Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 08, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-36739 | ||
Entity Registrant Name | STORE CAPITAL LLC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 88-4051712 | ||
Entity Address, Address Line One | 8377 East Hartford Drive | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Scottsdale | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85255 | ||
City Area Code | 480 | ||
Local Phone Number | 256-1100 | ||
Title of 12(b) Security | None | ||
No Trading Symbol Flag | true | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 1,125 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Phoenix, Arizona | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001538990 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate investments: | ||
Land and improvements | $ 3,805,685 | $ 3,455,443 |
Buildings and improvements | 9,373,309 | 7,743,454 |
Intangible lease assets | 615,327 | 61,968 |
Total real estate investments | 13,794,321 | 11,260,865 |
Less accumulated depreciation and amortization | (531,351) | (1,438,107) |
Real estate investments, net | 13,262,970 | 9,822,758 |
Operating ground lease assets | 52,068 | 31,872 |
Loans and financing receivables, net | 1,103,931 | 787,106 |
Net investments | 14,418,969 | 10,641,736 |
Cash and cash equivalents | 239,477 | 35,137 |
Other assets, net | 90,041 | 158,097 |
Total assets | 14,748,487 | 10,834,970 |
Liabilities: | ||
Credit facility | 375,000 | 555,000 |
Unsecured notes and term loans payable, net | 2,839,708 | 2,397,406 |
Non-recourse debt obligations of consolidated special purpose entities, net | 2,568,474 | 2,238,470 |
Intangible lease liabilities, net | 140,516 | 0 |
Operating lease liabilities | 49,481 | 36,873 |
Accrued expenses, deferred revenue and other liabilities | 176,110 | 180,903 |
Total liabilities | 6,149,289 | 5,408,652 |
Equity: | ||
Members' equity | 8,730,569 | 0 |
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 282,684,998 shares issued and outstanding as of December 31, 2022 | 0 | 2,827 |
Capital in excess of par value | 0 | 6,003,331 |
Accumulated deficit | (138,599) | (609,361) |
Accumulated other comprehensive (loss) income | (816) | 29,521 |
Total members' and stockholders' equity | 8,591,154 | 5,426,318 |
Noncontrolling interest | 8,044 | 0 |
Total equity | 8,599,198 | |
Total equity | 5,426,318 | |
Total liabilities and equity | $ 14,748,487 | $ 10,834,970 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Feb. 03, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets | ||||
Common stock, par value per share | $ 0.01 | |||
Common shares, authorized shares | 1,000 | 375,000,000 | 375,000,000 | 375,000,000 |
Common shares, issued shares | 1,000 | 282,684,998 | 282,684,998 | 273,806,225 |
Common shares, outstanding shares | 1,000 | 282,684,998 | 282,684,998 | 273,806,225 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||||
Rental revenues | $ 75,008 | $ 870,707 | $ 846,420 | $ 729,061 |
Interest income on loans and financing receivables | 5,326 | 76,467 | 56,776 | 50,821 |
Other income | 850 | 4,726 | 6,976 | 2,782 |
Total revenues | 81,184 | 951,900 | 910,172 | 782,664 |
Expenses: | ||||
Interest | 19,080 | 362,605 | 189,549 | 170,974 |
Property costs | 1,348 | 16,873 | 14,696 | 18,244 |
General and administrative | 5,679 | 55,035 | 62,555 | 84,097 |
Merger-related | 895 | 0 | 12,248 | 0 |
Depreciation and amortization | 27,789 | 533,637 | 308,084 | 265,813 |
Provisions for impairment | 0 | 25,265 | 16,428 | 24,979 |
Total expenses | 54,791 | 993,415 | 603,560 | 564,107 |
Other (loss) income: | ||||
(Loss) gain on dispositions of real estate | 97 | (6,680) | 19,224 | 46,655 |
Loss on extinguishment of debt | 0 | (67,897) | 0 | 0 |
Income from non-real estate, equity method investments | 0 | 0 | 2,949 | 3,949 |
(Loss) income before income taxes | 26,490 | (116,092) | 328,785 | 269,161 |
Income tax expense | 703 | 22,567 | 884 | 813 |
Net (loss) income | 25,787 | (138,659) | 327,901 | 268,348 |
Less: Net loss attributable to noncontrolling interests | 0 | (60) | 0 | 0 |
Net (loss) income attributable to controlling interests | $ 25,787 | $ (138,599) | $ 327,901 | $ 268,348 |
Net income per share of common stock-basic | $ 0.09 | $ 1.17 | $ 0.99 | |
Net income per share of common stock-diluted | $ 0.09 | $ 1.17 | $ 0.99 | |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 282,238,151 | 280,105,477 | 270,105,269 | |
Diluted (in shares) | 282,338,405 | 280,105,477 | 270,105,269 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income | ||||
Net (loss) income | $ 25,787 | $ (138,659) | $ 327,901 | $ 268,348 |
Other comprehensive (loss) income: | ||||
Unrealized gains (losses) on cash flow hedges | (10,531) | 17,410 | 30,393 | (3) |
Cash flow hedge losses reclassified to interest expense | 894 | 18,226 | (1,292) | (634) |
Total other comprehensive (loss)income | (11,425) | (816) | 31,685 | 631 |
Total comprehensive (loss) income | 14,362 | (139,475) | 359,586 | 268,979 |
Comprehensive (loss) income attributable to noncontrolling interests | 0 | (60) | 0 | 0 |
Comprehensive (loss) income attributable to controlling interests | $ 14,362 | $ (139,415) | $ 359,586 | $ 268,979 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Distributions in Excess of Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at Dec. 31, 2020 | $ 5,015,778 | $ 2,661 | $ 5,475,889 | $ (459,977) | $ (2,795) |
Balance (in shares) at Dec. 31, 2020 | 266,112,676 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 268,348 | 268,348 | |||
Other comprehensive income (loss) | 631 | 631 | |||
Issuance of common stock, net of costs | 243,671 | $ 73 | 243,598 | ||
Issuance of common stock, net of costs (shares) | 7,322,471 | ||||
Equity-based compensation | 32,402 | $ 7 | 32,223 | 172 | |
Equity-based compensation (shares) | 659,210 | ||||
Shares repurchased under stock compensation plan | $ (9,509) | $ (3) | (6,018) | (3,488) | |
Shares repurchased under stock compensation plan (in shares) | (288,132) | (288,132) | |||
Common dividends declared | $ (407,192) | (407,192) | |||
Balance at Dec. 31, 2021 | 5,144,129 | $ 2,738 | 5,745,692 | (602,137) | (2,164) |
Balance (in shares) at Dec. 31, 2021 | 273,806,225 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 327,901 | 327,901 | |||
Other comprehensive income (loss) | 31,685 | 31,685 | |||
Issuance of common stock, net of costs | 249,606 | $ 86 | 249,520 | ||
Issuance of common stock, net of costs (shares) | 8,607,771 | ||||
Equity-based compensation | 12,541 | $ 3 | 12,426 | 112 | |
Equity-based compensation (shares) | 473,798 | ||||
Shares repurchased under stock compensation plan | $ (6,271) | (4,307) | (1,964) | ||
Shares repurchased under stock compensation plan (in shares) | (202,796) | (202,796) | |||
Common dividends declared | $ (333,273) | (333,273) | |||
Balance at Dec. 31, 2022 | 5,426,318 | $ 2,827 | 6,003,331 | (609,361) | 29,521 |
Balance (in shares) at Dec. 31, 2022 | 282,684,998 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 25,787 | 25,787 | |||
Other comprehensive income (loss) | (11,425) | (11,425) | |||
Equity-based compensation | 975 | 975 | |||
Balance at Feb. 02, 2023 | $ 5,441,655 | $ 2,827 | $ 6,004,306 | $ (583,574) | $ 18,096 |
Balance (in shares) at Feb. 02, 2023 | 282,684,998 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Stockholders' Equity | ||
Stock issuance costs | $ 3,268 | $ 4,109 |
Common dividends declared per common share (in dollars per share) | $ 1.18 | $ 1.49 |
Consolidated Statement of Membe
Consolidated Statement of Members' Equity - 11 months ended Dec. 31, 2023 - USD ($) $ in Thousands | Total | Common Members' Units | Preferred Members' Units | Accumulated Other Comprehensive Income | Total Member's Equity | Non-controlling Interest |
Balance at Feb. 02, 2023 | ||||||
Balance (in shares) at Feb. 02, 2023 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Members' contributions | 9,251,969 | $ 9,251,844 | $ 125 | 9,251,969 | ||
Members' contributions (in shares) | 1,000 | 125 | ||||
Members' distributions | (510,015) | $ (510,000) | $ (15) | (510,015) | ||
Net (loss) income | (138,659) | (138,614) | 15 | (138,599) | (60) | |
Other comprehensive loss | (816) | (816) | (816) | |||
Contributions from noncontrolling interest | 8,104 | 8,104 | ||||
Non-cash distribution to members | (11,385) | (11,385) | (11,385) | |||
Balance at Dec. 31, 2023 | $ 8,599,198 | $ 8,591,845 | $ 125 | $ (816) | $ 8,591,154 | $ 8,044 |
Balance (in shares) at Dec. 31, 2023 | 1,000 | 125 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||||
Net (loss) income | $ 25,787 | $ (138,659) | $ 327,901 | $ 268,348 | |
Adjustments to net (loss) income: | |||||
Depreciation and amortization | 27,789 | 533,637 | 308,084 | 265,813 | |
Amortization of debt discounts, deferred financing costs and other noncash interest expense | 715 | 82,830 | 9,509 | 10,120 | |
Amortization of equity-based compensation | 975 | 0 | 12,430 | 32,228 | |
Provisions for impairment | 0 | 25,265 | 16,428 | 24,979 | |
Net loss (gain) on dispositions of real estate | (97) | 6,680 | (19,224) | (46,655) | |
Income from non-real estate, equity method investments | 0 | 0 | (2,949) | (3,949) | |
Distribution received from non-real estate, equity method investment | 0 | 0 | 468 | 120 | |
Loss on extinguishment of debt | 0 | 67,897 | 0 | 0 | |
Noncash revenue and other | (77) | (11,787) | (4,423) | (9,907) | |
Changes in operating assets and liabilities: | |||||
Other assets | (2,876) | (2,175) | 4,455 | 32,459 | |
Accrued expenses, deferred revenue and other liabilities | 7,164 | 21,339 | 21,736 | 9,817 | |
Net cash provided by operating activities | 59,380 | 585,027 | 674,415 | 583,373 | |
Investing activities | |||||
Acquisition of and additions to real estate | (48,063) | (508,224) | (1,457,503) | (1,379,902) | |
Investment in loans and financing receivables | (82,112) | (598,990) | (158,676) | (125,049) | |
Collections of principal on loans and financing receivables | 468 | 74,408 | 67,922 | 19,160 | |
Proceeds from dispositions of real estate | 682 | 73,799 | 195,629 | 355,972 | |
Proceeds from sale of loans and financing receivables to related party | 0 | 327,454 | 0 | 0 | |
Contribution made to non-real estate, equity method investment | 0 | 0 | (468) | 0 | |
Acquisition of STORE Capital Corporation | 0 | (10,547,219) | |||
Net cash used in investing activities | (129,025) | (11,178,772) | (1,353,096) | (1,129,819) | |
Financing activities | |||||
Borrowings under credit facility | 70,000 | 1,266,500 | 1,183,000 | 665,000 | |
Repayments under credit facility | (25,000) | (891,500) | (758,000) | (535,000) | |
Borrowings under unsecured notes and term loans payable | 40,000 | 1,513,600 | 690,000 | 374,539 | |
Repayments under unsecured notes and term loans payable | 0 | 185,600 | (75,000) | (100,000) | |
Borrowings under secured term loan facility | 0 | 1,957,750 | 0 | 0 | |
Repayments under secured term loan facility | 0 | (2,000,000) | 0 | 0 | |
Borrowings under non-recourse debt obligations of consolidated special purpose entities | 527,925 | 514,785 | |||
Repayments under non-recourse debt obligations of consolidated special purpose entities | (15,906) | (35,548) | (192,559) | (301,078) | |
Financing costs and prepayment penalties paid | (1,106) | (59,213) | (3,272) | (14,433) | |
Members' contributions | 0 | 9,251,969 | 0 | 0 | |
Members' distributions | 0 | (510,015) | 0 | 0 | |
Proceeds from the issuance of non-controlling interests | 0 | 8,104 | 0 | 0 | |
Proceeds from the issuance of common stock | 0 | 0 | 252,873 | 247,780 | |
Stock issuance costs paid | 0 | 0 | (3,268) | (4,162) | |
Shares repurchased under stock compensation plans | 0 | 0 | (6,271) | (9,507) | |
Dividends paid | 0 | 0 | (439,067) | (398,005) | |
Net cash provided by financing activities | 67,988 | 10,843,972 | 648,436 | 439,919 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,657) | 250,227 | (30,245) | (106,527) | |
Cash, cash equivalents and restricted cash, beginning of period | 39,804 | 38,147 | $ 39,804 | 70,049 | 176,576 |
Cash, cash equivalents and restricted cash, end of period | 38,147 | 250,227 | 250,227 | 39,804 | 70,049 |
Reconciliation of cash, cash equivalents and restricted cash: | |||||
Cash and cash equivalents | 33,096 | 239,477 | 239,477 | 35,137 | 64,269 |
Restricted cash included in other assets | 5,051 | 10,750 | 10,750 | 4,667 | 5,780 |
Total cash, cash equivalents and restricted cash | 38,147 | 250,227 | $ 250,227 | 39,804 | 70,049 |
Supplemental disclosure of noncash investing and financing activities: | |||||
Accrued tenant improvements included in real estate investments | 0 | 24,516 | 21,118 | 25,077 | |
Tenant funded improvements to real estate investments | 0 | 0 | 10,550 | 0 | |
Acquisition of real estate assets from borrowers under loans and financing receivables | 0 | 0 | 8,945 | 42,782 | |
Accrued financing and stock issuance costs | 0 | 62 | 54 | 79 | |
Noncash distribution to members | 0 | 11,385 | 0 | 0 | |
Supplemental disclosure of cash flow information: | |||||
Cash paid during the period for interest, net of amounts capitalized | 11,488 | 283,814 | 177,294 | 159,805 | |
Cash paid during the period for income and franchise taxes | $ 20 | $ 12,592 | $ 2,937 | $ 2,441 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization | |
Organization | 1. Organization STORE Capital Corporation was incorporated under the laws of Maryland on May 17, 2011 to acquire single‑tenant operational real estate to be leased on a long‑term, net basis to companies that operate across a wide variety of industries within the service, service-oriented retail and manufacturing sectors of the United States economy. From time to time, it also provided mortgage financing to its customers. On November 21, 2014, the Company completed the initial public offering of its common stock. The shares traded on the New York Stock Exchange from November 18, 2014 through the Closing Date, as defined below, under the ticker symbol “STOR”. On September 15, 2022, STORE Capital Corporation, Ivory Parent, LLC, a Delaware limited liability company (“Parent”) and Ivory REIT, LLC, a Delaware limited liability company (“Merger Sub” and, together with Parent, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Parent Parties are affiliates of GIC, a global institutional investor, and funds managed by Blue Owl Capital. On February 3, 2023 (the “Closing Date”), pursuant to the terms and subject to the conditions set forth in the Merger Agreement, STORE Capital Corporation merged with and into Merger Sub (the “Merger”) with Merger Sub surviving (the “Surviving Entity”), and the separate existence of STORE Capital Corporation ceased. Immediately following the completion of the Merger, the Surviving Entity changed its name to STORE Capital LLC. References herein to "we, " "us," "our," the “Company” or “STORE Capital” are references to STORE Capital Corporation prior to the Merger and to STORE Capital LLC upon and following the Merger. As of the Closing Date of the Merger, the common equity of the Company is no longer publicly traded. STORE Capital Corporation elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. STORE Capital LLC has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a REIT for federal income tax purposes beginning with its initial taxable year ended December 31, 2022. As a REIT, the Company will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its members and meets other specific requirements. |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Principles | |
Summary of Significant Accounting Principles | 2. Summary of Significant Accounting Principles Basis of Accounting and Principles of Consolidation The accompanying audited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated statements include the accounts of STORE Capital Corporation and its wholly-owned subsidiaries and special purpose entities that it controlled through its voting interest for the periods prior to the Merger. For the periods after the Merger, these consolidated statements include the accounts of STORE Capital LLC, its wholly-owned subsidiaries, special purpose entities, and variable interest entities (“VIEs”) that it controls through its voting interest or other means. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all the general and administrative services for the day‑to‑day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non‑recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest‑bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long‑term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are special purpose entities or VIEs. Each special purpose entity or VIE is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities or VIEs may only be used to settle the liabilities of such entity and are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the applicable special purpose entity or VIE. At December 31, 2023 and 2022, these special purpose entities held assets totaling $ 12.9 billion and $ 9.5 billion, respectively, and had third‑party liabilities totaling $ 2.8 billion and $ 2.4 billion, respectively and at December 31, 2023 these VIEs held assets totaling $ 267.9 million and third-party liabilities totaling $ 3.1 million. These assets and liabilities are included in the accompanying consolidated balance sheets. The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, the variable interest holder’s form of ownership interest, the variable interest holder’s representation on the VIE’s governing body, the size and seniority of the variable interest holder’s investment, the variable interest holder’s ability and the rights of other investors to participate in policy making decisions, the variable interest holder’s ability to manage its ownership interest relative to the other interest holders, and the variable interest holder’s ability to replace the VIE manager and/or liquidate the entity. For its investments in entities that are not considered to be VIEs, the Company evaluates the type of ownership rights held by each party with an interest in the entity to determine if the Company holds a controlling financial interest. The assessment of whether the Company holds a controlling financial interest is made at inception of the entity and continually reassessed. Consolidated VIE The Company holds a 95 % ownership interest in and is the managing member of a joint venture entity formed in December 2023 that owns and leases real estate to lessees that are affiliates of the noncontrolling interest holder. The Company also provided a $ 105.2 million intercompany loan to the joint venture. The Company classifies the joint venture as a VIE, as the equity holders do not have the obligation to absorb all future losses of the joint venture due to a provision that protects the equity holders from certain losses if an event of default occurs under the leases. The Company consolidates the joint venture as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the joint venture primarily consist of leased properties (net lease real estate accounted for as financing arrangements), rents receivable, and cash and cash equivalents; its obligations primarily consist of debt service payments, which are eliminated in consolidation. Accounting for the Merger As further described in Note 10 to these consolidated financial statements, the Merger was accounted for using the asset acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC Topic 805”), which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets purchased and the liabilities assumed. Direct transaction costs incurred by STORE Capital LLC as the acquirer and amounts transferred to reimburse STORE Capital Corporation for costs incurred as the acquiree to sell the business are included in the consideration transferred and capitalized as a component of the cost of the assets acquired. An assembled workforce intangible asset is recorded at the acquisition date if it is part of the asset group acquired. Goodwill is not recognized in an asset acquisition and consideration transferred in excess over the fair value of the net assets acquired, if any, is allocated on a relative fair value basis to the identifiable assets and liabilities. As noted above, the consolidated financial statements of STORE Capital LLC reflect the recording of assets and liabilities at fair value as of the date of the Merger. The Merger resulted in the termination of the prior reporting entity and a corresponding creation of a new reporting entity. Accordingly, the Company’s consolidated financial statements and transactional records prior to the Closing Date, or February 3, 2023, reflect the historical accounting basis of assets and liabilities and are labeled “Predecessor” while such records subsequent to the Closing Date reflect the fair value of assets acquired and liabilities assumed in the Company’s consolidated financial statements and are labeled “Successor.” This change in reporting entity is represented in the consolidated financial statements by a black line that appears between “Predecessor” and “Successor” on the statements and in the relevant notes. The black line signifies that the amounts shown for the periods prior to and subsequent to the Merger are not comparable. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The FASB’s ASC Topic 280, Segment Reporting , established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment. Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC Topic 842”) which had an impact on certain accounting related to the Company’s investment portfolio. • Real Estate Investments – investments are generally made in one of two ways, either through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them, or through acquisitions from third-party sellers in connection with which a new lease is entered into with the tenant. Both approaches result in long-term leases which are generally classified as operating leases and, in both cases, the operators become the Company’s long‑term tenants (its customers). In certain instances, the terms of the lease result in classification as a finance lease instead of an operating lease. Furthermore, certain of the lease contracts that are specifically associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which results in the transaction being accounted for as a financing arrangement, due to the Company’s adoption of ASC Topic 842 rather than as an investment in real estate subject to an operating or finance lease. • Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serves as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. • Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre‑acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then‑fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract that contains a purchase option, the Company accounts for such an acquisition as a financing arrangement and records the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In‑place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in‑place leases is amortized on a straight‑line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above‑market or below‑market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in‑place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above‑market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below‑market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the contractual renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. The Company’s real estate portfolio is depreciated using the straight‑line method over the estimated remaining useful life of the properties, which generally ranges from 20 to 40 years for buildings and is generally 10 to 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated. Revenue Recognition STORE Capital leases real estate to its tenants under long‑term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight‑line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight‑line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the consolidated balance sheets. The Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. As of December 31, 2023 and 2022, the Company had $ 13.3 million and $ 46.9 million, respectively, of straight-line operating lease receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (“CPI”) may adjust over a one-year period or over multiple‑year periods. Often, these escalators increase rent at (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred. In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. Approximately 3.3 % of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 2.0 % of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write‑off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of operations. Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement below. If an asset is determined to be impaired, the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results. For the period from February 3, 2023 through December 31, 2023, the Company recognized an aggregate provision for impairment of real estate of $ 17.6 million. For the assets impaired in 2023, the estimated aggregate fair value of the impaired real estate assets at the time of impairment aggregated $ 48.3 million. No impairment of real estate was recognized during the period from January 1, 2023 through February 2, 2023. The Company recognized aggregate provisions for the impairment of real estate of $ 16.0 m illion and $ 21.8 million during the years ended December 31, 2022 and 2021, respectively. Accounting for Loans and Financing Receivables Loans Receivable – Classification, Cost and Revenue Recognition STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long‑term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan‑by‑loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2023 and 2022, the Company had loans receivable with an aggregate outstanding principal balance of $ 54.8 million and $ 31.8 million, respectively, on nonaccrual status. Sales-Type and Direct Financing Receivables – Classification, Cost and Revenue Recognition Sales-type lease receivables are recorded at their net investment, determined as the present value of both the aggregate minimum lease payments and the estimated residual value of the leased property. Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. Impairment and Provision for Credit Losses The Company accounts for provision of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments (“ASC Topic 326”) . In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. Loans are written off against the allowance for credit loss when all or a portion of the principal amount is determined to be uncollectible. For the period from February 3, 2023 through December 31, 2023 and the years ended 2022 and 2021, the Company recognized an estimated $ 7.7 million, $ 0.4 million and $ 3.2 million, respectively, of net provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of operations. For the period from February 3, 2023 through December 31, 2023, the net provision for credit losses included a reduction of $ 2.1 million associated with the sale of certain loans and financing receivables and the Company did no t write off any loans receivable. For the year ended December 31, 2022, the Company wrote off $ 3.7 million of loans receivable against previously established reserves for credit losses. The Company did not write off any loans during the year ended December 31, 2021. Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. The Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term if it is reasonably likely the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money‑market funds of a major financial institution, consisting predominantly of U.S. Government obligations. Restricted Cash Restricted cash may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $ 10.8 million and $ 4.7 million of restricted cash at December 31, 2023 and 2022, respectively, which are included in other assets, net , on the consolidated balance sheets. Deferred Financing and Other Debt Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Costs paid to a lender as part of a debt issuance are recorded as a debt discount and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Financing costs related to the establishment of the Company’s credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the consolidated balance sheets. Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2023, the Company had 20 interest rate swap agreements in place. Eleven of the interest rate swap agreements have an aggregate notional value of $ 921.1 million, with ten maturing in May 2027 and one maturing in May 2029, are designated cash flow hedges of the Company’s $ 921.1 million variable-rate bank unsecured term loan which matures in April 2027 (Note 4). Three interest rate swap agreements with an aggregate notional value of $ 375.0 million maturing in February 2027 are designated cash flow hedges of the Company’s variable-rate unsecured revolving credit facility which matures in February 2027 (Note 4). Six interest rate swap agreements with an aggregate notional value of $ 592.5 million, two with maturities in February 2027, and four with maturities in July 2028, are designated cash flow hedges of the Company’s $ 592.5 million floating-rate bank incremental unsecured term loan which matures in July 2026 (Note 4). As of December 31, 2022, the Company had seven derivative instruments in place. Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | 3. Investments At December 31, 2023, STORE Capital had investments in 3,206 property locations representing 3,168 owned properties (of which 144 are accounted for as financing arrangements and 6 are accounted for as sales-type leases), 24 properties where all the related land is subject to an operating ground lease and 14 properties which secure mortgage loans. The gross investment portfolio totaled $ 14.8 billion at December 31, 2023 and consisted of the gross acquisition cost of the real estate investments totaling $ 13.6 billion , including an offset by intangible lease liabilities totaling $ 148.7 million, loans and financing receivables with an aggregate carrying amount of $ 1.1 billion and operating ground lease assets totaling $ 52.1 million. As of December 31, 2023, approximately 33 % of these investments are assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non‑recourse obligations of these special purpose entities (Note 4). The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. For the period from January 1, 2023 to February 2, 2023, for the period from February 3, 2023 through December 31, 2023 and for the years ended December 31, 2022 and 2021, the Company had the following gross real estate and other investment activity (dollars in thousands): Successor Predecessor Number of Dollar Number of Dollar Investment Amount of Investment Amount of Locations Investments Locations Investments Gross investments, December 31, 2020 2,634 $ 9,639,766 Acquisition of and additions to real estate (a)(b)(c) 307 1,427,278 Investment in loans and direct financing receivables 29 125,049 Sales of real estate ( 103 ) ( 339,658 ) Principal collections on loans and direct financing receivables (b) ( 1 ) ( 61,942 ) Net change in operating ground lease assets (d) ( 1,365 ) Provisions for impairment ( 24,979 ) Other ( 15,212 ) Gross investments, December 31, 2021 2,866 10,748,937 Acquisition of and additions to real estate (a)(b)(e)(f) 256 1,475,499 Investment in loans and direct financing receivables 28 158,676 Sales of real estate ( 60 ) ( 197,530 ) Principal collections on loans and direct financing receivables (b) ( 6 ) ( 76,868 ) Net change in operating ground lease assets (d) ( 1,446 ) Provisions for impairment ( 16,428 ) Other ( 10,997 ) Gross investments, December 31, 2022 3,084 12,079,843 Acquisition of and additions to real estate (a)(g) 19 42,452 Investment in loans and direct financing receivables 1 82,112 Sales of real estate ( 1 ) ( 760 ) Principal collections on loans and direct financing receivables ( 2 ) ( 468 ) Net change in operating ground lease assets (d) ( 125 ) Other 4,430 Gross investments, February 2, 2023 3,101 $ 12,207,484 Gross investments, February 3, 2023 3,101 $ 14,201,731 Acquisition of and additions to real estate (a)(h) 112 517,624 Investment in loans and direct financing receivables 40 598,990 Sales of real estate, loans and direct financing receivables (i) ( 40 ) ( 404,939 ) Principal collections on loans and direct financing receivables ( 7 ) ( 74,408 ) Net change in operating ground lease assets (d) ( 737 ) Provisions for impairment ( 25,265 ) Other ( 11,362 ) Gross investments, December 31, 2023 (j) 14,801,634 Less accumulated depreciation and amortization (j) ( 523,181 ) Net investments, December 31, 2023 3,206 $ 14,278,453 (a) For years ended December 31, 2021 and 2022, the period from January 1, 2023 through February 2, 2023 and the period from February 3, 2023 through December 31, 2023 includes $ 0.8 million, $ 2.3 million, $ 0.2 million and $ 2.9 million, respectively, of interest capitalized to properties under construction. (b) For the years ended December 31, 2021, and 2022 includes $ 42.8 million, and $ 8.9 million, respectively of non-cash principal collection transactions in which the Company acquired the underlying collateral property (buildings and improvements) and leased them back to a customer. (c) Excludes $ 21.2 million of tenant improvement advances disbursed in 2021 which were accrued as of December 31, 2020. (d) Represents amortization recognized on operating ground lease assets for the years ended December 31, 2021 and 2022 and for the periods from January 1, 2023 through February 2, 2023 and February 3, 2023 through December 31, 2023. (e) Excludes $ 22.6 million of tenant improvement advances disbursed in 2022 which were accrued as of December 31, 2021. (f) Includes $ 10.6 million of tenant funded improvements during 2022. (g) Excludes $ 5.2 million of tenant improvement advances disbursed from January 1, 2023 to February 2, 2023 which were accrued as of December 31, 2022. (h) Excludes $ 15.1 million of tenant improvement advances disbursed from February 3, 2023 to December 31, 2023 which were accrued as of February 2, 2023. (i) Includes the sale of certain loans and financing receivables with an aggregate carrying value of $ 332.0 million to a related party. (j) Includes the below-market lease liabilities ($ 148.7 million) and the accumulated amortization ($ 8.2 million) of the liabilities recorded on the consolidated balance sheets as intangible lease liabilities as of December 31, 2023. The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Successor Predecessor Period from Period from Year Ended Year Ended Rental revenues: Operating leases (a)(c) $ 862,891 $ 75,005 $ 845,880 $ 728,477 Sublease income - operating ground leases (b) 2,577 234 2,812 2,809 Amortization of lease related intangibles and costs 5,239 ( 231 ) ( 2,272 ) ( 2,225 ) Total rental revenues $ 870,707 $ 75,008 $ 846,420 $ 729,061 Interest income on loans and financing receivables: Mortgage and other loans receivable $ 33,885 $ 2,434 $ 26,667 $ 24,959 Sale-leaseback transactions accounted for as 31,760 2,444 24,140 17,883 Sales-type and direct financing receivables 10,822 448 5,969 7,979 Total interest income on loans and financing receivables $ 76,467 $ 5,326 $ 56,776 $ 50,821 (a) For the period from February 3, 2023 through December 31, 2023, the period from January 1, 2023 through February 2, 2023 and the years ended December 31, 2022 and 2021, includes $ 3.3 million , $ 252,000 , $ 3.1 million and $ 2.6 million, respectively, of property tax tenant reimbursement revenue and includes $ 1.0 million, $ 24,000 , $ 1.0 million and $ 11.2 million, respectively, of variable lease revenue. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. (c) For the years ended December 31, 2022 and 2021, includes $ 1.5 million and $ 8.3 million, respectively, of revenue that has been recognized related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the consolidated balance sheet. The Company has elected to account for the lease and nonlease components in its lease contracts as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to 615 customers who operate their businesses across 137 industries geographically dispersed throug hout 49 states. The primary sectors of the U.S. economy and their proportionate dollar amount of STORE Capital’s investment portfolio at December 31, 2023 are service at 61 % , service-oriented retail at 14 % and manufacturing at 25 %. Only one state, Tex as ( 11 %), a ccounted for 10 % or more of the total dollar amount of STORE Capital’s investment portfolio at December 31, 2023. None of the Company’s customers represented more than 10 % of the Company’s investment portfolio at December 31, 2023, with the largest customer representin g 2.6 % of the total investment portfolio. On an annualized basis, as of December 31, 2023, the largest customer represented approximately 2.5 % of the Company’s total investment portfolio revenues . Real Estate Investments The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at December 31, 2023 was approximately 13.7 years. Substantially all the leases are triple net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At December 31, 2023, 24 of the Company’s properties were vacant and not subject to a lease. Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of December 31, 2023 are as follows (in thousands): 2024 $ 957,206 2025 955,946 2026 948,413 2027 936,972 2028 917,439 Thereafter 7,786,944 Total future minimum rentals (a) $ 12,502,920 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee , the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rentals such as lease escalations based on future changes in CPI. Intangible Lease Assets The following details intangible lease assets and related accumulated amortization at December 31 (in thousands): Successor Predecessor 2023 2022 In-place leases $ 577,808 $ 42,519 Ground lease-related intangibles — 19,449 Above-market leases 37,519 — Total intangible lease assets 615,327 61,968 Accumulated amortization ( 51,650 ) ( 27,278 ) Net intangible lease assets $ 563,677 $ 34,690 Aggregate lease intangible asset amortization included in depreciation and amortization expense was $ 50.7 million, $ 0.3 million , and $ 3.7 million, for the period from February 3, 2023 through December 31, 2023, the period from January 1, 2023 through February 2, 2023 and for the year ended December 31, 2022 respectively . The amount amortized as a decrease to rental revenue for capitalized above‑market lease intangibles was $ 2.8 m illion during the period from February 3, 2023 through December 31, 2023. F or the period from January 1, 2023 through February 2, 2023 and the year ended December 31, 2022, there was no amortization of above-market lease intangibles. Based on the balance of the intangible lease assets as of December 31, 2023, the aggregate amortization expense is expected to be $ 52.9 million in 2024, $ 50.6 million in 2025, $ 48.9 million in 2026, $ 47.2 million in 2027, $ 44.7 million in 2028 and $ 284.6 million thereafter. The amount expected to be amortized as a decrease to rental revenue is expected to be $ 2.9 million in 2024, $ 2.8 million in 2025, $ 2.8 million in 2026, $ 2.8 million in 2027, $ 2.6 million in 2028 and $ 20.9 million thereafter. The weighted average remaining amortization period is approximately 12. 4 years for the in‑place lease intangibles, and approximately 1 4. 3 years for the above market lease intangibles. Intangible Lease Liabilities The following details intangible lease liabilities and related accumulated amortization (in thousands) as of December 31, 2023. There were no intangible lease liabilities as of December 31, 2022. Below-market leases $ 148,686 Accumulated amortization ( 8,170 ) Net intangible lease liabilities $ 140,516 Lease intangible liabilities are amortized as an increase to rental revenues. For the period from February 3, 2023 through December 31, 2023, amortization wa s $ 8.3 million. Based on the balance of the intangible liabilities at December 31, 2023, the amortization included in rental revenue is expected to b e $ 8.9 million in 2024, $ 8.9 million in 2025, $ 8.8 million in 2026, $ 8.7 million in 2027, $ 8.4 million in 2028 and $ 96.8 million thereafter. The weighted average remaining amortization period, including extension periods, is approximatel y 23.1 years. Operating Ground Lease Assets As of December 31, 2023, STORE Capital had operating ground lease assets aggregating $ 52.1 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $ 3.2 million , $ 273,000 , $ 3.3 million, and $ 3.3 million f or the period from February 3, 2023 through December 31, 2023 the period from January 1, 2023 through February 2, 2023 and for the years ended December 31, 2022, and 2021 respectively. The Company also recognized, in rental revenues, sublease revenue associated with its operating ground leases of $ 2.6 million, $ 234,000 , $ 2.8 million and $ 2.8 million for the period from February 3, 2023 through December 31, 2023 and the period from January 1, 2023 through February 2, 2023 and for the years ended December 31, 2022 and 2021 respectively. The Company’s ground leases have remaining terms ranging from one year to 88 years , some of which have one or more options to extend the lease for terms ranging from three years to ten years . The weighted average remaining non-cancelable lease term for the ground leases was 22 years at December 31, 2023. The weighted average discount rate used in calculating the operating lease liabilities was 5.8 %. The future minimum lease payments to be paid under the operating ground leases as of December 31, 2023 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total 2024 $ 55 $ 2,711 $ 2,766 2025 57 2,725 2,782 2026 57 2,731 2,788 2027 57 2,731 2,788 2028 57 2,761 2,818 Thereafter 3,316 100,262 103,578 Total lease payments 3,599 113,921 117,520 Less imputed interest ( 2,975 ) ( 68,681 ) ( 71,656 ) Total operating lease liabilities - ground leases $ 624 $ 45,240 $ 45,864 (a) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to make the required ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $ 113.9 million commitment, $ 79.6 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three l eases where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales. Loans and Financing Receivables The Company’s loans and financing receivables are summarized below (dollars in thousands): Successor Predecessor Type Interest Maturity December 31, December 31, Nine mortgage loans receivable (b) 8.83 % 2024 - 2056 125,093 345,675 Equipment and other loans receivable 7.97 % 2024 - 2036 13,958 15,842 Total principal amount outstanding—loans receivable 139,051 361,517 Unamortized loan origination costs 61 1,011 Unamortized loan premium 664 — Sale-leaseback transactions accounted for as 8.43 % 2034 - 2122 839,902 369,604 Sales-type and direct financing receivables 131,969 60,899 Allowance for credit and loan losses (d) ( 7,716 ) ( 5,925 ) Total loans and financing receivables $ 1,103,931 $ 787,106 (a) Represents the weighted average interest rate as of the balance sheet date. (b) One of these mortgage loans allows for prepayment in whole, but not in part, with penalties ranging from 20 % to 70 % depending on the timing of the prepayment. (c) In accordance with ASC Topic 842, represents sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2122 and the purchase options expire between 2024 and 2073. (d) Balance includes $ 7.7 million of net credit losses recognized during the period from February 3, 2023 through December 31, 2023 which includes a reduction of $ 2.1 million associated with the sale of certain loans and financing receivables. Loans Receivable At December 31, 2023, the Company held 21 loans receivable with an aggregate carrying amount o f $ 138.8 million. Nine of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on five of the mortgage loans are subject to increases over the term of the loans. Two of the mortgage loans are shorter-term loans (maturing prior to 2036) that generally require monthly payments of principal and interest with a balloon payment at maturity. The remaining mortgage loans receivable generally requires the borrowers to make monthly principal and interest payments based on a 2 0 to 4 0 -year amortization period with a balloon payment, if any, at maturity or earlier upon the occurrence of certain other events. The equipment and other loans generally require the borrower to make monthly principal and interest payments with a balloon payment, if any, at maturity. The long-term mortgage loans receivable generally allow for prepayments in whole but not in part, without penalty or with penalties ranging from 1 % to 15 %, depending on the timing of the prepayment, except as noted in the table above. All other loans receivable allow for prepayments in whole or in part without penalty. Absent prepayments, scheduled maturities are expected to be as follows (in thousands): Scheduled Principal Balloon Total Payments Payments Payments 2024 $ 1,316 $ 13,997 $ 15,312 2025 1,174 — 1,174 2026 1,297 359 1,655 2027 1,167 311 1,479 2028 1,122 1,593 2,715 Thereafter 64,924 51,792 116,716 Total principal payments $ 71,000 $ 68,051 $ 139,051 Sale-Leaseback Transactions Accounted for as Financing Arrangements As of December 31, 2023 and 2022, the Company had $ 839.9 million and $ 369.6 million, respectively, of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future minimum rentals to be received under these agreements (which will be reflected in interest income) as of December 31, 2023, were as follows (in thousands): 2024 $ 66,762 2025 67,683 2026 68,705 2027 69,757 2028 70,839 Thereafter 2,550,346 Total future scheduled payments $ 2,894,092 Sales-Type and Direct Financing Receivables As of December 31, 2023 and 2022, the Company h ad $ 132.0 million and $ 60.9 million, respectively, of investments accounted for as sales-type leases or direct financing leases that were recorded under previous accounting guidance; the components of these investments were as follows (in thousands): Successor Predecessor December 31, December 31, Minimum lease payments receivable $ 365,516 $ 119,839 Estimated residual value of leased assets 1,521 6,889 Unearned income ( 235,067 ) ( 65,829 ) Net investment $ 131,969 $ 60,899 As of December 31, 2023, the future minimum lease payments to be received under the sales-type lease receivables are expected to average approximately $ 11.4 million for each of the next five years and $ 308.0 million thereafter. Provision for Credit Losses In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The Company groups individual loans and financing receivables based on the implied credit rating associated with each borrower. Based on credit quality indicators as of December 31, 2023, $ 120.0 million of loans and financing receivables were categorized as investment grade and $ 991.0 million were categorized as non-investment grade. During the period from February 3, 2023 through December 31, 2023, there were $ 7.7 million of net provisions for credit losses recognized which includes a reduction of $ 2.1 million associated with the sale of certain loans and financing receivables , no write-offs charged against the allowance and no recoveries of amounts previously written off. There were no provisions for credit losses recognized, no write-offs charged against the allowance and no recoveries of amounts previously written off in the period from January 1, 2023 through February 2, 2023. As of December 31, 2023, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was $ 3.7 million in 202 3 , $ 14.8 million in 2022, $ 8.2 million in 2021, no ne in 2020, $ 93.0 million in 2019 an d $ 0.3 million prior to 2019. The year of origination for loans and financing receivables with a credit quality indicator of non-investment grade was $ 648.4 million in 2023, $ 77.7 million in 2022, $ 61.6 million in 2021, $ 12.3 million in 2020, $ 128.4 million in 2019 and $ 62.6 m illion prior to 2019. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt | |
Debt | 4. Debt Credit Facility In connection with the completion of the Merger on February 3, 2023, the Company repaid all amounts outstanding under, and terminated, the previous unsecured revolving credit facility agreement. At the time of repayment, the outstanding balance on the previous unsecured revolving credit facility was $ 600.0 million. Concurrently, the Company entered into a credit agreement (the “Unsecured Credit Agreement”) with a group of lenders which initially provided for a senior unsecured revolving credit facility of up to $ 500.0 million (the “Uns ecured Revolving Credit Facility”) and an unsecured, variable-rate term loan which is discussed in more detail in the section titled “Unsecured Notes and Term Loans Payable, net” below. In March, October and December 2023, the Company entered into incremental amendments of the existing Unsecured Credit Agreement which increased the capacity of the facility by an aggregate amount of $ 253.9 million, respectively, to an immediate borrowing availability of $ 753.9 million as of December 31, 2023 . The Unsecured Revolving Credit Facility matures in February 2027 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075 % extension fee. At December 31, 2023, the Company had $ 375.0 million of borrowings outstanding on the facility. Borrowings under the Unsecured Revolving Credit Facility require monthly payments of interest at a rate selected by the Company of either (1) SOFR plus an adjustment of 0.10 % plus a spread ranging from 1.00 % to 1.45 %, or (2) the Base Rate , as defined in the Unsecured Credit Agreement, plus a spread ranging from 0.00 % to 0.45 %. The spread used is based on the Company’s consolidated total leverage ratio as defined in the Unsecured Credit Agreement. The Company is required to pay a facility fee on the total commitment amount ranging from 0.15 % to 0.30 % based on the Company’s consolidated total leverage ratio. Currently, the applicable spread for SOFR-based borrowings is 1.10 % and the facility fee is 0.20 %. In May 2023, the Company entered into two interest rate swap agreements with an aggregate notional amount of $ 325.0 million that effectively converted a portion of the outstanding borrowings on the Unsecured Revolving Credit Facility to an all-in fixed rate of 4.524 %. In November 2023, the Company entered into four additional interest rate swap agreements with an aggregate notional amount of $ 330.0 million which were initially designated to the Unsecured Revolving Credit Facility and redesignated to the December 2023 Unsecured Term Loan, as defined in the section titled “Unsecured Notes and Term Loans Payable, net” below, upon issuance in December 2023. Additionally, in December 2023, the Company entered into one interest rate swap agreement with a notional value of $ 50.0 million. As of December 31, 2023, three interest rate swaps with an aggregate notional amount of $ 375.0 million remain designated to the Unsecured Revolving Credit Facility and effectively convert the outstanding borrowings to an all-in fixed rate of 4.595 %. Under the terms of the Unsecured Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. Certain of these ratios are based on the Company’s pool of unencumbered assets, which aggregated approximately $ 9.9 billion at December 31, 2023. The facility is recourse to the Company and, as of December 31, 2023, the Company was in compliance with the covenants under the facility. The Unsecured Credit Agreement also includes capacity for uncommitted incremental term loans and revolving commitments, whether in the form of additional facilities or an increase to the existing facilities, up to an aggregate amount for all revolving commitments and term loans under the Unsecured Credit Agreement of $ 3.2 billion as amended in December 2023. At December 31, 2023 and December 31, 2022, unamortized financing costs related to the Company’s credit facility totaled $ 6.0 million and $ 2.6 million, respectively, and are included in other assets, net, on the consolidated balance sheets. Unsecured Notes and Term Loans Payable, net Prior to the Merger, the Company completed four public offerings of ten-year unsecured notes (“Public Notes”). In March 2018, February 2019 and November 2020, the Company completed public offerings of $ 350.0 million each in aggregate principal amount. In November 2021, the Company completed a public offering of $ 375.0 million in aggregate principal amount. The Public Notes have coupon rates of 4.50 %, 4.625 %, 2.75 %, and 2.70 %, respectively, and interest is payable semi-annually in arrears in March and September of each year for the 2018 and 2019 Public Notes, May and November of each year for the 2020 Public Notes, and June and December of each year for the 2021 Public Notes. The supplemental indentures governing the Public Notes contain various restrictive covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. As of December 31, 2023, the Company was in compliance with these covenants. The Public Notes can be redeemed, in whole or in part, at par within three months of their maturity date or at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest and (ii) the make-whole premium, as defined in the supplemental indentures governing these notes. The Company has entered into Note Purchase Agreements (“NPAs”) with institutional purchasers that provided for the private placement of three series of senior unsecured notes ini tially aggregating $ 375.0 million (the “Notes”). In November 2022, the Company repaid its $ 75.0 million Series A senior unsecured notes at maturity which bore an interest rate of 4.95 %. Upon completion of the Merger and pursuant to the NPAs, the Company was required to offer to prepay the remaining $ 300.0 million in outstanding aggregate principal amounts of Notes. Following the closing of the repurchase offer period in March 2023, the Company repurchased $ 185.6 million in aggregate principal amounts of such Notes. The Company recognized $ 4.8 million of accelerated amortization of debt discounts as a result of the repurchases which is included in the loss on extinguishment of debt on the consolidated statements of operations. At December 31, 2023, the Company had $ 114.4 million of Notes outstanding. Interest on the Notes is payable semi-annually in arrears in May and November of each year. On each interest payment date, the interest rate on each series of Notes may be increased by 1.0 % should the Company’s Applicable Credit Rating (as defined in the NPAs) fail to be an investment-grade credit rating; the increased interest rate would remain in effect until the next interest payment date on which the Company obtains an investment grade credit rating. The Company may prepay at any time all, or any part, of any series of Notes, in an amount not less than 5 % of the aggregate principal amount of the series then outstanding in the case of a partial prepayment, at 100 % of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPAs). The Notes are senior unsecured obligations of the Company. The NPAs contain a number of financial covenants that are similar to the covenants contained in the Company’s Unsecured Revolving Credit facility as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes will become due and payable at the option of the purchasers. As of December 31, 2023, the Company was in compliance with its covenants under the NPAs. In April 2022, the Company entered into a term loan agreement under which the Company borrowed an aggregate $ 600.0 million of variable-rate, unsecured term loans; the loans consisted of a $ 400.0 million five-year