-up or amend the Company’s charter to materially and adversely change the terms of the Series E Preferred Stock without the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter by holders of outstanding shares of Series E Preferred Stock and holders of any other similarly-affected classes and series of preferred stock ranking on parity with the Series E Preferred Stock, including the Series A Preferred Stock, Series B Preferred Stock and Series D Preferred Stock. Other than the limited circumstances described above and in the Series E Articles Supplementary, holders of Series E Preferred Stock do not have any voting rights.

Dividends

Common Stock Dividends

In connection with the Mergers, in October 2023, the Board approved a new annual dividend rate of $ 1.42 per share, or $ 0.354 per share on a quarterly basis. The first dividend paid at the new rate occurred on October 16, 2023. During the nine months ended September 30, 2023 and the years ended December 31, 2022 and 2021, the Company paid dividends at an annual rate of $ 1.60 per share or $ 0.40 per share on a quarterly basis.

On February 26, 2024, the Board approved a dividend policy that will reduce the Company’s future Common Stock dividend rate and the Company expects the next formal declaration of Common Stock dividends to be $ 0.275 per share on a quarterly basis ($ 1.10 annualized). The new Common Stock dividend rate will become effective upon the next formal dividend declaration, which is expected to be declared in April 2024. The reduction of the dividend rate is expected to yield benefits to the Company, including increasing the amount of cash that may be used to lower leverage.

Dividends authorized by the Board and declared by the Company are paid on a quarterly basis on the 15th day of the first month following the end of each fiscal quarter (unless otherwise specified) to common stockholders of record on the record date for such payment. The Board may alter the amounts of dividends paid or suspend dividend payments at any time prior to declaration and therefore dividend payments are not assured. For purposes of the presentation of information herein, the Company may refer to distributions by the OP on OP Units and LTIP Units as dividends. In addition, see Note 6 — Revolving Credit Facility for additional information on the restrictions on the payment of dividends and other distributions imposed by the Revolving Credit Facility.

The following table details from a tax perspective, the portion of cash paid for Common Stock dividends, during the years presented, classified as return of capital and ordinary dividend income, per share per annum:

						Year Ended December 31,
(In thousands)						2023												2022												2021
Return of capital						$	1.55					100.0		%				$	1.60					100.0		%				$	1.01					63.5		%
Ordinary dividend income						—						—		%				—						—		%				0.58						36.5		%
Total						$	1.55					100.0		%				$	1.60					100.0		%				$	1.59					100.0		%

Series A Preferred Stock Dividends

Dividends on Series A Preferred Stock accrue in an amount equal to $ 0.453125 per share per quarter to holders of Series A Preferred Stock, which is equivalent to 7.25 % of the $ 25.00 liquidation preference per share of Series A Preferred Stock per annum. Dividends on the Series A Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Board. Dividends paid during the year ended December 31, 2023 on the Series A Preferred Stock were considered 100 % return of capital and dividends paid during the years ended December 31, 2022 and 2021 on the Series A Preferred Stock were considered 69.9 % and 100 % ordinary dividend income, respectively.

Series B Preferred Stock Dividends

Dividends on Series B Preferred Stock accrue in an amount equal to $ 0.4296875 per share per quarter to holders of Series B Preferred Stock, which is equivalent to 6.875 % of the $ 25.00 liquidation preference per share of Series B Preferred Stock per annum. Dividends on the Series B Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day) to holders of record at the close of business on the record date set by the Board. Dividends paid during the year ended December 31, 2023 on the Series B Preferred Stock were considered 100 % return of capital and all dividends paid during the years ended December 31, 2022 and 2021 on the Series B Preferred Stock were considered 69.9 % and 100 % ordinary dividend income, respectively.

Series D Preferred Stockholders

Dividends on the Company’s Series D Preferred Stock accrue in an amount equal to $ 0.46875 per share per quarter to Series D Preferred Stockholders, which is equivalent to the rate of 7.50 % of the $ 25.00 liquidation preference per share per annum. Dividends on the Series D Preferred Stock are payable quarterly in arrears on the 15th day of each of January, April, July and October of each year (or, if not a business day, the next succeeding business day) to holders of record on the applicable record date. Dividends paid during 2023 on the Series D Preferred Stock were considered 100 % return of capital.

Series E Preferred Stockholders

Dividends on the Company’s Series E Preferred Stock accrue in an amount equal to $ 0.4609375 per share per quarter to Series E Preferred Stockholders, which is equivalent to the rate of 7.375 % of the $ 25.00 liquidation preference per share per annum. Dividends on the Series E Preferred Stock are payable quarterly in arrears on the 15th day of each of January, April, July and October of each year (or, if not a business day, the next succeeding business day) to holders of record on the applicable record date. Dividends paid during 2023 on the Series E Preferred Stock were considered 100 % return of capital.

Stockholder Rights Plan

Lessee Arrangements

As of December 31, 2023, the Company leases land under 18 ground leases ( two of which were acquired in the first quarter of 2023 and seven of which were acquired in the REIT Merger) associated with certain properties. In addition, the Company has two operating leases that were entered into in connection with the Mergers. The aggregate durations for the ground leases and operating leases range from 1.5 to 120 years as of December 31, 2023.

As of December 31, 2023 and 2022, the Company’s balance sheet includes ROU assets of $ 77.0 million and $ 49.2 million, respectively, and operating lease liabilities of $ 48.4 million and $ 21.9 million, respectively. In determining the operating ROU assets and lease liabilities for the Company’s existing operating leases in accordance with lease accounting rules, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment.

As of December 31, 2023, the Company’s ground leases and operating leases have a weighted-average remaining lease term of approximately 25.7 years and a weighted-average discount rate of 6.05 % . For the years ended December 31, 2023, 2022 and 2021, the Company paid cash of approximately $ 2.3 million, $ 1.3 million and $ 1.4 million, respectively, for amounts included in the measurement of lease liabilities. For the years ended December 31, 2023, 2022 and 2021, the Company recorded expense of $ 1.4 million, $ 1.3 million and $ 1.4 million, respectively, on a straight-line basis in accordance with the standard. The lease expense is recorded in property operating expenses in the Company’s consolidated statements of operations.

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The following table reflects the base cash rental payments due from the Company as of December 31, 2023:

(In thousands)						Future Base Rent Payments (1)
2024						$	4,196
2025						3,465
2026						3,348
2027						3,375
2028						3,402
Thereafter						79,000
Total minimum lease payments (2)						96,786
Less: Effects of discounting						( 48,417 )
Total present value of lease payments						$	48,369

(1) Assumes exchange rates of £1.00 to $ 1.27 for GBP and €1.00 to $ 1.10 for EUR as of December 31, 2023 for illustrative purposes, as applicable.

(2) Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050.

Litigation and Regulatory Matters

In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company.

Environmental Matters

In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of December 31, 2023, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.

Prior to the consummation of the Internalization Merger on September 12, 2023, the Company had retained the former Advisor to manage the Company’s affairs on a day-to-day basis and the Company’s properties were managed and leased to third parties by the Property Manager. Prior to the Internalization Merger on September 12, 2023, the former Advisor and the Property Manager were under common control with AR Global, and these related parties had historically received compensation and fees for various services provided to the Company.

The consummation of the Internalization Merger on September 12, 2023 resulted in the internalization of the management of the Company with its own dedicated workforce, including by terminating (i) the Company’s existing arrangement for advisory management services provided by the former Advisor pursuant to the Advisory Agreement and (ii) RTL’s existing arrangement for advisory management services provided by the RTL Advisor and assuming (i) the Company’s existing arrangement for property management services provided by the Property Manager and (ii) RTL’s existing arrangement for property management services provided by the RTL Property Manager. All assets and contracts (including leases) necessary or desirable in the judgment of the Company and to conduct the business of the Company following the Mergers and all desired employees were placed into subsidiaries of AR Global that were merged with subsidiaries of the Company upon the completion of the Internalization Merger. As a result of the completion of the Internalization Merger, and termination of the contracts noted above, beginning of the Acquisition Date, the Company longer incur fees from these contracts. However, the Company incurred and will continue to incur costs for employee compensation, which are included in general and administrative expenses in the Company’s consolidated statement of operations. The Company has engaged a new third party service provider to assist with this process.

For additional information on the Internalization Merger, including the consideration paid to AR Global, see Note 1 — Organization and Note 3 — The Mergers .

Upon consummation of the Internalization Merger, the Company began renting office space for its own dedicated workforce at a property owned by affiliates of AR Global, the former Advisor.

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Terminated Advisory Agreement and Assumed Property Management Agreements

The discussion below summarizes various related party agreements and transactions that ceased as of the Acquisition Date of the Mergers.

Fees Paid in Connection with the Operations of the Company

Prior to the Internalization Merger, when it was owned by AR Global, the former Advisor provided day-to-day asset management services for the Company pursuant to the Advisory Agreement. Prior to the Internalization Merger, under the Advisory Agreement, by and among the Company, the OP and the former Advisor, the Company historically paid the former Advisor the following fees in cash:

(a)    a minimum base fee of $ 18.0 million per annum payable in cash monthly in advance (“Minimum Base Management Fee”); and

(b)    a variable fee amount equal to 1.25 % per annum of the sum, since the effective date of the Advisory Agreement in June 2015, of: (i) the cumulative net proceeds of all common equity issued by the Company (ii) any equity of the Company issued in exchange for or conversion of preferred stock or exchangeable notes, based on the stock price at the date of issuance; and (iii) any other issuances of common, preferred, or other forms of equity of the Company, including units in an operating partnership (excluding equity based compensation but including issuances related to an acquisition, investment, joint-venture or partnership) (the “Variable Base Management Fee”).

The Company was required to pay the former Advisor any Incentive Compensation (as defined in the Advisory Agreement), generally payable in quarterly installments 50 % in cash and 50 % in shares of Common Stock (subject to certain lock up restrictions). The former Advisor did no t earn any Incentive Compensation during the years ended December 31, 2023, 2022 or 2021.

Property Management Fees

Prior to the Internalization Merger, when it was owned by AR Global, the Property Manager provided property management and leasing services for properties owned by the Company, for which the Company pays fees to the Property Manager equal to: (i) with respect to stand-alone, single-tenant net leased properties which are not part of a shopping center, 2.0 % of gross revenues from the properties managed and (ii) with respect to all other types of properties, 4.0 % of gross revenues from the properties managed in each case plus market-based leasing commissions applicable to the geographic location of the applicable property.

For services related to overseeing property management and leasing services provided by any person or entity that was not an affiliate of the Property Manager, the Company paid the Property Manager an oversight fee equal to 1.0 % of gross revenues of the property managed. This oversight fee was no longer applicable to 39 of the Company’s properties which became subject to separate property management agreements with the Property Manager in connection with certain mortgage loans entered into by the Company in October 2017, April 2019 and September 2019 on otherwise nearly identical terms to the primary property and management leasing agreement, which remained applicable to all other properties.

If cash flow generated by any of the Company’s properties was not sufficient to fund the costs and expenses incurred by the Property Manager in fulfilling its duties under the property management and leasing agreements, the Company was required to fund additional amounts. Costs and expenses that were the responsibility of the Company under the property management and leasing agreements included, without limitation, reasonable wages and salaries and other employee-related expenses of all on-site and off-site employees of the Property Manager who were engaged in the operation, management, maintenance and leasing of the properties and other out-of-pocket expenses which were directly related to the operation, management, maintenance and leasing of specific properties, but did not include the Property Manager’s general overhead and administrative expenses.

The Company paid leasing commissions to the Property Manager which are expensed over the terms of the related leases. During the years ended December 31, 2023, 2022 and 2021, the Company incurred leasing commissions to the Property Manager of $ 1.3 million, $ 3.8 million and $ 1.9 million, respectively. These amounts are being recorded over the terms of the related leases.

Professional Fees and Other Reimbursements

The Company reimbursed the former Advisor or its affiliates for expenses paid or incurred by the former Advisor or its affiliates in providing services to the Company under the Advisory Agreement, except for those expenses that were specifically the responsibility of the former Advisor under the Advisory Agreement, such as salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of personnel of the Advisor and its affiliates (including the Company’s executive officers) who provided services to the Company under the Advisory Agreement, the former Advisor’s rent and general

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overhead expenses, the former Advisor’s travel expenses (subject to certain exceptions), professional services fees incurred with respect to the former Advisor for the operation of its business, insurance expenses (other than with respect to the Company’s directors and officers) and information technology expenses. In addition, these reimbursements were subject to the limitation that the Company would not reimburse the former Advisor for any amount by which the Company’s operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeded the greater of (a) 2.0 % of average invested assets and (b) 25.0 % of net income, unless the excess amount was otherwise approved by the Board. The amount of expenses reimbursable for the years ending December 31, 2023, 2022 and 2021 did not exceed these limits.

The following table reflects related party fees incurred for the periods presented:

						Year Ended December 31,
						2023						2022						2021
(In thousands)						Incurred												Incurred												Incurred
Fees (1) :
Asset management fees (2)						$	22,803											$	32,549											$	31,769
Property management fees						5,480												7,573												7,279
Total operating fees to related parties						$	28,283											$	40,122											$	39,048

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(1) The Company incurred general and administrative costs and other expense reimbursements of approximately $ 1.2 million, $ 1.1 million and $ 1.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, which are recorded within general and administrative expenses on the consolidated statements of operations and are not reflected in the table above.

2021 Omnibus Incentive Compensation Plan; 2021 Omnibus Advisor Incentive Compensation Plan; Restricted Share Plan

At the Company’s 2021 annual meeting of stockholders held on April 12, 2021, the Company’s stockholders approved the 2021 Omnibus Incentive Compensation Plan of Global Net Lease, Inc. (the “Individual Plan”) and the 2021 Omnibus Advisor Incentive Compensation Plan of Global Net Lease, Inc. (the “Advisor Plan” and together with the Individual Plan, the “2021 Equity Plan”). The terms of the Advisor Plan are substantially similar to the terms of the Individual Plan, except with respect to the eligible participants. Both the Individual Plan and the Advisor Plan became effective upon stockholder approval.

The employees of the former Global Net Lease Advisors, LLC, Global Net Lease Properties, LLC, and their respective affiliates were also eligible to participate in the Company’s employee and director incentive restricted share plan (the “Restricted Share Plan”).

Upon approval of the 2021 Equity Plan, the total number of shares of Common Stock that could be issued or subject to awards under the Advisor Plan and the Individual Plan, in the aggregate, was 6,300,000 shares. Shares issued or subject to awards under the Individual Plan reduce the number of shares available for awards under the Advisor Plan on a one-for-one basis and vice versa. The 2021 Equity Plan permits awards of Restricted Shares, RSUs, PSUs, stock options, stock appreciation rights, stock awards, LTIP Units and other equity awards and it expires on April 12, 2031.

Only the former Advisor and any of its affiliates that were involved in providing services to the Company or any of its subsidiaries were eligible to receive awards under the Advisor Plan. As a result of the REIT Merger, no further participants are expected to be eligible to participate in the Advisor Plan from and following the REIT Merger and, accordingly, no further awards are expected to be granted under the Advisor Plan.

Generally, directors, officers, employees and consultants of the Company are eligible to participate in the Individual Plan. Prior to the REIT Merger, employees of the Advisor or its affiliates who were consultants providing services to the Company were eligible to participate in the Individual Plan.

RSUs

RSUs may be awarded under the 2021 Equity Plan. Historically, prior to the third quarter of 2023, the Company granted RSUs to its Board members on an annual basis. In November 2023, the Company granted 496,536 RSUs to employees, including executives.

RSUs represent a contingent right to receive shares of Common Stock at a future settlement date, subject to satisfaction of applicable vesting conditions or other restrictions, as set forth in the 2021 Equity Plan and an award agreement evidencing the grant of RSUs. The RSUs previously granted under the 2021 Equity Plan provide for vesting on a straight-line basis over a

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specified period of time for each award. RSUs may not, in general, be sold or otherwise transferred until restrictions are removed and the RSUs are settled in, or converted into, the shares of Common Stock. Holders of RSUs do not have any voting rights with respect to the RSUs or any shares underlying any award of RSUs, but such holders are generally credited with dividend equivalents which are subject to the same vesting conditions or other restrictions as the underlying RSUs and only paid at the time such RSUs are settled in shares of Common Stock. A number of RSU award agreements provide for accelerated vesting of all unvested RSUs in connection with a participant’s death, disability or qualifying termination (including termination by the Company without cause or by the participant with good reason, as applicable) from the Company within 60 days immediately preceding or two years immediately following a change in control and accelerated vesting of the RSUs that would have vested upon the next vesting date in connection with a qualifying termination at any other time. Alternatively, certain of the RSU award agreements provide for accelerated vesting of all unvested RSUs in connection with a participant’s death, disability or qualifying termination (including termination by the Company without cause or by the participant with good reason). The fair value of the RSUs granted is based on the market price of Common Stock as of the grant date. The fair value of the equity awards is expensed over the vesting period.

The following table reflects the RSU activity for the periods presented:

			Number of RSUs						Weighted-Average Issue Price
Unvested, December 31, 2020			44,949						$	15.35
Granted			20,176						18.71
Vested			( 20,615 )						16.22
Unvested, December 31, 2021			44,510						16.47
Granted			24,864						15.18
Vested			( 21,651 )						16.43
Unvested, December 31, 2022			47,723						15.82
Granted (1)			526,788						8.90
Vested			( 28,439 )						15.56
Forfeitures			( 10,304 )						12.62
Unvested, December 31, 2023			535,768						9.09

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(1) Represents 30,252 RSUs granted to the Board and 496,536 RSUs granted to employees of the Company.

Restricted Shares

Restricted Shares are shares of Common Stock awarded pursuant to the 2021 Equity Plan and the Restricted Share Plan under terms that provide for vesting over a specified period of time. Holders of Restricted Shares receive nonforfeitable cash dividends prior to the time that the restrictions on the Restricted Shares have lapsed. Any dividends to holders of Restricted Shares payable in shares of Common Stock are subject to the same restrictions as the underlying Restricted Shares. Restricted Shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested.

In September 2023, the Company issued 221,136 Restricted Shares to holders of unvested RTL Restricted Shares at the time of the Mergers (adjusted for the Exchange Ratio), in connection with the assumption of outstanding awards under the 2018 RTL Equity Plan (as defined below). Also, in June 2023, May 2022, May 2021 and September 2020, the Company granted 265,075 , 207,242 , 213,125 and 132,025 Restricted Shares, respectively, to employees of the former Advisor or its affiliates who were involved in providing services to the Company, and including its current co-chief executive officer and chief financial officer. In accordance with accounting rules, the fair value of the Restricted Shares granted is being recorded on a straight-line basis over the vesting period of four years . In addition, during the three months ended September 30, 2022, the Company issued 23,156 Restricted Shares to former employees of the former Advisor, working as consultants to the former Advisor. For accounting purposes, the fair value of such grants was fully expensed during the three months ended September 30, 2022.

The awards to the Company’s then sole chief executive officer, who is now our current co-chief executive officer and chief financial officer were recommended by the former Advisor and approved by the Special Committee comprised solely of independent directors that evaluated the Mergers and the other transactions contemplated by the REIT Merger Agreement and the Internalization Merger Agreement. The other awards were made pursuant to authority delegated by the compensation committee in 2022 to Edward M. Weil, Jr., a member of the Board and the Company’s current Co-Chief Executive Officer. No awards were permitted to be made pursuant to this delegation of authority to anyone who was also a partner, member or equity owner of the parent of the former Advisor.

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The Restricted Shares granted to the then employees of the former Advisor or its affiliates vest in 25 % increments on each of the first four anniversaries of the grant date. Except in connection with a change in control (as defined in the award agreement) of the Company, any unvested Restricted Shares will be forfeited if the holder’s employment terminates for any reason. Upon a change in control of the Company, 50 % of the unvested Restricted Shares will immediately vest and the remaining unvested Restricted Shares will be forfeited. A change of control, under the award agreement, did not occur as a result of the Mergers.

The following table reflects Restricted Shares activity outstanding for the periods presented:

						Number of Restricted Shares						Weighted-Average Issue Price
Unvested, December 31, 2020						132,025						$	17.41
Vested						( 30,668 )						17.41
Granted						213,125						19.41
Forfeitures						( 9,375 )						17.41
Unvested, December 31, 2021						305,107						18.81
Vested						( 148,278 )						16.56
Granted						230,398						14.60
Forfeitures						( 27,387 )						17.22
Unvested, December 31, 2022						359,840						17.16
Vested						( 274,850 )						16.03
Granted						265,125						10.52
Issued in connection with the REIT Merger						221,136						10.73
Forfeitures						( 5,631 )						11.79
Unvested, December 31, 2023						565,620						12.14

PSUs

In November 2023, the Compensation Committee approved awards of PSUs pursuant to the 2021 Equity Plan to full-time employees of the Company. PSUs may be earned and become vested if the Company’s absolute and relative total shareholder return (“TSR”) performance meets certain criteria (see “Performance Measures” below for more detail) over a three-year period performance period (the “PSU Performance Period”) beginning on October 1, 2023 and ending on September 30, 2026 (the “PSU Measurement Date”) and generally subject to the applicable employee’s continued employment through the PSU Measurement Date. Holders of PSUs do not have voting rights with respect to the PSUs or any shares underlying any award of PSUs, but such holders are generally credited with dividend equivalents which are subject to the same vesting conditions or other restrictions as the underlying PSUs and only paid at the time such PSUs are settled in shares of Common Stock. A number of the PSU award agreements provide for accelerated vesting of all unvested PSUs in connection with a participant’s qualifying termination ( including termination by the Company without cause or by the participant with good reason, as applicable) from the Company within 180 days immediately preceding or two years immediately following a change in control, and pro-rated vesting accelerated vested of all unvested PSUs in connection with a participant’s death, disability or qualifying termination at any other time. Alternatively, certain of the PSU award agreements provide for accelerated vesting of all unvested PSUs in connection with a participant’s death, disability or qualifying termination (including termination by the Company without Cause or by the participant with Good Reason).

Level of Performance

Threshold

Target

Maximum

Potential Number of PSUs to be Issued

234,200

468,392

1,288,072

Under accounting rules, the total fair value of the PSUs granted at the maximum level under the 2021 Equity Plan totaled $ 5.1 million and was fixed as of November 29, 2023, the date that the Board approved the award of PSUs under the 2021 Equity Plan (the “PSU Grant Date”). The fair value will not be remeasured in subsequent periods unless the PSUs are amended. The fair value of the PSUs that were granted is being recorded evenly over the requisite service period which is approximately 2.8 years from November 29, 2023, ending on the PSU Measurement Date. The Company recorded total compensation expense related to the PSUs of $ 0.2 million, during the year ended December 31, 2023.

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Performance Measures:

The ultimate amount of PSUs that may become earned and vested will equal the sum of: (i) PSUs earned by comparing the Company’s TSR to the MSCI US REIT Index peer group (the “MSCI REIT Index”); (ii) PSUs earned by comparing the Company’s TSR to a custom designed net lease peer group consisting of EPR Properties, LXP Industrial Trust, Broadstone Net Lease, Inc., NNN REIT, Inc. and W.P. Carey Inc. (the “Custom Net Lease Peer Group”); and (iii) PSUs earned by achievement of certain TSR levels (the “Company TSR”).

The following table details the number of PSUs that may be earned and vested, by each category of performance goal:

																		Target PSUs						Percentage of Target PSUs Earned						Number of PSUs Earned
Company TSR Relative to the MSCI REIT Index:
Less than 30 th percentile (Below Threshold)																		175,647						—		%				—
30 th percentile (Threshold) (1)																		175,647						50		%				87,824
55 th percentile (Target) (1)																		175,647						100		%				175,647
Equal to or greater than 75 th percentile (Maximum) (1)																		175,647						275		%				483,029
Company TSR Relative to the Custom Net Lease Peer Group:
Less than 30 th percentile (Below Threshold)																		175,647						—		%				—
30 th percentile (Threshold) (1)																		175,647						50		%				87,824
55 th percentile (Target) (1)																		175,647						100		%				175,647
Equal to or greater than 75 th percentile (Maximum) (1)																		175,647						275		%				483,029
Company TSR:
Less than 8 % (Below Threshold)																		117,098						—		%				—
8 % (Threshold) (1)																		117,098						50		%				58,549
10 % (Target) (1)																		117,098						100		%				117,098
12 % or greater (Maximum) (1)																		117,098						275		%				322,020

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(1) If amounts fall in between these ranges, the results will be determined using linear interpolation between those percentiles, respectively.

Compensation Expense

The combined compensation expense for Restricted Shares, RSUs and PSUs was $ 4.4 million, $ 3.1 million and $ 1.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Compensation expense is recorded as equity-based compensation in the accompanying consolidated statements of operations. In September 2022 the former Advisor terminated certain of its employees who provided services to the Company. In connection with the terminations, previous Restricted Share grants issued to these employees of the former Advisor were forfeited upon termination. The Board subsequently approved 23,156 newly issued fully vested shares. In the year ended December 31, 2022 the Company recognized a net compensation charge of approximately $ 0.3 million representing the value of the new replacement grants net of the reversal of $ 0.1 million in previously recognized compensation on the forfeited grants.

As of December 31, 2023, the Company had $ 6.2 million unrecognized compensation cost related to Restricted Share awards granted, which is expected to be recognized over a period of 3.4 years. As of December 31, 2023, the Company h a d $ 4.6 million unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of 2.7 years. As of December 31, 2023, the Company had $ 5.0 million unrecognized compensation cost related to PSUs granted, which is expected to be recognized over a period of 2.8 years.

2018 Omnibus Incentive Compensation Plan of RTL

In addition, as part of the REIT Merger, the Company assumed the 2018 Omnibus Incentive Compensation Plan of RTL (the “2018 RTL Equity Plan”). At the time of the assumption of the 2018 RTL Equity Plan, the total number of shares of Common Stock allowed to be issued or subject to awards under the 2018 RTL Equity Plan, subject to applicable securities exchange listing standards, was 2,295,658 shares. The Company has not issued any awards under the 2018 RTL Equity Plan.

Impact of the REIT Merger

As of one business day immediately prior to the Acquisition Date, each RTL Restricted Share granted to a member of the RTL board of directors under the 2018 RTL Equity Plan that was outstanding as of immediately prior to the Acquisition Date (whether or not then vested) became fully vested, and all restrictions with respect thereto were lapsed. Each share of RTL Class A Common Stock resulting from the vesting of the RTL Restricted Shares was treated the same as other shares of RTL Class A Common Stock issued and outstanding immediately prior to the Acquisition Date, and was converted into the right to receive

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shares of Common Stock based on the Exchange Ratio. After the completion of the annual meeting of stockholders, each independent director of the RTL board of directors was granted $ 85,000 of RTL Restricted Shares as part of their ordinary course annual grants, with such RTL Restricted Shares subject to one year vesting pursuant to the award agreement granting the RTL Restricted Shares and converting into shares of Common Stock at the Acquisition Date in the same manner as the unvested RTL Restricted Shares held by non-directors of RTL.

Also as of one business day immediately prior to the Acquisition Date, all other outstanding RTL Restricted Shares as of immediately prior to the Acquisition Date, including any RTL Restricted Shares issued on conversion of RTL’s long-term incentive plan units of limited partnership interests, converted into a like number of restricted shares of RTL Class A Common Stock. All of the outstanding equity or equity-based awards of RTL held by any employee of RTL Advisor who was not offered employment by the Company on the terms and conditions set forth in the Internalization Merger Agreement fully vested as of immediately prior to the Acquisition Date. These restricted shares were subsequently converted into the right to receive shares of GNL Common Stock on the Acquisition Date based on the Exchange Ratio.

Multi-Year Outperformance Agreements With Former Advisor

2021 OPP — General Description

On May 3, 2021, the Company’s independent directors, acting as a group, authorized an award of GNL LTIP Units under the 2021 OPP after the performance period under the 2018 OPP expired on June 2, 2021, and, on June 3, 2021, the Company, the OP and the Advisor entered into the 2021 OPP (see below for additional information on the 2018 OPP, including information on the LTIP Units granted and earned thereunder).

Based on a maximum award value of $ 50.0 million and $ 20.00 , the closing price of Common Stock on June 2, 2021(the “2021 Initial Share Price”), the Advisor was granted a total of 2,500,000 GNL LTIP Units pursuant to the 2021 OPP. These GNL LTIP Units were eligible to be earned and become vested based on the Company’s TSR, including both share price appreciation and reinvestment of Common Stock dividends, compared to the 2021 initial share price over a performance period commencing on June 3, 2021 and ending on the earliest of (i) June 3, 2024, (ii) the effective date of any Change of Control as defined in the Advisor Plan and (iii) the effective date of any termination of the Advisor’s service as the Company’s advisor. As noted above, the end date of the performance period was modified in connection with the Internalization Merger Agreement.

Under accounting rules, the total fair value of the GNL LTIP Units granted under the 2021 OPP of $ 27.7 million was fixed as of June 3, 2021 and was not required to be remeasured in subsequent periods (see Note 2 — Summary of Significant Accounting Policies for a description of accounting rules related to non-employee equity awards). The fair value of the GNL LTIP Units that were granted was being recorded evenly over the requisite service period which was originally approximately 3.1 years from May 3, 2021, the date that the Company’s independent directors approved the award of GNL LTIP Units under the 2021 OPP. However, due to the modification noted below that changed the timing of the final measurement for determining whether the award is vested and earned, all of the remaining unrecognized compensation expense was accelerated and recorded in the quarter ended September 30, 2023 (through September 11, 2023).

Modification of the 2021 OPP

In connection with the Internalization Merger Agreement, the parties agreed to modify the terms of the existing 2021 OPP to accelerate timing for determining whether the award is vested and earned, which changed the end date of the performance period (as described in more detail above) to September 11, 2023, the day prior to the Acquisition Date of the Mergers. Accordingly, on September 11, 2023, the Special Committee reviewed and approved the final calculation determining that 883,750 of the 2,500,000 GNL LTIP Units subject to the 2021 OPP had been earned and became vested and Common Stock was issued for the vested GNL LTIP Units. The remaining 1,616,250 GNL LTIP Units were automatically forfeited, without the payment of any consideration. In addition:

• Due to the modification noted above that changed the timing of the final measurement for determining whether the award is vested and earned, all of the remaining unrecognized compensation expense was accelerated and recorded in the quarter ended September 30, 2023 (through September 11, 2023).

• In September 2023, the Company paid a $ 2.9 million priority catch-up distribution to the Advisor in respect of the 883,750 GNL LTIP Units that were earned under the 2021 OPP.

2018 OPP

On July 16, 2018, the Company’s compensation committee approved the 2018 OPP, which was subsequently entered into by the Company and the OP with the former Advisor on July 19, 2018.

Based on a maximum award value of $ 50.0 million and $ 19.57 (the “2018 Initial Share Price”), the closing price of Common Stock on June 1, 2018, the trading day prior to the effective date of the 2018 OPP, the former Advisor was granted a total of 2,554,930 GNL LTIP Units pursuant to the 2018 OPP. These GNL LTIP Units could be earned and become vested

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based on the Company’s TSR compared to the 2018 Initial Share Price, over a performance period that commenced on June 2, 2018 and ended on June 2, 2021.

Under accounting rules, the total fair value of the GNL LTIP Units granted under the 2018 OPP of $ 18.8 million was fixed as of that date and was not required to be remeasured in subsequent periods unless the 2018 OPP was amended (see Note 2 — Summary of Significant Accounting Policies for a description of accounting rules related to non-employee equity awards). The fair value of the GNL LTIP Units that were granted was being recorded evenly over the requisite service period which was approximately 2.8 years from the grant date in 2018. In February 2019, the Company entered into an amendment to the 2018 OPP with the former Advisor to reflect a change in the peer group resulting from the merger of two members of the peer group. Under the accounting rules, the Company was required to calculate any excess of the new value of GNL LTIP Units awarded pursuant to the 2018 OPP at the time of the amendment ($ 29.9 million) over the fair value immediately prior to the amendment ($ 23.3 million). This excess of approximately $ 6.6 million was expensed over the period from February 21, 2019, the date the Company’s compensation committee approved the amendment, through June 2, 2021, the end of the service period.

On June 14, 2021, the Company’s compensation committee determined that 2,135,496 GNL LTIP Units had been earned by the former Advisor and became vested pursuant to the 2018 OPP as of June 2, 2021, the last day of the performance period thereunder. The remaining 419,434 LTIP Units were automatically forfeited without the payment of any consideration by the Company or the OP. As disclosed in Note 10 — Stockholders’ Equity , the earned GNL LTIP Units were ultimately converted into a like number of OP Units and then subsequently redeemed for Common Stock in June 2021.

Compensation Expense - 2021 OPP and 2018 OPP

During the years ended December 31, 2023, 2022 and 2021, respectively, the Company recorded total compensation expense related to the 2021 OPP and 2018 OPP (only in the year ended December 31, 2021) of $ 12.9 million, $ 9.0 million and $ 9.5 million.

LTIP Units/Distributions/Redemption

The rights of the former Advisor who held the GNL LTIP Units, were governed by the terms of the GNL LTIP Units set forth in the agreement of limited partnership of the OP. Holders of GNL LTIP Units were entitled to distributions on the GNL LTIP Units equal to 10 % of the distributions made per OP Unit (other than distributions of sale proceeds) until the GNL LTIP Units were earned. Distributions paid on an OP Unit were equal to dividends paid on a share of Common Stock. Distributions paid on GNL LTIP Units were not subject to forfeiture, even though 1,616,250 and 419,434 GNL LTIP Units were ultimately forfeited under the 2021 OPP and 2018 OPP, respectively, (as described above). The former Advisor was entitled to a priority catch-up distribution on each earned GNL LTIP Unit equal to 90% of the aggregate distributions paid on OP Units during the applicable performance period. Accordingly, the 883,750 GNL LTIP Units that were earned and converted into the same number of shares of Common Stock on the Acquisition Date, and the 2,135,496 GNL LTIP Units that were earned and converted into the same number of shares of Common Stock on June 2, 2021, became entitled to receive the same distributions paid on the OP Units and, as noted above, a priority catch-up distribution were paid in cash to a wholly-owned subsidiary of AR Global in an amount of $ 2.9 million and $ 10.6 million during the years ended December 31, 2023 and 2021, respectively.

In total, the Company paid approximately $ 3.2 million, $ 0.4 million and $ 11.0 million in distributions related to LTIP Units during the years ended December 31, 2023, 2022 and 2021, respectively, which is included in accumulated deficit in the consolidated statements of changes in equity.

Performance Measures

With respect to one-half of the GNL LTIP Units granted under the 2021 OPP, the number of GNL LTIP Units that could have become earned was determined as of the last day of the performance period (which was modified to September 11, 2023 as noted above) based on the Company’s achievement of absolute TSR levels as shown in the table below. Under this performance measure, as modified no GNL LTIP Units were earned.

Performance Level (% of Absolute GNL LTIP Units Earned)									Absolute TSR												Number of GNL LTIP Units Earned - 2021 OPP
Below Threshold			0		%				Less than			24 %									0
Threshold			25		%							24 %									312,500
Target			50		%							30 %									625,000
Maximum			100		%							36 %			or higher						1,250,000

If the Company’s absolute TSR was more than 24 % but less than 30 %, or more than 30 % but less than 36 %, the number of GNL LTIP Units that could have become earned was determined using linear interpolation as between those tiers, respectively.

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With respect to the remaining one-half of the GNL LTIP Units granted under the 2021 OPP, the number of GNL LTIP Units that could have become earned was determined as of the last day of the performance period (which was modified to September 11, 2023 as noted above) based on the difference (expressed in terms of basis points, whether positive or negative, as shown in the table below) between the Company’s absolute TSR on the last day of the performance period (which was modified to September 11, 2023 as noted above) relative to the average TSR of a peer group consisting of Lexington Realty Trust, Office Properties Income Trust and W.P. Carey, Inc. as of the last day of the performance period. Under this performance measure, as modified, 883,750 GNL LTIP Units were earned.

Performance Level (% of Relative GNL LTIP Units Earned)									Relative TSR Excess												Number of GNL LTIP Units Earned - 2021 OPP
Below Threshold			0		%				Less than			- 600			basis points						0
Threshold			25		%							- 600			basis points						312,500
Target			50		%							0			basis points						625,000
Maximum			100		%							600			basis points						1,250,000

If the relative TSR excess was more than - 600 basis points but less than zero basis points, or more than zero basis points but less than + 600 bps, the number of LTIP Units that became earned was determined using linear interpolation as between those tiers, respectively.

Other Terms

Pursuant to the terms of the Advisor Plan, the GNL LTIP Units awarded under the 2021 OPP were administered by the Board or a committee thereof, defined as the “Committee” in the Advisor Plan. The Committee determined the number of GNL LTIP Units earned, as calculated by an independent consultant engaged by the Committee and as approved by the Committee in its reasonable and good faith discretion.

The following is a summary of the basic and diluted net income per share computation for the periods presented:

						Year Ended December 31,
(In thousands, except share and per share data)						2023						2022						2021
Net loss attributable to common stockholders						$	( 239,348 )					$	( 8,363 )					$	( 8,698 )
Adjustments to net loss attributable to common stockholders for common share equivalents						( 3,887 )						( 939 )						( 11,355 )
Adjusted net loss attributable to common stockholders						$	( 243,235 )					$	( 9,302 )					$	( 20,053 )
Weighted average common shares outstanding — Basic and Diluted						142,584,332						103,686,395						98,283,892
Net loss per share attributable to common stockholders — Basic and Diluted						$	( 1.71 )					$	( 0.09 )					$	( 0.20 )

Under current authoritative guidance for determining earnings per share, all unvested share-based payment awards that contain non-forfeitable rights to distributions are considered to be participating securities and therefore are included in the computation of earnings per share under the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common shares and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The Company’s unvested Restricted Shares contain and the unearned GNL LTIP Units, prior to the end of the performance period of September 11, 2023, contained rights to receive distributions considered to be non-forfeitable, except in certain limited circumstances, and therefore the Company applies the two-class method of computing earnings per share. The calculation of earnings per share above excludes the distributions to the unvested Restricted Shares and unearned GNL LTIP Units (prior to the end of the performance period of September 11, 2023) from the numerator.

Diluted net income per share assumes the conversion of all Common Stock share equivalents into an equivalent number of shares of Common Stock, unless the effect is anti-dilutive. The Company considers unvested RSUs, unvested Restricted Shares, unvested PSUs, and Class A Units to be common share equivalents. The following table shows common share equivalents on a

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weighted-average basis that were excluded from the calculation of diluted earnings per share for the years ended December 31, 2023, 2022 and 2021:

						December 31,
						2023						2022						2021
Unvested RSUs (1)						85,518						45,725						44,563
Unvested Restricted Shares (2)						456,279						371,920						257,077
Unvested PSUs (3)						116,456						—						—
Class A Units (4)						35,233						—						—
GNL LTIP Units (5)						—						2,500,000						1,452,055
Total common share equivalents excluded from EPS calculation						693,486						2,917,645						1,753,695

(1) There w ere 535,768 , 47,723 and 44,510 unvested RSUs issued and outstanding as of December 31, 2023, 2022 and 2021 , respectively. See Note 13 — Equity-Based Compensation for additional information on the RSUs.

(2) There were 565,620 , 359,840 and 305,107 unvested Restricted Shares issued and outstanding as of December 31, 2023, 2022 and 2021, respectively. See Note 13 — Equity-Based Compensation for additional information on the Restricted Shares.

(3) There were 1,288,072 PSUs outstanding as of December 31, 2023.

(4) There were 115,857 Class A Units outstanding as of December 31, 2023.

(5) As disclosed in Note 13 — Equity-Based Compensation , the performance period under the 2021 OPP was accelerated and ended on September 11, 2023, and as a result, 883,750 GNL LTIP Units became earned and vested and Common Stock was issued for the vested GNL LTIP Units. There were no GNL LTIP Units issued and outstanding under the 2021 OPP as of December 31, 2023 and there were 2,500,000 LTIP Units issued and outstanding under the 2021 OPP as of December 31, 2022 and 2021.

Conditionally issuable shares under the 2021 Equity Plan and the 2021 OPP award are required to be included in the computation of fully diluted EPS (if dilutive) based on shares that would be issued as if the balance sheet date were the end of the measurement period.

• No PSU share equivalents were included in the computation for the years ended December 31, 2023 since their impact was anti-dilutive.

As of December 31, 2023, as a result of the Mergers and the related strategic shift in the Company’s operations, the Company concluded it now operates in four reportable segments: (1) Industrial & Distribution (2) Multi-Tenant Retail (3) Single-Tenant Retail and (4) Office. The Company will evaluate performance and make resource allocations based on its four business segments. The Company is reporting its business segments using the “management approach” model for segment reporting, whereby the Company determines its reportable business segments based on the way the chief operating decision maker organizes business segments within the Company for making operating decisions and assessing financial performance. The Company’s chief operating decision maker receives and reviews financial information based on the Company's four segments. The Company evaluates business segment performance based upon segment income, which is defined as total revenues from tenants, less property operating costs. The segments are managed separately due to the property type and the accounting policies are consistent across each segment. See below for a description of segment income.

Previously, before the Mergers, the Company concluded it was operating in one segment. Upon concluding that a change in its reporting segments has occurred, the Company is required to retroactively restate the historical operating results for the segment for all periods presented in that filing and, thereafter, the Company will restate other prior periods when they are subsequently reported in later filings for comparative purposes.

Segment Income

The Company evaluates the performance of the combined properties in each segment based on total revenues from tenants, less property operating costs. As such, this excludes all other items of expense and income included in the financial statements in calculating net income (loss). The Company uses segment income to assess and compare property level performance and to make decisions concerning the operation of the properties. The Company believes that segment income is useful as a performance measure because, when compared across periods, segment income reflects the impact on operations from trends in

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occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss).

Segment income excludes certain components from net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. Segment income presented by the Company may not be comparable to segment income reported by other REITs that define segment income differently.

The following table provides operating financial information for the Company’s four reportable segments:

						Year Ended December 31,
(In thousands)						2023						2022						2021
Industrial & Distribution:
Revenue from tenants						$	220,102					$	211,533					$	202,850
Property operating expense						15,457						13,682						13,506
Segment income						$	204,645					$	197,851					$	189,344
Multi-Tenant Retail:
Revenue from tenants						$	79,799					$	—					$	—
Property operating expense						26,951						—						—
Segment income						$	52,848					$	—					$	—
Single-Tenant Retail:
Revenue from tenants						$	60,611					$	12,401					$	16,544
Property operating expense						5,270						762						778
Segment income						$	55,341					$	11,639					$	15,766
Office:
Revenue from tenants						$	154,558					$	154,923					$	171,834
Property operating expense						20,161						18,433						18,462
Segment income						$	134,397					$	136,490					$	153,372

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Reconciliation to Consolidated Financial Information

A reconciliation of the total reportable segment's revenue from tenants to consolidated revenue from tenants and the total reportable segment’s income to consolidated net (loss) income attributable to common stockholders is as follows:

						Three Months Ended December 31,
(In thousands)						2023						2022						2021
Revenue From Tenants:
Industrial & Distribution						$	220,102					$	211,533					$	202,850
Multi-Tenant Retail						79,799						—						—
Single-Tenant Retail						60,611						12,401						16,544
Office						154,558						154,923						171,834
Total Consolidated Revenue From Tenants						$	515,070					$	378,857					$	391,228
Net loss attributable to common stockholders:
Segment Income:
Industrial & Distribution						$	204,645					$	197,851					$	189,344
Multi-Tenant Retail						52,848						—						—
Single-Tenant Retail						55,341						11,639						15,766
Office						134,397						136,490						153,372
Total Segment Income						447,231						345,980						358,482
Operating fees to related parties						( 28,283 )						( 40,122 )						( 39,048 )
Impairment charges						( 68,684 )						( 21,561 )						( 17,525 )
Merger, transaction and other costs						( 54,492 )						( 244 )						( 141 )
Settlement costs						( 29,727 )						—						—
General and administrative						( 40,187 )						( 17,737 )						( 17,231 )
Equity-based compensation						( 17,297 )						( 12,072 )						( 11,032 )
Depreciation and amortization						( 222,271 )						( 154,026 )						( 163,076 )
(Loss) gain on dispositions of real estate investments						( 1,672 )						325						1,484
Interest expense						( 179,411 )						( 97,510 )						( 94,345 )
Loss on extinguishment of debt						( 1,221 )						( 2,040 )						—
(Loss) gain on derivative instruments						( 3,691 )						18,642						5,829
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness						—						2,439						—
Other income						2,270						981						121
Income tax expense						( 14,475 )						( 11,032 )						( 12,152 )
Preferred stock dividends						( 27,438 )						( 20,386 )						( 20,064 )
Net loss attributable to common stockholders						$	( 239,348 )					$	( 8,363 )					$	( 8,698 )

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The following table reconciles real estate investments, net by segment to consolidated total assets as of the periods presented:

						December 31,
(In thousands)						2023						2022
Investments in real estate, net:
Industrial & Distribution						$	2,479,804					$	2,132,013
Multi-Tenant Retail						2,174,064						—
Single-Tenant Retail						1,687,733						106,751
Office						1,230,719						1,356,506
Total investments in real estate, net						7,572,320						3,595,270
Assets held for sale						3,188						—
Cash and cash equivalents						121,566						103,335
Restricted cash						40,833						1,110
Derivative assets, at fair value						10,615						37,279
Unbilled straight line rent						84,254						73,037
Operating lease right-of-use asset						77,008						49,166
Prepaid expenses and other assets						121,997						64,348
Due from related parties						—						464
Deferred tax assets						4,808						3,647
Goodwill (1)						46,976						21,362
Deferred financing costs, net						15,412						12,808
Total assets						$	8,098,977					$	3,961,826

________

(1) In connection with the Company’s conclusion that it now operates in four reportable segments, the Company’s goodwill allocation by segment is as follows as of December 31, 2023: (1) Industrial & Distribution: $ 20.5 million; (2) Multi-Tenant Retail: $ 6.0 million; (3) Single-Tenant Retail: $ 7.1 million and; (4) Office: $ 13.3 million.

Geographic Information

Other than the U.S. and United Kingdom, no country or tenant individually comprised more than 10% of the Company’s annualized revenue from tenants on a straight-line basis, or total long-lived assets at December 31, 2023. The following tables present the geographic information for Revenue from tenants and Investments in real estate:

						Year Ended December 31,
(In thousands)						2023						2022						2021
Revenue from tenants:
United States (1)						$	365,092					$	234,363					$	233,394
United Kingdom						86,916						78,403						89,455
Europe						59,823						62,852						67,618
Canada						3,239						3,239						761
Total						$	515,070					$	378,857					$	391,228

______

(1) Includes Puerto Rico properties through their disposition in November 2021 .