loan and a $ 200.0 million seven-year loan (“April 2022 Term Loans”). On February 3, 2023, in connection with the completion of the Merger, the Company repaid all indebtedness, liabilities and other obligations outstanding under, and terminated, the April 2022 Term Loans. At the time of repayment, the aggregate borrowings under the April 2022 Term Loans were $ 600.0 million. The Company also incurred a $ 0.7 million prepayment penalty at the time of repayment which is included in the loss on extinguishment of debt on the consolidated statements of operations. In December 2022, the Company entered into a term loan agreement with a total initial commitment of $ 100.0 million of unsecured, variable-rate, short-term term borrowings (the “December 2022 Term Loan”). The December 2022 Term Loan matured at the earlier of March 31, 2023 or the consummation of the Merger. The term loan agreement included an incremental borrowing feature that allowed the Company to request up to an additional $ 100.0 million of term borrowings after December 31, 2022. In connection with the completion of the Merger, on February 3, 2023, the Company repaid $ 130.0 million of outstanding borrowings on the December 2022 Term Loan at maturity. In connection with the completion of the Merger, the Company entered into the Unsecured Credit Agreement, which provided for the Company’s Unsecured Revolving Credit Facility, as discussed above, and an unsecured, variable-rate term loan with initial borrowings of $ 600.0 million (the “February 2023 Unsecured Term Loan”). In March, October, and December 2023, the Company entered into incremental amendments of the existing Unsecured Credit Agreement which increased the February 2023 Unsecured Term Loan by $ 200.0 million, $ 46.1 million, and $ 75.0 million, respectively, for total borrowings of $ 921.1 million as of December 31, 2023. The Unsecured Term Loan matures in April 2027 and the interest rate resets daily at Daily Simple SOFR plus an adjustment of 0.10 % plus a spread ranging from 1.10 % to 1.70 % based on the Company’s consolidated total leverage ratio as defined in the Unsecured Credit Agreement. At December 31, 2023, the spread applicable to the Company was 1.25 %. Seven of the Company’s cash flow hedges, with an aggregate notional amount of $ 600.0 million were redesignated as cash flow hedges of the Unsecured Term Loan and effectively convert the initial $ 600.0 million of borrowings to a fixed rate of 3.88 % for the remaining term of the loan. In March 2023, the Company entered into one interest rate swap agreement with a notional amount of $ 200.0 million that effectively converts the March 2023 incremental borrowings to a fixed interest rate of 5.17 % for the remaining term of the loan. In October 2023, the Company entered into two interest rate swap agreements with a notional amount of $ 46.1 million that effectively converts the incremental borrowings to a fixed rate of 5.63 % for the remaining term of the loan. In December 2023, the Company entered into one interest rate swap agreement with a notional amount of $ 75.0 million that effectively converts the incremental borrowings to a fixed rate of 5.08 % for the remaining term of the loan. As of December 31, 2023, the all-in fixed rate of the term loan is 4.3469 %. In December 2023, the Company amended the existing Unsecured Credit Agreement to increase the capacity for all revolving commitments and term loans under the agreement from $ 2.5 billion up to $ 3.2 billion. In addition, all lenders included in the agreement consented to the Company’s incurrence of future incremental term loans under the agreement that mature earlier or that have a weighted average life to maturity shorter than the classes of term loans and revolving commitments outstanding prior to the effectiveness of such amendment. In December 2023, upon effectiveness of this amendment, the Company entered into incremental amendments to the Unsecured Credit Agreement which provide for an unsecured, variable-rate term loan with borrowings of $ 592.5 million (“December 2023 Unsecured Term Loan”). The December 2023 Unsecured Term Loan has an initial maturity of July 2026 , two 12-month extensions and the interest rate resets daily at Daily Simple SOFR plus an adjustment of 0.10 %, plus a credit spread ranging from 1.20 % to 1.80 % based on the Company’s consolidated total leverage ratio as defined in the Credit Agreement. As of December 31, 2023, the Company’s spread was 1.35 %. In connection with the incremental amendments, four of the Company’s existing interest rate swap agreements with an aggregate notional amount of $ 330.0 million were redesignated from the Unsecured Revolving Credit Facility to the December 2023 Unsecured Term Loan. Additionally, in December 2023, the Company entered into two additional interest rate swap agreements with an aggregate notional amount of $ 262.5 million. As of December 31, 2023, the all-in fixed rate of December 2023 Unsecured Term Loan is 5.4520 %. In January 2024, the Company entered into an incremental amendment of the existing Unsecured Credit Agreement which provided for an increase to the December 2023 Unsecured Term Loan of $ 135.0 million for total term loan borrowings of $ 727.5 million. The Company also entered into one interest rate swap agreement with a notional amount of $ 135.0 million which effectively converts the total incremental borrowings to a fixed rate of 5.01 %. As noted above, under the terms of the Unsecured Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. As of December 31, 2023, the Company was in compliance with these covenants. The Unsecured Term Loans are senior unsecured obligations of the Company, require monthly interest payments and may be prepaid without premium or penalty at any time. The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): Outstanding Balance Successor Predecessor Maturity Interest December 31, December 31, Notes Payable: Series B issued November 2015 Nov. 2024 5.24 % 32,400 100,000 Series C issued April 2016 Apr. 2026 4.73 % 82,000 200,000 Public Notes issued March 2018 Mar. 2028 4.50 % 350,000 350,000 Public Notes issued February 2019 Mar. 2029 4.625 % 350,000 350,000 Public Notes issued November 2020 Nov. 2030 2.75 % 350,000 350,000 Public Notes issued November 2021 Dec. 2031 2.70 % 375,000 375,000 Total notes payable 1,539,400 1,725,000 Term Loans: Term Loan issued December 2022 — 90,000 Term Loan issued April 2022 — 400,000 Term Loan issued April 2022 — 200,000 Term Loan issued February 2023 (a) Apr. 2027 4.3469 % (c) 921,100 — Term Loan issued December 2023 (b) Jul. 2026 5.4520 % (d) 592,500 — Total term loans 1,513,600 690,000 Unamortized discount ( 200,875 ) ( 4,113 ) Unamortized deferred financing costs ( 12,417 ) ( 13,481 ) Total unsecured notes and term loans payable, net $ 2,839,708 $ 2,397,406 (a) Term loan was issued in February 2023 with initial borrowings of $ 600.0 million. The term loan was amended in March, October and December 2023 to increase total term loan borrowings to $ 800.0 million, $ 846.1 million and $ 921.1 million, respectively. (b) Term loan was issued December 2023 with borrowings of $ 592.5 million and amended in January 2024 to increase the total term loan borrowings to $ 727.5 million. (c) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10 % + the applicable spread which was 1.25 % at December 31, 2023. The Company has entered into eleven interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of December 31, 2023. (d) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10 % + the applicable spread which was 1.35 % at December 31, 2023. The Company has entered into six interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of December 31, 2023. Secured Term Loan Facility, net On February 3, 2023, in connection with the completion of the Merger, the Company and certain of its consolidated special purpose entities entered into a credit agreement (the “Credit Agreement”) which provided for a secured term loan of $ 2.0 billion (the “Secured Term Loan Facility”). The Secured Term Loan Facility was set to mature in February 2025 and included two six-month extension options, subject to certain conditions and the payment of a 0.25 % extension fee. Borrowings outstanding under the Secured Term Loan Facility required monthly payments of interest at a floating-rate equal to one-month Term SOFR, plus a spread of 2.75 %. Upon repayment of the Secured Term Loan Facility, the Company was subject to an exit fee equal to 1.0 % of the amount repaid. In connection with entering into the Secured Term Loan Facility, the Company entered into three interest rate swap agreements with an aggregate notional amount of $ 750.0 million that effectively converted a portion of the borrowings to a fixed interest rate of 7.60 %. As of December 31, 2023, two of the interest rate swaps had matured and the third was cancelled in conjunction with the full repayment of the secured term loan facility. In March, May, October and November 2023, the Company paid down the Secured Term Loan Facility by $ 515.0 million, $ 525.0 million, $ 46.1 million and $ 205.8 million, respectively. In December 2023, the Company paid off the remaining $ 708.1 million, which constituted repayment in full all indebtedness, liabilities and other obligations outstanding under, and terminated, the Credit Agreement. In conjunction with the paydowns, the Company paid exit fees totaling $ 20.0 million and recognized accelerated amortization of deferred financing costs and debt discounts totaling $ 10.6 million and $ 31.8 million, respectively. The exit fees and accelerated amortization are included in the loss on extinguishment of debt on the consolidated statements of operations. The Secured Term Loan Facility was secured by a collateral pool of properties owned by consolidated special purpose entities of the Company and was generally non-recourse to the Company, subject to certain customary limited exceptions. Collateral was released upon repayments made on the Secured Term Loan Facility. The Secured Term Loan Facility was guaranteed by the Company. Non‑recourse Debt Obligations of Consolidated Special Purpose Entities, net During 2012, the Company implemented its STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non‑recourse net‑lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes issued under this program are generally segregated into Class A amortizing notes and Class B non‑amortizing notes. The Company has retained the Class B notes which aggregate $ 210.0 million at December 31, 2023. The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 or 36 months prior to maturity. As of December 31, 2023, the aggregate collateral pool securing the net‑lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $ 4.6 billion. A number of additional consolidated special purpose entity subsidiaries of the Company have financed their real estate properties with traditional first mortgage debt. The notes generally require monthly principal and interest payments with balloon payments due at maturity. In general, these mortgage notes payable can be prepaid in whole or in part upon payment of a yield maintenance premium. The mortgage notes payable are collateralized by real estate properties owned by these consolidated special purpose entity subsidiaries with an aggregate investment amount of approximately $ 251.3 million at December 31, 2023. The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non‑recourse, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants. The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): Outstanding Balance Successor Predecessor Maturity Interest December 31, December 31, Non-recourse net-lease mortgage notes: $ 150,000 Series 2018-1, Class A-1 Oct. 2024 (b) 3.96 % 139,052 140,552 $ 50,000 Series 2018-1, Class A-3 Oct. 2024 (b) 4.40 % 47,917 48,417 $ 270,000 Series 2015-1, Class A-2 Apr. 2025 (b) 4.17 % 258,300 259,650 $ 200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 (b) 3.96 % 171,355 175,861 $ 82,000 Series 2019-1, Class A-1 Nov. 2026 (b) 2.82 % 77,770 78,180 $ 46,000 Series 2019-1, Class A-3 Nov. 2026 (b) 3.32 % 45,061 45,291 $ 135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 (b) 4.32 % 117,201 120,182 $ 228,000 Series 2018-1, Class A-2 Oct. 2027 (c) 4.29 % 211,358 213,638 $ 164,000 Series 2018-1, Class A-4 Oct. 2027 (c) 4.74 % 157,167 158,807 $ 346,000 Series 2023-1, Class A-1 May 2028 (b) 6.19 % 344,991 — $ 182,000 Series 2023-1, Class A-2 May 2028 (b) 6.92 % 181,469 — $ 168,500 Series 2021-1, Class A-1 Jun. 2028 (b) 2.12 % 166,394 167,236 $ 89,000 Series 2021-1, Class A-3 Jun. 2028 (b) 2.86 % 87,887 88,333 $ 168,500 Series 2021-1, Class A-2 Jun. 2033 (c) 2.96 % 166,394 167,236 $ 89,000 Series 2021-1, Class A-4 Jun. 2033 (c) 3.70 % 87,887 88,333 $ 244,000 Series 2019-1, Class A-2 Nov. 2034 (c) 3.65 % 231,414 232,634 $ 136,000 Series 2019-1, Class A-4 Nov. 2034 (c) 4.49 % 133,223 133,903 Total non-recourse net-lease mortgage notes 2,624,840 2,118,253 Non-recourse mortgage notes: $ 6,944 notes issued March 2013 (a) 4.50 % — 5,103 $ 11,895 note issued March 2013 (a) 4.73 % — 8,935 $ 17,500 note issued August 2013 (f) 5.46 % — 13,701 $ 10,075 note issued March 2014 Apr. 2024 (d) 5.10 % 8,386 8,602 $ 65,000 note issued June 2016 Jul. 2026 (d) 4.75 % 56,674 57,980 $ 41,690 note issued March 2019 Mar. 2029 (e) 4.80 % 40,001 40,662 $ 6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 (d) 4.64 % 5,874 5,993 Total non-recourse mortgage notes 110,935 140,976 Unamortized discount ( 164,326 ) ( 395 ) Unamortized deferred financing costs ( 2,975 ) ( 20,364 ) Total non-recourse debt obligations of $ 2,568,474 $ 2,238,470 (a) Notes were repaid, without penalty, in January 2023. (b) Prepayable, without penalty, 24 months prior to maturity. (c) Prepayable, without penalty, 36 months prior to maturity. (d) Prepayable, without penalty, three months prior to maturity. (e) Prepayable, without penalty, four months prior to maturity. (f) Mortgage note was repaid, without penalty, in September 2023. Credit Risk Related Contingent Features The Company has agreements with derivative counterparties, which provide generally that the Company could be declared in default on its derivative obligations if the Company defaults on the underlying indebtedness. As of December 31, 2023, the termination value of the Company’s interest rate swaps that were in a liability position was approximately $ 10.4 million, which includes accrued interest but excludes any adjustment for nonperformance risk . Debt Maturity Schedule As of December 31, 2023, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are as follows (in thousands): Scheduled Principal Balloon Payments Payments Total 2024 $ 24,546 $ 226,198 $ 250,744 2025 22,417 256,612 279,029 2026 20,368 1,006,642 1,027,010 2027 11,862 1,381,572 1,393,434 2028 5,591 1,113,615 1,119,206 Thereafter 22,097 1,697,255 1,719,352 $ 106,881 $ 5,681,894 $ 5,788,775 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | 5. Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (“TRS”) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes. Following the Merger, the Company's new ownership structure and status as a privately held REIT caused multiple state income tax jurisdictions to view the Company as a captive REIT. Within the jurisdictions where the Company is treated as a captive REIT, the dividends paid deduction may be disallowed, resulting in state income tax liabilities to which the Company was not previously subject when it was publicly traded. Based on the projected increase in income tax liabilities related to STORE Capital's new status as a captive REIT in multiple state tax jurisdictions, the Company, in addition to its existing obligation to compute current income tax expense, is now in a position where it needs to calculate deferred income taxes attributable to its temporary differences. While current income taxes are based upon the current period's income taxable for state tax reporting purposes, deferred income taxes (benefits) are provided for certain income and expenses, which are recognized in different periods for tax and financial reporting purposes. Deferred tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the period in which the differences are expected to affect taxable income, and net operating loss (“NOL”) carryforwards. The components of the Company's income tax provision are listed below (in thousands): Successor Predecessor Period from Period from Year Ended Year Ended Current state income tax $ 6,776 $ 703 $ 884 $ 813 Deferred state income tax 15,791 — — — Total income tax expense $ 22,567 $ 703 $ 884 $ 813 A reconciliation of the expected tax computed at the U.S. statutory federal income tax rate to the total benefit for income taxes is shown below (in thousands): Successor Period from February 3, 2023 Amount Percent Income (loss) before taxes $ ( 116,092 ) 100.0 % Income tax benefit at federal statutory rate ( 24,379 ) 21.0 % State taxes, net of federal benefit ( 1,109 ) 1.0 % Income excluded from US taxation 24,379 ( 21.0 )% Difference and changes in tax rates ( 86 ) 0.1 % Return to provision and other 255 ( 0.2 )% Change in valuation allowance 23,507 ( 20.3 )% Tax on income $ 22,567 ( 19.4 )% (a) The Company’s income tax expense was immaterial for the period from January 1, 2023 to February 2, 2023 and for the years ended December 31, 2022 and 2021, therefore a reconciliation was not presented for such periods. As required by ASC Topic 740, Income Taxes , management of the Company has evaluated the evidence bearing upon the realizability of its deferred tax assets, which is ultimately dependent upon the sources of future taxable income during the periods temporary differences become deductible. Based on the weight of available evidence, both positive and negative, management has determined that it is "more-likely-than-not" that the Company will not realize the benefits of some of its deferred tax assets. In connection with the Merger, a deferred tax asset of $ 2.9 million and a valuation allowance of $ 2.9 million was identified. Thereafter, during the Successor period February 3, 2023 through December 31, 2023, the valuation allowance increased by $ 23.5 million to $ 26.4 million, primarily as a result of management’s assessment of the realizability of deferred tax assets related to property and equipment. Significant components of the Company's deferred tax assets and liabilities were as follows (in thousands): Successor December 31, 2023 Deferred tax assets: Property and equipment, net $ 25,870 Other deferred tax asset 2,359 Total deferred tax assets 28,229 Less valuation allowance ( 26,417 ) Net deferred tax asset 1,812 Deferred tax liabilities: Intangible assets ( 9,001 ) Ground lease assets ( 1,133 ) Debt discount and deferred financing costs ( 7,469 ) Total deferred tax liabilities ( 17,603 ) Net deferred tax liability $ ( 15,791 ) The Company had no ending balance in deferred tax assets or liabilities for the year ended December 31, 2022. Certain state tax returns filed for 2019 and tax returns filed for 2020 through 2023 are subject to examination by these jurisdictions. As of December 31, 2023, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as general and administrative expense. There was no accrual for interest or penalties at December 31, 2023 or December 31, 2022. The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share for Predecessor periods): Successor (a) Predecessor (b) Period from Period from Year Ended Year Ended Ordinary income dividends $ 284,026,090 $ — $ 1.1550 $ 1.1606 Capital gain dividends — — — 0.0785 Return of capital 225,973,910 — — 0.2259 Cash liquidation distributions — 32.2500 0.4100 — Total $ 510,000,000 $ 32.2500 $ 1.5650 $ 1.4650 (a) For the Successor period ending December 31, 2023, there were 1,000 common shares authorized, issued and outstanding. Successor preferred shares and distributions thereon are excluded from the table above. (b) For the Predecessor periods ending February 2, 2023, December 31, 2022 and December 31, 2021, there were 375,000,000 common shares authorized and 282,684,998 , 282,684,998 and 273,806,225 shares issued and outstanding, respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity | |
Equity | 6. Equity Stockholders’ Equity (Predecessor) In November 2020, the Company established its fifth “at the market” equity distribution program, or ATM program, pursuant to which, from time to time, it could offer and sell up to $ 900.0 million of registered shares of common stock through a group of banks acting as its sales agents (the “2020 ATM Program”). For the period from January 1, 2023 to February 2, 2023, there were no common stock issuances under the 2020 ATM Program. Upon closing of the Merger, on February 3, 2023, the 2020 ATM Program was terminated. Pursuant to the terms and conditions of the Merger Agreement, at or immediately prior to, as applicable, the effective time of the Merger, each share of common stock of the Company, par value $ 0.01 per share (“Common Stock”), other than shares of Common Stock held by STORE Capital, the Parent Parties or any of their respective wholly-owned subsidiaries, issued and outstanding immediately prior to the merger effective time, was automatically cancelled and converted into the right to receive an amount in cash equal to the Merger Consideration, without interest. Members’ Equity (Successor) In connection with the Merger, the Company issued 1,000 common units (“Common Units”) to its members for an aggregate cash amount of $ 8.3 billion. Prior to the Merger, the Company issued 125 Series A Preferred Units (the “Preferred Units”) for an aggregate cash amount of $ 125,000 . The issuance of the Preferred Units was made through a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. In accordance with the Company’s operating agreement, members holding Preferred Units (“Preferred Members”) receive distributions bi-annually and Members holding Common Units (“Common Members”) may receive distributions monthly. Common Members may be subject to capital calls. Except for their initial capital contribution, no Preferred Members may make any additional capital contributions. Additionally, no Preferred Members have the right to demand a withdrawal, reduction or return of its capital contributions or receive interest thereon. The Preferred Units rank senior to the Common Units of the Company and to all other membership interests and equity securities issued by the Company with respect to distribution and redemption rights and rights upon liquidation, dissolution or winding up of the Company. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Incentive Plans | |
Long-Term Incentive Plans | 7. Long‑Term Incentive Plans In November 2014, the Company’s Board of Directors approved the adoption of the STORE Capital Corporation 2015 Omnibus Equity Incentive Plan (the “2015 Plan”), which permitted the issuance of up to 6,903,076 shares of common stock, which represented 6 % of the number of issued and outstanding shares of the Company’s common stock upon the completion of the IPO. In 2012, the Company’s Board of Directors established the STORE Capital Corporation 2012 Long‑Term Incentive Plan (the “2012 Plan”) which permitted the issuance of up to 1,035,400 shares of common stock. During 2022, the 2012 Plan expired. Both the 2015 and 2012 Plans allowed for awards to officers, directors and employees of the Company in the form of restricted shares of the Company’s common stock and other equity-based awards including performance‑based grants. The following table summarizes the restricted stock award (“RSA”) activity: Predecessor Period from 2022 2021 Weighted Weighted Weighted Number of Average Share Number of Average Share Number of Average Share Shares Price (a) Shares Price (a) Shares Price (a) Outstanding non-vested shares, 446,847 $ 27.79 437,424 $ 25.96 639,554 $ 23.69 Shares granted — - 233,147 29.47 195,278 34.03 Shares vested — 32.25 ( 166,770 ) 26.32 ( 313,518 ) 26.58 Shares forfeited — - ( 56,954 ) 24.93 ( 83,890 ) 25.09 Outstanding non-vested shares, 446,847 (b) $ — 446,847 $ 27.79 437,424 $ 25.96 (a) Grant date fair value (b) In connection with the completion of the Merger on February 3, 2023, the 446,847 outstanding RSAs became fully vested. The Company historically granted RSAs to its officers, directors and employees. Generally, restricted shares granted to the Company’s employees vested in 25 % increments in February or May of each year. The independent directors received annual grants that vested at the end of each term served. The Company estimated the fair value of RSAs at the date of grant and recognized that amount in expense over the vesting period as the greater of the amount amortized on a straight‑line basis or the amount vested. The fair value of the RSAs were based on the closing price per share of the Company’s common stock on the date of the grant. Under the terms of the Merger Agreement, effective immediately prior to the merger effective time, each outstanding award of restricted stock automatically became fully vested and all restrictions and repurchase rights thereon lapsed, with the result that all shares of common stock represented thereby were considered outstanding for all purposes under the merger agreement and received an amount in cash equal to $ 32.25 per share (the ‘Merger Consideration”), less required withholding taxes. The Company had granted restricted stock unit awards (“RSUs”) with (a) both a market and a performance condition or (b) a market condition to its executive officers; these awards also contained a service condition. The number of common shares to be earned from each grant ranged from zero to 100 % of the total RSUs granted over a three-year performance period. The following table summarizes the RSU activity: Predecessor Period from 2022 2021 Number of RSUs Number of RSUs Non-vested and outstanding, beginning of year 1,222,038 1,005,754 1,298,175 RSUs granted — 629,307 846,896 RSUs vested — ( 217,987 ) ( 468,466 ) RSUs forfeited — — ( 338,839 ) RSUs not earned — ( 195,036 ) ( 332,012 ) Non-vested and outstanding, end of period 1,222,038 (a) 1,222,038 1,005,754 (a) In connection with the completion of the Merger on February 3, 2023, 506,136 outstanding performance-based RSUs became earned and vested in accordance with the actual level of performance of STORE or a minimum of target as of the date of the Merger Agreement and 715,902 shares were forfeited. For the 2021 and 2022 grants, 75 % of the common shares to be earned was based on the Company’s total shareholder return (“TSR”) measured against a market index and 25 % of shares to be earned is based on the growth in a key Company performance indicator over a three-year period. For the 2018 through 2020 grants, one-half of the common shares to be earned was based on the Company’s TSR measured against a market index and one-half of the number of shares to be earned is based on the growth in a key Company performance indicator over a three-year period. The 2018 through 2022 awards were to vest 100 % at the end of the three-year performance period to the extent market, performance and service conditions are met. The RSUs accrued dividend equivalents which are paid only if the award vests. During the years ended December 31, 2022 and 2021, the Company accrued dividend equivalents expected to be paid on earned awards of $ 0.9 million and $ 1.3 million, respectively; during the years ended December 31, 2022 and 2021, the Company paid $ 1.3 million and $ 2.4 million, respectively, of these accrued dividend equivalents to its executive officers. Under the terms of the Merger Agreement, effective immediately prior to the merger effective time, outstanding awards of performance-based RSUs automatically became earned and vested with (a) approximately 53 % of the maximum number of shares of common stock subject to the award vesting for performance-based RSUs granted in 2020, (b) approximately 50 % of the maximum number of shares of common stock subject to the award vesting for performance-based RSUs granted in 2021 and (c) approximately 33 % of the maximum number of shares of common stock subject to the award vesting for performance-based RSUs granted in 2022, and thereafter were cancelled and, in exchange therefor, each holder of any such cancelled vested performance-based RSUs ceased to have any rights with respect thereto, except the right to receive as of the merger effective time, in consideration for the cancellation of such vested performance unit and in settlement therefore, an amount in cash equal to the product of (1) the Merger Consideration and (2) the number of so-determined earned performance shares subject to such vested performance-based RSUs, without interest, less required withholding taxes. In addition, on the Closing Date, each holder of performance-based RSUs received an amount equivalent to all cash dividends that would have been paid on the number of so-determined earned shares of the Company’s common stock subject to such performance-based RSUs as if they had been issued and outstanding from the date of grant up to, and including, the merger effective time, less required withholding taxes. The Company previously valued the RSUs with a performance condition based on the closing price per share of the Company’s common stock on the date of the grant multiplied by the number of awards expected to be earned. The Company valued the RSUs with a market condition using a Monte Carlo simulation model on the date of grant which resulted in grant date fair values of $ 6.7 million and $ 7.8 million for the 2022 and 2021 respectively. No RSUs were granted during the period from January 1, 2023 to February 2, 2023. The estimated fair value was amortized to expense on a tranche-by-tranche basis ratably over the vesting periods. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the RSUs with a market condition for each grant year: 2022 2021 Volatility 45.79 % 46.01 % Risk-free interest rate 1.77 % 0.25 % Dividend yield 0.00 % 0.00 % The 2015 and 2012 Plans each allowed the Company’s employees to elect to satisfy the minimum statutory tax withholding obligation due upon vesting of RSAs and RSUs by allowing the Company to repurchase an amount of shares otherwise deliverable on the vesting date having a fair market value equal to the withholding obligation. During the years ended December 31, 2022 and 2021, the Company repurchased an aggregate 202,796 shares and 288,132 shares, respectively, in connection with this tax withholding obligation. No shares were repurchased during the period from January 1, 2023 to February 2, 2023. Compensation expense for equity‑based payments totaled $ 1.0 million, $ 12.4 million and $ 32.2 million for period from January 1, 2023 through February 2, 2023 and the years ended December 31, 2022 and 2021, respectively, and is included in general and administrative expenses. In conjunction with the accelerated vesting of outstanding equity awards, the compensation expense for equity-based payments was $ 16.4 million which was presented “on-the-line” at the closing of the Merger. During 2023, the Company replaced the historical stock compensation program with a long-term cash incentive program. Certain members of management were granted long-term cash-based incentive awards that vest at the end of a three-year performance period ending December 31, 2025 based on the achievement of specified corporate performance metrics and are paid following certification of achievement of such metrics. Employees were granted time-based cash awards that vest and are paid out ratably over a three-year period. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 8. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of December 31, 2023, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approxim ately $ 185.9 million, of which $ 132.4 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. The Company has entered into lease agreements with an unrelated third party for its corporate office space that will expire in July 2027 and July 2029; the leases each allow for one five-year renewal period at the option of the Company. For the period from February 3, 2023 through December 31, 2023, the period from January 1, 2023 through February 2, 2023 and the years ended December 31, 2022 and 2021, total rent expense was $ 874,000 , $ 77,000 , $ 829,000 and $ 735,000 , respectively, which is included in general and administrative expense on the consolidated statements of operations. At December 31, 2023, the Company’s future minimum rental commitment under this noncancelable operating lease, excluding the renewal option period, was approximately $ 994,000 in 2024, $ 1.0 million in 2025, $ 1.0 million in 2026, $ 701,000 in 2 027, $ 188,000 in 2028 an d $ 104,000 th ereafter. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and lease liability related to this lease; at December 31, 2023, the balance of the right-of-use asset was $ 3.2 million, which is included in other assets, net on the consolidated balance sheets, and the balance of the related lease liability was $ 3.6 million. The Company has employment agreements with each of its executive officers that provide for minimum annual base salaries, and cash incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives on and annual and multi-year basis. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for cash severance, and continuation of healthcare benefits under the terms of the employee agreements. The Company has a defined contribution retirement savings plan qualified under Section 401(a) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan is available to employees who have completed 30 days of service with the Company. STORE Capital provides a matching contribution in cash, up to a maximum of 4 % of compensation, which vests immediately. For the period from February 3, 2023 through December 31, 2023, January 1, 2023 through February 2, 2023 and the years ended December 31, 2022 and 2021, the matching contributions made by the Company totaled approximately $ 704,000 , $ 21,000 , $ 614,000 and $ 603,000 , respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 9. Fair Value of Financial Instruments The Company’s derivatives are required to be measured at fair value in the Company’s consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. The Company has elected to present the fair value of derivative assets and liabilities within the consolidated balance sheets on a net basis by counterparty. The net derivative assets are included in other assets and the net derivative liabilities are included in accrued expenses, deferred revenue and other liabilities in the consolidated balance sheets. The following tables summarize the net derivative balances recorded on the consolidated balance sheets and provides information as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties in accordance with the associated master International Swap and Derivatives Association (in thousands): Successor Predecessor December 31, December 31, Derivative assets: Net derivative assets presented in the consolidated balance sheet $ 20,208 $ 31,440 Gross amount of eligible offsetting recognized derivative liabilities 6,262 — Gross amount of derivative assets 26,470 31,440 Derivative liabilities: Net derivative liabilities presented in the consolidated balance sheet $ ( 4,815 ) $ — Gross amount of eligible offsetting recognized derivative assets ( 6,262 ) — Gross amount of derivative liabilities ( 11,077 ) — In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks at December 31, 2023 and 2022. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and tenant deposits. Generally, these assets and liabilities are short‑term in duration and are recorded at fair value on the consolidated balance sheets. The Company believes the carrying value of the borrowings on its credit facility approximate fair value based on their nature, terms and variable interest rate. Additionally, the Company believes the current carrying values of its fixed‑rate loans receivable approximate fair values based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair values of the Company’s aggregate long-term debt obligations have been derived based on market observable inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 within the fair value hierarchy. At December 31, 2023, these debt obligations had an aggregate carrying value of $ 5.4 billion and an estimated fair value of $ 5.3 b illion. At D ecember 31, 2022, these debt obligations had an aggregate carrying value of $ 4.6 billion and an estimated fair value of $ 4.1 billion. |
Merger
Merger | 12 Months Ended |
Dec. 31, 2023 | |
Asset Acquisition [Abstract] | |
Merger | 10. Merger On February 3, 2023, pursuant to the terms and subject to the conditions set forth in the Merger Agreement, STORE Capital Corporation merged with and into Merger Sub and the separate existence of STORE Capital Corporation ceased. Immediately following the completion of the Merger, the Surviving Entity changed its name to STORE Capital LLC. As a result of the Merger and subsequent delisting of the Company’s Common Stock from the New York Stock Exchange, the common equity of the Company is no longer publicly traded. Consideration and Purchase Price Allocation The Merger was accounted for using the asset acquisition method of accounting in accordance with ASC Topic 805 which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets acquired and the liabilities assumed. The following table summarizes the total consideration transferred in the purchase of STORE Capital Corporation (amounts in thousands): Consideration Type Cash paid to former shareholders and equity award holders $ 9,142,744 Extinguishment of historical debt 1,331,698 Capitalized transaction costs 110,924 Total consideration $ 10,585,366 The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed (amounts in thousands): Assets acquired: Land and improvements $ 3,620,509 Buildings and improvements 9,105,004 Intangible lease assets 620,034 Operating ground lease assets 52,805 Loans and financing receivables 952,039 Cash and cash equivalents 28,005 Other assets 71,209 Total assets acquired 14,449,605 Liabilities assumed: Unsecured notes and term loans payable 1,725,000 Non-recourse debt obligations of consolidated 2,243,323 Below market value of debt ( 430,908 ) Intangible lease liabilities 148,660 Operating lease liabilities 50,516 Other liabilities 127,648 Total liabilities assumed 3,864,239 Fair value of net assets acquired $ 10,585,366 Fair Value Measurement The estimated fair values of assets acquired and liabilities assumed were primarily based on information that was available as of the Closing Date. The methodology used to estimate the fair values to apply purchase accounting and the ongoing financial statement impact, if any, are summarized below. • Real estate investments, including sale-leaseback transactions accounted for as financing arrangements, investments in sales-type leases and direct financing receivables – the Company engaged third party valuation specialists to calculate the fair value of the real estate acquired by the Company using standard valuation methodologies, including the cost and market approaches. The remaining useful lives for real estate assets, excluding land, were reset based on the effective age of an asset compared to its overall average life, as determined by the valuation specialists. • Intangible lease assets and liabilities – the Company engaged third party valuation specialists to calculate the fair value of in-place lease assets based on estimated costs the Company would incur to replace the lease. In-place lease assets are amortized to expense over the remaining life of the lease. Above-market lease assets and below-market lease liabilities were recorded at the discounted difference between the contractual cash flows and the market cash flows for each lease using a market-based, risk related discount rate. Above-market and below-market lease assets and liabilities are amortized as a decrease and increase to rental revenue, respectively, over the remaining life of the lease. • Operating ground lease assets and liabilities – the Company engaged third party valuation specialists to calculate the fair value of operating ground lease assets and liabilities based on the present value of future lease payments and an adjustment for the off-market component by comparing market to contract rent. • Loans receivable – the Company engaged third party valuation specialists to calculate the fair value of loans receivable based on the net present value of future payments to be received discounted at a market rate. The above-market value of the loans receivable is recorded as a loan premium and reported as an increase of the related loan balance on the consolidated balance sheets. The premium is amortized as a decrease to interest income over the remaining term of the loan receivable. • Assumed debt – the Company engaged third party valuation specialists to calculate the fair value of the outstanding debt assumed using standard valuation methodology, including the market approach. The below-market value of debt is recorded as a debt discount and reported as a reduction of the related debt balance on the consolidated balance sheets. The discount is amortized as an increase to interest expense over the remaining term of the related debt instrument. • Other assets and liabilities – the carrying values of cash, restricted cash, accounts receivable, prepaids and other assets, accounts payable, accrued expenses and other liabilities represented the fair values. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
Schedule III - Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate and Accumulated Depreciation | STORE Capital LLC Schedule III - Real Estate and Accumulated Depreciation (Dollars in Thousands) Descriptions (a) Initial Cost to Company Costs Capitalized Gross amount at December 31, 2023 (b) (c) Property Location Number of Properties Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Years Alabama 40 $ — $ 36,318 $ 95,657 $ — $ 5,752 $ 36,318 $ 101,409 $ 137,727 $ ( 5,526 ) 1935-2017 2023 Alabama 18 (f) 16,171 33,354 — — 16,171 33,354 49,525 ( 1,613 ) 1964-2014 2023 Alaska 9 — 9,996 25,117 — — 9,996 25,117 35,113 ( 975 ) 1953-2005 2023 Alaska 1 (f) 738 1,105 — — 738 1,105 1,843 ( 85 ) 2005 2023 Arizona 49 — 70,644 192,469 4,011 10,364 74,655 202,833 277,488 ( 8,530 ) 1946-2021 2023 Arizona 42 (f) 82,122 197,936 — — 82,122 197,936 280,058 ( 8,499 ) 1976-2023 2023 Arkansas 30 — 36,734 66,862 — — 36,734 66,862 103,596 ( 3,429 ) 1920-2011 2023 Arkansas 20 (f) 14,474 33,402 — — 14,474 33,402 47,876 ( 1,912 ) 1950-2012 2023 California 39 — 140,956 290,393 1,101 7,622 142,057 298,015 440,072 ( 14,276 ) 1930-2022 2023 California 40 (f) 71,862 95,797 — 8,284 71,862 104,081 175,943 ( 4,769 ) 1940-2020 2023 Colorado 28 — 50,012 194,461 — 8,242 50,012 202,703 252,715 ( 10,497 ) 1967-2016 2023 Colorado 15 (f) 19,044 39,084 1,255 4,213 20,299 43,297 63,596 ( 1,644 ) 1953-2023 2023 Connecticut 23 — 18,868 57,970 — — 18,868 57,970 76,838 ( 2,910 ) 1850-2022 2023 Connecticut 9 (f) 6,757 17,490 — — 6,757 17,490 24,247 ( 995 ) 1860-1998 2023 Delaware 1 — 4,179 5,059 — — 4,179 5,059 9,238 ( 395 ) 1973 2023 District of Columbia 1 — 1,514 315 — — 1,514 315 1,829 ( 38 ) 1930 2023 Florida Florida - Jacksonville 10 — 9,146 21,715 ( 2 ) ( 6 ) 9,144 21,709 30,853 ( 1,026 ) 1961-2018 2023 Florida - Jacksonville 8 (f) 10,578 33,471 — — 10,578 33,471 44,049 ( 1,253 ) 1972-2014 2023 Florida - Other 98 — 157,483 259,224 — 993 157,483 260,217 417,700 ( 12,311 ) 1950-2022 2023 Florida - Other 50 (f) 54,096 146,750 — — 54,096 146,750 200,846 ( 7,123 ) 1950-2014 2023 Georgia Georgia - Fitzgerald 1 — 7,564 36,442 — — 7,564 36,442 44,006 ( 1,657 ) 1980 2023 Georgia - Augusta 7 — 15,817 24,507 288 1,449 16,105 25,956 42,061 ( 1,256 ) 1973-2015 2023 Georgia - Other 67 — 91,577 245,283 4 155 91,581 245,438 337,019 ( 13,963 ) 1939-2022 2023 Georgia - Other 98 (f) 92,965 206,015 — — 92,965 206,015 298,980 ( 10,446 ) 1960-2021 2023 Idaho 15 — 25,179 55,115 — 432 25,179 55,547 80,726 ( 2,835 ) 1946-2008 2023 Idaho 7 (f) 14,164 37,663 — — 14,164 37,663 51,827 ( 1,246 ) 2005-2021 2023 Illinois Illinois - Chicago 6 — 19,149 20,293 — — 19,149 20,293 39,442 ( 1,042 ) 1920-2015 2023 Illinois - Chicago 7 (f) 12,453 29,707 — 7,270 12,453 36,977 49,430 ( 1,267 ) 1886-2021 2023 Illinois - Albion 5 — 11,358 38,145 — — 11,358 38,145 49,503 ( 2,129 ) 1950-1998 2023 Illinois - Other 139 — 103,362 289,714 ( 11 ) 2,529 103,351 292,243 395,594 ( 14,847 ) 1870-2019 2023 Illinois - Other 43 (f) 67,215 149,832 112 3,996 67,327 153,828 221,155 ( 8,124 ) 1880-2015 2023 Indiana 63 — 82,863 181,043 — 800 82,863 181,843 264,706 ( 9,051 ) 1927-2019 2023 Indiana 35 (f) 32,184 72,473 — — 32,184 72,473 104,657 ( 3,937 ) 1959-2013 2023 Descriptions (a) Initial Cost to Company Costs Capitalized Gross amount at December 31, 2023 (b) (c) Property Location Number of Properties Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Years Iowa 18 — 24,603 52,777 — — 24,603 52,777 77,380 ( 2,752 ) 1915-2009 2023 Iowa 17 (f) 12,688 40,077 — — 12,688 40,077 52,765 ( 2,198 ) 1960-2013 2023 Kansas 28 — 20,169 74,500 — — 20,169 74,500 94,669 ( 3,285 ) 1969-2019 2023 Kansas 4 (f) 3,443 8,742 — — 3,443 8,742 12,185 ( 456 ) 1987-2018 2023 Kentucky 36 — 39,749 107,915 — — 39,749 107,915 147,664 ( 5,125 ) 1907-2020 2023 Kentucky 34 (f) 23,109 53,539 — — 23,109 53,539 76,648 ( 2,936 ) 1972-2023 2023 Louisiana 7 — 4,071 12,630 — — 4,071 12,630 16,701 ( 662 ) 1968-2014 2023 Louisiana 30 (f) 33,442 53,491 — — 33,442 53,491 86,933 ( 3,018 ) 1981-2020 2023 Maine 17 — 20,448 59,130 — — 20,448 59,130 79,578 ( 3,720 ) 1798-2011 2023 Maine 4 (f) 1,234 2,096 — — 1,234 2,096 3,330 ( 165 ) 1979-1993 2023 Maryland 7 — 9,613 11,901 — — 9,613 11,901 21,514 ( 625 ) 1963-2007 2023 Maryland 5 (f) 7,657 18,403 — — 7,657 18,403 26,060 ( 999 ) 1950-2007 2023 Massachusetts 32 — 63,091 146,366 — — 63,091 146,366 209,457 ( 6,863 ) 1850-2009 2023 Massachusetts 10 (f) 25,050 35,590 — — 25,050 35,590 60,640 ( 1,914 ) 1955-1988 2023 Michigan 96 — 116,358 326,455 — 1,632 116,358 328,087 444,445 ( 18,232 ) 1862-2022 2023 Michigan 32 (f) 24,704 73,332 2,841 6,222 27,545 79,554 107,099 ( 4,703 ) 1876-2012 2023 Minnesota 48 — 84,211 183,704 — — 84,211 183,704 267,915 ( 9,868 ) 1905-2018 2023 Minnesota 39 (f) 44,816 110,946 77 776 44,893 111,722 156,615 ( 6,197 ) 1951-2021 2023 Minnesota 1 11,479 7,058 17,075 — — 7,058 17,075 24,133 ( 931 ) 2015 2023 Mississippi 30 — 25,699 72,155 60 ( 117 ) 25,759 72,038 97,797 ( 4,264 ) 1932-2010 2023 Mississippi 14 (f) 17,663 51,034 — — 17,663 51,034 68,697 ( 2,762 ) 1965-2009 2023 Mississippi 6 40,001 17,132 67,651 — — 17,132 67,651 84,783 ( 3,841 ) 1989-2001 2023 Missouri 73 — 60,883 185,385 1,144 1,042 62,027 186,427 248,454 ( 9,091 ) 1928-2019 2023 Missouri 21 (f) 27,149 52,941 — — 27,149 52,941 80,090 ( 2,569 ) 1971-2022 2023 Montana 1 — 3,326 16,881 — — 3,326 16,881 20,207 ( 665 ) 2009 2023 Montana 3 (f) 5,318 11,882 — — 5,318 11,882 17,200 ( 833 ) 1920-2020 2023 Nebraska 10 — 11,350 15,072 — — 11,350 15,072 26,422 ( 660 ) 1961-2022 2023 Nebraska 14 (f) 7,402 25,817 931 996 8,333 26,813 35,146 ( 1,136 ) 1910-2015 2023 Nevada 8 — 14,103 19,370 — 677 14,103 20,047 34,150 ( 793 ) 1980-2021 2023 Nevada 5 (f) 9,063 20,653 — 1,085 9,063 21,738 30,801 ( 1,099 ) 1960-2009 2023 Nevada 1 5,874 3,347 9,570 ( 1 ) ( 94 ) 3,346 9,476 12,822 ( 596 ) 1995 2023 New Hampshire 8 — 10,013 25,556 — — 10,013 25,556 35,569 ( 1,513 ) 1960-2001 2023 New Hampshire 4 (f) 2,473 8,933 — — 2,473 8,933 11,406 ( 388 ) 1973-2003 2023 New Jersey 6 — 7,041 6,809 — — 7,041 6,809 13,850 ( 358 ) 1970-2008 2023 New Jersey 8 (f) 8,545 40,891 — — 8,545 40,891 49,436 ( 2,376 ) 1930-2015 2023 New Mexico 6 — 10,485 28,178 — — 10,485 28,178 38,663 ( 1,253 ) 1946-2009 2023 New Mexico 4 (f) 5,579 8,029 — — 5,579 8,029 13,608 ( 397 ) 1955-2019 2023 Descriptions (a) Initial Cost to Company Costs Capitalized Gross amount at December 31, 2023 (b) (c) Property Location Number of Properties Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Years New York 24 — 40,937 168,999 — — 40,937 168,999 209,936 ( 6,605 ) 1892-2016 2023 New York 15 (f) 15,109 36,391 — — 15,109 36,391 51,500 ( 2,322 ) 1950-2014 2023 North Carolina 82 — 64,519 148,186 730 1,747 65,249 149,933 215,182 ( 7,416 ) 1942-2022 2023 North Carolina 63 (f) 45,100 99,516 — — 45,100 99,516 144,616 ( 5,042 ) 1950-2018 2023 North Dakota 1 — 5,176 32,387 — — 5,176 32,387 37,563 ( 1,169 ) 1993 2023 North Dakota 3 (f) 2,823 13,596 — — 2,823 13,596 16,419 ( 608 ) 1984-2013 2023 North Dakota 1 13,620 6,711 23,927 — — 6,711 23,927 30,638 ( 1,475 ) 1995 2023 Ohio Ohio - Columbus 11 — 15,956 49,326 — — 15,956 49,326 65,282 ( 1,795 ) 1961-2019 2023 Ohio - Columbus 8 (f) 5,903 16,162 — — 5,903 16,162 22,065 ( 948 ) 1970-2014 2023 Ohio - Other 76 Unencumbered 90,989 273,675 1 674 90,990 274,349 365,339 ( 14,981 ) 1856-2018 2023 Ohio - Other 62 (f) 62,322 189,168 — — 62,322 189,168 251,490 ( 12,177 ) 1915-2020 2023 Oklahoma 27 — 25,881 54,187 — — 25,881 54,187 80,068 ( 2,996 ) 1965-2020 2023 Oklahoma 34 (f) 40,192 69,343 — — 40,192 69,343 109,535 ( 4,227 ) 1946-2011 2023 Oregon 6 — 5,252 14,460 — — 5,252 14,460 19,712 ( 735 ) 1924-2010 2023 Oregon 5 (f) 11,252 17,466 — — 11,252 17,466 28,718 ( 1,311 ) 1965-1985 2023 Pennsylvania 70 — 75,170 230,006 — 1,570 75,170 231,576 306,746 ( 12,561 ) 1885-2018 2023 Pennsylvania 33 (f) 37,336 71,229 — — 37,336 71,229 108,565 ( 4,410 ) 1865-2020 2023 Pennsylvania 1 8,386 5,262 11,733 — — 5,262 11,733 16,995 ( 875 ) 1960-1960 2023 Rhode Island 7 — 5,560 17,559 — — 5,560 17,559 23,119 ( 739 ) 1930-2015 2023 Rhode Island 6 (f) 6,093 13,369 — — 6,093 13,369 19,462 ( 701 ) 1968-1995 2023 South Carolina 55 — 44,041 149,168 322 7,758 44,363 156,926 201,289 ( 8,438 ) 1912-2024 2023 South Carolina 39 (f) 31,494 70,449 — — 31,494 70,449 101,943 ( 3,340 ) 1973-2019 2023 South Dakota 12 — 22,431 68,490 — — 22,431 68,490 90,921 ( 2,953 ) 1948-2020 2023 South Dakota 6 (f) 8,447 30,069 — — 8,447 30,069 38,516 ( 1,699 ) 1968-2014 2023 Tennessee 52 — 68,930 202,238 5,711 7,865 74,641 210,103 284,744 ( 10,062 ) 1889-2023 2023 Tennessee 67 (f) 71,654 149,261 — 4,161 71,654 153,422 225,076 ( 8,185 ) 1968-2019 2023 Texas Texas - Abilene 1 — 7,065 36,904 — — 7,065 36,904 43,969 ( 1,129 ) 2009 2023 Texas - Abilene 1 (f) 792 2,793 — — 792 2,793 3,585 ( 194 ) 1961 2023 Texas - Amarillo 4 — 5,425 17,573 320 5,175 5,745 22,748 28,493 ( 924 ) 1977-2016 2023 Texas - Amarillo 1 (f) 379 389 — — 379 389 768 ( 18 ) 1954 2023 Texas - Arlington 2 — 2,031 5,975 — — 2,031 5,975 8,006 ( 348 ) 1964-1997 2023 Texas - Arlington 4 (f) 3,816 13,367 — — 3,816 13,367 17,183 ( 659 ) 1945-2010 2023 Texas - Austin 4 — 6,932 14,733 — — 6,932 14,733 21,665 ( 572 ) 1991-2017 2023 Texas - Austin 1 (f) 2,461 5,388 — — 2,461 5,388 7,849 ( 231 ) 2006 2023 Texas - Corpus Christi 5 — 9,968 20,928 — — 9,968 20,928 30,896 ( 1,272 ) 1964-2017 2023 Texas - Corpus Christi 2 (f) 1,835 2,685 — — 1,835 2,685 4,520 ( 128 ) 1975-2016 2023 Descriptions (a) Initial Cost to Company Costs Capitalized Gross amount at December 31, 2023 (b) (c) Property Location Number of Properties Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Years Texas - Cypress 2 — 2,168 5,110 248 11 2,416 5,121 7,537 ( 197 ) 2012-2017 2023 Texas - Cypress 1 (f) 4,335 8,688 — — 4,335 8,688 13,023 ( 276 ) 2019 2023 Texas - Forney 2 — 4,678 8,885 — — 4,678 8,885 13,563 ( 333 ) 2006-2017 2023 Texas - Forney 1 (f) 1,091 2,921 — — 1,091 2,921 4,012 ( 127 ) 2004 2023 Texas - Fort Worth 5 — 9,619 22,361 — — 9,619 22,361 31,980 ( 912 ) 1989-2014 2023 Texas - Fort Worth 2 (f) 6,470 14,367 — — 6,470 14,367 20,837 ( 609 ) 1998-2021 2023 Texas - Frisco 4 — 6,408 13,316 — — 6,408 13,316 19,724 ( 530 ) 2003-2018 2023 Texas - Frisco 2 (f) 5,272 6,679 — — 5,272 6,679 11,951 ( 302 ) 1996-2008 2023 Texas - Harlingen 4 — 4,078 11,812 — — 4,078 11,812 15,890 ( 647 ) 1993-2014 2023 Texas - Harlingen 1 (f) 1,184 3,798 — — 1,184 3,798 4,982 ( 119 ) 2018 2023 Texas - Houston 23 — 32,409 48,930 282 9 32,691 48,939 81,630 ( 2,368 ) 1965-2021 2023 Texas - Houston 10 (f) 24,292 42,428 — — 24,292 42,428 66,720 ( 2,250 ) 1965-2016 2023 Texas - Humble 2 — 5,464 14,206 112 344 5,576 14,550 20,126 ( 455 ) 2009-2016 2023 Texas - Humble 3 (f) 2,170 4,937 — — 2,170 4,937 7,107 ( 211 ) 1982-2012 2023 Texas - Irving 3 — 4,893 8,791 — — 4,893 8,791 13,684 ( 517 ) 1983-2005 2023 Texas - Irving 1 (f) 2,452 6,756 — — 2,452 6,756 9,208 ( 321 ) 1982 2023 Texas - Katy 4 — 5,030 7,154 264 ( 51 ) 5,294 7,103 12,397 ( 440 ) 1984-2016 2023 Texas - Katy 1 (f) 1,844 4,121 — — 1,844 4,121 5,965 ( 247 ) 2015 2023 Texas - League City 2 — 7,428 15,930 — — 7,428 15,930 23,358 ( 577 ) 2011-2016 2023 Texas - Lubbock 2 — 3,601 8,576 — — 3,601 8,576 12,177 ( 349 ) 1994-2005 2023 Texas - Lubbock 5 (f) 12,726 24,156 — — 12,726 24,156 36,882 ( 1,233 ) 1980-2014 2023 Texas - McAllen 3 — 2,986 5,516 — — 2,986 5,516 8,502 ( 317 ) 1976-2015 2023 Texas - McAllen 4 (f) 7,885 12,606 — — 7,885 12,606 20,491 ( 600 ) 1955-2015 2023 Texas - Mesquite 2 — 1,883 7,626 — — 1,883 7,626 9,509 ( 293 ) 1987-2008 2023 Texas - Mesquite 1 (f) 2,656 6,281 — — 2,656 6,281 8,937 ( 263 ) 1973 2023 Texas - San Antonio 12 — 16,152 21,890 — — 16,152 21,890 38,042 ( 1,234 ) 1945-2017 2023 Texas - San Antonio 5 (f) 10,934 16,290 — — 10,934 16,290 27,224 ( 831 ) 1985-2017 2023 Texas - Yoakum 1 — 3,665 20,107 — — 3,665 20,107 23,772 ( 775 ) 1971 2023 Texas - Other 152 — 141,213 276,229 3,144 2,232 144,357 278,461 422,820 ( 14,905 ) 1920-2023 2023 Texas - Other 60 (f) 70,645 150,901 — — 70,645 150,901 221,546 ( 7,946 ) 1950-2018 2023 Utah 10 — 24,887 41,572 — — 24,887 41,572 66,459 ( 2,240 ) 1972-2021 2023 Utah 5 (f) 5,754 14,046 — — 5,754 14,046 19,800 ( 620 ) 1961-2013 2023 Descriptions (a) Initial Cost to Company Costs Capitalized Gross amount at December 31, 2023 (b) (c) Property Location Number of Properties Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Years Vermont 5 — 1,754 3,015 — — 1,754 3,015 4,769 ( 199 ) 1950-1997 2023 Vermont 2 (f) 565 1,024 — — 565 1,024 1,589 ( 84 ) 1983-1998 2023 Virginia 36 — 47,764 132,637 — — 47,764 132,637 180,400 ( 6,433 ) 1921-2022 2023 Virginia 15 (f) 12,850 37,121 — — 12,850 37,121 49,971 ( 1,765 ) 1928-2008 2023 Washington 11 — 17,454 38,092 — — 17,454 38,092 55,545 ( 2,662 ) 1910-2004 2023 Washington 11 (f) 29,172 34,104 — 544 29,172 34,648 63,821 ( 2,287 ) 1948-2009 2023 West Virginia 12 — 10,056 27,909 — — 10,056 27,909 37,964 ( 1,329 ) 1953-2007 2023 West Virginia 11 (f) 7,835 16,173 — — 7,835 16,173 24,008 ( 1,011 ) 1970-2009 2023 Wisconsin - Colby 1 — 5,261 34,573 — — 5,261 34,573 39,834 ( 2,142 ) 1976 2023 Wisconsin - Other 63 — 102,271 332,783 1,103 625 103,374 333,408 436,783 ( 17,224 ) 1911-2021 2023 Wisconsin - Other 28 (f) 28,371 88,108 — — 28,371 88,108 116,479 ( 4,864 ) 1917-2022 2023 Wisconsin - Other 3 31,575 18,497 53,410 — — 18,497 53,410 71,907 ( 3,344 ) 1966-1992 2023 Wyoming 3 — 1,446 3,559 — — 1,446 3,559 5,004 ( 127 ) 1975-2009 2023 Wyoming 4 (f) 7,199 16,642 — ( 239 ) 7,199 16,403 23,602 ( 634 ) 1980-2022 2023 3,042 110,935 3,781,638 9,266,570 24,047 106,739 3,805,685 9,373,309 13,178,994 ( 479,243 ) (a) As of December 31, 2023, we had investments in 3,192 single-tenant real estate property locations incl uding 3,168 owned properties and 24 ground lease interests ; 144 of our owned properties are accounted for as financing arrangements and six are accounted for as sales-type leases and are excluded from the table above. Initial costs exclude intangible lease assets totaling $ 615.3 million. (b) The aggregate cost for federal income tax purposes is approximately $ 15.0 billion. (c) The following is a reconciliation of total real estate carrying value for the period from February 3, 2023 through December 31, 2023, the period from January 1, 2023 through February 2, 2023 and for the years ended December 31, 2022 and 2021: Successor Predecessor Period from Period from Year Ended December 31, 2022 Year Ended December 31, 2021 Balance, beginning of period $ 12,725,295 $ 11,198,897 $ 9,936,320 $ 8,866,666 Additions Acquisitions 386,842 39,920 1,333,088 1,300,142 Improvements 130,787 2,532 135,781 143,665 Other (i) 29,078 — — — Deductions — — — — Provision for impairment of real estate ( 17,853 ) — ( 16,050 ) ( 21,800 ) Other — ( 3,859 ) ( 8,750 ) ( 12,876 ) Cost of real estate sold ( 75,155 ) ( 760 ) ( 181,492 ) ( 312,418 ) Reclasses to held for sale — — — ( 27,059 ) Balance, end of period $ 13,178,994 $ 11,236,730 $ 11,198,897 $ 9,936,320 (i) Represents owned land previously recorded as direct financing leases under previous accounting guidance that was modified and transferred to an operating leases of the land during the period from February 3, 2023 to December 31, 2023. (d) The following is a reconciliation of accumulated depreciation for the period from February 3, 2023 through December 31, 2023, the period from January 1, 2023 through February 2, 2023 and for the years ended December 31, 2022 and 2021: Successor Predecessor Period from Period from Year Ended December 31, 2022 Year Ended December 31, 2021 Balance, beginning of period $ — $ ( 1,410,829 ) $ ( 1,134,007 ) $ ( 911,656 ) Additions Depreciation expense ( 482,246 ) ( 27,482 ) ( 304,588 ) ( 262,566 ) Deductions Accumulated depreciation associated with real estate sold 3,003 173 19,016 25,434 Other — — 8,750 12,876 Reclasses to held for sale — — — 1,905 Balance, end of period $ ( 479,243 ) $ ( 1,438,138 ) $ ( 1,410,829 ) $ ( 1,134,007 ) (e) The Company's real estate assets are depreciated using the straight-line method over the estimated useful lives of the properties, which generally ranges from 20 to 40 years for buildings and improvements and is 10 to 15 years for land improvements. (f) Property is collateral for non-recourse debt obligations totaling $ 2.6 billion issued under the Company’s STORE Master Funding debt program. See report of independent registered public accounting firm. |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Schedule IV - Mortgage Loans on Real Estate | |