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						December 31,
(In thousands)						2023						2022
Investments in real estate, gross:
United States						$	7,082,979					$	2,998,185
United Kingdom						903,816						839,692
Europe						629,988						610,363
Canada						39,361						38,509
Total						$	8,656,144					$	4,486,749
Acquired Intangible Liabilities, Gross
United States						$	101,342					$	24,466
United Kingdom						5,698						5,688
Europe						12,961						12,570
Canada						21						20
Total						$	120,022					$	42,744

Income Tax Expense

The components of income tax expense for the periods presented are as follows:

						Year Ended December 31,
(In thousands)						2023						2022						2021
Net Income Before Income Tax:
Domestic						$	( 118,447 )					$	64,592					$	56,199
Foreign						( 78,988 )						( 41,537 )						( 32,681 )
Total net income before tax						$	( 197,435 )					$	23,055					$	23,518
Income Taxes:
Current:
State and Local						$	199					$	175					$	177
Foreign						16,656						12,814						14,128
Total income taxes, current						16,855						12,989						14,305
Deferred:
State and Local						—						—						—
Foreign						( 2,380 )						( 1,957 )						( 2,153 )
Total income taxes, deferred						( 2,380 )						( 1,957 )						( 2,153 )
Total Income Tax Expense						$	14,475					$	11,032					$	12,152

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A reconciliation of effective income tax for the periods presented are as follows:

						Year Ended December 31,
(In thousands)						2023						2022						2021
Net income before income tax						$	( 197,435 )					$	23,055					$	23,518
Tax (benefit) provision at statutory rates						$	( 41,461 )					$	4,842					$	4,938
Foreign rate differential						1,139						( 730 )						( 1,022 )
Foreign financing activities						11,047						11,320						11,717
Tax adjustments related to REIT						24,874						( 13,565 )						( 11,802 )
Deferred tax assets generated in the current year added to valuation allowance						5,949						9,297						8,167
Other						12,927						( 132 )						154
Total income tax expense						$	14,475					$	11,032					$	12,152

Deferred Income Taxes

Deferred income taxes as of the periods presented consists of the following:

						December 31,
(In thousands)						2023						2022
Deferred Tax Assets
Basis differences						$	11,278					$	48,192
Net operating loss carryforwards						5,028						1,441
Total deferred tax assets						16,306						49,633
Valuation allowance						( 11,498 )						( 45,986 )
Net deferred tax assets						4,808						3,647
Deferred Tax Liabilities
Basis differences						( 4,552 )						( 5,915 )
Straight-line rent						( 1,457 )						( 1,349 )
Total deferred tax liabilities						( 6,009 )						( 7,264 )
Net Deferred Tax Liability						$	( 1,201 )					$	( 3,617 )

The Company’s deferred tax assets and liabilities are primarily the result of temporary differences related to the following:

• Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, the Company assumes the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets;

• Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs and depreciation expense; and

• Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions that may be realized in future periods if the respective subsidiary generates sufficient taxable income.

The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in the consolidated financial statements, except as disclosed in the applicable footnotes and below.

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Dispositions

Subsequent to December 31, 2023, the Company disposed of five properties for an aggregate price of approximately $ 12.2 million. One of these properties was classified as held for sale on the Company’s consolidated balance sheet as of December 31, 2023 (see Note 4 — Real estate Investments, Net for more information).

Mortgage Note Repayments/Refinancing

On February 9, 2024, the Company repaid $ 25.0 million of RTL Multi-Tenant Mortgage II which was scheduled to mature in February 2024.

In January 2024, the Company repaid approximately € 9.8 million (approximately $ 10.6 million at the time of payment) of principal on the mortgage encumbering its properties in the Netherlands (see Note 5 — Mortgage Notes Payable, Net for more information).

In February 2024, the Company refinanced its mortgage encumbering its properties in Finland, which totaled $ 81.7 million as of December 31, 2023. This loan was extended from its original maturity date of February 2024 to February 2029.

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
McDonalds Corporation						Carlisle						United Kingdom						Oct. 2012						$	—					$	409					$	775					$	—					$	—					1,184						$	216
Wickes						Blackpool						United Kingdom						May 2013						—						1,719						1,717						—						—						3,436						671
Everything Everywhere						Merthyr Tydfil						United Kingdom						Jun. 2013						—						3,501						2,027						—						—						5,528						713
Thames Water						Swindon						United Kingdom						Jul. 2013						—						3,501						3,754						—						12						7,267						1,304
Wickes						Tunstall						United Kingdom						Jul. 2013						—						891						1,894						—						—						2,785						723
PPD Global Labs						Highland Heights						KY						Aug. 2013						—			(10)			2,001						5,162						—						—						7,163						1,618
Northern Rock						Sunderland						United Kingdom						Sep. 2013						—						1,273						4,055						—						—						5,328						1,393
Wickes						Clifton						United Kingdom						Nov. 2013						—						1,273						1,658						—						—						2,931						618
XPO Logistics						Aurora						NE						Nov. 2013						—			(11)			295						1,470						—						—						1,765						623
XPO Logistics						Grand Rapids						MI						Nov. 2013						—			(11)			945						1,247						—						—						2,192						529
XPO Logistics						Riverton						IL						Nov. 2013						—			(11)			344						707						—						—						1,051						300
XPO Logistics						Salina						KS						Nov. 2013						—			(11)			461						1,622						—						—						2,083						688
XPO Logistics						Uhrichsville						OH						Nov. 2013						—			(11)			380						780						—						—						1,160						331
XPO Logistics						Vincennes						IN						Nov. 2013						—			(11)			220						633						—						—						853						278
XPO Logistics						Waite Park						MN						Nov. 2013						—			(11)			366						700						—						—						1,066						293
Wolverine						Howard City						MI						Dec. 2013						—			(11)			719						12,027						—						—						12,746						5,057
Rheinmetall						Neuss						Germany						Jan. 2014						—						5,677						15,937						—						71						21,685						4,356
GE Aviation						Grand Rapids						MI						Jan. 2014						—			(8)			3,174						27,076						—						203						30,453						7,257
Provident Financial						Bradford						United Kingdom						Feb. 2014						—						1,284						23,824						—						—						25,108						6,022
Crown Crest						Leicester						United Kingdom						Feb. 2014						—						7,317						30,214						—						—						37,531						8,701
Trane						Davenport						IA						Feb. 2014						—						291						1,968						—						—						2,259						633
Aviva						Sheffield						United Kingdom						Mar. 2014						—						2,766						31,345						—						—						34,111						8,111
DFS Trading						Brigg						United Kingdom						Mar. 2014						—						1,292						3,664						—						—						4,956						1,072
DFS Trading						Carcroft						United Kingdom						Mar. 2014						—						295						2,117						—						—						2,412						651
DFS Trading						Carcroft						United Kingdom						Mar. 2014						—						1,086						4,303						—						—						5,389						1,164
DFS Trading						Darley Dale						United Kingdom						Mar. 2014						—						1,271						3,263						—						—						4,534						975
DFS Trading						Somercotes						United Kingdom						Mar. 2014						—						747						2,667						—						—						3,414						938
Government Services Administration (GSA)						Franklin						TN						Mar. 2014						—						4,160						30,083						—						561						34,804						7,858
National Oilwell						Williston						ND						Mar. 2014						—						211						3,513						—						—						3,724						1,229
Government Services Administration (GSA)						Dover						DE						Apr. 2014						—						1,097						1,715						—						379						3,191						497
Government Services Administration (GSA)						Germantown						PA						Apr. 2014						—						1,097						3,573						—						553						5,223						1,463
OBI DIY						Mayen						Germany						Apr. 2014						—						1,237						7,384						—						113						8,734						2,175
DFS Trading						South Yorkshire						United Kingdom						Apr. 2014						—						—						1,331						—						—						1,331						521
DFS Trading						Yorkshire						United Kingdom						Apr. 2014						—						—						1,735						—						—						1,735						456

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Government Services Administration (GSA)						Dallas						TX						Apr. 2014						—						484						2,934						—						—						3,418						761
Government Services Administration (GSA)						Mission						TX						Apr. 2014						—						618						3,145						—						103						3,866						964
Government Services Administration (GSA)						International Falls						MN						May 2014						—			(8)			350						11,182						—						63						11,595						2,990
Indiana Department of Revenue						Indianapolis						IN						May 2014						—						891						7,677						—						433						9,001						2,103
National Oilwell						Pleasanton						TX						May 2014						—						202						1,643						—						—						1,845						542
Nissan						Murfreesboro						TN						May 2014						—			(8)			966						19,573						—						—						20,539						4,919
Government Services Administration (GSA)						Lakewood						CO						Jun. 2014						—						1,220						7,928						—						—						9,148						1,997
Lippert Components						South Bend						IN						Jun. 2014						—			(8)			3,195						6,883						—						—						10,078						1,772
Axon Energy Products						Houston						TX						Jun. 2014						—						294						2,310						—						—						2,604						628
Axon Energy Products						Houston						TX						Jun. 2014						—						416						5,186						—						—						5,602						1,366
Bell Supply Co						Carrizo Springs						TX						Jun. 2014						—						260						1,445						—						—						1,705						452
Bell Supply Co						Cleburne						TX						Jun. 2014						—						301						323						—						—						624						112
Bell Supply Co						Frierson						LA						Jun. 2014						—						260						1,054						—						—						1,314						456
Bell Supply Co						Gainesville						TX						Jun. 2014						—						131						1,420						—						—						1,551						375
Bell Supply Co						Killdeer						ND						Jun. 2014						—						307						1,250						—						—						1,557						381
Bell Supply Co						Williston						ND						Jun. 2014						—						162						2,323						—						—						2,485						638
GE Oil & Gas						Canton						OH						Jun. 2014						—						437						3,039						—						300						3,776						931
GE Oil & Gas						Odessa						TX						Jun. 2014						—						1,611						3,322						—						—						4,933						1,632
Lhoist						Irving						TX						Jun. 2014						—						173						2,154						—						125						2,452						708
Select Energy Services						DeBerry						TX						Jun. 2014						—						533						7,551						—						—						8,084						3,160
Select Energy Services						Gainesville						TX						Jun. 2014						—						519						7,482						—						—						8,001						1,857
Select Energy Services						Victoria						TX						Jun. 2014						—						354						1,698						—						—						2,052						552
Bell Supply Co						Jacksboro						TX						Jun. 2014						—						51						657						—						—						708						285
Bell Supply Co						Kenedy						TX						Jun. 2014						—						190						1,669						—						—						1,859						571
Select Energy Services						Alice						TX						Jun. 2014						—						518						1,331						—						—						1,849						392
Select Energy Services						Dilley						TX						Jun. 2014						—						429						1,777						—						—						2,206						616
Select Energy Services						Kenedy						TX						Jun. 2014						—						815						8,355						—						—						9,170						2,484
Select Energy Services						Laredo						TX						Jun. 2014						—						2,472						944						—						—						3,416						416
Superior Energy Services						Gainesville						TX						Jun. 2014						—						322						480						—						—						802						129
Superior Energy Services						Jacksboro						TX						Jun. 2014						—						408						312						—						—						720						115
Amcor Packaging						Workington						United Kingdom						Jun. 2014						—						1,108						6,533						—						—						7,641						2,006
Government Services Administration (GSA)						Raton						NM						Jun. 2014						—						93						875						—						—						968						246

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Nimble Storage						San Jose						CA						Jun. 2014						—			(10)			30,227						10,795						—						180						41,202						2,841
FedEx						Amarillo						TX						Jul. 2014						—						889						6,446						—						—						7,335						1,991
FedEx						Chicopee						MA						Jul. 2014						—						1,030						7,022						—						2,087						10,139						2,953
FedEx						San Antonio						TX						Jul. 2014						—			(11)			3,283						17,756						—						—						21,039						4,558
Sandoz						Princeton						NJ						Jul. 2014						—			(8)			7,766						31,994						—						12,091						51,851						16,862
Wyndham						Branson						MO						Jul. 2014						—						881						3,307						—						—						4,188						898
Valassis						Livonia						MI						Jul. 2014						—						1,735						8,119						—						—						9,854						2,020
Government Services Administration (GSA)						Fort Fairfield						ME						Jul. 2014						—						26						9,315						—						—						9,341						2,239
AT&T Services, Inc.						San Antonio						TX						Jul. 2014						—			(12)			5,312						41,201						—						—						46,513						9,798
PNC Bank						Erie						PA						Jul. 2014						—			(10)			242						6,195						—						—						6,437						1,504
PNC Bank						Scranton						PA						Jul. 2014						—			(8)			1,324						3,004						—						—						4,328						748
Continental Tire						Fort Mill						SC						Jul. 2014						—						780						14,259						—						—						15,039						3,455
Fujitsu Office Properties						Manchester						United Kingdom						Jul. 2014						—						3,595						38,918						—						—						42,513						9,574
BP Oil						Wootton Bassett						United Kingdom						Aug. 2014						—						583						2,521						—						—						3,104						660
HBOS						Derby						United Kingdom						Aug. 2014						—						585						5,894						—						—						6,479						1,592
HBOS						St. Helens						United Kingdom						Aug. 2014						—						222						3,340						—						—						3,562						909
HBOS						Warrington						United Kingdom						Aug. 2014						—						423						1,995						—						—						2,418						585
Malthurst						Shiptonthorpe						United Kingdom						Aug. 2014						—						268						1,907						—						—						2,175						549
Malthurst						Yorkshire						United Kingdom						Aug. 2014						—						476						1,249						—						—						1,725						471
Stanley Black & Decker						Westerville						OH						Aug. 2014						—						958						6,933						—						4,352						12,243						2,061
Thermo Fisher						Kalamazoo						MI						Aug. 2014						—						1,176						10,179						—						—						11,355						2,427
Capgemini						Birmingham						United Kingdom						Aug. 2014						—						1,585						15,024						—						4,881						21,490						4,075
Merck						Madison						NJ						Aug. 2014						—			(8)			10,290						32,530						—						—						42,820						7,744
Government Services Administration (GSA)						Rangeley						ME						Aug. 2014						—						1,377						4,746						—						1,104						7,227						1,445
Hewlett-Packard						Newcastle						United Kingdom						Sep. 2014						—						1,095						18,226						—						—						19,321						4,471
Intier Automotive						Redditch						United Kingdom						Sep. 2014						—						1,130						8,950						—						—						10,080						2,442
Waste Management						Winston-Salem						NC						Sep. 2014						—						494						3,235						—						—						3,729						812
FedEx						Winona						MN						Sep. 2014						—						83						1,785						—						—						1,868						514
Dollar General						Allen						OK						Sep. 2014						—						99						793						—						—						892						209
Dollar General						Cherokee						KS						Sep. 2014						—						27						769						—						—						796						205
Dollar General						Clearwater						KS						Sep. 2014						—						90						785						—						—						875						208
Dollar General						Dexter						NM						Sep. 2014						—						329						585						—						—						914						155
Dollar General						Elmore City						OK						Sep. 2014						—						21						742						—						—						763						200
Dollar General						Eunice						NM						Sep. 2014						—						269						569						—						—						838						153
Dollar General						Gore						OK						Sep. 2014						—						143						813						—						—						956						216

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Dollar General						Kingston						OK						Sep. 2014						—						81						778						—						—						859						208
Dollar General						Lordsburg						NM						Sep. 2014						—						212						719						—						—						931						190
Dollar General						Lyons						KS						Sep. 2014						—						120						970						—						—						1,090						255
Dollar General						Mansfield						LA						Sep. 2014						—						169						812						—						—						981						215
Dollar General						Neligh						NE						Sep. 2014						—						83						1,045						—						—						1,128						268
Dollar General						Norman						OK						Sep. 2014						—						40						913						—						—						953						241
Dollar General						Peggs						OK						Sep. 2014						—						72						879						—						—						951						232
Dollar General						Santa Rosa						NM						Sep. 2014						—						324						575						—						—						899						153
Dollar General						Sapulpa						OK						Sep. 2014						—						143						745						—						—						888						202
Dollar General						Schuyler						NE						Sep. 2014						—						144						905						—						—						1,049						235
Dollar General						Tahlequah						OK						Sep. 2014						—						132						925						—						—						1,057						242
Dollar General						Townville						PA						Sep. 2014						—						78						882						—						—						960						246
Dollar General						Valley Falls						KS						Sep. 2014						—						51						922						—						—						973						237
Dollar General						Wymore						NE						Sep. 2014						—						21						872						—						—						893						228
FedEx						Bohemia						NY						Sep. 2014						—			(8)			4,838						19,596						—						1,065						25,499						5,260
FedEx						Watertown						NY						Sep. 2014						—						561						4,757						—						—						5,318						1,336
Shaw Aero						Naples						FL						Sep. 2014						—						998						22,332						—						900						24,230						5,406
Mallinckrodt						St. Louis						MO						Sep. 2014						—			(10)			1,499						16,828						—						—						18,327						4,091
Kuka Warehouse						Sterling Heights						MI						Sep. 2014						—						1,227						10,790						—						—						12,017						2,623
Trinity Health						Livonia						MI						Sep. 2014						—						4,273						16,574						—						10,503						31,350						5,422
Trinity Health						Livonia						MI						Sep. 2014						—						4,680						11,568						—						2,762						19,010						4,418
FedEx						Hebron						KY						Sep. 2014						—						1,106						7,750						—						109						8,965						2,038
FedEx						Lexington						KY						Sep. 2014						—						1,118						7,961						—						—						9,079						2,017
GE Aviation						Cincinnati						OH						Sep. 2014						—						1,393						10,490						( 528 )						( 3,976 )						7,379						2,415
DNV GL						Dublin						OH						Oct. 2014						—						2,509						3,140						—						368						6,017						871
Rexam						Reckinghausen						Germany						Oct. 2014						—						778						10,957						—						—						11,735						2,670
FedEx						Lake Charles						LA						Oct. 2014						—			(12)			255						7,485						—						572						8,312						2,257
Onguard						Havre De Grace						MD						Oct. 2014						—						2,216						6,585						—						1,624						10,425						2,405
Metro Tonic						Halle Peissen						Germany						Oct. 2014						—						6,709						47,001						—						—						53,710						12,687
Tokmanni						Matsala						Finland						Nov. 2014						—			(6)			1,738						52,618						—						—						54,356						13,382
Fife Council						Dunfermline						United Kingdom						Nov. 2014						—						335						4,325						( 166 )						( 1,612 )						2,882						1,067
Government Services Administration (GSA)						Rapid City						SD						Nov. 2014						—						504						7,837						—						—						8,341						1,944
KPN BV						Houten						The Netherlands						Nov. 2014						—			(7)			1,556						19,041						—						—						20,597						4,431
Follett School						McHenry						IL						Dec. 2014						—						3,423						15,600						—						765						19,788						4,543
Diebold						North Canton						OH						Dec. 2014						—			(11)			—						9,142						—						—						9,142						2,549

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Weatherford International						Odessa						TX						Dec. 2014						—			(10)			665						1,795						—						—						2,460						719
AM Castle						Wichita						KS						Dec. 2014						—						426						6,681						—						509						7,616						1,657
FedEx						Billerica						MA						Dec. 2014						—						1,138						6,674						—						1,024						8,836						2,093
Constellium Auto						Wayne						MI						Dec. 2014						—			(8)			1,180						13,781						—						7,875						22,836						8,132
C&J Energy						Houston						TX						Mar. 2015						—						6,196						21,745						—						—						27,941						5,005
FedEx						Salina						UT						Mar. 2015						—						428						3,447						—						—						3,875						1,130
FedEx						Pierre						SD						Apr. 2015						—						—						3,288						—						—						3,288						1,036
Crowne Group						Fraser						MI						Aug. 2015						—						350						3,865						—						—						4,215						900
Crowne Group						Jonesville						MI						Aug. 2015						—						101						3,136						—						—						3,237						752
Crowne Group						Logansport						IN						Aug. 2015						—						1,843						5,430						—						—						7,273						1,480
Crowne Group						Marion						SC						Aug. 2015						—						386						7,993						—						—						8,379						1,989
JIT Steel						Chattanooga						TN						Sep. 2015						—						582						3,122						—						—						3,704						688
JIT Steel						Chattanooga						TN						Sep. 2015						—						316						1,986						—						—						2,302						427
Mapes & Sprowl						Elk Grove Village						IL						Sep. 2015						—			(11)			954						4,619						—						—						5,573						1,050
National Oilwell						Pleasanton						TX						Sep. 2015						—						80						3,372						—						—						3,452						812
Office Depot						Venlo						The Netherlands						Sep. 2015						—						3,443						15,226						—						—						18,669						3,804
Finnair						Helsinki						Finland						Sep. 2015						—			(6)			2,484						70,793						—						—						73,277						15,872
Hannibal						Houston						TX						Sep. 2015						—						2,090						11,138						—						—						13,228						2,420
FedEx						Mankato						MN						Sep. 2015						—						472						6,780						—						—						7,252						1,889
Auchan						Beychac-et-Caillau						France						Dec. 2016						—						3,997						13,000						—						4,975						21,972						3,197
DCNS						Guipavas						France						Dec. 2016						—						1,865						14,151						—						—						16,016						2,742
Deutsche Bank						Kirchberg						Luxembourg						Dec. 2016						—			(7)			14,259						48,502						—						651						63,412						8,833
FedEx						Greensboro						NC						Dec. 2016						—						1,820						8,252						—						—						10,072						2,009
Foster Wheeler						Reading						United Kingdom						Dec. 2016						—						26,932						73,675						( 18,357 )						( 41,526 )						40,724						12,902
Harper Collins						Glasgow						United Kingdom						Dec. 2016						—						10,058						51,379						—						—						61,437						9,979
ID Logistics						Landersheim						France						Dec. 2016						—						1,902						7,995						—						—						9,897						1,531
ID Logistics						Moreuil						France						Dec. 2016						—						2,937						5,939						—						—						8,876						1,196
ID Logistics						Weilbach						Germany						Dec. 2016						—						1,314						8,688						—						—						10,002						1,588
ING Bank						Amsterdam Zuidoos						The Netherlands						Dec. 2016						—			(7)			—						71,889						—						2,001						73,890						12,923
NCR Financial Solutions Group						Dundee						United Kingdom						Dec. 2016						—						2,560						8,187						—						—						10,747						1,786
Pole Emploi						Marseille						France						Dec. 2016						—						787						8,297						—						—						9,084						1,484
Worldline SA						Blois						France						Dec. 2016						—						1,115						5,307						—						—						6,422						1,308
Cott Beverages						Sikeston						MO						Feb. 2017						—						456						8,291						—						—						8,747						1,524
FedEx						Great Falls						MT						Mar. 2017						—			(10)			326						5,439						—						—						5,765						1,332
FedEx						Morgantown						WV						Mar. 2017						—			(8)			4,661						8,401						—						—						13,062						1,624
Bridgestone Tire						Mt. Olive Township						NJ						Sep. 2017						—			(9)			916						5,088						—						—						6,004						884

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
NSA Industries						St. Johnsbury						VT						Oct. 2017						—			(9)			210						1,753						—						—						1,963						316
NSA Industries						St. Johnsbury						VT						Oct. 2017						—			(9)			300						3,936						—						491						4,727						905
NSA Industries						St. Johnsbury						VT						Oct. 2017						—			(9)			270						3,858						—						—						4,128						708
GKN Aerospace						Blue Ash						OH						Oct. 2017						—			(9)			790						4,079						—						—						4,869						726
Tremec						Wixom						MI						Nov. 2017						—			(9)			1,002						17,376						—						—						18,378						3,109
NSA Industries						Groveton						NH						Dec. 2017						—			(9)			59						3,517						—						—						3,576						542
Cummins						Omaha						NE						Dec. 2017						—			(9)			1,448						6,469						—						—						7,917						1,215
Government Services Administration (GSA)						Gainesville						FL						Dec. 2017						—						451						6,016						—						53						6,520						955
Chemours						Pass Christian						MS						Feb. 2018						—			(11)			382						16,149						—						—						16,531						2,861
Lee Steel						Wyoming						MI						Mar. 2018						—						504						7,256						—						—						7,760						1,094
LSI Steel						Chicago						IL						Mar. 2018						—						3,341						1,181						—						—						4,522						177
LSI Steel						Chicago						IL						Mar. 2018						—						1,792						5,615						—						—						7,407						812
LSI Steel						Chicago						IL						Mar. 2018						—						2,856						948						—						—						3,804						155
Fiat Chrysler						Sterling Heights						MI						Mar. 2018						—						1,855						13,623						—						—						15,478						2,359
Contractors Steel						Belleville						MI						May 2018						—						2,862						25,878						—						6,296						35,036						5,451
Contractors Steel						Hammond						IN						May 2018						—						1,970						8,859						—						—						10,829						1,597
Contractors Steel						Livonia						MI						May 2018						—						933						8,554						—						1,357						10,844						1,881
Contractors Steel						Twinsburg						OH						May 2018						—						729						8,707						—						2,500						11,936						2,493
Contractors Steel						Wyoming						MI						May 2018						—						970						12,426						—						1,232						14,628						2,482
FedEx						Blackfoot						ID						Jun. 2018						—			(11)			350						6,882						—						—						7,232						1,753
DuPont Pioneer						Spencer						IA						Jun. 2018						—						273						6,718						—						607						7,598						1,232
Rubbermaid						Akron						OH						Jul. 2018						—			(11)			1,221						17,145						—						—						18,366						2,387
NetScout						Allen						TX						Aug. 2018						—			(10)			2,115						41,486						—						—						43,601						5,703
Bush Industries						Jamestown						NY						Sep. 2018						—			(11)			1,535						14,818						—						—						16,353						2,103
FedEx						Greenville						NC						Sep. 2018						—			(11)			581						9,744						—						—						10,325						2,587
Penske						Romulus						MI						Nov. 2018						70,000						4,701						105,826						—						163						110,690						14,703
NSA Industries						Georgetown						MA						Nov. 2018						—						1,100						6,059						—						1,198						8,357						1,250
LKQ Corp.						Cullman						AL						Dec. 2018						—						61						3,781						—						—						3,842						542
Grupo Antolin North America, Inc.						Shelby Township						MI						Dec. 2018						—						1,941						41,648						—						—						43,589						5,767
Walgreens						Pittsburgh						PA						Dec. 2018						—						1,701						13,718						—						—						15,419						1,921
VersaFlex						Kansas City						KS						Dec. 2018						—						519						7,581						—						—						8,100						987
Cummins						Gillette						WY						Mar. 2019						—			(12)			1,197						5,470						—						424						7,091						894
Stanley Security						Fishers						IN						Mar. 2019						—			(12)			1,246						11,879						—						—						13,125						1,555
Sierra Nevada						Colorado Springs						CO						Apr. 2019						—						—						16,105						—						—						16,105						2,077
EQT						Waynesburg						PA						Apr. 2019						—			(12)			875						11,126						—						—						12,001						1,537

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Hanes						Calhoun						GA						Apr. 2019						—			(12)			731						8,104						—						—						8,835						1,198
Union Partners						Aurora						IL						May 2019						—						929						11,621						—						—						12,550						1,437
Union Partners						Dearborn						MI						May 2019						—			(12)			3,028						11,645						—						—						14,673						1,506
ComDoc						North Canton						OH						Jun. 2019						—			(12)			602						15,128						—						—						15,730						2,022
Metal Technologies						Bloomfield						IN						Jun. 2019						—			(12)			277						9,552						—						—						9,829						1,330
Encompass Health						Birmingham						AL						Jun. 2019						—			(12)			1,746						55,568						—						—						57,314						6,350
Heatcraft						Tifton						GA						Jun. 2019						—			(12)			346						9,064						—						—						9,410						1,038
CF Sauer SLB						Mauldin						SC						Aug. 2019						—						40						343						—						—						383						45
CF Sauer SLB						Mauldin						SC						Aug. 2019						—						232						15,488						—						—						15,720						1,829
CF Sauer SLB						Mauldin						SC						Aug. 2019						—						348						4,747						—						—						5,095						685
CF Sauer SLB						Mauldin						SC						Aug. 2019						—						190						9,488						—						—						9,678						1,118
CF Sauer SLB						Orange						FL						Aug. 2019						—						237						351						—						—						588						55
CF Sauer SLB						San Luis Obispo						CA						Aug. 2019						—						2,201						12,884						—						—						15,085						1,580
SWECO						Florence						KY						Sep. 2019						—						2,080						21,924						—						—						24,004						2,883
Viavi Solutions						Santa Rosa						CA						Sep. 2019						—						3,061						5,929						—						2,358						11,348						1,103
Viavi Solutions						Santa Rosa						CA						Sep. 2019						—						3,073						7,130						—						2,171						12,374						1,227
Faurecia						Auburn Hills						MI						Dec. 2019						—						3,310						38,278						—						2,055						43,643						5,065
Plasma						Garland						TX						Dec. 2019						—						595						2,421						—						—						3,016						319
Plasma						El Paso						TX						Dec. 2019						—						72						2,478						—						—						2,550						255
Plasma						Bradenton						FL						Dec. 2019						—						185						3,747						—						—						3,932						407
Plasma						Hickory						NC						Dec. 2019						—						494						3,702						—						—						4,196						419
Plasma						Irving						TX						Dec. 2019						—						673						3,916						—						—						4,589						525
Plasma						Lake Charles						LA						Dec. 2019						—						301						1,730						—						—						2,031						207
Plasma						Mission						TX						Dec. 2019						—						275						1,735						—						—						2,010						200
Plasma						Meridian						MS						Dec. 2019						—						203						2,965						—						—						3,168						339
Plasma						Peoria						IL						Dec. 2019						—						206						2,578						—						—						2,784						280
Whirlpool						Cleveland						TN						Dec. 2019						—						2,230						20,923						—						—						23,153						2,510
Whirlpool						Clyde						OH						Dec. 2019						—						1,641						20,072						—						—						21,713						2,342
Whirlpool						Clyde						OH						Dec. 2019						—						3,559						17,283						—						—						20,842						2,365
Whirlpool						Findlay						OH						Dec. 2019						—						1,344						22,624						—						—						23,968						2,479
Whirlpool						Marion						OH						Dec. 2019						—						1,876						27,850						—						—						29,726						3,088
Whirlpool						Ottawa						OH						Dec. 2019						—						3,155						19,919						—						20,934						44,008						2,262
FedEx						Bathurst						Canada						Dec. 2019						—						38						2,166						—						—						2,204						347
FedEx						Woodstock						Canada						Dec. 2019						—						422						3,789						—						—						4,211						513
NSA Industries						Franklin						NH						Dec. 2019						—						237						7,968						( 3 )						6,006						14,208						1,087
Viavi						Santa Rosa						CA						Jan. 2020						—						3,209						4,203						—						1,482						8,894						799

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
CSTK						St. Louis						MO						Feb. 2020						—						3,405						8,155						—						—						11,560						1,104
Metal Technologies						Bloomfield						IN						Feb. 2020						—						167						1,034						—						—						1,201						138
Whirlpool						Fabriano						ITA						Feb. 2020						—						223						5,271						—						—						5,494						513
Whirlpool						Fabriano						ITA						Feb. 2020						—						2,603						15,067						—						—						17,670						1,603
FedEx						Moncton						Canada						Mar. 2020						—						298						2,972						—						—						3,270						361
Klaussner						Asheboro						NC						Mar. 2020						—						1,994						8,821						( 270 )						( 1,080 )						9,465						904
Klaussner						Asheboro						NC						Mar. 2020						—						3,470						19,521						( 473 )						( 2,416 )						20,102						1,898
Klaussner						Asheboro						NC						Mar. 2020						—						4,102						10,420						—						—						14,522						1,131
Klaussner						Candor						NC						Mar. 2020						—						1,705						9,528						( 228 )						( 1,153 )						9,852						953
Plasma						Danville						VA						May 2020						—						434						2,209						—						—						2,643						234
Plasma						Des Moines						IA						May 2020						—						254						2,827						—						—						3,081						274
Plasma						Erie						PA						May 2020						—						223						2,321						—						—						2,544						249
Plasma						Youngstown						OH						May 2020						—						41						4,600						—						—						4,641						424
Plasma						Dayton						OH						May 2020						—						61						1,796						—						—						1,857						172
Plasma						North Las Vegas						NV						May 2020						—						707						3,094						—						—						3,801						298
Klaussner						Asheboro						NC						Jun. 2020						—						2,438						3,025						—						—						5,463						279
NSA Industries						Franklin						NH						Jun. 2020						—						161						2,857						—						—						3,018						322
Johnson Controls						Las Rozas de Madrid						Spain						Sep. 2020						—						2,470						1,630						—						—						4,100						139
Johnson Controls						Manchester						United Kingdom						Sep. 2020						—						—						10,078						—						—						10,078						879
Johnson Controls						Manchester						United Kingdom						Sep. 2020						—						—						1,411						—						—						1,411						147
Broadridge Financial Solutions						El Dorado Hills						CA						Nov. 2020						—						5,524						47,050						—						—						52,574						4,078
Broadridge Financial Solutions						Kansas City						MO						Nov. 2020						—						5,731						27,736						—						—						33,467						2,347
Broadridge Financial Solutions						South Windsor						CT						Nov. 2020						—						6,473						32,490						—						—						38,963						3,020
Broadridge Financial Solutions						Falconer						NY						Nov. 2020						—						355						16,492						—						—						16,847						1,363
ZF Active Safety						Findlay						OH						Dec. 2020						—						1,231						21,410						—						—						22,641						1,781
Johnson Controls						Montigny-Le-Bretonneux						France						Dec. 2020						—						1,078						2,837						—						—						3,915						227
FCA USA						Detroit						MI						Dec. 2020						—						5,125						95,485						973						564						102,147						7,715
Momentum Manufacturing Group						Amherst						NH						Apr. 2021						—						498						5,233						—						—						5,731						410
Cameron International						Pearsall						TX						Apr. 2021						—						298						6,356						—						—						6,654						556
McLaren						Woking						United Kingdom						Apr. 2021						72,725						12,826						131,959						—						—						144,785						9,125
McLaren						Woking						United Kingdom						Apr. 2021						50,538						9,081						53,237						—						—						62,318						3,852
Trafalgar Court						St. Peter Port						Channel Islands						Sep. 2021						—						11,447						54,678						—						—						66,125						3,215
Walmart Inc.						Bentonville						AR						Oct. 2021						—						4,358						33,231						—						—						37,589						2,086
Pilot Point Steel						Hallettsville						TX						Oct. 2021						—						386						3,085						—						—						3,471						281
Pilot Point Steel						Pilot Point						TX						Oct. 2021						—						854						7,184						—						—						8,038						511
Promess Incorporated						Brighton						MI						Dec. 2021						—						299						6,170						—						—						6,469						346

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Promess Incorporated						Brighton						MI						Dec. 2021						—						278						1,824						—						—						2,102						115
Promess Incorporated						Brighton						MI						Dec. 2021						—						288						1,758						—						—						2,046						103
Thetford Corporation						Ann Arbor						MI						Dec. 2021						—						1,353						8,197						—						—						9,550						510
Thetford Corporation						Dexter						MI						Dec. 2021						—						3,307						10,248						—						—						13,555						626
Thetford Corporation						Mishawaka						IN						Dec. 2021						—						616						4,659						—						—						5,275						287
PFB America Corporation						Blissfield						MI						Dec. 2021						—						219						2,121						—						—						2,340						138
PFB America Corporation						Blissfield						MI						Dec. 2021						—						118						651						—						—						769						40
PFB America Corporation						Lebanon						OH						Dec. 2021						—						398						4,718						—						—						5,116						262
PFB America Corporation						Lester Prairie						MN						Dec. 2021						—						448						5,817						—						—						6,265						327
Plasti-Fab Ltd						Crossfield						Canada						Dec. 2021						—						868						5,590						—						—						6,458						319
Plasti-Fab Ltd						Crossfield						Canada						Dec. 2021						—						2,255						4,638						—						—						6,893						284
Plasti-Fab Ltd						Kitchener						Canada						Dec. 2021						—						3,129						7,252						—						—						10,381						385
Plasti-Fab Ltd						Winnipeg						Canada						Dec. 2021						—						1,040						341						—						—						1,381						24
Thetford Corporation						Etten-Leur						Netherlands						Dec. 2021						—						3,844						15,610						—						—						19,454						896
Executive Mailing Service						Palos Hills						IL						Apr. 2022						—						2,061						9,339						—						—						11,400						407
Calendonia House						Glasgow						United Kingdom						May. 2022						—						1,530						11,436						—						—						12,966						506
Momentum Manufacturing Group						Georgetown						MA						Jun. 2022						—						610						5,349						—						—						5,959						215
Wallgreens Boots Alliance Inc.						Coventry						United Kingdom						Jan. 2023						—						—						3,392						—						—						3,392						78
Wallgreens Boots Alliance Inc.						Stortford						United Kingdom						Jan. 2023						—						476						1,706						—						—						2,182						39
Wallgreens Boots Alliance Inc.						Worthing						United Kingdom						Jan. 2023						—						829						2,837						—						—						3,666						65
Wallgreens Boots Alliance Inc.						Southhampton						United Kingdom						Jan. 2023						—						1,689						3,767						—						—						5,456						87
Wallgreens Boots Alliance Inc.						Poole						United Kingdom						Jan. 2023						—						—						4,505						—						—						4,505						103
Wallgreens Boots Alliance Inc.						Taunton						United Kingdom						Jan. 2023						—						507						3,407						—						—						3,914						79
Wallgreens Boots Alliance Inc.						Glouchester						United Kingdom						Jan. 2023						—						369						5,427						—						—						5,796						125
Wallgreens Boots Alliance Inc.						Tunbrdige Wells						United Kingdom						Jan. 2023						—						1,043						6,019						—						—						7,062						138
Dollar General I						Mission						TX						Sep. 2023									(14)			250						654						—						—						904						6
Dollar General I						Sullivan						MO						Sep. 2023									(14)			260						663						—						—						923						6
Walgreens I						Pine Bluff						AR						Sep. 2023									(13)			840						2,014						—						—						2,854						18
Dollar General II						Bogalusa						LA						Sep. 2023									(14)			280						688						—						—						968						6
Dollar General II						Donaldsonville						LA						Sep. 2023									(14)			260						614						—						—						874						6
AutoZone I						Cut Off						LA						Sep. 2023									(14)			330						858						—						—						1,188						8
Dollar General III						Athens						MI						Sep. 2023									(14)			250						654						—						—						904						6
Dollar General III						Fowler						MI						Sep. 2023									(14)			260						651						—						—						911						6
Dollar General III						Hudson						MI						Sep. 2023									(14)			270						671						—						—						941						6
Dollar General III						Muskegon						MI						Sep. 2023									(14)			290						620						—						—						910						6
Dollar General III						Reese						MI						Sep. 2023									(14)			260						650						—						—						910						6
BSFS I						Fort Myers						FL						Sep. 2023									(14)			800						2,255						—						—						3,055						20

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Dollar General IV						Bainbridge						GA						Sep. 2023									(14)			250						559						—						—						809						5
Dollar General IV						Vanleer						TN						Sep. 2023									(14)			230						552						—						—						782						5
Tractor Supply I						Vernon						CT						Sep. 2023									(14)			950						3,016						—						—						3,966						27
Dollar General V						Meraux						LA						Sep. 2023									(14)			520						1,326						—						—						1,846						12
Mattress Firm I						Tallahassee						FL						Sep. 2023												510						1,355						—						—						1,865						12
Lowe's I						Fayetteville						NC						Sep. 2023									(14)			—						10,178						—						—						10,178						89
Lowe's I						Macon						GA						Sep. 2023									(14)			—						12,230						—						—						12,230						107
Lowe's I						New Bern						NC						Sep. 2023									(14)			3,050						6,794						—						—						9,844						64
Lowe's I						Rocky Mount						NC						Sep. 2023									(14)			3,260						7,390						—						—						10,650						69
O'Reilly Auto Parts I						Manitowoc						WI						Sep. 2023									(14)			220						631						—						—						851						6
Food Lion I						Charlotte						NC						Sep. 2023									(14)			1,660						5,652						—						—						7,312						51
Family Dollar II						Danville						AR						Sep. 2023									(14)			330						390						—						—						720						4
Lowe's I						Aiken						SC						Sep. 2023									(14)			—						6,963						—						—						6,963						63
Dollar General VII						Gasburg						VA						Sep. 2023									(14)			270						717						—						—						987						7
Dollar General VI						Natalbany						LA						Sep. 2023									(14)			320						844						—						—						1,164						8
Walgreens II						Tucker						GA						Sep. 2023									(14)			—						3,963						—						—						3,963						34
Family Dollar III						Challis						ID						Sep. 2023									(14)			280						663						—						—						943						6
Chili's I						Lake Jackson						TX						Sep. 2023									(14)			600						1,586						—						—						2,186						14
Chili's I						Victoria						TX						Sep. 2023									(14)			680						1,703						—						—						2,383						15
CVS I						Anniston						AL						Sep. 2023									(14)			580						1,621						—						—						2,201						15
Joe's Crab Shack I						Westminster						CO						Sep. 2023												650						1,701						—						—						2,351						15
Tire Kingdom I						Lake Wales						FL						Sep. 2023									(14)			510						1,417						—						—						1,927						13
AutoZone II						Temple						GA						Sep. 2023									—			370						814						—						—						1,184						8
Dollar General VIII						Stanleytown						VA						Sep. 2023									—			300						833						—						—						1,133						8
Family Dollar IV						Oil City						LA						Sep. 2023									—			320						430						—						—						750						4
Fresenius I						Montevallo						AL						Sep. 2023									—			580						1,425						—						—						2,005						13
Dollar General IX						Mabelvale						AR						Sep. 2023									—			200						519						—						—						719						5
Advance Auto I						Angola						IN						Sep. 2023									—			170						370						—						—						540						3
Arby's I						Hernando						MS						Sep. 2023									(14)			600						1,485						—						—						2,085						14
CVS II						Holyoke						MA						Sep. 2023									(14)			—						5,188						—						—						5,188						44
Walgreens III						Lansing						MI						Sep. 2023									(14)			1,070						2,917						—						—						3,987						26
Walgreens IV						Beaumont						TX						Sep. 2023									(14)			620						1,618						—						—						2,238						15
AmeriCold I						Belvidere						IL						Sep. 2023									(14)			5,120						12,936						—						—						18,056						128
AmeriCold I						Brooklyn Park						MN						Sep. 2023									(14)			2,970						7,635						—						—						10,605						75
AmeriCold I						Cartersville						GA						Sep. 2023									(14)			4,150						10,499						—						—						14,649						104
AmeriCold I						Douglas						GA						Sep. 2023									(14)			1,880						4,219						—						—						6,099						42

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
AmeriCold I						Gaffney						SC						Sep. 2023									(14)			1,540						3,950						—						—						5,490						39
AmeriCold I						Gainesville						GA						Sep. 2023									(14)			4,070						10,331						—						—						14,401						102
AmeriCold I						Pendergrass						GA						Sep. 2023									(14)			7,400						19,177						—						—						26,577						190
AmeriCold I						Piedmont						SC						Sep. 2023									(14)			6,970						17,540						—						—						24,510						174
AmeriCold I						Zumbrota						MN						Sep. 2023									(14)			5,570						13,057						—						—						18,627						130
Dollar General X						Greenwell Springs						LA						Sep. 2023									(14)			250						793						—						—						1,043						7
Home Depot I						Birmingham						AL						Sep. 2023									(14)			9,800						27,391						—						—						37,191						269
Home Depot I						Valdosta						GA						Sep. 2023									(14)			9,250						24,191						—						—						33,441						239
New Breed Logistics I						Hanahan						SC						Sep. 2023									(14)			5,560						10,822						—						—						16,382						115
Truist Bank I						Atlanta						GA						Sep. 2023									(14)			420						1,128						—						—						1,548						10
Truist Bank I						Doswell						VA						Sep. 2023									(14)			200						620						—						—						820						6
Truist Bank I						Fort Pierce						FL						Sep. 2023									(14)			540						1,370						—						—						1,910						13
Truist Bank I						Nashville						TN						Sep. 2023									(14)			210						543						—						—						753						5
Truist Bank I						New Market						VA						Sep. 2023									(14)			320						830						—						—						1,150						8
Truist Bank I						New Smyrna Beach						FL						Sep. 2023									(14)			890						2,324						—						—						3,214						21
Truist Bank I						Oak Ridge						TN						Sep. 2023									(14)			430						1,172						—						—						1,602						11
Truist Bank I						Orlando						FL						Sep. 2023									(14)			590						1,603						—						—						2,193						15
Truist Bank I						Orlando						FL						Sep. 2023									(14)			890						2,324						—						—						3,214						21
Truist Bank I						Savannah						TN						Sep. 2023									(14)			380						1,033						—						—						1,413						9
Truist Bank I						Summerfield						NC						Sep. 2023									(14)			190						540						—						—						730						5
Truist Bank I						Thomson						GA						Sep. 2023									(14)			360						953						—						—						1,313						9
Truist Bank I						Vinton						VA						Sep. 2023									(14)			120						324						—						—						444						3
Truist Bank I						Washington						DC						Sep. 2023									(14)			730						1,902						—						—						2,632						17
Truist Bank I						Waycross						GA						Sep. 2023									(14)			420						1,126						—						—						1,546						10
Truist Bank I						Waynesville						NC						Sep. 2023									(14)			260						702						—						—						962						6
Circle K I						Aledo						IL						Sep. 2023									(14)			450						1,475						—						—						1,925						13
Circle K I						Bedford						OH						Sep. 2023									(14)			310						950						—						—						1,260						9
Circle K I						Bloomington						IL						Sep. 2023									(14)			210						682						—						—						892						6
Circle K I						Bloomington						IL						Sep. 2023									(14)			190						627						—						—						817						6
Circle K I						Burlington						IA						Sep. 2023									(14)			160						517						—						—						677						5
Circle K I						Champaign						IL						Sep. 2023									(14)			195						635						—						—						830						6
Circle K I						Clinton						IA						Sep. 2023									(14)			240						765						—						—						1,005						7
Circle K I						Galesburg						IL						Sep. 2023									(14)			250						826						—						—						1,076						7
Circle K I						Jacksonville						IL						Sep. 2023									(14)			170						545						—						—						715						5
Circle K I						Jacksonville						IL						Sep. 2023									(14)			130						410						—						—						540						4
Circle K I						Lafayette						IN						Sep. 2023									(14)			250						784						—						—						1,034						7