Schedule IV - Mortgage Loans on Real Estate | Schedule IV - Mortgage Loans on Real Estate As of December 31, 2023 (Dollars in thousands) Final Periodic Final Outstanding Carrying Interest Maturity Payment Payment Prior face amount of amount of Description Rate Date Terms Terms Liens mortgages (c) mortgages (c) First mortgage loans: Two movie theater properties located in North Carolina (a) 8.35 % (b) Interest only Balloon of $ 9.7 million None $ 9,723 $ 9,705 One restaurant properties located in Montana (a) 9.43 % 11/1/2036 Principal & Interest Balloon of $ 2.1 million None 2,362 2,364 Two restaurant properties located in Alabama 7.50 % 02/28/2055 Principal & Interest Fully amortizing None 3,528 3,596 Four restaurant properties located in Indiana 7.50 % 12/31/2055 Principal & Interest Fully amortizing None 3,102 3,101 Three restaurant properties located in Ohio (a) 8.62 % 12/31/2055 Principal & Interest Fully amortizing None 2,975 2,991 One athletic club in Chicago, IL (a) 7.60 % 1/31/2056 Principal & Interest Fully amortizing None 15,159 15,501 Leasehold interest in an amusement park property located in Ontario, Canada 10.06 % 8/1/2056 Principal & Interest Fully amortizing None 25,632 25,339 Six manufacturing properties in Illinois, Michigan, Oklahoma, and Texas 7.50 % 10/01/2043 Principal & Interest Balloon of $ 22.2 million None 32,616 32,480 One manufacturing property in New Jersey 10.25 % 11/01/2048 Principal & Interest Balloon of $ 27.5 million None 29,996 29,706 $ 125,093 $ 124,783 The following shows changes in the carrying amounts of mortgage loans receivable during the period from February 3, 2023 through December 31, 2023, the period from January 1, 2023 through February 2, 2023 and for the years ended December 31, 2022 and 2021 (in thousands): Successor Predecessor Period from Period from Year Ended December 31, 2022 Year Ended December 31, 2021 Balance, beginning of period $ 359,124 $ 342,420 $ 342,317 $ 301,355 Additions: New and additions to mortgage loans 92,699 7,703 68,912 75,666 Other: Capitalized loan origination costs 220 - 85 98 Deductions: Collections of principal (d) ( 26,489 ) - ( 69,279 ) ( 32,046 ) Sale of loans to related party ( 299,142 ) - - - Other: Amortization of premiums on notes receivable ( 619 ) - - - Other: (Provisions for) reduction in loan losses ( 1,006 ) - 503 ( 2,704 ) Other: Amortization of loan origination costs ( 4 ) ( 5 ) ( 118 ) ( 52 ) Balance, end of period $ 124,783 $ 350,118 $ 342,420 $ 342,317 (a) Loan was on nonaccrual status as of December 31, 2023. (b) Loan matured prior to December 31, 2023 and the Company has been in negotiations with the borrower regarding a resolution. (c) The aggregate cost for federal income tax purposes is $ 125.8 million. (d) For the years ended December 31, 2022 and 2021, collections of principal include non-cash principal collections aggregating $ 8.9 million and $ 30.8 million, respectively, related to loans receivable transactions in which the Company acquired the underlying mortgaged property. |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Principles | |
Basis of Accounting and Principles of Consolidation | Basis of Accounting and Principles of Consolidation The accompanying audited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated statements include the accounts of STORE Capital Corporation and its wholly-owned subsidiaries and special purpose entities that it controlled through its voting interest for the periods prior to the Merger. For the periods after the Merger, these consolidated statements include the accounts of STORE Capital LLC, its wholly-owned subsidiaries, special purpose entities, and variable interest entities (“VIEs”) that it controls through its voting interest or other means. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all the general and administrative services for the day‑to‑day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non‑recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest‑bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long‑term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are special purpose entities or VIEs. Each special purpose entity or VIE is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities or VIEs may only be used to settle the liabilities of such entity and are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the applicable special purpose entity or VIE. At December 31, 2023 and 2022, these special purpose entities held assets totaling $ 12.9 billion and $ 9.5 billion, respectively, and had third‑party liabilities totaling $ 2.8 billion and $ 2.4 billion, respectively and at December 31, 2023 these VIEs held assets totaling $ 267.9 million and third-party liabilities totaling $ 3.1 million. These assets and liabilities are included in the accompanying consolidated balance sheets. The Company is required to continually evaluate its VIE relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors includes, but is not limited to, which activities most significantly impact the entity’s economic performance and the ability to direct those activities, the variable interest holder’s form of ownership interest, the variable interest holder’s representation on the VIE’s governing body, the size and seniority of the variable interest holder’s investment, the variable interest holder’s ability and the rights of other investors to participate in policy making decisions, the variable interest holder’s ability to manage its ownership interest relative to the other interest holders, and the variable interest holder’s ability to replace the VIE manager and/or liquidate the entity. For its investments in entities that are not considered to be VIEs, the Company evaluates the type of ownership rights held by each party with an interest in the entity to determine if the Company holds a controlling financial interest. The assessment of whether the Company holds a controlling financial interest is made at inception of the entity and continually reassessed. Consolidated VIE The Company holds a 95 % ownership interest in and is the managing member of a joint venture entity formed in December 2023 that owns and leases real estate to lessees that are affiliates of the noncontrolling interest holder. The Company also provided a $ 105.2 million intercompany loan to the joint venture. The Company classifies the joint venture as a VIE, as the equity holders do not have the obligation to absorb all future losses of the joint venture due to a provision that protects the equity holders from certain losses if an event of default occurs under the leases. The Company consolidates the joint venture as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the joint venture primarily consist of leased properties (net lease real estate accounted for as financing arrangements), rents receivable, and cash and cash equivalents; its obligations primarily consist of debt service payments, which are eliminated in consolidation. Accounting for the Merger As further described in Note 10 to these consolidated financial statements, the Merger was accounted for using the asset acquisition method of accounting in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC Topic 805”), which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets purchased and the liabilities assumed. Direct transaction costs incurred by STORE Capital LLC as the acquirer and amounts transferred to reimburse STORE Capital Corporation for costs incurred as the acquiree to sell the business are included in the consideration transferred and capitalized as a component of the cost of the assets acquired. An assembled workforce intangible asset is recorded at the acquisition date if it is part of the asset group acquired. Goodwill is not recognized in an asset acquisition and consideration transferred in excess over the fair value of the net assets acquired, if any, is allocated on a relative fair value basis to the identifiable assets and liabilities. As noted above, the consolidated financial statements of STORE Capital LLC reflect the recording of assets and liabilities at fair value as of the date of the Merger. The Merger resulted in the termination of the prior reporting entity and a corresponding creation of a new reporting entity. Accordingly, the Company’s consolidated financial statements and transactional records prior to the Closing Date, or February 3, 2023, reflect the historical accounting basis of assets and liabilities and are labeled “Predecessor” while such records subsequent to the Closing Date reflect the fair value of assets acquired and liabilities assumed in the Company’s consolidated financial statements and are labeled “Successor.” This change in reporting entity is represented in the consolidated financial statements by a black line that appears between “Predecessor” and “Successor” on the statements and in the relevant notes. The black line signifies that the amounts shown for the periods prior to and subsequent to the Merger are not comparable. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. |
Segment Reporting | Segment Reporting The FASB’s ASC Topic 280, Segment Reporting , established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment. |
Investment Portfolio | Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC Topic 842”) which had an impact on certain accounting related to the Company’s investment portfolio. • Real Estate Investments – investments are generally made in one of two ways, either through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them, or through acquisitions from third-party sellers in connection with which a new lease is entered into with the tenant. Both approaches result in long-term leases which are generally classified as operating leases and, in both cases, the operators become the Company’s long‑term tenants (its customers). In certain instances, the terms of the lease result in classification as a finance lease instead of an operating lease. Furthermore, certain of the lease contracts that are specifically associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which results in the transaction being accounted for as a financing arrangement, due to the Company’s adoption of ASC Topic 842 rather than as an investment in real estate subject to an operating or finance lease. • Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serves as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. • Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. |
Accounting for Real Estate Investments | Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre‑acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then‑fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract that contains a purchase option, the Company accounts for such an acquisition as a financing arrangement and records the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In‑place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in‑place leases is amortized on a straight‑line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above‑market or below‑market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in‑place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above‑market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below‑market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the contractual renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. The Company’s real estate portfolio is depreciated using the straight‑line method over the estimated remaining useful life of the properties, which generally ranges from 20 to 40 years for buildings and is generally 10 to 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated. |
Revenue Recognition | Revenue Recognition STORE Capital leases real estate to its tenants under long‑term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight‑line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight‑line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the consolidated balance sheets. The Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. As of December 31, 2023 and 2022, the Company had $ 13.3 million and $ 46.9 million, respectively, of straight-line operating lease receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (“CPI”) may adjust over a one-year period or over multiple‑year periods. Often, these escalators increase rent at (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred. In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. Approximately 3.3 % of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 2.0 % of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write‑off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of operations. |
Impairment | Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement below. If an asset is determined to be impaired, the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results. For the period from February 3, 2023 through December 31, 2023, the Company recognized an aggregate provision for impairment of real estate of $ 17.6 million. For the assets impaired in 2023, the estimated aggregate fair value of the impaired real estate assets at the time of impairment aggregated $ 48.3 million. No impairment of real estate was recognized during the period from January 1, 2023 through February 2, 2023. The Company recognized aggregate provisions for the impairment of real estate of $ 16.0 m illion and $ 21.8 million during the years ended December 31, 2022 and 2021, respectively. |
Accounting for Loans and Financing Receivables | Accounting for Loans and Financing Receivables Loans Receivable – Classification, Cost and Revenue Recognition STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long‑term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan‑by‑loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2023 and 2022, the Company had loans receivable with an aggregate outstanding principal balance of $ 54.8 million and $ 31.8 million, respectively, on nonaccrual status. Sales-Type and Direct Financing Receivables – Classification, Cost and Revenue Recognition Sales-type lease receivables are recorded at their net investment, determined as the present value of both the aggregate minimum lease payments and the estimated residual value of the leased property. Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. Impairment and Provision for Credit Losses The Company accounts for provision of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments (“ASC Topic 326”) . In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. Loans are written off against the allowance for credit loss when all or a portion of the principal amount is determined to be uncollectible. For the period from February 3, 2023 through December 31, 2023 and the years ended 2022 and 2021, the Company recognized an estimated $ 7.7 million, $ 0.4 million and $ 3.2 million, respectively, of net provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of operations. For the period from February 3, 2023 through December 31, 2023, the net provision for credit losses included a reduction of $ 2.1 million associated with the sale of certain loans and financing receivables and the Company did no t write off any loans receivable. For the year ended December 31, 2022, the Company wrote off $ 3.7 million of loans receivable against previously established reserves for credit losses. The Company did not write off any loans during the year ended December 31, 2021. |
Accounting for Operating Ground Lease Assets | Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. The Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term if it is reasonably likely the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money‑market funds of a major financial institution, consisting predominantly of U.S. Government obligations. |
Restricted Cash | Restricted Cash Restricted cash may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $ 10.8 million and $ 4.7 million of restricted cash at December 31, 2023 and 2022, respectively, which are included in other assets, net , on the consolidated balance sheets. |
Deferred Financing and Other Debt Costs | Deferred Financing and Other Debt Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Costs paid to a lender as part of a debt issuance are recorded as a debt discount and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Financing costs related to the establishment of the Company’s credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the consolidated balance sheets. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2023, the Company had 20 interest rate swap agreements in place. Eleven of the interest rate swap agreements have an aggregate notional value of $ 921.1 million, with ten maturing in May 2027 and one maturing in May 2029, are designated cash flow hedges of the Company’s $ 921.1 million variable-rate bank unsecured term loan which matures in April 2027 (Note 4). Three interest rate swap agreements with an aggregate notional value of $ 375.0 million maturing in February 2027 are designated cash flow hedges of the Company’s variable-rate unsecured revolving credit facility which matures in February 2027 (Note 4). Six interest rate swap agreements with an aggregate notional value of $ 592.5 million, two with maturities in February 2027, and four with maturities in July 2028, are designated cash flow hedges of the Company’s $ 592.5 million floating-rate bank incremental unsecured term loan which matures in July 2026 (Note 4). As of December 31, 2022, the Company had seven derivative instruments in place. |
Fair Value Measurement | Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: • Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. • Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market‑corroborated inputs. • Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. |
Share-based Compensation | Share‑based Compensation Historically, directors and employees of the Company had been granted long‑term incentive awards, including restricted stock awards (“RSAs”) and restricted stock unit awards (“RSUs’), which provided such directors and employees with equity interests as an incentive to remain in the Company’s service and aligned their interests with those of the Company’s stockholders. As of the closing of the Merger, the Company no longer has any equity incentives outstanding. |
Income Taxes | Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (“TRS”) created to engage in non‑qualifying REIT activities. The TRS is subject to federal, state and local income taxes. The Company provides for income taxes and the related accounts under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. |
Related Party Transactions | Related Party Transactions In December 2023, the Company sold certain loans and financing receivables with an aggregate carrying value of $ 332.0 million for an aggregate purchase price of $ 327.5 million to PCSD Ivory Private Limited, an entity affiliated with GIC, the Company's majority member. The purchase price was based upon a third party valuation obtained by GIC. The Company recognized a $ 4.7 million aggregate net loss on the sale which is recorded in the (loss) gain on dispositions of real estate on the consolidated statements of operations. In connection with the sale, the Company entered into a service contract with PCSD Ivory Private Limited and agreed to perform certain loan servicing and other administrative services with respect to the mortgage loan portfolio on behalf of PCSD Ivory Private Limited in exchange for a servicing fee. The fee income will be recorded as other income on the consolidated statements of operations. No such amounts were recorded for the period from January 1, 2023 through February 2, 2023 or the period from February 3, 2023 through December 31, 2023. |
Net Income Per Common Share | Net Income Per Common Share Net income per common share has been computed for STORE Capital Corporation pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares, which contain rights to receive non‑forfeitable dividends, as participating securities requiring the two‑class method of computing net income per common share. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands): Predecessor Period from Year Ended Year Ended Numerator: Net income $ 25,787 $ 327,901 $ 268,348 Less: Earnings attributable to unvested restricted shares ( 41 ) ( 558 ) ( 659 ) Net income used in basic and diluted income per share $ 25,746 $ 327,343 $ 267,689 Denominator: Weighted average common shares outstanding 282,684,998 280,559,061 270,693,243 Less: Weighted average number of shares of unvested restricted stock ( 446,847 ) ( 453,584 ) ( 587,974 ) Weighted average shares outstanding used in basic income per share 282,238,151 280,105,477 270,105,269 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) 100,254 — — Weighted average shares outstanding used in diluted income per share 282,338,405 280,105,477 270,105,269 (a) For the period from January 1, 2023 to February 2, 2023 and the years ended December 31, 2022 and 2021, excludes 197,026 shares, 121,112 shares and 225,424 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or the SEC. The Company adopts the new pronouncements as of the specified effective date. When permitted, the Company may elect to early adopt the new pronouncements. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and, therefore, will have minimal, if any, impact on the Company’s financial position, results of operations or cash flows upon adoption. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , effective for fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. While STORE only has one reportable segment, the Company is currently evaluating the potential impact the adoption of ASU 2023-07 will have on its future disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the potential impact the adoption of ASU 2023-09 will have on the consolidated financial statements or notes to the consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Principles | |
Reconciliation of Numerator and Denominator Used in Computation of Basic and Diluted Income Per Common Share | The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands): Predecessor Period from Year Ended Year Ended Numerator: Net income $ 25,787 $ 327,901 $ 268,348 Less: Earnings attributable to unvested restricted shares ( 41 ) ( 558 ) ( 659 ) Net income used in basic and diluted income per share $ 25,746 $ 327,343 $ 267,689 Denominator: Weighted average common shares outstanding 282,684,998 280,559,061 270,693,243 Less: Weighted average number of shares of unvested restricted stock ( 446,847 ) ( 453,584 ) ( 587,974 ) Weighted average shares outstanding used in basic income per share 282,238,151 280,105,477 270,105,269 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) 100,254 — — Weighted average shares outstanding used in diluted income per share 282,338,405 280,105,477 270,105,269 (a) For the period from January 1, 2023 to February 2, 2023 and the years ended December 31, 2022 and 2021, excludes 197,026 shares, 121,112 shares and 225,424 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Schedule of Gross Real Estate and Loan Activity | For the period from January 1, 2023 to February 2, 2023, for the period from February 3, 2023 through December 31, 2023 and for the years ended December 31, 2022 and 2021, the Company had the following gross real estate and other investment activity (dollars in thousands): Successor Predecessor Number of Dollar Number of Dollar Investment Amount of Investment Amount of Locations Investments Locations Investments Gross investments, December 31, 2020 2,634 $ 9,639,766 Acquisition of and additions to real estate (a)(b)(c) 307 1,427,278 Investment in loans and direct financing receivables 29 125,049 Sales of real estate ( 103 ) ( 339,658 ) Principal collections on loans and direct financing receivables (b) ( 1 ) ( 61,942 ) Net change in operating ground lease assets (d) ( 1,365 ) Provisions for impairment ( 24,979 ) Other ( 15,212 ) Gross investments, December 31, 2021 2,866 10,748,937 Acquisition of and additions to real estate (a)(b)(e)(f) 256 1,475,499 Investment in loans and direct financing receivables 28 158,676 Sales of real estate ( 60 ) ( 197,530 ) Principal collections on loans and direct financing receivables (b) ( 6 ) ( 76,868 ) Net change in operating ground lease assets (d) ( 1,446 ) Provisions for impairment ( 16,428 ) Other ( 10,997 ) Gross investments, December 31, 2022 3,084 12,079,843 Acquisition of and additions to real estate (a)(g) 19 42,452 Investment in loans and direct financing receivables 1 82,112 Sales of real estate ( 1 ) ( 760 ) Principal collections on loans and direct financing receivables ( 2 ) ( 468 ) Net change in operating ground lease assets (d) ( 125 ) Other 4,430 Gross investments, February 2, 2023 3,101 $ 12,207,484 Gross investments, February 3, 2023 3,101 $ 14,201,731 Acquisition of and additions to real estate (a)(h) 112 517,624 Investment in loans and direct financing receivables 40 598,990 Sales of real estate, loans and direct financing receivables (i) ( 40 ) ( 404,939 ) Principal collections on loans and direct financing receivables ( 7 ) ( 74,408 ) Net change in operating ground lease assets (d) ( 737 ) Provisions for impairment ( 25,265 ) Other ( 11,362 ) Gross investments, December 31, 2023 (j) 14,801,634 Less accumulated depreciation and amortization (j) ( 523,181 ) Net investments, December 31, 2023 3,206 $ 14,278,453 (a) For years ended December 31, 2021 and 2022, the period from January 1, 2023 through February 2, 2023 and the period from February 3, 2023 through December 31, 2023 includes $ 0.8 million, $ 2.3 million, $ 0.2 million and $ 2.9 million, respectively, of interest capitalized to properties under construction. (b) For the years ended December 31, 2021, and 2022 includes $ 42.8 million, and $ 8.9 million, respectively of non-cash principal collection transactions in which the Company acquired the underlying collateral property (buildings and improvements) and leased them back to a customer. (c) Excludes $ 21.2 million of tenant improvement advances disbursed in 2021 which were accrued as of December 31, 2020. (d) Represents amortization recognized on operating ground lease assets for the years ended December 31, 2021 and 2022 and for the periods from January 1, 2023 through February 2, 2023 and February 3, 2023 through December 31, 2023. (e) Excludes $ 22.6 million of tenant improvement advances disbursed in 2022 which were accrued as of December 31, 2021. (f) Includes $ 10.6 million of tenant funded improvements during 2022. (g) Excludes $ 5.2 million of tenant improvement advances disbursed from January 1, 2023 to February 2, 2023 which were accrued as of December 31, 2022. (h) Excludes $ 15.1 million of tenant improvement advances disbursed from February 3, 2023 to December 31, 2023 which were accrued as of February 2, 2023. (i) Includes the sale of certain loans and financing receivables with an aggregate carrying value of $ 332.0 million to a related party. (j) Includes the below-market lease liabilities ($ 148.7 million) and the accumulated amortization ($ 8.2 million) of the liabilities recorded on the consolidated balance sheets as intangible lease liabilities as of December 31, 2023. |