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Circle K I						Mattoon						IL						Sep. 2023									(14)			370						1,202						—						—						1,572						11
Circle K I						Morton						IL						Sep. 2023									(14)			180						611						—						—						791						5
Circle K I						Muscatine						IA						Sep. 2023									(14)			230						755						—						—						985						7
Circle K I						Paris						IL						Sep. 2023									(14)			260						845						—						—						1,105						8
Circle K I						Staunton						IL						Sep. 2023									(14)			510						1,593						—						—						2,103						14
Circle K I						Streetsboro						OH						Sep. 2023									(14)			240						730						—						—						970						7
Circle K I						Vandalia						IL						Sep. 2023									(14)			330						1,031						—						—						1,361						9
Circle K I						Virden						IL						Sep. 2023									(14)			340						1,024						—						—						1,364						9
Walgreens VI						Gillette						WY						Sep. 2023									(14)			920						2,336						—						—						3,256						21
Walgreens V						Oklahoma City						OK						Sep. 2023									(14)			1,120						3,162						—						—						4,282						29
1st Constitution Bancorp I						Hightstown						NJ						Sep. 2023									(14)			430						1,131						—						—						1,561						10
FedEx Ground I						Watertown						SD						Sep. 2023									(14)			780						1,755						—						—						2,535						18
Krystal I						Chattanooga						TN						Sep. 2023												280						689						—						—						969						6
Krystal I						Cleveland						TN						Sep. 2023												380						1,084						—						—						1,464						10
Krystal I						Columbus						GA						Sep. 2023												400						1,009						—						—						1,409						9
Krystal I						Ft. Oglethorpe						GA						Sep. 2023												250						711						—						—						961						6
Krystal I						Jacksonville						FL						Sep. 2023												360						898						—						—						1,258						8
O'Charley's I						Carrollton						GA						Sep. 2023									(14)			580						1,539						—						—						2,119						14
O'Charley's I						Champaign						IL						Sep. 2023									(14)			580						1,738						—						—						2,318						16
O'Charley's I						Clarksville						TN						Sep. 2023									(14)			730						2,198						—						—						2,928						20
O'Charley's I						Columbus						OH						Sep. 2023									(14)			600						1,798						—						—						2,398						16
O'Charley's I						Conyers						GA						Sep. 2023									(14)			870						2,477						—						—						3,347						22
O'Charley's I						Corydon						IN						Sep. 2023									(14)			630						1,718						—						—						2,348						15
O'Charley's I						Foley						AL						Sep. 2023									(14)			610						1,798						—						—						2,408						16
O'Charley's I						Greenfield						IN						Sep. 2023									(14)			590						1,699						—						—						2,289						15
O'Charley's I						Grove City						OH						Sep. 2023									(14)			660						1,918						—						—						2,578						17
O'Charley's I						Hattiesburg						MS						Sep. 2023									(14)			720						2,058						—						—						2,778						18
O'Charley's I						Lake Charles						LA						Sep. 2023									(14)			631						1,869						—						—						2,500						—
O'Charley's I						McDonough						GA						Sep. 2023									(14)			780						2,138						—						—						2,918						19
O'Charley's I						Murfreesboro						TN						Sep. 2023									(14)			620						1,738						—						—						2,358						16
O'Charley's I						Salisbury						NC						Sep. 2023									(14)			560						1,529						—						—						2,089						14
O'Charley's I						Southaven						MS						Sep. 2023									(14)			632						1,818						—						—						2,450						—
O'Charley's I						Springfield						OH						Sep. 2023									(14)			640						1,788						—						—						2,428						16
Walgreens VII						Alton						IL						Sep. 2023									(14)			1,150						2,980						—						—						4,130						27
Walgreens VII						Florissant						MO						Sep. 2023									(14)			460						1,239						—						—						1,699						11
Walgreens VII						Florissant						MO						Sep. 2023									(14)			470						1,255						—						—						1,725						11

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Walgreens VII						Mahomet						IL						Sep. 2023									(14)			1,130						2,797						—						—						3,927						25
Walgreens VII						Monroe						MI						Sep. 2023									(14)			900						2,532						—						—						3,432						23
Walgreens VII						Springfield						IL						Sep. 2023									(14)			1,080						2,846						—						—						3,926						26
Walgreens VII						St Louis						MO						Sep. 2023									(14)			750						1,960						—						—						2,710						18
Walgreens VII						Washington						IL						Sep. 2023									(14)			930						2,514						—						—						3,444						23
Tractor Supply II						Houghton						MI						Sep. 2023									(14)			400						1,061						—						—						1,461						10
National Tire & Battery II						Mundelein						IL						Sep. 2023												—						3,549						—						—						3,549						30
Tractor Supply III						Harlan						KY						Sep. 2023									(14)			680						2,080						—						—						2,760						19
Mattress Firm II						Knoxville						TN						Sep. 2023									(14)			300						767						—						—						1,067						7
Dollar General XI						Greenville						MS						Sep. 2023									(14)			240						652						—						—						892						6
Talecris Plasma Resources I						Eagle Pass						TX						Sep. 2023									(14)			810						1,991						—						—						2,801						18
Amazon I						Winchester						KY						Sep. 2023									(14)			850						1,520						—						—						2,370						15
Fresenius II						Montclair						NJ						Sep. 2023									(14)			1,020						2,694						—						—						3,714						24
Fresenius II						Sharon Hill						PA						Sep. 2023									(14)			590						1,543						—						—						2,133						14
Dollar General XII						Le Center						MN						Sep. 2023									(14)			260						574						—						—						834						5
Advance Auto II						Bunnell						FL						Sep. 2023									(14)			380						956						—						—						1,336						9
Advance Auto II						Washington						GA						Sep. 2023									(14)			250						616						—						—						866						6
Dollar General XIII						Vidor						TX						Sep. 2023									(14)			230						521						—						—						751						5
FedEx Ground II						Leland						MS						Sep. 2023									(14)			1,170						2,660						—						—						3,830						27
Burger King I						Algonquin						IL						Sep. 2023									(14)			490						1,314						—						—						1,804						12
Burger King I						Antioch						IL						Sep. 2023									(14)			380						882						—						—						1,262						8
Burger King I						Austintown						OH						Sep. 2023									(14)			470						943						—						—						1,413						9
Burger King I						Beavercreek						OH						Sep. 2023									(14)			370						752						—						—						1,122						7
Burger King I						Celina						OH						Sep. 2023									(14)			360						890						—						—						1,250						8
Burger King I						Chardon						OH						Sep. 2023									(14)			300						680						—						—						980						6
Burger King I						Chesterland						OH						Sep. 2023									(14)			310						720						—						—						1,030						6
Burger King I						Columbiana						OH						Sep. 2023									(14)			460						1,015						—						—						1,475						9
Burger King I						Cortland						OH						Sep. 2023									(14)			370						760						—						—						1,130						7
Burger King I						Crystal Lake						IL						Sep. 2023									(14)			300						820						—						—						1,120						7
Burger King I						Dayton						OH						Sep. 2023									(14)			290						610						—						—						900						6
Burger King I						Fairborn						OH						Sep. 2023									(14)			440						1,148						—						—						1,588						10
Burger King I						Girard						OH						Sep. 2023									(14)			530						1,186						—						—						1,716						11
Burger King I						Grayslake						IL						Sep. 2023									(14)			340						797						—						—						1,137						7
Burger King I						Greenville						OH						Sep. 2023									(14)			400						1,001						—						—						1,401						9
Burger King I						Gurnee						IL						Sep. 2023									(14)			570						1,437						—						—						2,007						13
Burger King I						Madison						OH						Sep. 2023									(14)			95						—						—						—						95						—

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Burger King I						McHenry						IL						Sep. 2023									(14)			330						870						—						—						1,200						8
Burger King I						Mentor						OH						Sep. 2023									(14)			310						684						—						—						994						6
Burger King I						Niles						OH						Sep. 2023									(14)			480						1,061						—						—						1,541						10
Burger King I						North Fayette						PA						Sep. 2023									(14)			600						1,306						—						—						1,906						12
Burger King I						North Royalton						OH						Sep. 2023									(14)			440						860						—						—						1,300						8
Burger King I						North Versailles						PA						Sep. 2023									(14)			700						1,567						—						—						2,267						14
Burger King I						Poland						OH						Sep. 2023									(14)			340						742						—						—						1,082						7
Burger King I						Ravenna						OH						Sep. 2023									(14)			500						1,084						—						—						1,584						10
Burger King I						Round Lake Beach						IL						Sep. 2023									(14)			730						1,770						—						—						2,500						16
Burger King I						Salem						OH						Sep. 2023									(14)			550						1,247						—						—						1,797						11
Burger King I						Trotwood						OH						Sep. 2023									(14)			330						882						—						—						1,212						8
Burger King I						Twinsburg						OH						Sep. 2023									(14)			420						911						—						—						1,331						8
Burger King I						Vandalia						OH						Sep. 2023									(14)			320						568						—						—						888						5
Burger King I						Warren						OH						Sep. 2023									(14)			280						540						—						—						820						5
Burger King I						Waukegan						IL						Sep. 2023									(14)			380						926						—						—						1,306						9
Burger King I						Willoughby						OH						Sep. 2023									(14)			230						500						—						—						730						5
Burger King I						Woodstock						IL						Sep. 2023									(14)			271						800						—						—						1,071						7
Burger King I						Youngstown						OH						Sep. 2023									(14)			450						1,215						—						—						1,665						11
Burger King I						Youngstown						OH						Sep. 2023									(14)			570						1,220						—						—						1,790						11
Burger King I						Youngstown						OH						Sep. 2023									(14)			570						1,311						—						—						1,881						12
Burger King I						Youngstown						OH						Sep. 2023									(14)			370						854						—						—						1,224						8
Dollar General XIV						Fort Smith						AR						Sep. 2023									(14)			300						781						—						—						1,081						7
Dollar General XIV						Hot Springs						AR						Sep. 2023									(14)			300						780						—						—						1,080						7
Dollar General XIV						Royal						AR						Sep. 2023									(14)			250						614						—						—						864						6
Dollar General XV						Wilson						NY						Sep. 2023									(14)			290						758						—						—						1,048						7
Mattress Firm I						McDonough						GA						Sep. 2023												390						1,013						—						—						1,403						9
Dollar General XVI						LaFollette						TN						Sep. 2023									(14)			220						571						—						—						791						5
Family Dollar V						Carrollton						MO						Sep. 2023									(14)			260						542						—						—						802						5
CVS III						Detroit						MI						Sep. 2023												800						2,210						—						—						3,010						20
Family Dollar VI						Walden						CO						Sep. 2023									(14)			220						451						—						—						671						4
Mattress Firm III						Valdosta						GA						Sep. 2023												420						1,121						—						—						1,541						10
Arby's II						Virginia						MN						Sep. 2023									(14)			320						767						—						—						1,087						7
Family Dollar VI						Kremmling						CO						Sep. 2023									(14)			240						746						—						—						986						7
SAAB Sensis I						Syracuse						NY						Sep. 2023												2,970						6,874						—						—						9,844						69
Citizens Bank I						Doylestown						PA						Sep. 2023									(14)			520						1,332						—						—						1,852						12
Citizens Bank I						Lansdale						PA						Sep. 2023									(14)			420						1,006						—						—						1,426						9

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Citizens Bank I						Lima						PA						Sep. 2023									(14)			710						1,791						—						—						2,501						16
Citizens Bank I						Philadelphia						PA						Sep. 2023									(14)			450						1,145						—						—						1,595						10
Citizens Bank I						Philadelphia						PA						Sep. 2023									(14)			660						1,603						—						—						2,263						15
Citizens Bank I						Philadelphia						PA						Sep. 2023									(14)			710						1,955						—						—						2,665						18
Citizens Bank I						Philadelphia						PA						Sep. 2023									(14)			630						1,954						—						—						2,584						17
Citizens Bank I						Richboro						PA						Sep. 2023									(14)			420						1,080						—						—						1,500						10
Citizens Bank I						Wayne						PA						Sep. 2023									(14)			1,030						2,920						—						—						3,950						26
Truist Bank II						Bushnell						FL						Sep. 2023												320						802						—						—						1,122						7
Truist Bank II						Chattanooga						TN						Sep. 2023												300						754						—						—						1,054						7
Truist Bank II						Douglasville						GA						Sep. 2023												400						1,029						—						—						1,429						9
Truist Bank II						Duluth						GA						Sep. 2023												800						1,930						—						—						2,730						18
Truist Bank II						East Ridge						TN						Sep. 2023												230						626						—						—						856						6
Truist Bank II						Mauldin						SC						Sep. 2023												310						891						—						—						1,201						8
Truist Bank II						Okeechobee						FL						Sep. 2023												460						1,274						—						—						1,734						12
Truist Bank II						Panama City						FL						Sep. 2023												450						1,243						—						—						1,693						11
Mattress Firm IV						Meridian						ID						Sep. 2023												500						1,323						—						—						1,823						12
Dollar General XII						Sunrise Beach						MO						Sep. 2023									(14)			260						646						—						—						906						6
FedEx Ground IV						Council Bluffs						IA						Sep. 2023									(14)			1,430						3,378						—						—						4,808						34
Mattress Firm V						Florence						AL						Sep. 2023												350						937						—						—						1,287						9
Mattress Firm I						Aiken						SC						Sep. 2023												390						1,031						—						—						1,421						9
Family Dollar VII						Bernice						LA						Sep. 2023									(14)			190						497						—						—						687						5
Aaron's I						Erie						PA						Sep. 2023									(14)			240						570						—						—						810						5
AutoZone III						Caro						MI						Sep. 2023									(14)			280						648						—						—						928						6
Advance Auto III						Taunton						MA						Sep. 2023									(14)			390						991						—						—						1,381						9
Family Dollar VIII						Dexter						NM						Sep. 2023									(14)			300						732						—						—						1,032						7
Family Dollar VIII						Hale Center						TX						Sep. 2023									(14)			260						600						—						—						860						6
Family Dollar VIII						Plains						TX						Sep. 2023									(14)			280						652						—						—						932						6
Dollar General XVII						Tullos						LA						Sep. 2023									(14)			250						682						—						—						932						6
Truist Bank III						Athens						GA						Sep. 2023									(13)			300						784						—						—						1,084						7
Truist Bank III						Avondale						MD						Sep. 2023									(13)			550						1,490						—						—						2,040						14
Truist Bank III						Brentwood						TN						Sep. 2023												580						1,661						—						—						2,241						15
Truist Bank III						Brentwood						TN						Sep. 2023												560						1,406						—						—						1,966						13
Truist Bank III						Casselberry						FL						Sep. 2023												690						1,802						—						—						2,492						16
Truist Bank IV						Chamblee						GA						Sep. 2023									(13)			490						1,276						—						—						1,766						12
Truist Bank III						Chattanooga						TN						Sep. 2023									(13)			400						951						—						—						1,351						9
Truist Bank III						Chattanooga						TN						Sep. 2023												160						960						—						—						1,120						8

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
First Horizon Bank						Collinsville						VA						Sep. 2023												180						509						—						—						689						5
Truist Bank IV						Columbus						GA						Sep. 2023									(13)			570						1,408						—						—						1,978						13
Truist Bank III						Conyers						GA						Sep. 2023									(13)			500						1,324						—						—						1,824						12
Truist Bank IV						Creedmoor						NC						Sep. 2023												100						296						—						—						396						3
Truist Bank III						Daytona Beach						FL						Sep. 2023												520						1,390						—						—						1,910						13
First Horizon Bank						Durham						NC						Sep. 2023									(13)			190						484						—						—						674						4
First Horizon Bank						Durham						NC						Sep. 2023									(13)			340						857						—						—						1,197						8
Truist Bank III						Gainesville						FL						Sep. 2023												250						690						—						—						940						6
Truist Bank III						Gainesville						FL						Sep. 2023												400						1,081						—						—						1,481						10
Truist Bank III						Greenville						SC						Sep. 2023												460						1,135						—						—						1,595						10
Truist Bank III						Greenville						SC						Sep. 2023									(13)			220						621						—						—						841						6
Truist Bank III						Gulf Breeze						FL						Sep. 2023												430						1,180						—						—						1,610						11
Truist Bank III						Hendersonville						NC						Sep. 2023												370						1,019						—						—						1,389						9
Truist Bank III						Indian Harbour Beach						FL						Sep. 2023												430						1,098						—						—						1,528						10
Truist Bank III						Inverness						FL						Sep. 2023												520						1,484						—						—						2,004						13
Truist Bank III						Jacksonville						FL						Sep. 2023												340						857						—						—						1,197						8
Truist Bank III						Jacksonville						FL						Sep. 2023												360						942						—						—						1,302						9
Truist Bank III						Lithonia						GA						Sep. 2023												280						808						—						—						1,088						7
Truist Bank III						Lutz						FL						Sep. 2023												370						940						—						—						1,310						9
Truist Bank III						Macon						GA						Sep. 2023												270						676						—						—						946						6
Truist Bank IV						Madison						GA						Sep. 2023												400						1,016						—						—						1,416						9
Truist Bank III						Marietta						GA						Sep. 2023									(13)			710						1,899						—						—						2,609						17
Truist Bank III						Marietta						GA						Sep. 2023												620						1,723						—						—						2,343						16
Truist Bank III						Mebane						NC						Sep. 2023												400						1,164						—						—						1,564						11
Truist Bank III						Melbourne						FL						Sep. 2023												520						1,258						—						—						1,778						12
Truist Bank III						Melbourne						FL						Sep. 2023												580						1,511						—						—						2,091						14
Truist Bank III						Morristown						TN						Sep. 2023									(13)			150						364						—						—						514						3
Truist Bank III						Mount Dora						FL						Sep. 2023												570						1,570						—						—						2,140						14
Truist Bank III						Murfreesboro						TN						Sep. 2023									(13)			340						791						—						—						1,131						7
Truist Bank III						Nashville						TN						Sep. 2023												630						1,582						—						—						2,212						14
Truist Bank IV						Ocala						FL						Sep. 2023									(13)			620						1,493						—						—						2,113						14
Truist Bank III						Ocala						FL						Sep. 2023									(13)			400						1,006						—						—						1,406						9
First Horizon Bank						Onancock						VA						Sep. 2023									(13)			510						1,274						—						—						1,784						12
Truist Bank III						Orlando						FL						Sep. 2023												540						1,459						—						—						1,999						13
Truist Bank III						Ormond Beach						FL						Sep. 2023												680						1,706						—						—						2,386						16
Truist Bank III						Ormond Beach						FL						Sep. 2023												570						1,571						—						—						2,141						14

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Truist Bank III						Ormond Beach						FL						Sep. 2023												510						1,322						—						—						1,832						12
Truist Bank III						Peachtree City						GA						Sep. 2023												660						1,742						—						—						2,402						16
First Horizon Bank						Pittsboro						NC						Sep. 2023									(13)			180						423						—						—						603						4
Truist Bank III						Pompano Beach						FL						Sep. 2023												700						1,816						—						—						2,516						17
Truist Bank III						Port St. Lucie						FL						Sep. 2023												510						1,402						—						—						1,912						13
Truist Bank IV						Prince Frederick						MD						Sep. 2023									(13)			670						1,853						—						—						2,523						17
Truist Bank III						Richmond						VA						Sep. 2023												150						379						—						—						529						3
Truist Bank III						Richmond						VA						Sep. 2023												2,386						4,539						—						—						6,925						50
Truist Bank III						Richmond						VA						Sep. 2023									(13)			160						400						—						—						560						4
Truist Bank III						Roanoke						VA						Sep. 2023									(13)			650						1,789						—						—						2,439						16
Truist Bank III						Roanoke						VA						Sep. 2023												260						633						—						—						893						6
Truist Bank III						Sarasota						FL						Sep. 2023												420						1,056						—						—						1,476						10
Truist Bank III						Savannah						GA						Sep. 2023												310						765						—						—						1,075						7
Truist Bank III						Savannah						GA						Sep. 2023									(13)			320						799						—						—						1,119						7
Truist Bank III						Signal Mountain						TN						Sep. 2023									(13)			220						579						—						—						799						5
Truist Bank III						Soddy Daisy						TN						Sep. 2023									(13)			240						605						—						—						845						6
Truist Bank IV						Spring Hill						FL						Sep. 2023									(13)			590						1,515						—						—						2,105						14
Truist Bank III						St. Petersburg						FL						Sep. 2023												510						1,322						—						—						1,832						12
Truist Bank III						Stockbridge						GA						Sep. 2023									(13)			390						1,002						—						—						1,392						9
Truist Bank III						Stone Mountain						GA						Sep. 2023									(13)			440						1,151						—						—						1,591						11
First Horizon Bank						Stuart						VA						Sep. 2023									(13)			430						1,209						—						—						1,639						11
Truist Bank III						Sylvester						GA						Sep. 2023												270						620						—						—						890						6
Truist Bank III						Tamarac						FL						Sep. 2023												520						1,281						—						—						1,801						12
Truist Bank III						Union City						GA						Sep. 2023									(13)			220						575						—						—						795						5
First Horizon Bank						Winston-Salem						NC						Sep. 2023												250						693						—						—						943						6
First Horizon Bank						Yadkinville						NC						Sep. 2023									(13)			400						1,007						—						—						1,407						9
Dollar General XVIII						Deville						LA						Sep. 2023									(14)			250						645						—						—						895						6
Mattress Firm I						Holland						MI						Sep. 2023												400						1,035						—						—						1,435						9
Dollar General XVII						Hornbeck						LA						Sep. 2023									(14)			260						672						—						—						932						6
Family Dollar IX						Fannettsburg						PA						Sep. 2023									(14)			310						807						—						—						1,117						7
Mattress Firm I						Saginaw						MI						Sep. 2023												370						1,004						—						—						1,374						9
Bi-Lo I						Greenville						SC						Sep. 2023												810						1,876						—						15						2,701						18
Stop & Shop I						Cumberland						RI						Sep. 2023									(14)			3,900						13,402						—						—						17,302						120
Stop & Shop I						Sicklerville						NJ						Sep. 2023									(14)			3,010						9,891						—						—						12,901						89
Stop & Shop I						Southington						CT						Sep. 2023									(14)			3,550						12,896						—						—						16,446						115
Dollar General XVII						Forest Hill						LA						Sep. 2023									(14)			240						616						—						—						856						6

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Dollar General XIX						Chelsea						OK						Sep. 2023									(14)			310						812						—						—						1,122						7
Dollar General XX						Brookhaven						MS						Sep. 2023									(14)			230						582						—						—						812						5
Dollar General XX						Columbus						MS						Sep. 2023									(14)			300						605						—						—						905						6
Dollar General XX						Forest						MS						Sep. 2023									(14)			250						685						—						—						935						6
Dollar General XX						Rolling Fork						MS						Sep. 2023									(14)			310						856						—						—						1,166						8
Dollar General XX						West Point						MS						Sep. 2023									(14)			260						611						—						—						871						6
Dollar General XXI						Huntington						WV						Sep. 2023									(14)			360						921						—						—						1,281						8
Dollar General XXII						Warren						IN						Sep. 2023									(14)			310						737						—						—						1,047						7
FedEx Ground V						Sioux City						IA						Sep. 2023									(14)			1,460						3,873						—						—						5,333						38
FedEx Ground VII						Eagle River						WI						Sep. 2023									(14)			1,660						4,277						—						—						5,937						42
FedEx Ground VI						Grand Forks						ND						Sep. 2023									(14)			2,340						6,146						—						—						8,486						61
FedEx Ground VIII						Mosinee						WI						Sep. 2023									(14)			2,230						5,942						—						—						8,172						58
Anderson Station						Anderson						SC						Sep. 2023									(15)			3,080						10,636						—						—						13,716						107
Riverbend Marketplace						Asheville						NC						Sep. 2023									(15)			4,672						11,235						—						—						15,907						112
Northlake Commons						Charlotte						NC						Sep. 2023												8,744						15,669						—						—						24,413						153
Shops at Rivergate South						Charlotte						NC						Sep. 2023									(15)			6,889						18,120						—						—						25,009						169
Cross Pointe Centre						Fayetteville						NC						Sep. 2023									(15)			6,578						11,958						—						—						18,536						114
Parkside Shopping Center						Frankfort						KY						Sep. 2023												5,640						10,427						—						—						16,067						123
Patton Creek						Hoover						AL						Sep. 2023												18,964						40,133						—						7						59,104						398
Southway Shopping Center						Houston						TX						Sep. 2023									(18)			6,262						6,656						—						—						12,918						74
Northpark Center						Huber Heights						OH						Sep. 2023									(15)			10,952						14,723						—						123						25,798						149
Tiffany Springs MarketCenter						Kansas City						MO						Sep. 2023												5,967						28,382						—						94						34,443						291
North Lakeland Plaza						Lakeland						FL						Sep. 2023									(15)			3,904						7,993						—						—						11,897						75
Best on the Boulevard						Las Vegas						NV						Sep. 2023									(15)			6,548						16,192						—						—						22,740						150
Montecito Crossing						Las Vegas						NV						Sep. 2023									(15)			4,941						21,288						—						—						26,229						221
Pine Ridge Plaza						Lawrence						KS						Sep. 2023												5,311						10,580						—						—						15,891						106
Jefferson Commons						Louisville						KY						Sep. 2023									(15)			6,129						17,958						—						—						24,087						181
Towne Centre Plaza						Mesquite						TX						Sep. 2023												2,935						4,990						—						—						7,925						51
Township Marketplace						Monaca						PA						Sep. 2023												5,183						24,402						—						33						29,618						234
Northwoods Marketplace						North Charleston						SC						Sep. 2023									(18)			7,341						11,614						—						7						18,962						132
Centennial Plaza						Oklahoma City						OK						Sep. 2023									(15)			4,741						12,382						—						—						17,123						125
Village at Quail Springs						Oklahoma City						OK						Sep. 2023									(18)			3,738						4,885						—						—						8,623						51
Colonial Landing (13)						Orlando						FL						Sep. 2023												—						22,477						—						3						22,480						215
The Centrum						Pineville						NC						Sep. 2023									(18)			7,995						17,635						—						—						25,630						186
Liberty Crossing						Rowlett						TX						Sep. 2023									(18)			3,334						9,145						—						—						12,479						91
San Pedro Crossing						San Antonio						TX						Sep. 2023									(15)			9,030						25,062						—						—						34,092						212