Schedule of Revenue Recognized from Investment Portfolio | The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Successor Predecessor Period from Period from Year Ended Year Ended Rental revenues: Operating leases (a)(c) $ 862,891 $ 75,005 $ 845,880 $ 728,477 Sublease income - operating ground leases (b) 2,577 234 2,812 2,809 Amortization of lease related intangibles and costs 5,239 ( 231 ) ( 2,272 ) ( 2,225 ) Total rental revenues $ 870,707 $ 75,008 $ 846,420 $ 729,061 Interest income on loans and financing receivables: Mortgage and other loans receivable $ 33,885 $ 2,434 $ 26,667 $ 24,959 Sale-leaseback transactions accounted for as 31,760 2,444 24,140 17,883 Sales-type and direct financing receivables 10,822 448 5,969 7,979 Total interest income on loans and financing receivables $ 76,467 $ 5,326 $ 56,776 $ 50,821 (a) For the period from February 3, 2023 through December 31, 2023, the period from January 1, 2023 through February 2, 2023 and the years ended December 31, 2022 and 2021, includes $ 3.3 million , $ 252,000 , $ 3.1 million and $ 2.6 million, respectively, of property tax tenant reimbursement revenue and includes $ 1.0 million, $ 24,000 , $ 1.0 million and $ 11.2 million, respectively, of variable lease revenue. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. (c) For the years ended December 31, 2022 and 2021, includes $ 1.5 million and $ 8.3 million, respectively, of revenue that has been recognized related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the consolidated balance sheet. |
Schedule of Future Minimum Rentals to be Received under Operating Leases | Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of December 31, 2023 are as follows (in thousands): 2024 $ 957,206 2025 955,946 2026 948,413 2027 936,972 2028 917,439 Thereafter 7,786,944 Total future minimum rentals (a) $ 12,502,920 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. |
Schedule Detailing Intangible Lease Assets and Related Accumulated Amortization | The following details intangible lease assets and related accumulated amortization at December 31 (in thousands): Successor Predecessor 2023 2022 In-place leases $ 577,808 $ 42,519 Ground lease-related intangibles — 19,449 Above-market leases 37,519 — Total intangible lease assets 615,327 61,968 Accumulated amortization ( 51,650 ) ( 27,278 ) Net intangible lease assets $ 563,677 $ 34,690 |
Schedule of Intangible Lease Liabilities | The following details intangible lease liabilities and related accumulated amortization (in thousands) as of December 31, 2023. There were no intangible lease liabilities as of December 31, 2022. Below-market leases $ 148,686 Accumulated amortization ( 8,170 ) Net intangible lease liabilities $ 140,516 |
Summary of Future Minimum Lease Payments | The future minimum lease payments to be paid under the operating ground leases as of December 31, 2023 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total 2024 $ 55 $ 2,711 $ 2,766 2025 57 2,725 2,782 2026 57 2,731 2,788 2027 57 2,731 2,788 2028 57 2,761 2,818 Thereafter 3,316 100,262 103,578 Total lease payments 3,599 113,921 117,520 Less imputed interest ( 2,975 ) ( 68,681 ) ( 71,656 ) Total operating lease liabilities - ground leases $ 624 $ 45,240 $ 45,864 (a) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to make the required ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $ 113.9 million commitment, $ 79.6 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three l eases where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales. |
Schedule Summarizing Loans and Direct Financing Receivables | The Company’s loans and financing receivables are summarized below (dollars in thousands): Successor Predecessor Type Interest Maturity December 31, December 31, Nine mortgage loans receivable (b) 8.83 % 2024 - 2056 125,093 345,675 Equipment and other loans receivable 7.97 % 2024 - 2036 13,958 15,842 Total principal amount outstanding—loans receivable 139,051 361,517 Unamortized loan origination costs 61 1,011 Unamortized loan premium 664 — Sale-leaseback transactions accounted for as 8.43 % 2034 - 2122 839,902 369,604 Sales-type and direct financing receivables 131,969 60,899 Allowance for credit and loan losses (d) ( 7,716 ) ( 5,925 ) Total loans and financing receivables $ 1,103,931 $ 787,106 (a) Represents the weighted average interest rate as of the balance sheet date. (b) One of these mortgage loans allows for prepayment in whole, but not in part, with penalties ranging from 20 % to 70 % depending on the timing of the prepayment. (c) In accordance with ASC Topic 842, represents sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2122 and the purchase options expire between 2024 and 2073. (d) Balance includes $ 7.7 million of net credit losses recognized during the period from February 3, 2023 through December 31, 2023 which includes a reduction of $ 2.1 million associated with the sale of certain loans and financing receivables. |
Schedule of Maturities of Loans Receivable | Scheduled Principal Balloon Total Payments Payments Payments 2024 $ 1,316 $ 13,997 $ 15,312 2025 1,174 — 1,174 2026 1,297 359 1,655 2027 1,167 311 1,479 2028 1,122 1,593 2,715 Thereafter 64,924 51,792 116,716 Total principal payments $ 71,000 $ 68,051 $ 139,051 |
Schedule of Sale-Leaseback Transactions | 2024 $ 66,762 2025 67,683 2026 68,705 2027 69,757 2028 70,839 Thereafter 2,550,346 Total future scheduled payments $ 2,894,092 |
Schedule of Investments Accounted as Sales-Type Leases and as Direct Financing Leases | As of December 31, 2023 and 2022, the Company h ad $ 132.0 million and $ 60.9 million, respectively, of investments accounted for as sales-type leases or direct financing leases that were recorded under previous accounting guidance; the components of these investments were as follows (in thousands): Successor Predecessor December 31, December 31, Minimum lease payments receivable $ 365,516 $ 119,839 Estimated residual value of leased assets 1,521 6,889 Unearned income ( 235,067 ) ( 65,829 ) Net investment $ 131,969 $ 60,899 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Maturities of Long-Term Debt | As of December 31, 2023, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are as follows (in thousands): Scheduled Principal Balloon Payments Payments Total 2024 $ 24,546 $ 226,198 $ 250,744 2025 22,417 256,612 279,029 2026 20,368 1,006,642 1,027,010 2027 11,862 1,381,572 1,393,434 2028 5,591 1,113,615 1,119,206 Thereafter 22,097 1,697,255 1,719,352 $ 106,881 $ 5,681,894 $ 5,788,775 |
Senior Unsecured Notes And Term Loans Payable | |
Schedule of Debt | The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): Outstanding Balance Successor Predecessor Maturity Interest December 31, December 31, Notes Payable: Series B issued November 2015 Nov. 2024 5.24 % 32,400 100,000 Series C issued April 2016 Apr. 2026 4.73 % 82,000 200,000 Public Notes issued March 2018 Mar. 2028 4.50 % 350,000 350,000 Public Notes issued February 2019 Mar. 2029 4.625 % 350,000 350,000 Public Notes issued November 2020 Nov. 2030 2.75 % 350,000 350,000 Public Notes issued November 2021 Dec. 2031 2.70 % 375,000 375,000 Total notes payable 1,539,400 1,725,000 Term Loans: Term Loan issued December 2022 — 90,000 Term Loan issued April 2022 — 400,000 Term Loan issued April 2022 — 200,000 Term Loan issued February 2023 (a) Apr. 2027 4.3469 % (c) 921,100 — Term Loan issued December 2023 (b) Jul. 2026 5.4520 % (d) 592,500 — Total term loans 1,513,600 690,000 Unamortized discount ( 200,875 ) ( 4,113 ) Unamortized deferred financing costs ( 12,417 ) ( 13,481 ) Total unsecured notes and term loans payable, net $ 2,839,708 $ 2,397,406 (a) Term loan was issued in February 2023 with initial borrowings of $ 600.0 million. The term loan was amended in March, October and December 2023 to increase total term loan borrowings to $ 800.0 million, $ 846.1 million and $ 921.1 million, respectively. (b) Term loan was issued December 2023 with borrowings of $ 592.5 million and amended in January 2024 to increase the total term loan borrowings to $ 727.5 million. (c) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10 % + the applicable spread which was 1.25 % at December 31, 2023. The Company has entered into eleven interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of December 31, 2023. (d) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10 % + the applicable spread which was 1.35 % at December 31, 2023. The Company has entered into six interest rate swap agreements that effectively convert the floating rate to the weighted-average fixed rate noted as of December 31, 2023. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Schedule of Components of Income Tax Provision | The components of the Company's income tax provision are listed below (in thousands): Successor Predecessor Period from Period from Year Ended Year Ended Current state income tax $ 6,776 $ 703 $ 884 $ 813 Deferred state income tax 15,791 — — — Total income tax expense $ 22,567 $ 703 $ 884 $ 813 |
Reconciliation of Expected Tax Computed at U.S. Statutory Federal Income Tax Rate to Total Benefit for Income Taxes | A reconciliation of the expected tax computed at the U.S. statutory federal income tax rate to the total benefit for income taxes is shown below (in thousands): Successor Period from February 3, 2023 Amount Percent Income (loss) before taxes $ ( 116,092 ) 100.0 % Income tax benefit at federal statutory rate ( 24,379 ) 21.0 % State taxes, net of federal benefit ( 1,109 ) 1.0 % Income excluded from US taxation 24,379 ( 21.0 )% Difference and changes in tax rates ( 86 ) 0.1 % Return to provision and other 255 ( 0.2 )% Change in valuation allowance 23,507 ( 20.3 )% Tax on income $ 22,567 ( 19.4 )% |
Schedule of Significant Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities were as follows (in thousands): Successor December 31, 2023 Deferred tax assets: Property and equipment, net $ 25,870 Other deferred tax asset 2,359 Total deferred tax assets 28,229 Less valuation allowance ( 26,417 ) Net deferred tax asset 1,812 Deferred tax liabilities: Intangible assets ( 9,001 ) Ground lease assets ( 1,133 ) Debt discount and deferred financing costs ( 7,469 ) Total deferred tax liabilities ( 17,603 ) Net deferred tax liability $ ( 15,791 ) |
Stock Distributions Declared Characterized for Tax | The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share for Predecessor periods): Successor (a) Predecessor (b) Period from Period from Year Ended Year Ended Ordinary income dividends $ 284,026,090 $ — $ 1.1550 $ 1.1606 Capital gain dividends — — — 0.0785 Return of capital 225,973,910 — — 0.2259 Cash liquidation distributions — 32.2500 0.4100 — Total $ 510,000,000 $ 32.2500 $ 1.5650 $ 1.4650 |
Long-Term Incentive Plans (Tabl
Long-Term Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Incentive Plans | |
Restricted Stock Award Activity | The following table summarizes the restricted stock award (“RSA”) activity: Predecessor Period from 2022 2021 Weighted Weighted Weighted Number of Average Share Number of Average Share Number of Average Share Shares Price (a) Shares Price (a) Shares Price (a) Outstanding non-vested shares, 446,847 $ 27.79 437,424 $ 25.96 639,554 $ 23.69 Shares granted — - 233,147 29.47 195,278 34.03 Shares vested — 32.25 ( 166,770 ) 26.32 ( 313,518 ) 26.58 Shares forfeited — - ( 56,954 ) 24.93 ( 83,890 ) 25.09 Outstanding non-vested shares, 446,847 (b) $ — 446,847 $ 27.79 437,424 $ 25.96 (a) Grant date fair value (b) In connection with the completion of the Merger on February 3, 2023, the 446,847 outstanding RSAs became fully vested. |
Schedule of Share Based Compensation Restricted Stock Units | The following table summarizes the RSU activity: Predecessor Period from 2022 2021 Number of RSUs Number of RSUs Non-vested and outstanding, beginning of year 1,222,038 1,005,754 1,298,175 RSUs granted — 629,307 846,896 RSUs vested — ( 217,987 ) ( 468,466 ) RSUs forfeited — — ( 338,839 ) RSUs not earned — ( 195,036 ) ( 332,012 ) Non-vested and outstanding, end of period 1,222,038 (a) 1,222,038 1,005,754 (a) In connection with the completion of the Merger on February 3, 2023, 506,136 outstanding performance-based RSUs became earned and vested in accordance with the actual level of performance of STORE or a minimum of target as of the date of the Merger Agreement and 715,902 shares were forfeited. |
Schedule of Grant Date Fair Value Assumptions | The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the RSUs with a market condition for each grant year: 2022 2021 Volatility 45.79 % 46.01 % Risk-free interest rate 1.77 % 0.25 % Dividend yield 0.00 % 0.00 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments | |
Summary of Asset and Liability Balances of Derivative Instrument | The following tables summarize the net derivative balances recorded on the consolidated balance sheets and provides information as if the Company had not elected to offset the asset and liability balances of the derivative instruments with each of its counterparties in accordance with the associated master International Swap and Derivatives Association (in thousands): Successor Predecessor December 31, December 31, Derivative assets: Net derivative assets presented in the consolidated balance sheet $ 20,208 $ 31,440 Gross amount of eligible offsetting recognized derivative liabilities 6,262 — Gross amount of derivative assets 26,470 31,440 Derivative liabilities: Net derivative liabilities presented in the consolidated balance sheet $ ( 4,815 ) $ — Gross amount of eligible offsetting recognized derivative assets ( 6,262 ) — Gross amount of derivative liabilities ( 11,077 ) — |
Merger (Tables)
Merger (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Acquisition [Abstract] | |
Schedule of Asset Acquisition Consideration | The Merger was accounted for using the asset acquisition method of accounting in accordance with ASC Topic 805 which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets acquired and the liabilities assumed. The following table summarizes the total consideration transferred in the purchase of STORE Capital Corporation (amounts in thousands): Consideration Type Cash paid to former shareholders and equity award holders $ 9,142,744 Extinguishment of historical debt 1,331,698 Capitalized transaction costs 110,924 Total consideration $ 10,585,366 |
Schedule of Assets Acquired and Liabilities Assumed under Asset Acquisition | The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed (amounts in thousands): Assets acquired: Land and improvements $ 3,620,509 Buildings and improvements 9,105,004 Intangible lease assets 620,034 Operating ground lease assets 52,805 Loans and financing receivables 952,039 Cash and cash equivalents 28,005 Other assets 71,209 Total assets acquired 14,449,605 Liabilities assumed: Unsecured notes and term loans payable 1,725,000 Non-recourse debt obligations of consolidated 2,243,323 Below market value of debt ( 430,908 ) Intangible lease liabilities 148,660 Operating lease liabilities 50,516 Other liabilities 127,648 Total liabilities assumed 3,864,239 Fair value of net assets acquired $ 10,585,366 |
Summary of Significant Accoun_4
Summary of Significant Accounting Principles - Additional Information (Details) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 USD ($) | Feb. 02, 2023 USD ($) | Dec. 31, 2023 USD ($) Item | Dec. 31, 2023 USD ($) Segment Item | Dec. 31, 2022 USD ($) Instrument | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 | Dec. 31, 2023 Instrument | Dec. 31, 2023 Agreement | Nov. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) Agreement | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) Agreement | |
Related Party Transactions | ||||||||||||||
Loans and financing receivables | $ 787,106,000 | $ 1,103,931,000 | ||||||||||||
Basis of Accounting and Principles of Consolidation | ||||||||||||||
Assets owned | 10,834,970,000 | 14,748,487,000 | ||||||||||||
Liabilities owed | 5,408,652,000 | 6,149,289,000 | ||||||||||||
Variable interest entity ownership percentage | 95% | |||||||||||||
Variable interest entity intercompany loan to joint venture | $ 105,200,000 | |||||||||||||
Segment Reporting | ||||||||||||||
Number of reportable segments | Segment | 1 | |||||||||||||
Investment portfolio | ||||||||||||||
Number of transaction types | Item | 3 | |||||||||||||
Revenue Recognition | ||||||||||||||
Accrued straight-line rental revenue, net of allowance | 46,900,000 | 13,300,000 | ||||||||||||
Leases indexed to increases in the CPI, minimum adjustment period | 1 year | |||||||||||||
Leases indexed to increases in the CPI, minimum multiplier increasing rent (in multipliers) | 1 | |||||||||||||
Leases indexed to increases in the CPI, maximum multiplier increasing rent (in multipliers) | 1.25 | |||||||||||||
Portion of investment portfolio subject to contingent rent based upon tenant sales (as a percent) | 3.30% | |||||||||||||
Contingent rent as a percentage of rental revenue, historical | 2% | |||||||||||||
Impairments | ||||||||||||||
Provisions for impairment | $ 0 | $ 17,600,000 | 16,000,000 | $ 21,800,000 | ||||||||||
Estimate fair value of impaired real estate assets | 48,300,000 | |||||||||||||
Write-offs charged against allowance | 0 | 3,700,000 | ||||||||||||
Reduction of provision for credit losses | $ (2,100,000) | |||||||||||||
Loans Receivable | ||||||||||||||
Non accrual status loan receivables | 31,800,000 | 54,800,000 | ||||||||||||
Number of classes in portfolio of loans and financing receivables | Item | 2 | |||||||||||||
Restricted cash | ||||||||||||||
Restricted cash included in other assets | $ 5,051,000 | $ 4,667,000 | 5,780,000 | 10,750,000 | ||||||||||
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net | Other assets, net | Other assets, net | ||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Carrying amount | 5,788,775,000 | |||||||||||||
VIE | ||||||||||||||
Basis of Accounting and Principles of Consolidation | ||||||||||||||
Assets owned | 267,900,000 | |||||||||||||
Liabilities owed | 3,100,000 | |||||||||||||
PCSD Ivory Private Limited | ||||||||||||||
Related Party Transactions | ||||||||||||||
Loans and financing receivables | 332,000,000 | |||||||||||||
Aggregate purchase price of loans and financing receivables sold | $ 327,500,000 | |||||||||||||
Net loss on sale of loans and financing receivables | $ 4,700,000 | |||||||||||||
Provision For Impairment | ||||||||||||||
Loans Receivable | ||||||||||||||
Provision for loan losses | $ 7,700,000 | $ 400,000 | $ 3,200,000 | |||||||||||
Loans Receivable | ||||||||||||||
Loans Receivable | ||||||||||||||
Maximum past due period for loans payments causing nonaccrual status | 60 days | |||||||||||||
Interest rate swaps | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | 7 | 20 | 1 | 2 | 1 | |||||||||
Current notional amounts | $ 330,000,000 | $ 46,100,000 | $ 325,000,000 | $ 200,000,000 | ||||||||||
Interest Rate Swaps Maturing in May 2027 and May 2029 | Designated as Hedging Instrument | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | Instrument | 11 | |||||||||||||
Current notional amounts | 921,100,000 | |||||||||||||
Interest Rate Swap Mature in May 2029 | Designated as Hedging Instrument | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | Instrument | 1 | |||||||||||||
Interest Rate Swap Mature in May 2027 | Designated as Hedging Instrument | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | Instrument | 10 | |||||||||||||
Interest Rate Swaps Maturing in February 2027 and July 2028 | Designated as Hedging Instrument | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | Instrument | 6 | |||||||||||||
Current notional amounts | 592,500,000 | |||||||||||||
Interest Rate Swaps Mature in February 2027 | Designated as Hedging Instrument | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | Instrument | 2 | |||||||||||||
Interest Rate Swap Mature in February 2027 | Designated as Hedging Instrument | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | Instrument | 3 | |||||||||||||
Current notional amounts | 375,000,000 | |||||||||||||
Interest Rate Swap Mature in July 2028 | Designated as Hedging Instrument | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | Instrument | 4 | |||||||||||||
Buildings | Maximum | ||||||||||||||
Accounting for Real Estate Investments | ||||||||||||||
Estimated useful life | 40 years | 40 years | 40 years | |||||||||||
Buildings | Minimum | ||||||||||||||
Accounting for Real Estate Investments | ||||||||||||||
Estimated useful life | 20 years | 20 years | 20 years | |||||||||||
Land improvements | Maximum | ||||||||||||||
Accounting for Real Estate Investments | ||||||||||||||
Estimated useful life | 15 years | 15 years | 15 years | |||||||||||
Land improvements | Minimum | ||||||||||||||
Accounting for Real Estate Investments | ||||||||||||||
Estimated useful life | 10 years | 10 years | 10 years | |||||||||||
Consolidated Special Purpose Entities | ||||||||||||||
Basis of Accounting and Principles of Consolidation | ||||||||||||||
Assets owned | $ 9,500,000,000 | 12,900,000,000 | ||||||||||||
Liabilities owed | 2,400,000,000 | 2,800,000,000 | ||||||||||||
Term loan was issued in February 2023 | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Carrying amount | 0 | 921,100,000 | ||||||||||||
Unsecured Term Loan | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Carrying amount | $ 690,000,000 | 1,513,600,000 | ||||||||||||
Unsecured Term Loan | Interest rate swaps | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Number of agreements | Agreement | 1 | |||||||||||||
Current notional amounts | 75,000,000 | |||||||||||||
Unsecured Term Loan | Interest Rate Swap Mature in July 2026 | Designated as Hedging Instrument | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
Carrying amount | $ 592,500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Reconciliation of Numerator and Denominator Used in Computation of Basic and Diluted Income Per Common Share (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | ||||
Net income | $ 25,787 | $ (138,599) | $ 327,901 | $ 268,348 |
Less: Earnings attributable to unvested restricted shares | (41) | (558) | (659) | |
Net income used in basic and diluted income per share | $ 25,746 | $ 327,343 | $ 267,689 | |
Denominator: | ||||
Weighted average common shares outstanding | 282,684,998 | 280,559,061 | 270,693,243 | |
Less: Weighted average number of shares of unvested restricted stock (in shares) | (446,847) | (453,584) | (587,974) | |
Weighted average shares outstanding used in basic income per share (in shares) | 282,238,151 | 280,105,477 | 270,105,269 | |
Effects of dilutive securities: | ||||
Add: Treasury stock method impact of potentially dilutive securities (in shares) | 100,254 | 0 | 0 | |
Weighted average shares outstanding used in diluted income per share (in shares) | 282,338,405 | 280,105,477 | 270,105,269 |
Summary of Significant Accoun_6
Summary of Significant Accounting Principles - Reconciliation of Numerator and Denominator Used in Computation of Basic and Diluted Income Per Common Share (Parenthetical) (Details) - shares | 1 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income Per Common Share | |||
Antidilutive unvested restricted shares (in shares) | 197,026 | 121,112 | 225,424 |
Investments - Locations - Addit
Investments - Locations - Additional Information (Details) $ in Thousands | 11 Months Ended | |||||
Dec. 31, 2023 USD ($) Property | Feb. 03, 2023 USD ($) Property | Feb. 02, 2023 USD ($) Property | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) Property | Dec. 31, 2020 USD ($) Property | |
Number of property locations of investments (in locations) | 3,206 | 3,101 | 3,101 | 3,084 | 2,866 | 2,634 |
Number of owned properties (in properties) | 3,168 | |||||
Number of properties accounted as financing arrangements | 144 | |||||
Number of properties accounted as sales-type leases | 6 | |||||
Number of ground lease interests (in properties) | 24 | |||||
Number of properties which secure certain mortgage loans (in properties) | 14 | |||||
Gross acquisition cost of real estate investments | $ | $ 13,600,000 | |||||
Loans and financing receivables | $ | 1,103,931 | $ 787,106 | ||||
Operating ground lease assets | $ | $ 52,068 | 31,872 | ||||
Investments assets, percentage attributable to consolidated special purpose entity subsidiaries and which are pledged as collateral under the non-recourse obligations of these special purpose entities | 33% | |||||
Gross investments | $ | $ 14,801,634 | $ 14,201,731 | $ 12,207,484 | $ 12,079,843 | $ 10,748,937 | $ 9,639,766 |
Intangible lease liabilities | $ | $ 148,686 |
Investments - Schedule of Gross
Investments - Schedule of Gross Real Estate and Loan Activity (Details) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 USD ($) Property | Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) Property | |
Number of Investment Locations | ||||
Number of gross investments | Property | 3,084 | 3,101 | 2,866 | 2,634 |
Number of real estate properties acquired | Property | 19 | 112 | 256 | 307 |
Number of properties securing additions to financing receivables | Property | 1 | 40 | 28 | 29 |
Number of real estate properties sold | Property | (1) | (40) | (60) | (103) |
Principal collections on loans and direct financing receivables | Property | (2) | (7) | (6) | (1) |
Number of properties, Gross investments | Property | 3,101 | 3,206 | 3,084 | 2,866 |
Dollar Amount of Investments | ||||
Gross investments | $ 12,079,843 | $ 12,207,484 | $ 10,748,937 | $ 9,639,766 |
Acquisition of and additions to real estate | 42,452 | 517,624 | 1,475,499 | 1,427,278 |
Investment in loans and financing receivables | 82,112 | 598,990 | 158,676 | 125,049 |
Sales of real estate | (760) | (404,939) | (197,530) | (339,658) |
Principal collections on loans and direct financing receivables | (468) | (74,408) | (76,868) | (61,942) |
Provisions for impairment | 0 | (25,265) | (16,428) | (24,979) |
Other | 4,430 | (11,362) | (10,997) | (15,212) |
Gross investments | 12,207,484 | 14,801,634 | 12,079,843 | 10,748,937 |
Less accumulated depreciation and amortization | (523,181) | |||
Net investments | 14,278,453 | |||
Ground leases | ||||
Dollar Amount of Investments | ||||
Net change in operating ground lease assets | $ (125) | $ (737) | $ (1,446) | $ (1,365) |
Investments - Schedule of Gro_2
Investments - Schedule of Gross Real Estate and Loan Activity (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest capitalized | $ 200 | $ 2,900 | $ 2,300 | $ 800 |
Non-cash principal collections related to loans receivable | 8,900 | 42,800 | ||
Tenant improvement advances disbursed | 5,200 | 15,100 | 22,600 | 21,200 |
Tenant funded improvements to real estate investments | 0 | 0 | 10,550 | 0 |
Sales of real estate | $ 760 | 404,939 | 197,530 | $ 339,658 |
Loans and financing receivables | 1,103,931 | $ 787,106 | ||
Below-market lease liabilities | 148,700 | |||
Accumulated amortization | 8,170 | |||
Related Party | ||||
Loans and financing receivables | $ 332,000 |
Investments - Revenue Recognize
Investments - Revenue Recognized from Investment Portfolio (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Rental revenues: | ||||
Operating leases | $ 75,005 | $ 862,891 | $ 845,880 | $ 728,477 |
Sublease income - operating ground lease assets | 234 | 2,577 | 2,812 | 2,809 |
Amortization of lease related intangibles and costs | (231) | 5,239 | (2,272) | (2,225) |
Total rental revenues | 75,008 | 870,707 | 846,420 | 729,061 |
Interest income on loans and financing receivables: | ||||
Mortgage and other loans receivable | 2,434 | 33,885 | 26,667 | 24,959 |
Sale-leaseback transactions accounted for as financing arrangements | 2,444 | 31,760 | 24,140 | 17,883 |
Sales-type and direct financing receivables | 448 | 10,822 | 5,969 | 7,979 |
Total interest income on loans and financing receivables | $ 5,326 | $ 76,467 | $ 56,776 | $ 50,821 |
Investments - Revenue Recogni_2
Investments - Revenue Recognized from Investment Portfolio (Parenthetical) (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property tax tenant reimbursement revenue | $ 252,000 | $ 3,300,000 | $ 3,100,000 | $ 2,600,000 |
Variable lease revenue | 24,000 | 1,000,000 | 1,000,000 | 11,200,000 |
Total rental revenues | $ 75,008,000 | $ 870,707,000 | 846,420,000 | 729,061,000 |
Payment deferral due to COVID-19 | ||||
Total rental revenues | $ 1,500,000 | $ 8,300,000 |
Investments - Significant Credi
Investments - Significant Credit and Revenue Concentration (Details) | 11 Months Ended |
Dec. 31, 2023 State Item Customer | |
Significant Credit and Revenue Concentration | |
Number of industries | 137 |
Real estate investment portfolio | Geographic concentration | |
Significant Credit and Revenue Concentration | |
Number of states over which real estate investments are dispersed (in states) | State | 49 |
Concentration Percentage for threshold | 10% |
Real estate investment portfolio | Geographic concentration | Minimum | |
Significant Credit and Revenue Concentration | |
Number of customers | Customer | 615 |
Real estate investment portfolio | Geographic concentration | Texas | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 11% |
Number of states accounting for 10% or more | State | 1 |
Real estate investment portfolio | Customer concentration | |
Significant Credit and Revenue Concentration | |
Concentration Percentage for threshold | 10% |
Number of customers representing more than 10% | 0 |
Real estate investment portfolio | Customer concentration | Largest customer, investment portfolio | Maximum | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 2.60% |
Real estate investment portfolio | Product Concentration Risk | Service | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 61% |
Real estate investment portfolio | Product Concentration Risk | Service Oriented Retail | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 14% |
Real estate investment portfolio | Product Concentration Risk | Manufacturing | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 25% |
Real estate investment portfolio | Industry | |
Significant Credit and Revenue Concentration | |
Number of customers representing more than 10% | 0 |
Investment portfolio revenues | Customer concentration | Largest customer, investment portfolio revenues | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 2.50% |
Investments - Real Estate Inves
Investments - Real Estate Investments - Additional Information (Details) | 11 Months Ended |
Dec. 31, 2023 Property Item Options | |
Real Estate [Line Items] | |
Remaining noncancelable lease term | 13 years 8 months 12 days |
Number of real estate properties vacant not subject to lease | Property | 24 |
Term of Renewal Options | 5 years |
Option to extend | true |
Minimum | |
Real Estate [Line Items] | |
Typical number of renewal options | Item | 1 |
Number of renewal periods at the option of the Company | 2 |
Maximum | |
Real Estate [Line Items] | |
Number of renewal periods at the option of the Company | 4 |
Investments - Real Estate Inv_2
Investments - Real Estate Investments - Schedule of future minimum rentals to be received under the remaining noncancelable term of the operating leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |
2024 | $ 957,206 |
2025 | 955,946 |
2026 | 948,413 |
2027 | 936,972 |
2028 | 917,439 |
Thereafter | 7,786,944 |
Total future minimum rentals | $ 12,502,920 |
Investments - Intangible Lease
Investments - Intangible Lease Assets - Schedule detailing intangible lease assets and related accumulated amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible Lease Assets | ||
Intangible lease assets | $ 615,327 | $ 61,968 |
Accumulated amortization | (51,650) | (27,278) |
Net intangible lease assets | 563,677 | 34,690 |
In -place leases | ||
Intangible Lease Assets | ||
Intangible lease assets | 577,808 | 42,519 |
Ground lease interests | ||
Intangible Lease Assets | ||
Intangible lease assets | 0 | 19,449 |
Above-market leases | ||
Intangible Lease Assets | ||
Intangible lease assets | $ 37,519 | $ 0 |
Investments - Intangible Leas_2
Investments - Intangible Lease Assets - Additional Information (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Lease Assets | |||
2024 | $ 52,900,000 | ||
2025 | 50,600,000 | ||
2026 | 48,900,000 | ||
2027 | 47,200,000 | ||
2028 | 44,700,000 | ||
Thereafter | 284,600,000 | ||
Above-market leases | |||
Intangible Lease Assets | |||
2024 | 2,900,000 | ||
2025 | 2,800,000 | ||
2026 | 2,800,000 | ||
2027 | 2,800,000 | ||
2028 | 2,600,000 | ||
Thereafter | $ 20,900,000 | ||
Weighted average remaining amortization period | 14 years 3 months 18 days | ||
In -place leases | |||
Intangible Lease Assets | |||
Weighted average remaining amortization period | 12 years 4 months 24 days | ||
Depreciation and amortization expense | |||
Intangible Lease Assets | |||
Amount amortized | $ 300,000 | $ 50,700,000 | $ 3,700,000 |
Decrease to rental revenue | Above-market leases | |||
Intangible Lease Assets | |||
Amount amortized | $ 0 | $ 2,800,000 | $ 0 |
Investments - Intangible Leas_3
Investments - Intangible Lease Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 11 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments [Abstract] | ||
Intangible lease liabilities, net | $ 140,516 | $ 0 |
Lease intangible liabilities amortization | 8,300 | |
2024 | 8,900 | |
2025 | 8,900 | |
2026 | 8,800 | |
2027 | 8,700 | |
2028 | 8,400 | |
Thereafter | $ 96,800 | |
Weighted average remaining amortization period | 23 years 1 month 6 days |
Investments - Intangible Leas_4
Investments - Intangible Lease Liabilities - Schedule of intangible lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Below Market Lease, Gross | $ 148,686 | |
Accumulated amortization | (8,170) | |
Below Market Lease, Net, Total | $ 140,516 | $ 0 |
Investments - Operating Lease A
Investments - Operating Lease Asset - Additional Information (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Operating ground lease assets | $ 52,068,000 | $ 31,872,000 | ||
Rental revenue | $ 234,000 | $ 2,577,000 | 2,812,000 | $ 2,809,000 |
Option to extend | true | |||
Renewal period | 5 years | |||
Ground leases | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Operating ground lease assets | $ 52,100,000 | |||
Lease costs | 273,000 | 3,200,000 | 3,300,000 | 3,300,000 |
Rental revenue | $ 234,000 | $ 2,600,000 | $ 2,800,000 | $ 2,800,000 |
Option to extend | true | |||
Weighted average remaining non-cancelable lease term | 22 years | |||
Weighted average discount rate | 5.80% | |||
Ground leases | Minimum | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ground lease remaining terms | 1 year | |||
Renewal period | 3 years | |||
Ground leases | Maximum | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ground lease remaining terms | 88 years | |||
Renewal period | 10 years |
Investments - Operating Lease_2
Investments - Operating Lease Asset - Summary of future minimum lease payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Future minimum lease payments | ||
Total operating lease liabilities - ground leases | $ 49,481 | $ 36,873 |
Ground leases | ||
Future minimum lease payments | ||
2024 | 2,766 | |
2025 | 2,782 | |
2026 | 2,788 | |
2027 | 2,788 | |
2028 | 2,818 | |
Thereafter | 103,578 | |
Total lease payments | 117,520 | |
Less imputed interest | (71,656) | |
Total operating lease liabilities - ground leases | 45,864 | |
Ground leases | Ground lease by STORE capital | ||
Future minimum lease payments | ||
2024 | 55 | |
2025 | 57 | |
2026 | 57 | |
2027 | 57 | |
2028 | 57 | |
Thereafter | 3,316 | |
Total lease payments | 3,599 | |
Less imputed interest | (2,975) | |
Total operating lease liabilities - ground leases | 624 | |
Ground leases | Ground lease by STORE capital tenants | ||
Future minimum lease payments | ||
2024 | 2,711 | |
2025 | 2,725 | |
2026 | 2,731 | |
2027 | 2,731 | |
2028 | 2,761 | |
Thereafter | 100,262 | |
Total lease payments | 113,921 | |
Less imputed interest | (68,681) | |
Total operating lease liabilities - ground leases | $ 45,240 |
Investments - Operating Lease_3
Investments - Operating Lease Asset - Summary of future minimum lease payments (Parenthetical) (Details) $ in Thousands | 11 Months Ended |
Dec. 31, 2023 USD ($) Lease | |
Ground lease by STORE capital | |
Lessee, Lease, Description [Line Items] | |
Long-term lease commitment | $ 79,600 |
Ground lease by STORE capital tenants | |
Lessee, Lease, Description [Line Items] | |
Number of ground lease payments based on level of tenant's sales | Lease | 3 |
Ground leases | |
Lessee, Lease, Description [Line Items] | |
Total lease payments | $ 117,520 |
Ground leases | Ground lease by STORE capital | |
Lessee, Lease, Description [Line Items] | |
Total lease payments | 3,599 |
Ground leases | Ground lease by STORE capital tenants | |
Lessee, Lease, Description [Line Items] | |
Total lease payments | $ 113,921 |
Investments - Schedule Summariz
Investments - Schedule Summarizing Loans and Direct Financing Receivables (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and direct financing receivables | |||||
Mortgage loans receivable | $ 350,118,000 | $ 124,783,000 | $ 342,420,000 | $ 342,317,000 | $ 301,355,000 |
Total principal payments | 139,051,000 | ||||
Unamortized loan origination costs | 61,000 | 1,011,000 | |||
Unamortized loan premium | 664,000 | 0 | |||
Sale-leaseback transactions accounted for as financing arrangements | 839,900,000 | 369,600,000 | |||
Sales-type and direct financing receivables | $ 448,000 | 10,822,000 | 5,969,000 | $ 7,979,000 | |
Allowance for credit and loan losses | (7,716,000) | (5,925,000) | |||
Loans and financing receivables, net | 1,103,931,000 | 787,106,000 | |||
Loans receivable | |||||
Loans and direct financing receivables | |||||
Total principal payments | 139,051 | 361,517 | |||
Sales-Type and Direct Financing Receivables | |||||
Loans and direct financing receivables | |||||
Sales-type and direct financing receivables | $ 131,969,000 | 60,899,000 | |||
Mortgage Loans Receivable with Maturity Range 2023 To 2056 | Mortgage Loans Receivable | |||||
Loans and direct financing receivables | |||||
Interest Rate | 8.83% | ||||
Mortgage loans receivable | $ 125,093,000 | 345,675,000 | |||
Mortgage Loans Receivable with Maturity Range 2024 To 2036 | Equipment And Other Loans Receivable | |||||
Loans and direct financing receivables | |||||
Interest rate of equipment and other loans receivable | 7.97% | ||||
Equipment and other loans receivable | $ 13,958,000 | 15,842,000 | |||
Mortgage Loans Receivable with Maturity Range 2034 To 2122 | |||||
Loans and direct financing receivables | |||||
Interest rate of Sale-leaseback transactions accounted for as financing arrangements | 8.43% | ||||
Sale-leaseback transactions accounted for as financing arrangements | $ 839,902,000 | $ 369,604,000 |
Investments - Schedule Summar_2
Investments - Schedule Summarizing Loans and Direct Financing Receivables (Parenthetical) (Details) $ in Millions | 11 Months Ended |
Dec. 31, 2023 USD ($) Loan | |
Loans and direct financing receivables | |
Credit loss reserves recognized | $ | $ 7.7 |
Reduction sale of loans and financing receivables | $ | $ 2.1 |
Mortgage Loans Receivable with Maturity Range 2023 To 2056 | |
Loans and direct financing receivables | |
Number of mortgage loans | Loan | 9 |
Number of mortgage loans allowing for prepayment in whole | Loan | 1 |
Mortgage Loans Receivable with Maturity Range 2023 To 2056 | Maximum | |
Loans and direct financing receivables | |
Prepayment penalties (as a percent) | 70% |
Mortgage Loans Receivable with Maturity Range 2023 To 2056 | Minimum | |
Loans and direct financing receivables | |
Prepayment penalties (as a percent) | 20% |
Investments - Loans Receivable
Investments - Loans Receivable (Additional Information) (Details) | 11 Months Ended |
Dec. 31, 2023 USD ($) Loan | |
Scheduled loan receivable maturities | |
Number of loans receivable | 21 |
Gross carrying amount of loans receivable | $ | $ 138,800 |
Number of mortgage loans | 9 |
Number of mortgage loans subject to interest rate increases | 5 |
Number of short-term mortgage loans | 2 |
Maximum | |
Scheduled loan receivable maturities | |
Amortization period of long-term mortgage loans | 40 years |
Long-term mortgage loans receivable prepayment penalty rate (as a percent) | 15% |
Minimum | |
Scheduled loan receivable maturities | |
Amortization period of long-term mortgage loans | 20 years |
Long-term mortgage loans receivable prepayment penalty rate (as a percent) | 1% |
Investments - Scheduled Loan Re
Investments - Scheduled Loan Receivable Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Scheduled loan receivable maturities | |
2024 | $ 15,312 |
2025 | 1,174 |
2026 | 1,655 |
2027 | 1,479 |
2028 | 2,715 |
Thereafter | 116,716 |
Total principal payments | 139,051 |
Scheduled Principal Payments | |
Scheduled loan receivable maturities | |
2024 | 1,316 |
2025 | 1,174 |
2026 | 1,297 |
2027 | 1,167 |
2028 | 1,122 |
Thereafter | 64,924 |
Total principal payments | 71,000 |
Balloon Payments | |
Scheduled loan receivable maturities | |
2024 | 13,997 |
2025 | 0 |
2026 | 359 |
2027 | 311 |
2028 | 1,593 |
Thereafter | 51,792 |
Total principal payments | $ 68,051 |
Investments - Sale-Leaseback Tr
Investments - Sale-Leaseback Transactions Accounted for as Financing Arrangements - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Sale-Leaseback Transactions Accounted For as Financing Arrangements | $ 839.9 | $ 369.6 |
Investments - Sale-Leaseback _2
Investments - Sale-Leaseback Transactions Accounted for as Financing Arrangements (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Investments [Abstract] | |
2024 | $ 66,762 |
2025 | 67,683 |
2026 | 68,705 |
2027 | 69,757 |
2028 | 70,839 |
Thereafter | 2,550,346 |
Total future scheduled payments | $ 2,894,092 |
Investments - Sales-Type and Di
Investments - Sales-Type and Direct Financing Receivables - Additional Information (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments [Abstract] | ||
Direct Financing Lease, Net Investment in Lease, Sale | $ 132 | $ 60.9 |
2024 | 11.4 | |
2025 | 11.4 | |
2026 | 11.4 | |
2027 | 11.4 | |
2028 | 11.4 | |
Thereafter | $ 308 |
Investments - Schedule of Inves
Investments - Schedule of Investments Accounted as Sales-Type Leases and as Direct Financing Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Minimum lease payments receivable | $ 365,516 | $ 119,839 |
Estimated residual value of leased assets | 1,521 | 6,889 |
Unearned income | (235,067) | (65,829) |
Net investment | $ 131,969 | $ 60,899 |
Investments - Provision for Cre
Investments - Provision for Credit Losses (Additional Information) (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Reduction of provision for credit losses | $ (2,100,000) | ||
Write-offs charged against allowance | 0 | $ 3,700,000 | |
ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Provision for credit losses | $ 0 | 7,700,000 | |
Reduction of provision for credit losses | (2,100,000) | ||
Write-offs charged against allowance | 0 | 0 | |
Recoveries of amounts previously written off | $ 0 | 0 | |
Investment Grade | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Origination for gross loan and financing receivables in 2023 | 3,700,000 | ||
Origination for gross loan and financing receivables in 2022 | 14,800,000 | ||
Origination for gross loan and financing receivables in 2021 | 8,200,000 | ||
Origination for gross loan and financing receivables in 2020 | 0 | ||
Origination for gross loan and financing receivables in 2019 | 93,000,000 | ||
Origination for gross loan and financing receivables in prior to 2019 | 300,000 | ||
Investment Grade | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and financing receivables | 120,000,000 | ||
Non Investment Grade | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Origination for gross loan and financing receivables in 2023 | 648,400,000 | ||
Origination for gross loan and financing receivables in 2022 | 77,700,000 | ||
Origination for gross loan and financing receivables in 2021 | 61,600,000 | ||
Origination for gross loan and financing receivables in 2020 | 12,300,000 | ||
Origination for gross loan and financing receivables in 2019 | 128,400,000 | ||
Origination for gross loan and financing receivables in prior to 2019 | 62,600,000 | ||
Non Investment Grade | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and financing receivables | $ 991,000,000 |
Debt - Credit Facility - Additi
Debt - Credit Facility - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Feb. 03, 2023 USD ($) Options | Dec. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) Agreement | Mar. 31, 2023 USD ($) Agreement | Apr. 30, 2022 USD ($) | Jun. 30, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 Instrument | Dec. 31, 2023 | Dec. 31, 2023 Agreement | Dec. 31, 2023 Loan | Nov. 30, 2023 USD ($) | May 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Instrument | |
Credit facilities | ||||||||||||||
Outstanding balance | $ 375,000 | $ 375,000 | $ 555,000 | |||||||||||
Contingent periodic interest rate increase for failure to maintain investment grade credit rating | 1% | |||||||||||||
Prepayment applied to principal plus make-whole amount (as a percent) | 100% | |||||||||||||
Minimum | ||||||||||||||
Credit facilities | ||||||||||||||
Prepayment threshold (as a percent) | 5% | |||||||||||||
Consolidated special purpose entities | ||||||||||||||
Credit facilities | ||||||||||||||
Unamortized financing costs related to all debt | 2,975 | $ 2,975 | 20,364 | |||||||||||
Revolving credit facility | ||||||||||||||
Credit facilities | ||||||||||||||
Unsecured loan facility | $ 500,000 | 753,900 | 753,900 | |||||||||||
Increase in debt | 253,900 | $ 253,900 | $ 253,900 | |||||||||||
Number of extension options | Options | 2 | |||||||||||||
Extension option term | 6 months | |||||||||||||
Extension fee (as a percent) | 0.075% | |||||||||||||
Unamortized financing costs related to all debt | 6,000 | 6,000 | $ 2,600 | |||||||||||
Revolving credit facility | SOFR | ||||||||||||||
Credit facilities | ||||||||||||||
Adjustment to floating rate | 0.10% | |||||||||||||
Senior Unsecured Notes | ||||||||||||||
Credit facilities | ||||||||||||||
Principal amount | 375,000 | 375,000 | ||||||||||||
Number of loans | Loan | 3 | |||||||||||||
Unsecured Credit Agreement | ||||||||||||||
Credit facilities | ||||||||||||||
Potential maximum amount of the revolving commitments and term loans | 3,200,000 | 3,200,000 | ||||||||||||
Interest Rate Swaps | ||||||||||||||
Credit facilities | ||||||||||||||
Current notional amounts | $ 46,100 | $ 200,000 | $ 330,000 | $ 325,000 | ||||||||||
Fixed rate | 4.3469% | 4.524% | ||||||||||||
Number of agreements | 2 | 1 | 20 | 1 | 7 | |||||||||
Interest Rate Swaps | Unsecured Revolving Credit Facility | ||||||||||||||
Credit facilities | ||||||||||||||
Fixed rate | 4.595% | |||||||||||||
Number of agreements | Agreement | 3 | |||||||||||||
One Interest Rate Swap | ||||||||||||||
Credit facilities | ||||||||||||||
Current notional amounts | 50,000 | 50,000 | ||||||||||||
Three Interest Rate Swap | Unsecured Revolving Credit Facility | ||||||||||||||
Credit facilities | ||||||||||||||
Current notional amounts | 375,000 | 375,000 | ||||||||||||
New unsecured credit facility | Revolving credit facility | ||||||||||||||
Credit facilities | ||||||||||||||
Eligible unencumbered assets (in dollars) | 9,900,000 | 9,900,000 | ||||||||||||
Previous Unsecured Revolving Credit Facility | Revolving credit facility | ||||||||||||||
Credit facilities | ||||||||||||||
Outstanding balance | $ 600,000 | |||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | ||||||||||||||
Credit facilities | ||||||||||||||
Outstanding balance | $ 375,000 | $ 375,000 | ||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | Minimum | ||||||||||||||
Credit facilities | ||||||||||||||
Facility fee (as a percent) | 0.15% | |||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | Maximum | ||||||||||||||
Credit facilities | ||||||||||||||
Facility fee (as a percent) | 0.30% | |||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | SOFR | ||||||||||||||
Credit facilities | ||||||||||||||
Debt Instrument interest rate description | SOFR | |||||||||||||
Credit spread (as a percent) | 1.10% | |||||||||||||
Facility fee (as a percent) | 0.20% | |||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | SOFR | Minimum | ||||||||||||||
Credit facilities | ||||||||||||||
Credit spread (as a percent) | 1% | |||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | SOFR | Maximum | ||||||||||||||
Credit facilities | ||||||||||||||
Credit spread (as a percent) | 1.45% | |||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | Base rate | ||||||||||||||
Credit facilities | ||||||||||||||
Debt Instrument interest rate description | Base Rate | |||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | Base rate | Minimum | ||||||||||||||
Credit facilities | ||||||||||||||
Credit spread (as a percent) | 0% | |||||||||||||
Amended unsecured revolving credit facility | Revolving credit facility | Base rate | Maximum | ||||||||||||||
Credit facilities | ||||||||||||||
Credit spread (as a percent) | 0.45% | |||||||||||||
Unsecured Term Loan | ||||||||||||||
Credit facilities | ||||||||||||||
Unsecured loan facility | $ 100,000 | |||||||||||||
Fixed rate | 3.88% | |||||||||||||
Principal amount | $ 600,000 | |||||||||||||
Unsecured Term Loan | SOFR | ||||||||||||||
Credit facilities | ||||||||||||||
Adjustment to floating rate | 0.10% | |||||||||||||
Credit spread (as a percent) | 1.25% | |||||||||||||
Unsecured Term Loan | Interest Rate Swaps | ||||||||||||||
Credit facilities | ||||||||||||||
Current notional amounts | $ 75,000 | $ 75,000 | ||||||||||||
Number of agreements | Agreement | 1 | |||||||||||||
Unsecured Five Year Term Loan | ||||||||||||||
Credit facilities | ||||||||||||||
Principal amount | $ 400,000 | |||||||||||||
Initial term | 5 years | |||||||||||||
Unsecured Five Year Term Loan | SOFR | Minimum | ||||||||||||||
Credit facilities | ||||||||||||||
Credit spread (as a percent) | 1.10% | |||||||||||||
Unsecured Five Year Term Loan | SOFR | Maximum | ||||||||||||||
Credit facilities | ||||||||||||||
Credit spread (as a percent) | 1.70% | |||||||||||||
Unsecured Seven Year Term Loan | ||||||||||||||
Credit facilities | ||||||||||||||
Principal amount | $ 200,000 | |||||||||||||
Initial term | 7 years |
Debt - Unsecured Notes and Term
Debt - Unsecured Notes and Term Loans Payable, Net - Additional Information (Details) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||
Feb. 03, 2023 USD ($) | Jan. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) Agreement | Mar. 31, 2023 USD ($) Agreement | Feb. 02, 2023 USD ($) | Nov. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Instrument | Dec. 31, 2021 USD ($) | Dec. 31, 2023 Instrument | Dec. 31, 2023 | Dec. 31, 2023 Agreement | Dec. 31, 2023 Loan | Nov. 30, 2023 USD ($) | May 31, 2023 USD ($) | Nov. 30, 2021 USD ($) | Nov. 30, 2020 USD ($) | Feb. 28, 2019 USD ($) | Mar. 31, 2018 USD ($) | |
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Amount outstanding | $ 2,600,000,000 | $ 2,600,000,000 | $ 2,600,000,000 | |||||||||||||||||||
Accelerated amortization of deferred financing costs | $ 10,600,000 | |||||||||||||||||||||
Contingent periodic interest rate increase for failure to maintain investment grade credit rating | 1% | |||||||||||||||||||||
Prepayment applied to principal plus make-whole amount (as a percent) | 100% | |||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | (67,897,000) | $ 0 | $ 0 | ||||||||||||||||||
Interest rate swaps that were in a liability position | 10,400,000 | 10,400,000 | $ 10,400,000 | |||||||||||||||||||
Credit Risk Related Contingent Features | ||||||||||||||||||||||
Derivative liabilities | 10,400,000 | 10,400,000 | 10,400,000 | |||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
2024 | 250,744,000 | 250,744,000 | 250,744,000 | |||||||||||||||||||
2025 | 279,029,000 | 279,029,000 | 279,029,000 | |||||||||||||||||||
2026 | 1,027,010,000 | 1,027,010,000 | 1,027,010,000 | |||||||||||||||||||
2027 | 1,393,434,000 | 1,393,434,000 | 1,393,434,000 | |||||||||||||||||||
2028 | 1,119,206,000 | 1,119,206,000 | 1,119,206,000 | |||||||||||||||||||
Thereafter | 1,719,352,000 | 1,719,352,000 | 1,719,352,000 | |||||||||||||||||||
Long-term Debt | 5,788,775,000 | 5,788,775,000 | 5,788,775,000 | |||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Derivative Liability, Number of Instruments Held | 2 | 1 | 7 | 20 | 1 | |||||||||||||||||
Current notional amounts | $ 46,100,000 | $ 200,000,000 | $ 330,000,000 | $ 325,000,000 | ||||||||||||||||||
Fixed rate | 4.3469% | 4.524% | ||||||||||||||||||||
Interest Rate Swaps | Cash Flow Hedging | Designated as hedging instrument | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Derivative Liability, Number of Instruments Held | Instrument | 7 | |||||||||||||||||||||
Current notional amounts | 600,000,000 | 600,000,000 | 600,000,000 | |||||||||||||||||||
December 2023 Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Unsecured loan facility | $ 592,500,000 | 592,500,000 | $ 592,500,000 | |||||||||||||||||||
Debt instrument, initial maturity date | 2026-07 | |||||||||||||||||||||
Debt instrument, initial maturity date description | The December 2023 Unsecured Term Loan has an initial maturity of July 2026, two 12-month extensions | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||||||||||||||||||
Current notional amounts | $ 330,000,000 | 330,000,000 | $ 330,000,000 | |||||||||||||||||||
December 2023 Unsecured Term Loan | Interest Rate Swaps | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Derivative Liability, Number of Instruments Held | Agreement | 2 | |||||||||||||||||||||
Current notional amounts | 262,500,000 | 262,500,000 | 262,500,000 | |||||||||||||||||||
Fixed rate | 5.452% | |||||||||||||||||||||