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Prairie Towne Center						Schaumburg						IL						Sep. 2023												4,162						10,208						—						2						14,372						105
Shops at Shelby Crossing						Sebring						FL						Sep. 2023												4,694						20,206						—						—						24,900						214
Stirling Slidell Centre						Slidell						LA						Sep. 2023												4,537						6,812						—						—						11,349						67
Bison Hollow						Traverse City						MI						Sep. 2023												1,964						12,697						—						—						14,661						128
Southroads Shopping Center						Tulsa						OK						Sep. 2023												7,440						60,129						—						18						67,587						535
The Streets of West Chester						West Chester						OH						Sep. 2023												8,686						15,232						—						4						23,922						154
Shoppes of West Melbourne						West Melbourne						FL						Sep. 2023									(15)			5,064						11,157						—						8						16,229						103
Shoppes at Wyomissing						Wyomissing						PA						Sep. 2023												7,427						20,434						—						—						27,861						184
Dollar General XXIII						Dewitt						NY						Sep. 2023									(16)			330						726						—						—						1,056						7
Dollar General XXIII						Farmington						NY						Sep. 2023									(16)			310						863						—						—						1,173						8
Dollar General XXIII						Geddes						NY						Sep. 2023									(16)			290						688						—						—						978						6
Dollar General XXIII						Otego						NY						Sep. 2023									(16)			320						784						—						—						1,104						7
Dollar General XXIII						Parish						NY						Sep. 2023									(16)			320						713						—						—						1,033						7
Dollar General XXIII						Utica						NY						Sep. 2023									(16)			310						741						—						—						1,051						7
Jo-Ann Fabrics I						Freeport						IL						Sep. 2023									(16)			510						1,287						—						—						1,797						12
FedEx Ground IX						Brainerd						MN						Sep. 2023									(16)			1,100						2,581						—						—						3,681						26
Chili's II						McHenry						IL						Sep. 2023									(16)			920						2,317						—						—						3,237						21
Dollar General XXIII						Kingston						NY						Sep. 2023									(16)			330						908						—						—						1,238						8
Sonic Drive In I						Robertsdale						AL						Sep. 2023									(16)			330						851						—						—						1,181						8
Sonic Drive In I						Tuscaloosa						AL						Sep. 2023									(16)			630						1,570						—						—						2,200						14
Bridgestone HOSEpower I						Columbia						SC						Sep. 2023									(16)			600						1,436						—						—						2,036						13
Bridgestone HOSEpower I						Elko						NV						Sep. 2023									(16)			540						1,290						—						—						1,830						12
Dollar General XXIII						Kerhonkson						NY						Sep. 2023									(16)			290						707						—						—						997						6
Bridgestone HOSEpower II						Jacksonville						FL						Sep. 2023									(16)			570						1,268						—						—						1,838						12
FedEx Ground X						Rolla						MO						Sep. 2023									(16)			2,420						5,867						—						—						8,287						59
Chili's III						Machesney Park						IL						Sep. 2023									(16)			1,110						2,853						—						—						3,963						26
FedEx Ground XI						Casper						WY						Sep. 2023									(16)			970						2,231						—						—						3,201						22
Hardee's I						Ashland						AL						Sep. 2023												280						670						—						—						950						6
Tractor Supply IV						Flandreau						SD						Sep. 2023									(16)			370						1,005						—						—						1,375						9
Tractor Supply IV						Hazen						ND						Sep. 2023									(16)			470						1,399						—						—						1,869						13
Circle K II						Harlingen						TX						Sep. 2023									(13)			210						676						—						—						886						7
Circle K II						Laredo						TX						Sep. 2023									(13)			320						1,038						—						—						1,358						10
Circle K II						Laredo						TX						Sep. 2023									(13)			300						1,000						—						—						1,300						10
Circle K II						Laredo						TX						Sep. 2023									(13)			110						324						—						—						434						3
Circle K II						Rio Grande						TX						Sep. 2023									(13)			280						907						—						—						1,187						9
Circle K II						Weslaco						TX						Sep. 2023									(13)			250						808						—						—						1,058						8

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Sonic Drive In II						Biloxi						MS						Sep. 2023									(13)			290						770						—						—						1,060						7
Sonic Drive In II						Collins						MS						Sep. 2023									(13)			360						940						—						—						1,300						9
Sonic Drive In II						Ellisville						MS						Sep. 2023									(13)			390						1,020						—						—						1,410						9
Sonic Drive In II						Gulfport						MS						Sep. 2023									(13)			320						754						—						—						1,074						7
Sonic Drive In II						Gulfport						MS						Sep. 2023									(13)			240						647						—						—						887						6
Sonic Drive In II						Gulfport						MS						Sep. 2023									(13)			280						734						—						—						1,014						7
Sonic Drive In II						Hattiesburg						MS						Sep. 2023									(13)			330						847						—						—						1,177						8
Sonic Drive In II						Lithia						FL						Sep. 2023									(13)			240						628						—						—						868						6
Sonic Drive In II						Long Beach						MS						Sep. 2023									(13)			310						783						—						—						1,093						7
Sonic Drive In II						Magee						MS						Sep. 2023									(13)			290						788						—						—						1,078						7
Sonic Drive In II						Petal						MS						Sep. 2023									(13)			350						845						—						—						1,195						8
Sonic Drive In II						Plant City						FL						Sep. 2023									(13)			230						586						—						—						816						5
Sonic Drive In II						Purvis						MS						Sep. 2023									(13)			300						760						—						—						1,060						7
Sonic Drive In II						Riverview						FL						Sep. 2023									(13)			220						584						—						—						804						5
Sonic Drive In II						Riverview						FL						Sep. 2023									(13)			330						782						—						—						1,112						7
Sonic Drive In II						Tylertown						MS						Sep. 2023									(13)			420						1,007						—						—						1,427						9
Sonic Drive In II						Wauchula						FL						Sep. 2023									(13)			160						413						—						—						573						4
Sonic Drive In II						Waveland						MS						Sep. 2023									(13)			270						681						—						—						951						6
Sonic Drive In II						Waynesboro						MS						Sep. 2023									(13)			210						526						—						—						736						5
Sonic Drive In II						Woodville						MS						Sep. 2023									(13)			380						1,004						—						—						1,384						9
Bridgestone HOSEpower III						Sulphur						LA						Sep. 2023									(16)			780						1,930						—						—						2,710						18
Sonny's BBQ I						Tallahassee						FL						Sep. 2023									(13)			610						1,719						—						—						2,329						16
Sonny's BBQ I						Tallahassee						FL						Sep. 2023									(13)			690						1,794						—						—						2,484						16
Sonny's BBQ I						Tallahassee						FL						Sep. 2023									(13)			850						2,247						—						—						3,097						20
Mountain Express I						Baldwin						GA						Sep. 2023									(13)			240						784						—						—						1,024						8
Mountain Express I						Buford						GA						Sep. 2023									(13)			310						1,039						—						—						1,349						10
Mountain Express I						Canton						GA						Sep. 2023									(13)			290						908						—						—						1,198						9
Mountain Express I						Chatsworth						GA						Sep. 2023									(13)			280						912						—						—						1,192						9
Mountain Express I						Douglasville						GA						Sep. 2023									(13)			280						889						—						—						1,169						9
Mountain Express I						Jasper						GA						Sep. 2023									(13)			310						1,023						—						—						1,333						10
Mountain Express I						Summerville						GA						Sep. 2023									(13)			210						645						—						—						855						6
Mountain Express I						Trion						GA						Sep. 2023									(13)			230						740						—						—						970						7
Mountain Express I						Woodstock						GA						Sep. 2023									(13)			220						694						—						—						914						7
Kum & Go I						Omaha						NE						Sep. 2023												650						1,640						—						—						2,290						15
DaVita I						Bolivar						TN						Sep. 2023									(13)			190						475						—						—						665						4
DaVita I						Brownviille						TN						Sep. 2023									(13)			340						813						—						—						1,153						7

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
White Oak I						Casey						IA						Sep. 2023												180						394						—						—						574						4
White Oak I						Hospers						IA						Sep. 2023												230						503						—						—						733						5
White Oak I						Jefferson						IA						Sep. 2023												300						653						—						—						953						6
White Oak I						Muscatine						IA						Sep. 2023												460						1,003						—						—						1,463						9
White Oak I						Nevada						IA						Sep. 2023												150						309						—						—						459						3
White Oak I						Nevada						IA						Sep. 2023												350						717						—						—						1,067						7
White Oak I						Omaha						NE						Sep. 2023												320						642						—						—						962						6
White Oak I						Omaha						NE						Sep. 2023												410						839						—						—						1,249						8
White Oak I						Wapello						IA						Sep. 2023												360						724						—						—						1,084						7
Mountain Express II						Arley						AL						Sep. 2023									(13)			160						528						—						—						688						5
Mountain Express II						Cullman						AL						Sep. 2023									(13)			280						822						—						—						1,102						8
Mountain Express II						Cullman						AL						Sep. 2023									(13)			260						856						—						—						1,116						8
Mountain Express II						Eva						AL						Sep. 2023									(13)			160						531						—						—						691						5
Mountain Express II						Good Hope						AL						Sep. 2023									(13)			270						927						—						—						1,197						9
Mountain Express II						Huntsville						AL						Sep. 2023									(13)			340						1,087						—						—						1,427						10
Mountain Express II						Huntsville						AL						Sep. 2023									(13)			500						1,624						—						—						2,124						15
Mountain Express II						Huntsville						AL						Sep. 2023									(13)			360						1,118						—						—						1,478						11
Mountain Express II						Oneonta						AL						Sep. 2023									(13)			250						809						—						—						1,059						8
Mountain Express II						Owens Cross						AL						Sep. 2023									(13)			330						999						—						—						1,329						10
Mountain Express II						Pine Campbell						AL						Sep. 2023									(13)			160						529						—						—						689						5
Mountain Express II						Red Bay						AL						Sep. 2023									(13)			220						706						—						—						926						7
Mountain Express II						Red Bay						AL						Sep. 2023									(13)			110						322						—						—						432						3
Mountain Express II						Russellville						AL						Sep. 2023									(13)			160						489						—						—						649						5
Mountain Express II						Vina						AL						Sep. 2023												130						421						—						—						551						4
Dialysis I						Grand Rapids						MI						Sep. 2023									(13)			560						1,342						—						—						1,902						12
Dialysis I						Michigan City						IN						Sep. 2023									(14)			570						1,458						—						—						2,028						13
Dialysis I						Auburn						ME						Sep. 2023									(13)			600						1,455						—						—						2,055						13
Dialysis I						Benton Harbor						MI						Sep. 2023									(13)			430						1,109						—						—						1,539						10
Dialysis I						East Knoxville						TN						Sep. 2023									(13)			530						1,388						—						—						1,918						13
Dialysis I						Grand Rapids						MI						Sep. 2023									(13)			350						745						—						—						1,095						7
Dialysis I						Sikeston						MO						Sep. 2023									(13)			500						1,216						—						—						1,716						11
Children of America I						New Britian						PA						Sep. 2023												1,090						2,848						—						—						3,938						26
Children of America I						Warminster						PA						Sep. 2023												1,150						2,732						—						—						3,882						25
Burger King II						Pineville						LA						Sep. 2023												500						1,284						—						—						1,784						12
White Oak II						Council Bluffs						IA						Sep. 2023												200						434						—						—						634						4
White Oak II						Council Bluffs						IA						Sep. 2023												200						393						—						—						593						4

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
White Oak II						Glenwood						IA						Sep. 2023												110						203						—						—						313						2
White Oak II						Missouri Valley						IA						Sep. 2023												120						244						—						—						364						2
White Oak II						Red Oak						IA						Sep. 2023												160						395						—						—						555						4
White Oak II						Sioux Center						IA						Sep. 2023												110						214						—						—						324						2
White Oak II						Sioux City						IA						Sep. 2023												120						229						—						—						349						2
White Oak II						Sioux City						IA						Sep. 2023												140						274						—						—						414						3
White Oak II						Sioux City						IA						Sep. 2023												180						346						—						—						526						3
Taco John's						Chanute						KS						Sep. 2023									(13)			230						585						—						—						815						5
Taco John's						Mountain Home						ID						Sep. 2023												120						220						—						—						340						2
Mountain Express III						Canton						GA						Sep. 2023									(13)			390						1,288						—						—						1,678						12
Mountain Express III						Clinton						SC						Sep. 2023									(13)			280						890						—						—						1,170						9
Mountain Express III						Cornelia						GA						Sep. 2023									(13)			190						595						—						—						785						6
Mountain Express III						Cumming						GA						Sep. 2023									(13)			260						828						—						—						1,088						8
Mountain Express III						Ellijay						GA						Sep. 2023									(13)			380						1,205						—						—						1,585						12
Mountain Express III						Hogansville						GA						Sep. 2023									(13)			200						646						—						—						846						6
Mountain Express III						Homer						GA						Sep. 2023									(13)			190						641						—						—						831						6
Mountain Express III						McCaysville						GA						Sep. 2023									(13)			180						574						—						—						754						6
Mountain Express III						Nettleton						MS						Sep. 2023									(13)			150						445						—						—						595						4
Mountain Express III						Riverdale						GA						Sep. 2023									(13)			490						1,554						—						—						2,044						15
Mountain Express III						Toccoa						GA						Sep. 2023									(13)			170						532						—						—						702						5
Mountain Express III						Toccoa						GA						Sep. 2023									(13)			190						613						—						—						803						6
Mountain Express III						Woodstock						GA						Sep. 2023									(13)			420						1,377						—						—						1,797						13
Mountain Express III						Woodstock						GA						Sep. 2023									(13)			550						1,823						—						—						2,373						17
Taco John's						Carroll						IA						Sep. 2023									(13)			240						640						—						—						880						6
Taco John's						Cherokee						IA						Sep. 2023									(13)			160						383						—						—						543						4
Taco John's						Independence						MO						Sep. 2023									(13)			370						863						—						—						1,233						8
Taco John's						North Manakato						MN						Sep. 2023												180						360						—						—						540						3
Taco John's						St. Peter						MN						Sep. 2023									—			220						545						—						—						765						5
White Oak III						Bonham						TX						Sep. 2023									—			650						1,456						—						—						2,106						14
DaVita II						Houston						TX						Sep. 2023									—			600						1,537						—						—						2,137						14
Pizza Hut I						Charlotte						NC						Sep. 2023									—			290						846						—						—						1,136						8
Pizza Hut I						Columbus						OH						Sep. 2023									—			340						867						—						—						1,207						8
Pizza Hut I						Columbus						OH						Sep. 2023									—			190						456						—						—						646						4
Pizza Hut I						Gastonia						NC						Sep. 2023									—			380						932						—						—						1,312						9
Pizza Hut I						Midland						TX						Sep. 2023									—			250						610						—						—						860						6
Pizza Hut I						New Lexington						OH						Sep. 2023									—			200						518						—						—						718						5

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Pizza Hut I						Newton						NC						Sep. 2023									—			230						598						—						—						828						5
Pizza Hut I						Westerville						OH						Sep. 2023									—			290						700						—						—						990						6
Pizza Hut I						Zaneville						OH						Sep. 2023									—			240						605						—						—						845						6
Little Caesars I						Burton						MI						Sep. 2023									—			440						1,098						—						—						1,538						10
Little Caesars I						Burton						MI						Sep. 2023									—			260						693						—						—						953						6
Little Caesars I						Durand						MI						Sep. 2023									—			160						386						—						—						546						4
Little Caesars I						Flint						MI						Sep. 2023									—			220						493						—						—						713						5
Little Caesars I						Flint						MI						Sep. 2023									—			230						603						—						—						833						5
Little Caesars I						Flint						MI						Sep. 2023									—			200						496						—						—						696						5
Little Caesars I						Flint						MI						Sep. 2023									—			230						538						—						—						768						5
Little Caesars I						Flint						MI						Sep. 2023									—			250						582						—						—						832						5
Little Caesars I						Flint						MI						Sep. 2023									—			260						559						—						—						819						5
Little Caesars I						Flint						MI						Sep. 2023									—			290						699						—						—						989						6
Little Caesars I						Swartz Creek						MI						Sep. 2023									—			210						493						—						—						703						5
Tractor Supply V						Americus						GA						Sep. 2023									—			700						2,071						—						—						2,771						19
Tractor Supply V						Cadiz						OH						Sep. 2023									—			600						1,863						—						—						2,463						17
Tractor Supply V						Catalina						AZ						Sep. 2023									—			970						2,958						—						—						3,928						27
Tractor Supply V						Sorocco						NM						Sep. 2023									—			680						2,098						—						—						2,778						19
Caliber Collision I						Fayetteville						NC						Sep. 2023									—			470						1,091						—						—						1,561						10
Caliber Collision I						Lutz						FL						Sep. 2023									—			1,390						3,496						—						—						4,886						32
Caliber Collision I						Nolansville						TX						Sep. 2023									—			390						993						—						—						1,383						9
Fresenius III						Cumming						GA						Sep. 2023									—			320						764						—						—						1,084						7
Fresenius III						Enterprise						AL						Sep. 2023									—			760						2,009						—						—						2,769						18
Fresenius III						Gulf Breeze						FL						Sep. 2023									—			660						1,710						—						—						2,370						15
Fresenius III						Monroeville						AL						Sep. 2023									—			450						952						—						—						1,402						9
Fresenius III						Pendleton						SC						Sep. 2023									—			390						996						—						—						1,386						9
Fresenius III						Thomasville						AL						Sep. 2023									—			450						930						—						—						1,380						9
Pizza Hut II						Afton						WY						Sep. 2023									—			230						627						—						—						857						6
Pizza Hut II						Alva						OK						Sep. 2023									—			360						873						—						—						1,233						8
Pizza Hut II						Buffalo						WY						Sep. 2023									—			210						485						—						—						695						4
Pizza Hut II						Canadian						TX						Sep. 2023									—			240						565						—						—						805						5
Pizza Hut II						Cherokee						OK						Sep. 2023									—			150						389						—						—						539						4
Pizza Hut II						Cut Bank						MT						Sep. 2023									—			260						662						—						—						922						6
Pizza Hut II						Dillion						MT						Sep. 2023									—			230						560						—						—						790						5
Pizza Hut II						Douglas						WY						Sep. 2023									—			330						1,009						—						—						1,339						9
Pizza Hut II						Elkhart						KS						Sep. 2023									—			220						522						—						—						742						5

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Pizza Hut II						Fairview						OK						Sep. 2023									(13)			250						600						—						—						850						5
Pizza Hut II						Havre						MT						Sep. 2023									(13)			570						1,514						—						—						2,084						14
Pizza Hut II						Helena						MT						Sep. 2023									(13)			260						694						—						—						954						6
Pizza Hut II						Hennessey						OK						Sep. 2023									(13)			200						571						—						—						771						5
Pizza Hut II						Hugoton						KS						Sep. 2023									(13)			270						719						—						—						989						7
Pizza Hut II						Larned						KS						Sep. 2023									(13)			220						513						—						—						733						5
Pizza Hut II						Lewistown						MT						Sep. 2023									(13)			260						615						—						—						875						6
Pizza Hut II						Libby						MT						Sep. 2023									(13)			260						639						—						—						899						6
Pizza Hut II						Liberal						KS						Sep. 2023									(13)			200						710						—						—						910						6
Pizza Hut II						Meade						KS						Sep. 2023									(13)			200						502						—						—						702						5
Pizza Hut II						Newcastle						WY						Sep. 2023									(13)			190						573						—						—						763						5
Pizza Hut II						Polson						MT						Sep. 2023									(13)			360						799						—						—						1,159						7
Pizza Hut II						Roosevelt						UT						Sep. 2023									(13)			290						812						—						—						1,102						7
Pizza Hut II						Shattuck						OK						Sep. 2023									(13)			160						423						—						—						583						4
Pizza Hut II						Shelby						MT						Sep. 2023									(13)			170						435						—						—						605						4
Pizza Hut II						Spearman						TX						Sep. 2023									(13)			290						732						—						—						1,022						7
Pizza Hut II						Thermpolis						WY						Sep. 2023									(13)			250						609						—						—						859						6
Pizza Hut II						Ulyses						KS						Sep. 2023									(13)			320						839						—						—						1,159						8
Pizza Hut II						Vernal						UT						Sep. 2023									(13)			270						615						—						—						885						6
Pizza Hut II						Watonga						OK						Sep. 2023									(13)			300						693						—						—						993						6
Pizza Hut II						Wheatland						WY						Sep. 2023									(13)			240						662						—						—						902						6
Mountain Express IV						Cabot						AR						Sep. 2023									(13)			190						547						—						—						737						5
Mountain Express IV						Corning						AR						Sep. 2023									(13)			190						619						—						—						809						6
Mountain Express IV						El Dorado						AR						Sep. 2023									(13)			250						859						—						—						1,109						8
Mountain Express IV						El Dorado						AR						Sep. 2023									(13)			150						475						—						—						625						5
Mountain Express IV						El Dorado						AR						Sep. 2023									(13)			440						1,494						—						—						1,934						14
Mountain Express IV						Fordyce						AR						Sep. 2023									(13)			350						1,127						—						—						1,477						11
Mountain Express IV						Hope						AR						Sep. 2023									(13)			270						873						—						—						1,143						8
Mountain Express IV						Searcy						AR						Sep. 2023									(13)			320						996						—						—						1,316						9
Mountain Express V						Buford						GA						Sep. 2023									(14)			400						1,210						—						—						1,610						12
Mountain Express V						Buford						GA						Sep. 2023									(14)			380						1,190						—						—						1,570						11
Mountain Express V						Canton						GA						Sep. 2023									(14)			370						1,165						—						—						1,535						11
Mountain Express V						Conyers						GA						Sep. 2023									(14)			440						1,389						—						—						1,829						13
Mountain Express V						Dahlonega						GA						Sep. 2023									(14)			290						929						—						—						1,219						9
Mountain Express V						Elberton						GA						Sep. 2023									(14)			350						1,173						—						—						1,523						11
Mountain Express V						Forest Park						GA						Sep. 2023									(14)			380						1,200						—						—						1,580						11

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Mountain Express V						Jonesboro						GA						Sep. 2023									(14)			390						1,431						—						—						1,821						14
Mountain Express V						Lithia Springs						GA						Sep. 2023									(14)			360						1,182						—						—						1,542						11
Mountain Express V						Lithia Springs						GA						Sep. 2023									(14)			380						1,255						—						—						1,635						12
Mountain Express V						Loganville						GA						Sep. 2023									(14)			440						1,350						—						—						1,790						13
Mountain Express V						Macon						GA						Sep. 2023									(14)			250						831						—						—						1,081						8
Mountain Express V						Stockbridge						GA						Sep. 2023									(14)			380						1,193						—						—						1,573						11
Fresenius IV						Alexandria						LA						Sep. 2023									(13)			740						1,837						—						—						2,577						17
Mountain Express V						Forest Park						GA						Sep. 2023									(14)			380						1,267						—						—						1,647						12
Tractor Supply V						New Cordell						OK						Sep. 2023									(13)			580						1,759						—						—						2,339						16
Mountain Express V						Macon						GA						Sep. 2023									(14)			340						1,125						—						—						1,465						11
Mountain Express V						Norcross						GA						Sep. 2023									(14)			620						1,800						—						—						2,420						18
Mountain Express V						Snellville						GA						Sep. 2023									(14)			220						707						—						—						927						7
Mountain Express V						Covington						GA						Sep. 2023									(14)			450						1,392						—						—						1,842						13
IMTAA						Baton Rouge						LA						Sep. 2023									(14)			540						1,071						—						—						1,611						10
IMTAA						Bridge City						TX						Sep. 2023									(14)			620						1,214						—						—						1,834						12
IMTAA						Gonzales						LA						Sep. 2023									(14)			580						1,085						—						—						1,665						10
IMTAA						Gonzales						LA						Sep. 2023									(14)			590						1,075						—						—						1,665						10
IMTAA						Kenner						LA						Sep. 2023									(14)			490						950						—						—						1,440						9
IMTAA						Lake Charles						LA						Sep. 2023									(14)			540						1,037						—						—						1,577						10
IMTAA						Lake Charles						LA						Sep. 2023									(14)			480						964						—						—						1,444						9
IMTAA						Lake Charles						LA						Sep. 2023									(14)			480						969						—						—						1,449						9
IMTAA						Lake Charles						LA						Sep. 2023									(14)			540						1,080						—						—						1,620						10
IMTAA						Orange						TX						Sep. 2023									(14)			610						1,095						—						—						1,705						11
IMTAA						St. Rose						LA						Sep. 2023									(14)			430						889						—						—						1,319						9
Pizza Hut III						Casper						WY						Sep. 2023									(14)			340						853						—						—						1,193						8
Pizza Hut III						Casper						WY						Sep. 2023									(14)			320						762						—						—						1,082						7
Pizza Hut III						Colorado Springs						CO						Sep. 2023									(14)			300						723						—						—						1,023						7
Pizza Hut III						Dodge City						KS						Sep. 2023									(14)			310						818						—						—						1,128						7
Pizza Hut III						Garden City						KS						Sep. 2023									(14)			210						514						—						—						724						5
Pizza Hut III						Great Falls						MT						Sep. 2023									(14)			210						529						—						—						739						5
Pizza Hut III						Great Falls						MT						Sep. 2023									(14)			290						425						—						—						715						4
Pizza Hut III						Guymon						OK						Sep. 2023									(14)			320						832						—						—						1,152						8
Pizza Hut III						Kalispell						MT						Sep. 2023									(14)			430						1,147						—						—						1,577						10
Pizza Hut III						Missoula						MT						Sep. 2023									(14)			320						729						—						—						1,049						7
Pizza Hut III						Perryton						TX						Sep. 2023									(14)			360						1,105						—						—						1,465						10
Pizza Hut III						Sterling						CO						Sep. 2023									(14)			280						652						—						—						932						6

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Fresenius V						Brookhaven						MS						Sep. 2023									(14)			500						1,106						—						—						1,606						10
Fresenius V						Centreville						MS						Sep. 2023									(14)			190						458						—						—						648						4
Fresenius VI						Chicago						IL						Sep. 2023									(14)			430						1,048						—						—						1,478						10
Mountain Express VI						Smackover						AR						Sep. 2023									(14)			400						1,366						—						—						1,766						13
Pizza Hut III						Woodward						OK						Sep. 2023									(14)			490						1,335						—						—						1,825						12
Fresenius VII						Athens						TX						Sep. 2023									(14)			1,320						3,122						—						—						4,442						29
Fresenius VII						Idabel						OK						Sep. 2023									(14)			610						1,622						—						—						2,232						15
Fresenius VII						Tyler						TX						Sep. 2023									(14)			490						1,186						—						—						1,676						11
Caliber Collision II						Pueblo						CO						Sep. 2023									(14)			680						1,747						—						—						2,427						16
Dollar General XXV						Brownsville						KY						Sep. 2023									(14)			270						662						—						—						932						6
Dollar General XXV						Custer						KY						Sep. 2023									(14)			200						522						—						—						722						5
Dollar General XXV						Elkton						KY						Sep. 2023									(14)			260						448						—						—						708						4
Dollar General XXV						Falls of Rough						KY						Sep. 2023									(14)			230						484						—						—						714						5
Dollar General XXV						Sedalia						KY						Sep. 2023									(14)			220						551						—						—						771						5
Dollar General XXIV						Clarksville						IA						Sep. 2023									(14)			290						733						—						—						1,023						7
Dollar General XXIV						Lincoln						MI						Sep. 2023									(14)			310						797						—						—						1,107						7
Dollar General XXIV						Tabor						IA						Sep. 2023									(13)			310						702						—						—						1,012						6
Mister Carwash I						Athens						GA						Sep. 2023									(13)			1,160						3,131						—						—						4,291						28
Mister Carwash I						Cumming						GA						Sep. 2023									(13)			1,120						3,016						—						—						4,136						27
Mister Carwash I						Monroe						GA						Sep. 2023									(13)			950						2,583						—						—						3,533						23
Dollar General XXIV						Assumption						IL						Sep. 2023									(13)			300						721						—						—						1,021						7
Dollar General XXIV						Curtis						MI						Sep. 2023									(14)			300						732						—						—						1,032						7
Dollar General XXIV						Harrisville						MI						Sep. 2023									(13)			340						838						—						—						1,178						8
Dollar General XXIV						Mora						MN						Sep. 2023									(13)			340						826						—						—						1,166						8
Dollar General XXIV						Washburn						IL						Sep. 2023									(13)			290						678						—						—						968						6
Checkers I						Dublin						GA						Sep. 2023									(14)			260						576						—						—						836						5
DaVita III						El Paso						TX						Sep. 2023									(14)			760						1,816						—						—						2,576						17
Dialysis II						Baltimore						MD						Sep. 2023									(14)			440						962						—						—						1,402						9
Dialysis II						Brunswick						OH						Sep. 2023									(14)			720						1,843						—						—						2,563						17
Dialysis II						Burgaw						NC						Sep. 2023									(14)			350						863						—						—						1,213						8
Dialysis II						Detroit						MI						Sep. 2023									(14)			630						1,566						—						—						2,196						14
Dialysis II						Elizabethtown						NC						Sep. 2023									(14)			540						1,396						—						—						1,936						13
Dialysis II						Goose Creek						SC						Sep. 2023									(14)			510						1,305						—						—						1,815						12
Dialysis II						Greenville						SC						Sep. 2023									(14)			530						1,310						—						—						1,840						12
Dialysis II						Jackson						TN						Sep. 2023									(14)			340						814						—						—						1,154						7
Dialysis II						Kyle						TX						Sep. 2023									(14)			690						1,630						—						—						2,320						15

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Dialysis II						Las Vegas						NV						Sep. 2023									(14)			1,230						3,227						—						—						4,457						29
Dialysis II						Lexington						TN						Sep. 2023									(14)			320						795						—						—						1,115						7
Dialysis II						Merrillville						IN						Sep. 2023									(14)			480						1,120						—						—						1,600						10
Dialysis II						New Orleans						LA						Sep. 2023									(14)			490						1,122						—						—						1,612						10
Dialysis II						North Charleston						SC						Sep. 2023									(14)			510						1,305						—						—						1,815						12
Dialysis II						Parma						OH						Sep. 2023									(14)			400						995						—						—						1,395						9
Dialysis II						Rocky River						OH						Sep. 2023									(14)			570						1,459						—						—						2,029						13
Dialysis II						Seguin						TX						Sep. 2023									(14)			490						1,273						—						—						1,763						12
Dialysis II						Shallotte						NC						Sep. 2023									(14)			350						870						—						—						1,220						8
Dialysis II						Spartanburg						SC						Sep. 2023									(14)			380						843						—						—						1,223						8
Dialysis II						Albuquerque						NM						Sep. 2023									(14)			730						1,479						—						—						2,209						13
Dialysis II						Anchorage						AK						Sep. 2023									(14)			1,130						2,851						—						—						3,981						26
Dialysis II						Anniston						AL						Sep. 2023									(14)			940						2,172						—						—						3,112						20
Dialysis II						Augusta						GA						Sep. 2023									(14)			560						1,389						—						—						1,949						13
Dialysis II						Belleville						IL						Sep. 2023									(14)			630						1,479						—						—						2,109						14
Dialysis II						Berea						KY						Sep. 2023									(14)			570						1,416						—						—						1,986						13
Dialysis II						Bowling Green						KY						Sep. 2023									(14)			870						2,120						—						—						2,990						19
Dialysis II						Brunswick						GA						Sep. 2023									(14)			580						1,402						—						—						1,982						13
Dialysis II						Charlotte						NC						Sep. 2023									(14)			690						1,669						—						—						2,359						15
Dialysis II						Conway						NH						Sep. 2023									(14)			380						910						—						—						1,290						8
Dialysis II						Diamondhead						MS						Sep. 2023									(14)			730						1,608						—						—						2,338						15
Dialysis II						Durham						NC						Sep. 2023									(14)			570						1,517						—						—						2,087						14
Dialysis II						Etters						PA						Sep. 2023									(14)			900						2,237						—						—						3,137						20
Dialysis II						Gary						IN						Sep. 2023									(14)			650						1,616						—						—						2,266						15
Dialysis II						Hopkinsville						KY						Sep. 2023									(14)			740						1,802						—						—						2,542						17
Dialysis II						Lexington						KY						Sep. 2023									(14)			720						1,759						—						—						2,479						16
Dialysis II						Madisonville						KY						Sep. 2023									(14)			390						953						—						—						1,343						9
Dialysis II						Mentor						OH						Sep. 2023									(14)			490						1,098						—						—						1,588						10
Dialysis II						Monticello						KY						Sep. 2023									(14)			640						1,468						—						—						2,108						14
Dialysis II						New Castle						PA						Sep. 2023									(14)			340						762						—						—						1,102						7
Dialysis II						Palmdale						CA						Sep. 2023									(14)			690						1,660						—						—						2,350						15
Dialysis II						Radcliff						KY						Sep. 2023									(14)			680						1,693						—						—						2,373						16
Dialysis II						Richmond						VA						Sep. 2023									(14)			630						1,555						—						—						2,185						14
Dialysis II						River Forest						IL						Sep. 2023									(14)			1,120						2,824						—						—						3,944						26
Dialysis II						Roanoke						VA						Sep. 2023									(14)			610						1,454						—						—						2,064						13
Dialysis II						Rocky Mount						NC						Sep. 2023									(14)			970						2,212						—						—						3,182						20

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Dialysis II						Salem						OH						Sep. 2023									(14)			660						1,525						—						—						2,185						14
Dialysis II						Salem						VA						Sep. 2023									(14)			570						1,375						—						—						1,945						13
Dialysis II						Sarasota						FL						Sep. 2023									(14)			680						1,646						—						—						2,326						15
Dialysis II						Summerville						SC						Sep. 2023									(14)			550						1,353						—						—						1,903						12
Dialysis II						Anderson						IN						Sep. 2023									(14)			460						1,167						—						—						1,627						11
Dollar General XXIV						Potomac						IL						Sep. 2023									(13)			310						765						—						—						1,075						7
Mister Carwash II						Canton						GA						Sep. 2023									(13)			1,440						3,994						—						—						5,434						36
Mister Carwash II						Johns Creek						GA						Sep. 2023									(13)			950						2,578						—						—						3,528						23
Advance Auto IV						Burlington						WI						Sep. 2023									(14)			320						815						—						—						1,135						7
Advance Auto IV						Greenville						OH						Sep. 2023									(14)			160						395						—						—						555						4
Advance Auto IV						Huntingdon						PA						Sep. 2023									(14)			180						438						—						—						618						4
Advance Auto IV						Marshfield						WI						Sep. 2023									(14)			300						762						—						—						1,062						7
Advance Auto IV						Piqua						OH						Sep. 2023									(14)			180						427						—						—						607						4
Advance Auto IV						Selma						AL						Sep. 2023									(14)			180						389						—						—						569						4
Advance Auto IV						Tomah						WI						Sep. 2023									(14)			270						686						—						—						956						6
Advance Auto IV						Waynesboro						PA						Sep. 2023									(14)			240						551						—						—						791						5
Advance Auto IV						Waynesburg						PA						Sep. 2023									(14)			210						508						—						—						718						5
Advance Auto V						Cedar Grove						WV						Sep. 2023									(14)			200						529						—						—						729						5
Advance Auto V						Danville						WV						Sep. 2023									(14)			190						467						—						—						657						4
Advance Auto V						Greenup						KY						Sep. 2023									(14)			170						487						—						—						657						4
Advance Auto V						Hamlin						WV						Sep. 2023									(14)			190						452						—						—						642						4
Advance Auto V						Milton						WV						Sep. 2023									(14)			190						515						—						—						705						5
Advance Auto V						Moundsville						WV						Sep. 2023									(14)			430						1,114						—						—						1,544						10
Advance Auto V						Point Pleasant						WV						Sep. 2023									(14)			190						512						—						—						702						5
Advance Auto V						Sissonville						WV						Sep. 2023									(14)			270						653						—						—						923						6
Advance Auto V						South Williamson						KY						Sep. 2023									(14)			240						722						—						—						962						6
Advance Auto V						Wellsburg						WV						Sep. 2023									(14)			160						419						—						—						579						4
Advance Auto V						West Charleston						WV						Sep. 2023									(14)			220						569						—						—						789						5
Advance Auto IV						Indianapolis						IN						Sep. 2023									(14)			190						464						—						—						654						4
Advance Auto IV						Menomonie						WI						Sep. 2023									(14)			250						627						—						—						877						6
Advance Auto IV						Montgomery						AL						Sep. 2023									(14)			220						480						—						—						700						4
Advance Auto IV						Springfield						OH						Sep. 2023									(14)			180						427						—						—						607						4
Dollar General XXVI						Brooks						GA						Sep. 2023									(13)			270						692						—						—						962						6
Dollar General XXVI						Daleville						AL						Sep. 2023									(13)			230						534						—						—						764						5
Dollar General XXVI						East Brewton						AL						Sep. 2023									(13)			240						576						—						—						816						5
Dollar General XXVI						LaGrange						GA						Sep. 2023									(13)			270						740						—						—						1,010						7

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Dollar General XXVI						LaGrange						GA						Sep. 2023									(13)			320						801						—						—						1,121						7
Dollar General XXVI						Madisonville						TN						Sep. 2023									(13)			310						831						—						—						1,141						8
Dollar General XXVI						Maryville						TN						Sep. 2023									(13)			270						750						—						—						1,020						7
Dollar General XXVI						Mobile						AL						Sep. 2023									(13)			290						691						—						—						981						6
Dollar General XXVI						Newport						TN						Sep. 2023									(13)			270						673						—						—						943						6
Dollar General XXVI						Robertsdale						AL						Sep. 2023									(13)			390						975						—						—						1,365						9
Dollar General XXVI						Valley						AL						Sep. 2023									(13)			260						591						—						—						851						5
Dollar General XXVI						Wetumpka						AL						Sep. 2023									(13)			320						811						—						—						1,131						7
Pizza Hut IV						Black Mountain						NC						Sep. 2023									(13)			180						397						—						—						577						4
Pizza Hut IV						Canton						NC						Sep. 2023									(13)			200						530						—						—						730						5
Pizza Hut IV						Creedmoor						NC						Sep. 2023									(13)			220						516						—						—						736						5
Pizza Hut IV						Granite Falls						NC						Sep. 2023									(13)			140						401						—						—						541						4
Pizza Hut IV						Harrisburg						IL						Sep. 2023									(13)			130						300						—						—						430						3
Pizza Hut IV						Hendersonville						NC						Sep. 2023									(13)			260						672						—						—						932						6
Pizza Hut IV						Jefferson						NC						Sep. 2023									(13)			150						332						—						—						482						3
Pizza Hut IV						King						NC						Sep. 2023									(13)			190						529						—						—						719						5
Pizza Hut IV						Mocksville						NC						Sep. 2023									(13)			160						363						—						—						523						3
Pizza Hut IV						Mount Vernon						IL						Sep. 2023									(13)			160						437						—						—						597						4
Pizza Hut IV						Pennington Gap						VA						Sep. 2023									(13)			100						261						—						—						361						2
Pizza Hut IV						Pineville						KY						Sep. 2023									(13)			110						257						—						—						367						2
Pizza Hut IV						Robinson						IL						Sep. 2023									(13)			160						384						—						—						544						4
Pizza Hut IV						Yadkinville						NC						Sep. 2023									(13)			120						348						—						—						468						3
Advance Auto IV						Oconomowoc						WI						Sep. 2023									(14)			310						776						—						—						1,086						7
IMTAA						Reserve						LA						Sep. 2023									(14)			740						1,215						—						—						1,955						12
Pizza Hut IV						Clintwood						VA						Sep. 2023									(13)			110						302						—						—						412						3
Pizza Hut IV						Sylva						NC						Sep. 2023									(13)			160						380						—						—						540						3
DaVita III						Humble						TX						Sep. 2023												520						1,255						—						—						1,775						12
American Car Center I						Charleston						SC						Sep. 2023									(13)			280						685						—						—						965						6
American Car Center I						Columbia						SC						Sep. 2023									(13)			1,190						3,380						—						—						4,570						30
American Car Center I						Cordova						TN						Sep. 2023									(13)			320						860						—						—						1,180						8
American Car Center I						Lawrenceville						GA						Sep. 2023									(13)			46						134						—						—						180						1
American Car Center I						Louisville						KY						Sep. 2023									(13)			810						2,510						—						—						3,320						22
American Car Center I						Pelham						AL						Sep. 2023									(13)			340						1,170						—						—						1,510						10
American Car Center I						Riverdale						GA						Sep. 2023									(13)			180						500						—						—						680						4
American Car Center I						Springdale						AR						Sep. 2023									(13)			130						350						—						—						480						3
BJ's						Middleburg Height						OH						Sep. 2023									(13)			2,270						5,383						—						—						7,653						50

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Mammoth						Austell						GA						Sep. 2023									(13)			700						1,896						—						—						2,596						17
Mammoth						Dalton						GA						Sep. 2023									(13)			840						2,248						—						—						3,088						20
Mammoth						Mobile						AL						Sep. 2023									(13)			600						1,606						—						—						2,206						15
Mammoth						Murray						KY						Sep. 2023									(13)			1,030						2,753						—						—						3,783						25
Mammoth						Paducah						KY						Sep. 2023									(13)			630						1,663						—						—						2,293						15
Mammoth						Paducah						KY						Sep. 2023									(13)			260						656						—						—						916						6
Mammoth						Springville						UT						Sep. 2023									(13)			1,080						2,748						—						—						3,828						25
Mammoth						Stockbridge						GA						Sep. 2023									(13)			720						1,978						—						—						2,698						18
Mammoth						Suwanee						GA						Sep. 2023									(13)			1,040						2,820						—						—						3,860						26
Mammoth						Spanish Fork						UT						Sep. 2023									(13)			1,650						4,387						—						—						6,037						40
Mammoth						Lawrenceville						GA						Sep. 2023									(13)			890						2,380						—						—						3,270						22
DaVita IV						Flint						MI						Sep. 2023												360						809						—						—						1,169						7
GPM						Niles						MI						Sep. 2023									(13)			220						586						—						—						806						5
O'Charley's						Gainesville						GA						Sep. 2023									(14)			520						1,449						—						—						1,969						13
O'Charley's						Shively						KY						Sep. 2023									(14)			500						1,508						—						—						2,008						13
GPM						Allendale						MI						Sep. 2023									(13)			530						1,377						—						—						1,907						13
GPM						Alma						MI						Sep. 2023									(13)			270						716						—						—						986						7
GPM						Bay City						MI						Sep. 2023									(13)			270						701						—						—						971						6
GPM						Big Rapids						MI						Sep. 2023									(13)			370						990						—						—						1,360						9
GPM						Big Rapids						MI						Sep. 2023									(13)			280						730						—						—						1,010						7
GPM						Caro						MI						Sep. 2023									(13)			200						450						—						—						650						4
GPM						Chesaning						MI						Sep. 2023									(13)			380						1,039						—						—						1,419						9
GPM						Coopersville						MI						Sep. 2023									(13)			170						310						—						—						480						3
GPM						East Lansing						MI						Sep. 2023									(13)			250						678						—						—						928						6
GPM						Escanaba						MI						Sep. 2023									(13)			600						1,625						—						—						2,225						15
GPM						Essexville						MI						Sep. 2023									(13)			80						203						—						—						283						2
GPM						Flint						MI						Sep. 2023									(13)			240						549						—						—						789						5
GPM						Grand Rapids						MI						Sep. 2023									(13)			220						588						—						—						808						5
GPM						Ionia						MI						Sep. 2023									(13)			300						758						—						—						1,058						7
GPM						Lansing						MI						Sep. 2023									(13)			290						747						—						—						1,037						7
GPM						Lansing						MI						Sep. 2023									(13)			190						482						—						—						672						4
GPM						Lowell						MI						Sep. 2023									(13)			390						1,024						—						—						1,414						9
GPM						Muskegon						MI						Sep. 2023									(13)			190						485						—						—						675						4
GPM						Niles						MI						Sep. 2023									(13)			240						589						—						—						829						5
GPM						Plainwell						MI						Sep. 2023									(13)			260						688						—						—						948						6
GPM						Portage						MI						Sep. 2023									(13)			210						473						—						—						683						4

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
GPM						Saginaw						MI						Sep. 2023									(13)			310						813						—						—						1,123						7
GPM						Sault Ste Marie						MI						Sep. 2023									(13)			190						452						—						—						642						4
GPM						Spring Lake						MI						Sep. 2023									(13)			460						1,193						—						—						1,653						11
GPM						Walker						MI						Sep. 2023									(13)			250						624						—						—						874						6
GPM						West Lafayette						IN						Sep. 2023									(13)			250						672						—						—						922						6
GPM						Whitehall						MI						Sep. 2023									(13)			190						484						—						—						674						4
GPM						Wyoming						MI						Sep. 2023									(13)			290						750						—						—						1,040						7
GPM						Wyoming						MI						Sep. 2023									(13)			160						337						—						—						497						3
IMTAA II						Grand Prairie						TX						Sep. 2023									(13)			850						1,533						—						—						2,383						15
IMTAA II						New Orleans						LA						Sep. 2023									(13)			840						1,518						—						—						2,358						15
IMTAA II						Chickasha						OK						Sep. 2023									(13)			870						1,444						—						—						2,314						14
IMTAA II						Chickasha						OK						Sep. 2023									(13)			830						1,517						—						—						2,347						15
IMTAA II						Gulfport						MS						Sep. 2023									(13)			490						846						—						—						1,336						8
IMTAA II						Gulfport						MS						Sep. 2023									(13)			720						1,352						—						—						2,072						13
Fresenius IX						Dadeville						AL						Sep. 2023												260						611						—						—						871						6
Fresenius IX						Jackson						AL						Sep. 2023												420						1,047						—						—						1,467						10
Fresenius IX						Newton						MS						Sep. 2023									(13)			750						1,892						—						—						2,642						17
Fresenius IX						Philadelphia						MS						Sep. 2023												720						1,674						—						—						2,394						15
Fresenius IX						Port Gibson						MS						Sep. 2023									(13)			330						780						—						—						1,110						7
Fresenius IX						Tallassee						AL						Sep. 2023												730						1,923						—						—						2,653						18
IMTAA II						Addis						LA						Sep. 2023									(13)			540						881						—						—						1,421						9
IMTAA II						Picayune						MS						Sep. 2023									(13)			760						1,334						—						—						2,094						13
IMTAA II						Lake Charles						LA						Sep. 2023									(13)			520						983						—						—						1,503						10
IMTAA II						Lake Charles						LA						Sep. 2023									(13)			550						954						—						—						1,504						9
Kamla Kaur						Albion						IL						Sep. 2023									(13)			130						321						—						—						451						3
Kamla Kaur						Central City						IL						Sep. 2023									(13)			750						1,905						—						—						2,655						17
Kamla Kaur						Cisne						IL						Sep. 2023									(13)			340						887						—						—						1,227						8
Kamla Kaur						Harrisburg						IL						Sep. 2023									(13)			270						669						—						—						939						6
Kamla Kaur						Metropolis						IL						Sep. 2023									(13)			340						829						—						—						1,169						8
Kamla Kaur						Pickneyville						IL						Sep. 2023									(13)			420						1,079						—						—						1,499						10
Kamla Kaur						Salem						IL						Sep. 2023									(13)			80						208						—						—						288						2
Kamla Kaur						Stewardson						IL						Sep. 2023									(13)			130						299						—						—						429						3
Kamla Kaur						Wayne City						IL						Sep. 2023									(13)			330						831						—						—						1,161						8
Kamla Kaur						Xenia						IL						Sep. 2023									(13)			130						303						—						—						433						3
Dialysis III						Andrews						SC						Sep. 2023									(13)			220						547						—						—						767						5
Dialysis III						Batesburg						SC						Sep. 2023									(13)			310						799						—						—						1,109						7

---

																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Dialysis III						Bishopville						SC						Sep. 2023									(13)			280						668						—						—						948						6
Dialysis III						Cheraw						SC						Sep. 2023									(13)			280						628						—						—						908						6
Dialysis III						Florence						SC						Sep. 2023									(13)			640						1,528						—						—						2,168						14
Dialysis III						Florence						SC						Sep. 2023									(13)			300						757						—						—						1,057						7
Dialysis III						Florence						SC						Sep. 2023									(13)			780						1,877						—						—						2,657						17
Dialysis III						Fort Lawn						SC						Sep. 2023									(13)			500						1,295						—						—						1,795						12
Dialysis III						Fountain Inn						SC						Sep. 2023									(13)			310						787						—						—						1,097						7
Dialysis III						Johnsonville						SC						Sep. 2023									(13)			270						613						—						—						883						6
Dialysis III						Kingstree						SC						Sep. 2023									(13)			650						1,650						—						—						2,300						15
Dialysis III						Lake City						SC						Sep. 2023									(13)			400						1,025						—						—						1,425						9
Dialysis III						Lugoff						SC						Sep. 2023									(13)			310						765						—						—						1,075						7
Dialysis III						Manning						SC						Sep. 2023									(13)			310						757						—						—						1,067						7
Dialysis III						Myrtle Beach						SC						Sep. 2023									(13)			530						1,422						—						—						1,952						13
National Convenience Distributors						Chicopee						MA						Sep. 2023												4,110						8,326						—						—						12,436						86
National Convenience Distributors						Chicopee						MA						Sep. 2023												1,630						3,496						—						—						5,126						36
National Convenience Distributors						Chicopee						MA						Sep. 2023												170						427						—						—						597						4
National Convenience Distributors						Chicopee						MA						Sep. 2023												1,660						3,414						—						—						5,074						36
National Convenience Distributors						Chicopee						MA						Sep. 2023												1,380						3,256						—						—						4,636						33
Advance Auto VI						Columbus						OH						Sep. 2023									(13)			260						699						—						—						959						6
Advance Auto VI						Sandusky						MI						Sep. 2023									(13)			290						743						—						—						1,033						7
Dollar General XXVII						Buffalo						WV						Sep. 2023												230						284						—						—						514						3
Dollar General XXVII						Clendenin						WV						Sep. 2023												160						444						—						—						604						4
Dollar General XXVII						Elizabeth						WV						Sep. 2023									(13)			240						314						—						—						554						3
Dollar General XXVII						Gassaway						WV						Sep. 2023												280						317						—						—						597						3
Dollar General XXVII						Glenville						WV						Sep. 2023									(13)			380						558						—						—						938						5
Dollar General XXVII						Middlebourne						WV						Sep. 2023									(13)			190						249						—						—						439						2
Dollar General XXVII						Mt. Hope						WV						Sep. 2023									(13)			170						393						—						—						563						4
Dollar General XXVII						Parkersburg						WV						Sep. 2023									(13)			410						540						—						—						950						5
Dollar General XXVII						Parkersburg						WV						Sep. 2023									(13)			390						552						—						—						942						5
Dollar General XXVII						Pennsboro						WV						Sep. 2023									(13)			330						507						—						—						837						5
Dollar General XXVII						Point Pleasant						WV						Sep. 2023									(13)			620						794						—						—						1,414						8
Dollar General XXVII						Sophia						WV						Sep. 2023									(13)			340						434						—						—						774						4
Dollar General XXVII						St. Mary's						WV						Sep. 2023									(13)			260						297						—						—						557						3
Dollar General XXVII						Sutton						WV						Sep. 2023												230						253						—						—						483						2
Dollar General XXVII						Vienna						WV						Sep. 2023									(13)			390						673						—						—						1,063						6
Pick N' Save						Franklin						WI						Sep. 2023												1,810						5,816						—						—						7,626						53

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Dollar General XXVII						New Haven						WV						Sep. 2023									(13)			280						328						—						—						608						3
Tidal Wave I						Camden						SC						Sep. 2023									(13)			1,270						2,736						—						—						4,006						25
Tidal Wave I						Columbus						GA						Sep. 2023									(13)			1,030						2,821						—						—						3,851						26
Tidal Wave I						Fayetteville						NC						Sep. 2023									(13)			1,040						2,812						—						—						3,852						26
Tidal Wave I						Guntersville						AL						Sep. 2023									(13)			1,090						2,921						—						—						4,011						26
Tidal Wave I						Hinesville						GA						Sep. 2023									(13)			1,160						2,855						—						—						4,015						26
Tidal Wave I						Macon						GA						Sep. 2023									(13)			1,050						2,804						—						—						3,854						25
Tidal Wave I						Marietta						GA						Sep. 2023									(13)			880						2,975						—						—						3,855						27
Tidal Wave I						Milledgeville						GA						Sep. 2023									(13)			1,130						2,730						—						—						3,860						25
Tidal Wave I						Moultrie						GA						Sep. 2023									(13)			1,090						2,928						—						—						4,018						27
Tidal Wave I						Overland Park						KS						Sep. 2023									(13)			1,150						2,702						—						—						3,852						25
Tidal Wave I						Warner Robins						GA						Sep. 2023									(13)			1,070						2,789						—						—						3,859						25
Imperial Reliance						Coffeyville						KS						Sep. 2023									(13)			315						723						—						—						1,038						7
Imperial Reliance						Coffeyville						KS						Sep. 2023									(13)			270						713						—						—						983						6
Aaron's II						DeRidder						LA						Sep. 2023												240						755						—						—						995						7
Aaron's II						Buffalo						NY						Sep. 2023									(13)			230						515						—						—						745						5
Aaron's II						Buffalo						NY						Sep. 2023									(13)			310						363						—						—						673						4
Aaron's II						East Hartford						CT						Sep. 2023									(13)			240						368						—						—						608						4
Aaron's II						Elmira						NY						Sep. 2023												170						374						—						—						544						4
Aaron's II						Geneva						NY						Sep. 2023												150						355						—						—						505						3
Aaron's II						Lawrence						MA						Sep. 2023									(13)			210						663						—						—						873						6
Aaron's II						Presque Isle						ME						Sep. 2023												230						472						—						—						702						4
Aaron's II						Rutland						VT						Sep. 2023												230						453						—						—						683						4
Aaron's II						Springfield						MA						Sep. 2023									(13)			220						517						—						—						737						5
Aaron's II						Syracuse						NY						Sep. 2023												180						253						—						—						433						2
Aaron's II						Syracuse						NY						Sep. 2023												170						212						—						—						382						2
Aaron's II						Tonawanda						NY						Sep. 2023									(13)			230						329						—						—						559						3
Aaron's II						Waterbury						CT						Sep. 2023									(13)			210						687						—						—						897						6
Tidal Wave I						Mission						KS						Sep. 2023									(13)			1,370						2,905						—						—						4,275						27
Tidal Wave I						Pace						FL						Sep. 2023									(13)			1,540						2,768						—						—						4,308						26
Dollar General XXVII						Matewan						WV						Sep. 2023									(13)			100						227						—						—						327						2
Aaron's II						Oxford						ME						Sep. 2023												290						378						—						—						668						4
Tidal Wave I						Kansas City						KS						Sep. 2023									(13)			1,310						3,509						—						—						4,819						32
Dialysis III						Marion						SC						Sep. 2023												530						1,044						—						—						1,574						10
Heritage I						Bellevue						MI						Sep. 2023									(13)			110						211						—						—						321						2
Heritage I						Cleveland						OH						Sep. 2023									(13)			150						347						—						—						497						3

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Heritage I						Homer						MI						Sep. 2023									(13)			110						255						—						—						365						2
Heritage I						Louisville						KY						Sep. 2023									(13)			960						2,472						—						—						3,432						23
Heritage I						Marshall						MI						Sep. 2023									(13)			820						2,737						—						—						3,557						25
Fidelity I						Chillocothe						MO						Sep. 2023												770						1,717						—						—						2,487						16
Fidelity I						Columbus						OH						Sep. 2023												210						313						—						—						523						3
Fidelity I						Marion						OH						Sep. 2023												70						143						—						—						213						1
Fidelity I						Savannah						GA						Sep. 2023												320						420						—						—						740						4
Fidelity I						Savannah						GA						Sep. 2023												460						1,028						—						—						1,488						10
Fidelity I						Savannah						GA						Sep. 2023												750						1,046						—						—						1,796						10
BJ's Wholesale Club II						Batavia						NY						Sep. 2023												1,600						4,344						—						—						5,944						40
McCain Plaza						Little Rock						AR						Sep. 2023												9,357						18,800						—						—						28,157						200
Heritage I						Battle Creek						MI						Sep. 2023									(13)			230						708						—						—						938						6
Shops at Abilene						Abilene						TX						Sep. 2023												4,372						14,190						—						—						18,562						130
Plaza San Mateo						Albuquerque						NM						Sep. 2023												1,617						6,894						—						—						8,511						62
Ventura Place						Albuquerque						NM						Sep. 2023									(18)			2,365						6,762						—						22						9,149						58
Fairlane Green						Allen Park						MI						Sep. 2023												1,922						9,479						—						—						11,401						108
Melody Mountain						Ashland						KY						Sep. 2023												907						6,117						—						—						7,024						54
MattressFirm & Kay Jewelers						Ashtabula						OH						Sep. 2023												196						1,354						—						—						1,550						12
Beaver Creek Shopping Center						Beavercreek						OH						Sep. 2023												5,265						16,356						—						—						21,621						155
Shoppes of Gary Farms						Bowling Green						KY						Sep. 2023												1,495						11,872						—						—						13,367						112
Fountain Square						Brookfield						WI						Sep. 2023												4,085						15,242						—						—						19,327						142
Carlisle Crossing						Carlisle						PA						Sep. 2023									(18)			4,919						9,658						—						—						14,577						117
Market at Clifty Crossing						Columbus						IN						Sep. 2023												2,473						14,054						—						6						16,533						125
The Market at Polaris						Columbus						OH						Sep. 2023												2,285						10,197						—						—						12,482						93
Darien Towne Centre						Darien						IL						Sep. 2023												3,236						12,973						—						—						16,209						118
Derby Marketplace						Derby						KS						Sep. 2023									(18)			1,755						5,342						—						—						7,097						52
Mattress Firm & Panera Bread						Elyria						OH						Sep. 2023									(18)			1,336						1,457						—						—						2,793						17
Enid Crossing						Enid						OK						Sep. 2023												457						2,669						—						—						3,126						28
Evergreen Marketplace						Evergreen Park						IL						Sep. 2023									(18)			856						5,158						—						—						6,014						47
Turfway Crossing						Florence						KY						Sep. 2023												2,655						6,963						—						—						9,618						66
FreshThyme & DSW						Fort Wayne						IN						Sep. 2023									(18)			900						3,627						—						—						4,527						32
Crosspoint Shopping Center						Hagerstown						MD						Sep. 2023												5,311						9,812						—						—						15,123						123
Rolling Acres						Lady Lake						FL						Sep. 2023												4,644						19,446						—						—						24,090						186
Crossroads Annex						Lafayette						LA						Sep. 2023									(18)			1,153						3,895						—						—						5,048						36
Tellico Village						Loudon						TN						Sep. 2023									(18)			226						4,748						—						—						4,974						46
University Marketplace						Marion						IN						Sep. 2023												1,257						3,559						—						—						4,816						36

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
Pecanland Plaza						Monroe						LA						Sep. 2023												1,640						12,192						—						—						13,832						114
Mattress Firm & Five Guys						Muskegon						MI						Sep. 2023												254						1,778						—						—						2,032						17
Dick's PetSmart Center						Oshkosh						WI						Sep. 2023												719						4,640						—						—						5,359						42
Owensboro Town Center						Owensboro						KY						Sep. 2023									(18)			2,172						15,544						—						23						17,739						142
Plainfield Marketplace						Plainfield						IL						Sep. 2023												1,748						10,648						—						—						12,396						96
Crossroads Commons						Plover						WI						Sep. 2023												500						2,950						—						—						3,450						27
Triangle Town Place						Raleigh						NC						Sep. 2023												3,735						18,839						—						43						22,617						171
PetSmart & Old Navy						Reynoldsburg						OH						Sep. 2023									(18)			702						3,157						—						—						3,859						31
Summerfield Crossing						Riverview						FL						Sep. 2023												4,807						4,563						—						—						9,370						52
Sutters Creek						Rocky Mount						NC						Sep. 2023									(18)			1,837						1,931						—						—						3,768						20
Shoe Carnival & Buffalo Wild Wings						Salina						KS						Sep. 2023												580						1,564						—						—						2,144						16
Lord Salisbury Center						Salisbury						MD						Sep. 2023									(18)			2,317						7,453						—						—						9,770						73
Wallace Commons II						Salisbury						NC						Sep. 2023												3,074						3,837						—						—						6,911						41
Shippensburg Marketplace						Shippensburg						PA						Sep. 2023												1,238						4,607						—						—						5,845						47
Southwest Plaza						Springfield						IL						Sep. 2023												7,109						10,792						—						—						17,901						104
Shoppes at Stroud						Stroud Township						PA						Sep. 2023												3,021						16,151						—						—						19,172						164
Nordstrom Rack						Tampa						FL						Sep. 2023									(18)			6,683						4,930						—						—						11,613						42
Mattress Firm & Aspen Dental						Vienna						WV						Sep. 2023												503						1,907						—						—						2,410						16
Cottonwood Commons						Albuquerque						NM						Sep. 2023												5,561						19,179						—						—						24,740						183
Target Center						Columbia						SC						Sep. 2023												3,481						5,030						—						—						8,511						48
North Lake Square						Gainesville						GA						Sep. 2023									(18)			2,365						15,461						—						—						17,826						153
Houma Crossing						Houma						LA						Sep. 2023									(18)			3,149						11,407						—						1						14,557						107
Western Crossing						Jacksonville						NC						Sep. 2023												4,353						4,738						—						—						9,091						48
Lafayette Pavilion						Lafayette						IN						Sep. 2023												6,282						34,354						—						—						40,636						313
Lawton Marketplace						Lawton						OK						Sep. 2023									(18)			3,394						18,969						—						—						22,363						225
Fourth Creek Landing						Statesville						NC						Sep. 2023												1,969						4,278						—						—						6,247						41
The Center at Hobbs Brook						Sturbridge						MA						Sep. 2023												3,213						17,186						—						—						20,399						179
Almeda Crossing						Houston						TX						Sep. 2023												3,819						13,670						—						71						17,560						130
Boston Commons						Springfield						MA						Sep. 2023												959						1,968						—						46						2,973						24
Walgreens						Huntsville						AL						Sep. 2023												1,280						3,176						—						—						4,456						29
Terrell Mill Village						Marietta						GA						Sep. 2023									(18)			6,591						5,355						—						—						11,946						56
Wallace Commons						Salisbury						NC						Sep. 2023									(18)			2,514						5,357						—						1						7,872						51
Academy Sports						Valdosta						GA						Sep. 2023												2,650						5,494						—						—						8,144						51
The Marquis						Williamsburg						VA						Sep. 2023												2,256						6,472						—						—						8,728						60
Albany Square						Albany						GA						Sep. 2023												1,754						3,129						—						—						4,883						31

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																														Initial Costs												Changes Subsequent to Acquisition
Portfolio						City						U.S. State/Territory or Country						Acquisition Date						Encumbrances at December 31, 2023 (1)						Land						Building and Improvements						Land						Building and Improvements						Gross Amount at December 31, 2023 (2)(3)						Accumulated Depreciation (4)(5)
East West Commons						Austell						GA						Sep. 2023												2,959						21,571						—						—						24,530						210
Waterford Park South						Clarksville						IN						Sep. 2023									(18)			1,024						6,589						—						—						7,613						64
Coventry Crossing						Coventry						RI						Sep. 2023									(17)			1,053						3,126						—						—						4,179						35
Decatur Commons						Decatur						AL						Sep. 2023									(17)			3,169						8,171						—						5						11,345						76
Poplar Springs						Duncan						SC						Sep. 2023												2,704						6,768						—						—						9,472						72
Fresh Market Center						Glen Ellyn						IL						Sep. 2023												948						2,428						—						1						3,377						26
Parkway Centre South						Grove City						OH						Sep. 2023									(18)			4,038						15,694						—						—						19,732						157
The Ridge at Turtle Creek						Hattiesburg						MS						Sep. 2023									(18)			1,679						6,660						—						—						8,339						61
Stoneridge Village						Jefferson City						MO						Sep. 2023									(18)			958						6,024						—						—						6,982						61
Harbor Town Center						Manitowoc						WI						Sep. 2023									(18)			1,195						8,687						—						—						9,882						80
Morganton Heights						Morganton						NC						Sep. 2023												3,467						25,691						—						—						29,158						258
Tire Kingdom & Starbucks						Mt. Pleasant						SC						Sep. 2023												1,287						2,772						—						—						4,059						24
Walgreens & Key Bank						Newburgh						NY						Sep. 2023									(17)			967						5,282						—						—						6,249						48
Bed Bath Beyond Golfsmith						Schaumburg						IL						Sep. 2023												1,172						5,200						—						—						6,372						47
Springfield Commons						Springfield						OH						Sep. 2023												1,436						9,809						—						—						11,245						91
Walmart Neighborhood Market						Summerville						SC						Sep. 2023									(18)			1,249						2,959						—						—						4,208						37
HEB Center						Waxahachie						TX						Sep. 2023									(17)			2,678						19,552						—						—						22,230						162
Imperial Reliance III						Fort Atkinson						WI						Sep. 2023												460						1,036						—						—						1,496						10
Imperial Reliance III						Lake Mills						WI						Sep. 2023												500						1,404						—						—						1,904						13
Imperial Reliance III						Lake Mills						WI						Sep. 2023												680						1,092						—						—						1,772						10
Imperial Reliance III						Madison						WI						Sep. 2023												680						1,498						—						—						2,178						14
Imperial Reliance III						McFarland						WI						Sep. 2023												500						1,340						—						—						1,840						12
Imperial Reliance III						McFarland						WI						Sep. 2023												910						1,239						—						—						2,149						12
Imperial Reliance III						Waterloo						WI						Sep. 2023												530						1,343						—						—						1,873						12
The Plant						San Jose						CA						Sep. 2023												89,432						67,524						—						78						157,034						666
Imperial Reliance III						Deerfield						WI						Sep. 2023												520						1,281						—						—						1,801						12
McGowin Park						Mobile						AL						Sep. 2023						39,025						8,742						32,729						—						—						41,471						291
Fidelity I						Covington						GA						Sep. 2023												1,040						2,819						—						—						3,859						26
Fidelity II						Beaufort						SC						Sep. 2023												290						349						—						—						639						3
Fidelity II						Savannah						GA						Sep. 2023												630						1,061						—						—						1,691						10
Fed Ex						Marion						IA						Oct. 2023												4,784						43,082						—						—						47,866						416
Encumbrances																								2,433,095
																								$	2,665,383					$	1,449,646					$	5,803,516					( 19,052 )						$	62,053					7,296,163						$	614,851

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______

(1) These are stated principal amounts at spot rates for those in local currency and excludes $ 140.4 million of mortgage discounts and $ 7.1 million of deferred financing costs.

(2) Acquired intangible lease assets allocated to individual properties in the amount of $ 1.4 billion are not reflected in the table above.

(3) The tax basis of aggregate land, buildings and improvements as of December 31, 2023 is $ 8.1 billion.

(4) The accumulated depreciation column excludes approximately $ 469.0 million of accumulated amortization associated with acquired intangible lease assets.

(5) Each of the properties has a depreciable life of: 40 years for buildings, 15 years for improvements and five years for fixtures.

(6) These properties collateralize the loan on the Finland properties of $ 81.7 million as of December 31, 2023.

(7) These properties collateralize the loan on the Luxembourg and Netherlands properties of $ 129.8 million as of December 31, 2023.

(8) These properties collateralize the U.S. Multi-Tenant Mortgage Loan I of $ 162.6 million as of December 31, 2023.

(9) These properties collateralize the U.S. Multi-Tenant Mortgage Loan II of $ 32.8 million as of December 31, 2023.

(10) These properties collateralize the U.S. Multi-Tenant Mortgage Loan III of $ 98.5 million as of December 31, 2023.

(11) These properties collateralize the U.S. Multi-Property Loan IV of $ 97.5 million as of December 31, 2023.

(12) These properties collateralize the U.S. Multi-Property Loan V of $ 139.8 million as of December 31, 2023.

(13) These properties collateralize the Net Lease Mortgage Notes of $ 459.2 million as of December 31, 2023.

(14) These properties collateralize the Column Financial Notes of $ 697.6 million as of December 31, 2023.

(15) These properties collateralize the Mortgage Loan II of $ 210.0 million as of December 31, 2023.

(16) These properties collateralize the Mortgage Loan III of $ 33.4 million as of December 31, 2023.

(17) These properties collateralize the RTL Multi-Tenant Mortgage II of $ 25.0 million as of December 31, 2023.

(18) These properties collateralize the CMBS Loan of $ 260.0 million as of December 31, 2023.

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A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2023, 2022 and 2021:

						December 31,
						2023						2022						2021
Real estate investments, at cost:
Balance at beginning of year						$	3,797,474					$	3,942,985					$	3,606,969
Additions-Acquisitions						3,613,000						60,378						468,032
Asset dispositions (including write-off of fully depreciated assets)						( 97,218 )						( 65,753 )						( 56,136 )
Transfer to assets held for sale						( 3,209 )						—						—
Impairment charge						( 66,672 )						( 20,276 )						( 16,326 )
Currency translation adjustment						52,788						( 119,860 )						( 59,554 )
Balance at end of the year						$	7,296,163					$	3,797,474					$	3,942,985
Accumulated depreciation:
Balance at beginning of year						$	501,971					$	431,886					$	355,855
Depreciation expense						121,313						96,188						94,083
Asset dispositions (including write-off of fully depreciated assets)						( 16,013 )						( 12,491 )						( 10,970 )
Transfer to assets held for sale						( 21 )						—						—
Currency translation adjustment						7,601						( 13,612 )						( 7,082 )
Balance at end of the year						$	614,851					$	501,971					$	431,886