December 2023 Unsecured Term Loan | Subsequent Event | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Increase in debt | $ 135,000,000 | |||||||||||||||||||||
Fixed rate of existing cash flow hedges effectively convert the variable-rate on the loan | 5.01% | |||||||||||||||||||||
Current notional amounts | $ 135,000,000 | |||||||||||||||||||||
Principal amount | $ 727,500,000 | |||||||||||||||||||||
February 2023 Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Unsecured loan facility | $ 600,000,000 | |||||||||||||||||||||
Increase in debt | 75,000,000 | $ 46,100,000 | $ 200,000,000 | 921,100,000 | ||||||||||||||||||
Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Amount repaid | $ 130,000,000 | |||||||||||||||||||||
Unsecured loan facility | $ 100,000,000 | |||||||||||||||||||||
Fixed rate | 3.88% | |||||||||||||||||||||
Principal amount | $ 600,000,000 | |||||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
Long-term Debt | 1,513,600,000 | 1,513,600,000 | 1,513,600,000 | 690,000,000 | ||||||||||||||||||
Unsecured Term Loan | Interest Rate Swaps | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Derivative Liability, Number of Instruments Held | Agreement | 1 | |||||||||||||||||||||
Current notional amounts | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||||||||||
Unsecured Term Loan | Interest Rate Swaps | Cash Flow Hedging | Designated as hedging instrument | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Principal amount | 600,000,000 | 600,000,000 | $ 600,000,000 | |||||||||||||||||||
Unsecured Five Year Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Initial term | 5 years | |||||||||||||||||||||
Principal amount | $ 400,000,000 | |||||||||||||||||||||
Unsecured Seven Year Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Initial term | 7 years | |||||||||||||||||||||
Principal amount | $ 200,000,000 | |||||||||||||||||||||
Public notes | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Number of facilities | Loan | 4 | |||||||||||||||||||||
Initial term | 10 years | |||||||||||||||||||||
Principal amount | $ 375,000,000 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||||||||||||||||||
Senior Unsecured Notes | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Number of loans | Loan | 3 | |||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 700,000 | |||||||||||||||||||||
Principal amount | 375,000,000 | 375,000,000 | 375,000,000 | |||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
Long-term Debt | 1,539,400,000 | 1,539,400,000 | 1,539,400,000 | 1,725,000,000 | ||||||||||||||||||
Senior Unsecured Notes | Series A issued November 2015 | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 4.95% | |||||||||||||||||||||
Amount repaid | $ 75,000,000 | |||||||||||||||||||||
Senior Unsecured Notes | Series B issued November 2015 | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 5.24% | |||||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
Long-term Debt | 32,400,000 | 32,400,000 | 32,400,000 | 100,000,000 | ||||||||||||||||||
Senior Unsecured Notes | Series C issued April 2016 | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 4.73% | |||||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
Long-term Debt | 82,000,000 | 82,000,000 | 82,000,000 | 200,000,000 | ||||||||||||||||||
Senior Unsecured Notes | Public Notes issued March 2018 | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 4.50% | |||||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
Long-term Debt | 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | ||||||||||||||||||
Senior Unsecured Notes | Public Notes Issued February 2019 | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 4.625% | |||||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
Long-term Debt | 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | ||||||||||||||||||
Senior Unsecured Notes | Public Notes Issued November 2020 | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 2.75% | |||||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
Long-term Debt | 350,000,000 | 350,000,000 | 350,000,000 | 350,000,000 | ||||||||||||||||||
Senior Unsecured Notes | Public Notes Issued November 2021 | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 2.70% | |||||||||||||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||||||||||||||
Long-term Debt | 375,000,000 | 375,000,000 | 375,000,000 | $ 375,000,000 | ||||||||||||||||||
Senior Unsecured Notes | Notes Issued March 2018 99.515 Percent Of Par | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 4.50% | |||||||||||||||||||||
Senior Unsecured Notes | Notes Issued February 2019 99.260 Percent Of Par | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 4.625% | |||||||||||||||||||||
Senior Unsecured Notes | Notes Issued November 2020 99.558 Percent Of Par | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 2.75% | |||||||||||||||||||||
Senior Unsecured Notes | Notes Issued November 2021 99.877 Percent Of Par | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Stated interest rate (as a percent) | 2.70% | |||||||||||||||||||||
Unsecured Credit Agreement | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Fixed rate of existing cash flow hedges effectively convert the variable-rate on the loan | 5.17% | |||||||||||||||||||||
Potential amount of the revolving commitments and term loans | 2,500,000,000 | 2,500,000,000 | 2,500,000,000 | |||||||||||||||||||
Potential maximum amount of the revolving commitments and term loans | $ 3,200,000,000 | 3,200,000,000 | 3,200,000,000 | |||||||||||||||||||
Unsecured Credit Agreement | Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Fixed rate of existing cash flow hedges effectively convert the variable-rate on the loan | 5.08% | 5.63% | ||||||||||||||||||||
SOFR | December 2023 Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Adjustment to floating rate | 0.10% | |||||||||||||||||||||
Debt Instrument, Adjustments on Variable Rate | 0.10% | |||||||||||||||||||||
SOFR | Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Adjustment to floating rate | 0.10% | |||||||||||||||||||||
Debt Instrument, Adjustments on Variable Rate | 0.10% | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||||||||||
Merger Agreement | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Principal amount | $ 600,000,000 | |||||||||||||||||||||
Merger Agreement | Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Amount outstanding | $ 114,400,000 | $ 300,000,000 | $ 114,400,000 | $ 114,400,000 | ||||||||||||||||||
Repayment of term loan | $ 185,600,000 | |||||||||||||||||||||
Accelerated amortization of deferred financing costs | $ 4,800,000 | |||||||||||||||||||||
Minimum | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Prepayment threshold (as a percent) | 5% | |||||||||||||||||||||
Maximum number of months | 24 months | |||||||||||||||||||||
Minimum | SOFR | December 2023 Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | |||||||||||||||||||||
Minimum | SOFR | Unsecured Five Year Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |||||||||||||||||||||
Maximum | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Maximum number of months | 36 months | |||||||||||||||||||||
Maximum | SOFR | December 2023 Unsecured Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||||||||||||||||||
Maximum | SOFR | Unsecured Five Year Term Loan | ||||||||||||||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% |
Debt - Schedule of Senior Unsec
Debt - Schedule of Senior Unsecured Notes and Term Loans Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Long-term Debt | $ 5,788,775 | |
Senior Unsecured Notes | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Long-term Debt | $ 1,539,400 | $ 1,725,000 |
Series B issued November 2015 | Senior Unsecured Notes | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Stated interest rate (as a percent) | 5.24% | |
Long-term Debt | $ 32,400 | 100,000 |
Series C issued April 2016 | Senior Unsecured Notes | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Stated interest rate (as a percent) | 4.73% | |
Long-term Debt | $ 82,000 | 200,000 |
Public Notes issued March 2018 | Senior Unsecured Notes | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Stated interest rate (as a percent) | 4.50% | |
Long-term Debt | $ 350,000 | 350,000 |
Public Notes Issued February 2019 | Senior Unsecured Notes | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Stated interest rate (as a percent) | 4.625% | |
Long-term Debt | $ 350,000 | 350,000 |
Public Notes Issued November 2020 | Senior Unsecured Notes | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Stated interest rate (as a percent) | 2.75% | |
Long-term Debt | $ 350,000 | 350,000 |
Public Notes Issued November 2021 | Senior Unsecured Notes | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Stated interest rate (as a percent) | 2.70% | |
Long-term Debt | $ 375,000 | 375,000 |
Term Loan issued December 2022 | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Long-term Debt | 0 | 90,000 |
Term Loan issued April 2022 | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Long-term Debt | 0 | 400,000 |
Term Loan issued April 2022 | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Long-term Debt | 0 | 200,000 |
Notes Payable and Term Loan | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Unamortized discount | (200,875) | (4,113) |
Unamortized deferred financing costs | (12,417) | (13,481) |
Total unsecured notes and term loans payable, net | $ 2,839,708 | 2,397,406 |
Term loan was issued in February 2023 | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Stated interest rate (as a percent) | 4.3469% | |
Long-term Debt | $ 921,100 | 0 |
Term loan was issued in December 2023 | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Stated interest rate (as a percent) | 5.452% | |
Long-term Debt | $ 592,500 | $ 0 |
Debt - Schedule of Senior Uns_2
Debt - Schedule of Senior Unsecured Notes and Term Loans Payable (Parenthetical) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) Agreement | Jan. 31, 2024 USD ($) | Oct. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | |
Term Loan issued February 2023 | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 921.1 | $ 846.1 | $ 800 | $ 600 | |
Term Loan issued December 2023 | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 592.5 | ||||
Term Loan issued December 2023 | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 727.5 | ||||
Unsecured Eleven Year Term Loan | |||||
Debt Instrument [Line Items] | |||||
Number of agreements | Agreement | 11 | ||||
Unsecured Eleven Year Term Loan | SOFR | |||||
Debt Instrument [Line Items] | |||||
Adjustment to floating rate | 0.10% | ||||
Credit spread (as a percent) | 1.25% | ||||
Unsecured Six Year Term Loan | |||||
Debt Instrument [Line Items] | |||||
Number of agreements | Agreement | 6 | ||||
Unsecured Six Year Term Loan | SOFR | |||||
Debt Instrument [Line Items] | |||||
Adjustment to floating rate | 0.10% | ||||
Credit spread (as a percent) | 1.35% |
Debt - Secured Term Loan Facili
Debt - Secured Term Loan Facility, Net - Additional Information (Details) | 1 Months Ended | |||||
Feb. 03, 2023 USD ($) Options | Dec. 31, 2023 USD ($) Agreement | Nov. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | |
Credit facilities | ||||||
Exit fee | $ 20,000,000 | |||||
Accelerated amortization of deferred financing costs | 10,600,000 | |||||
Accelerated amortization of debt discounts | 31,800,000 | |||||
Secured Term Loan Facility | Credit Agreement | ||||||
Credit facilities | ||||||
Principal amount | $ 2,000,000,000 | |||||
Number of extension options | Options | 2 | |||||
Extension option term | 6 months | |||||
Extension fee (as a percent) | 0.25% | |||||
Exit fee (as a percent) | 1% | |||||
Number of agreements | Agreement | 2 | |||||
Notional amount of interest rate swap agreements | $ 750,000,000 | |||||
Fixed rate of interest rate swap agreements effectively convert a portion of the borrowings | 7.60% | |||||
Repayment of term loan | $ 708,100,000 | $ 205,800,000 | $ 46,100,000 | $ 525,000,000 | $ 515,000,000 | |
Secured Term Loan Facility | Credit Agreement | SOFR | ||||||
Credit facilities | ||||||
Spread (as a percent) | 2.75% |
Debt - Non-recourse Debt Obliga
Debt - Non-recourse Debt Obligations of Consolidated Special Purpose Entities, Net - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Minimum | |
Debt | |
Maximum number of months | 24 months |
Maximum | |
Debt | |
Maximum number of months | 36 months |
Non-Recourse Net-Lease Mortgage Notes: | |
Debt | |
Retained non-amortizing notes | $ 210 |
Non-Recourse Net-Lease Mortgage Notes: | Consolidated Special Purpose Entities | |
Debt | |
Aggregate investment amount | 4,600 |
Nonrecourse Mortgage Notes Payable: | Consolidated Special Purpose Entities | |
Debt | |
Aggregate investment amount | $ 251.3 |
Debt - Schedule of Non-Recourse
Debt - Schedule of Non-Recourse Debt Obligations of Consolidated Special Purpose Entity Subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Long-term Debt | $ 5,788,775 | |
Consolidated Special Purpose Entities | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Unamortized discount | (164,326) | $ (395) |
Unamortized deferred financing costs | (2,975) | (20,364) |
Debt instrument carrying amount net, Total | 2,568,474 | 2,238,470 |
Consolidated Special Purpose Entities | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Long-term Debt | 2,624,840 | 2,118,253 |
Consolidated Special Purpose Entities | Nonrecourse Mortgage Notes Payable: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Long-term Debt | $ 110,935 | 140,976 |
Consolidated Special Purpose Entities | Series 2018-1 Class A-1 Due October 2024 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 3.96% | |
Long-term Debt | $ 139,052 | 140,552 |
Consolidated Special Purpose Entities | Series 2018-1 Class A-3 Due October 2024 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.40% | |
Long-term Debt | $ 47,917 | 48,417 |
Consolidated Special Purpose Entities | Series 2015-1, Class A-2 Due April 2025 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.17% | |
Long-term Debt | $ 258,300 | 259,650 |
Consolidated Special Purpose Entities | Series 2016-1, Class A-1 (2016) Due Oct 2026 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 3.96% | |
Long-term Debt | $ 171,355 | 175,861 |
Consolidated Special Purpose Entities | Series 2019-1, Class A-1 Due Nov 2026 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 2.82% | |
Long-term Debt | $ 77,770 | 78,180 |
Consolidated Special Purpose Entities | Series 2019-1, Class A-3 Due Nov 2026 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 3.32% | |
Long-term Debt | $ 45,061 | 45,291 |
Consolidated Special Purpose Entities | Series 2016-1, Class A-2 (2017) Due April 2027 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.32% | |
Long-term Debt | $ 117,201 | 120,182 |
Consolidated Special Purpose Entities | Series 2018-1 Class A-2 Due October 2027 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.29% | |
Long-term Debt | $ 211,358 | 213,638 |
Consolidated Special Purpose Entities | Series 2018-1 Class A-4 Due October 2027 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.74% | |
Long-term Debt | $ 157,167 | 158,807 |
Consolidated Special Purpose Entities | Series 2023-1 Class A-1 Due May 2028 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 6.19% | |
Long-term Debt | $ 344,991 | 0 |
Consolidated Special Purpose Entities | Series 2023-1 Class A-2 Due May 2028 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 6.92% | |
Long-term Debt | $ 181,469 | 0 |
Consolidated Special Purpose Entities | Series 2021-1, Class A-1 Notes Due June 2028 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 2.12% | |
Long-term Debt | $ 166,394 | 167,236 |
Consolidated Special Purpose Entities | Series 2021-1, Class A-3 Notes Due June 2028 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 2.86% | |
Long-term Debt | $ 87,887 | 88,333 |
Consolidated Special Purpose Entities | Series 2021-1, Class A-2 Notes Due June 2033 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 2.96% | |
Long-term Debt | $ 166,394 | 167,236 |
Consolidated Special Purpose Entities | Series2021-1 Class A-4 Notes Due June 2033 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 3.70% | |
Long-term Debt | $ 87,887 | 88,333 |
Consolidated Special Purpose Entities | Series 2019-1, Class A-2 Due Nov 2034 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 3.65% | |
Long-term Debt | $ 231,414 | 232,634 |
Consolidated Special Purpose Entities | Series 2019-1, Class A-4 Due Nov 2034 | Non-Recourse Net-Lease Mortgage Notes: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.49% | |
Long-term Debt | $ 133,223 | 133,903 |
Consolidated Special Purpose Entities | $6,944 notes issued March 2013 | Nonrecourse Mortgage Notes Payable: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.50% | |
Long-term Debt | $ 0 | 5,103 |
Consolidated Special Purpose Entities | $11,895 note issued March 2013 | Nonrecourse Mortgage Notes Payable: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.73% | |
Long-term Debt | $ 0 | 8,935 |
Consolidated Special Purpose Entities | $17,500 note issued August 2013 | Nonrecourse Mortgage Notes Payable: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 5.46% | |
Long-term Debt | $ 0 | 13,701 |
Consolidated Special Purpose Entities | $10,075 note issued March 2014 | Nonrecourse Mortgage Notes Payable: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 5.10% | |
Long-term Debt | $ 8,386 | 8,602 |
Consolidated Special Purpose Entities | $65,000 note issued June 2016 | Nonrecourse Mortgage Notes Payable: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.75% | |
Long-term Debt | $ 56,674 | 57,980 |
Consolidated Special Purpose Entities | $41,690 note issued March 2019 | Nonrecourse Mortgage Notes Payable: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.80% | |
Long-term Debt | $ 40,001 | 40,662 |
Consolidated Special Purpose Entities | $6,350 notes issued March 2019 (assumed in December 2020) | Nonrecourse Mortgage Notes Payable: | ||
NonRecourse Debt Obligations of Consolidated Special Purpose Entities [Line items] | ||
Interest Rate | 4.64% | |
Long-term Debt | $ 5,874 | $ 5,993 |
Debt - Schedule of Non-Recour_2
Debt - Schedule of Non-Recourse Debt Obligations of Consolidated Special Purpose Entity Subsidiaries (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Various Debt, Prepayable Twenty-Four Months Prior to Maturity | ||
Debt Instrument [Line Items] | ||
Debt prepayment period without penalty | 24 months | 24 months |
Various Debt, Prepayable Thirty-Six Months Prior to Maturity | ||
Debt Instrument [Line Items] | ||
Debt prepayment period without penalty | 36 months | 36 months |
Various Debt, Prepayable Three Months Prior to Maturity | ||
Debt Instrument [Line Items] | ||
Debt prepayment period without penalty | 3 months | 3 months |
Various Debt, Prepayable Four Months Prior to Maturity | ||
Debt Instrument [Line Items] | ||
Debt prepayment period without penalty | 4 months | 4 months |
Consolidated Special Purpose Entities | Series 2018-1 Class A-1 Due October 2024 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 150,000 | |
Consolidated Special Purpose Entities | Series 2018-1 Class A-3 Due October 2024 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 50,000 | |
Consolidated Special Purpose Entities | Series 2015-1, Class A-2 Due April 2025 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 270,000 | |
Consolidated Special Purpose Entities | Series 2016-1, Class A-1 (2016) Due Oct 2026 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 200,000 | |
Consolidated Special Purpose Entities | Series 2019-1, Class A-1 Due Nov 2026 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 82,000 | |
Consolidated Special Purpose Entities | Series 2019-1, Class A-3 Due Nov 2026 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 46,000 | |
Consolidated Special Purpose Entities | Series 2016-1, Class A-2 (2017) Due April 2027 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 135,000 | |
Consolidated Special Purpose Entities | Series 2018-1 Class A-2 Due October 2027 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 228,000 | |
Consolidated Special Purpose Entities | Series 2018-1 Class A-4 Due October 2027 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 164,000 | |
Consolidated Special Purpose Entities | Series 2023-1 Class A-1 Due May 2028 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 346,000 | |
Consolidated Special Purpose Entities | Series 2023-1 Class A-2 Due May 2028 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 182,000 | |
Consolidated Special Purpose Entities | Series 2021-1, Class A-1 Notes Due June 2028 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 168,500 | |
Consolidated Special Purpose Entities | Series 2021-1, Class A-3 Notes Due June 2028 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 89,000 | |
Consolidated Special Purpose Entities | Series 2021-1, Class A-2 Notes Due June 2033 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 168,500 | |
Consolidated Special Purpose Entities | Series2021-1 Class A-4 Notes Due June 2033 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 89,000 | |
Consolidated Special Purpose Entities | Series 2019-1, Class A-2 Due Nov 2034 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 244,000 | |
Consolidated Special Purpose Entities | Series 2019-1, Class A-4 Due Nov 2034 | Non-Recourse Net-Lease Mortgage Notes: | ||
Debt Instrument [Line Items] | ||
Principal amount | 136,000 | |
Consolidated Special Purpose Entities | $6,944 notes issued March 2013 | Nonrecourse Mortgage Notes Payable: | ||
Debt Instrument [Line Items] | ||
Principal amount | 6,944 | |
Consolidated Special Purpose Entities | $11,895 note issued March 2013 | Nonrecourse Mortgage Notes Payable: | ||
Debt Instrument [Line Items] | ||
Principal amount | 11,895 | |
Consolidated Special Purpose Entities | $17,500 note issued August 2013 | Nonrecourse Mortgage Notes Payable: | ||
Debt Instrument [Line Items] | ||
Principal amount | 17,500 | |
Consolidated Special Purpose Entities | $10,075 note issued March 2014 | Nonrecourse Mortgage Notes Payable: | ||
Debt Instrument [Line Items] | ||
Principal amount | 10,075 | |
Consolidated Special Purpose Entities | $65,000 note issued June 2016 | Nonrecourse Mortgage Notes Payable: | ||
Debt Instrument [Line Items] | ||
Principal amount | 65,000 | |
Consolidated Special Purpose Entities | $41,690 note issued March 2019 | Nonrecourse Mortgage Notes Payable: | ||
Debt Instrument [Line Items] | ||
Principal amount | 41,690 | |
Consolidated Special Purpose Entities | $6,350 notes issued March 2019 (assumed in December 2020) | Nonrecourse Mortgage Notes Payable: | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 6,350 |
Debt - Credit Risk Related Cont
Debt - Credit Risk Related Contingent Features - Additional Information (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt | |
Derivative liabilities | $ 10.4 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities |
Debt - Schedule of Aggregate of
Debt - Schedule of Aggregate of Long-Term Debt Obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 250,744 |
2025 | 279,029 |
2026 | 1,027,010 |
2027 | 1,393,434 |
2028 | 1,119,206 |
Thereafter | 1,719,352 |
Long-term Debt | 5,788,775 |
Scheduled Principal Payments | |
Debt Instrument [Line Items] | |
2024 | 24,546 |
2025 | 22,417 |
2026 | 20,368 |
2027 | 11,862 |
2028 | 5,591 |
Thereafter | 22,097 |
Long-term Debt | 106,881 |
Balloon Payments | |
Debt Instrument [Line Items] | |
2024 | 226,198 |
2025 | 256,612 |
2026 | 1,006,642 |
2027 | 1,381,572 |
2028 | 1,113,615 |
Thereafter | 1,697,255 |
Long-term Debt | $ 5,681,894 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | ||||
Current state income tax | $ 703 | $ 6,776 | $ 884 | $ 813 |
Deferred state income tax | 0 | 15,791 | 0 | 0 |
Total income tax expense | $ 703 | $ 22,567 | $ 884 | $ 813 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Tax Computed at U.S. Statutory Federal Income Tax Rate to Total Benefit for Income Taxes (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | ||||
Income (loss) before taxes, Amount | $ 26,490 | $ (116,092) | $ 328,785 | $ 269,161 |
Income tax benefit at federal statutory rate, Amount | (24,379) | |||
State taxes, net of federal benefit, Amount | (1,109) | |||
Income excluded from US taxation, Amount | 24,379 | |||
Difference and changes in tax rates, Amount | (86) | |||
Return to provision and other, Amount | 255 | |||
Change in valuation allowance, Amount | 23,507 | |||
Total income tax expense | $ 703 | $ 22,567 | $ 884 | $ 813 |
Income (loss) before taxes, Percent | 100% | |||
Income tax benefit at federal statutory rate, Percent | 21% | |||
State taxes, net of federal benefit, Percent | 1% | |||
Income excluded from US taxation, Percent | (21.00%) | |||
Difference and changes in tax rates, Percent | 0.10% | |||
Return to provision and other, Percent | (0.20%) | |||
Change in valuation allowance, Percent | (20.30%) | |||
Tax on income, Percent | (19.40%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 11 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Valuation Allowance [Line Items] | ||
Deferred tax asset, valuation allowance | $ 26,417,000 | |
Increase in valuation allowance | 23,500,000 | |
Deferred tax assets | 1,812,000 | $ 0 |
Deferred tax liabilities | 15,791,000 | 0 |
Liability relating to uncertain income tax positions | 0 | |
Accrual for interest or penalties | 0 | $ 0 |
Merger Agreement | ||
Valuation Allowance [Line Items] | ||
Deferred tax asset, valuation allowance | 2,900,000 | |
Deferred tax assets | $ 2,900,000 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Property and equipment, net | $ 25,870,000 | |
Other deferred tax asset | 2,359,000 | |
Total deferred tax assets | 28,229,000 | |
Less valuation allowance | (26,417,000) | |
Net deferred tax asset | 1,812,000 | $ 0 |
Deferred tax liabilities: | ||
Intangible assets | (9,001,000) | |
Ground lease assets | (1,133,000) | |
Debt discount and deferred financing costs | (7,469,000) | |
Total deferred tax liabilities | (17,603,000) | |
Net deferred tax liability | $ (15,791,000) | $ 0 |
Income Taxes - Schedule Of Stoc
Income Taxes - Schedule Of Stock Distributions Declared Characterized For Tax (Details) - $ / shares | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | ||||
Ordinary income dividends | $ 0 | $ 284,026,090 | $ 1.155 | $ 1.1606 |
Capital gain dividends | 0 | 0 | 0 | 0.0785 |
Return of capital | 0 | 225,973,910 | 0 | 0.2259 |
Cash liquidation distributions | 32.25 | 0 | 0.41 | 0 |
Total | $ 32.25 | $ 510,000,000 | $ 1.565 | $ 1.465 |
Income Taxes - Schedule Of St_2
Income Taxes - Schedule Of Stock Distributions Declared Characterized For Tax (Parenthetical) (Details) - shares | Dec. 31, 2023 | Feb. 03, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes | ||||
Common shares, authorized shares | 1,000 | 375,000,000 | 375,000,000 | 375,000,000 |
Common shares, issued shares | 1,000 | 282,684,998 | 282,684,998 | 273,806,225 |
Common shares, outstanding shares | 1,000 | 282,684,998 | 282,684,998 | 273,806,225 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | 1 Months Ended | ||||
Feb. 03, 2023 | Feb. 02, 2023 | Feb. 02, 2023 | Dec. 31, 2022 | Nov. 30, 2020 | |
Common stock | |||||
Common stock, par value per share | $ 0.01 | ||||
Proceeds from issuance of common units | $ 8,300,000,000 | ||||
Common Units, Issued (in shares) | 1,000 | ||||
Affiliates of GIC and Oak Street Real Estate Capital | STORE Capital | |||||
Common stock | |||||
Common stock, par value per share | $ 0.01 | ||||
Series A Preferred Units | Series A Preferred Units | |||||
Common stock | |||||
Preferred Units Issued | 125 | ||||
Issuance of preferred units. | $ 125,000 | ||||
2020 ATM Program | |||||
Common stock | |||||
Shares Sold | 0 | ||||
Maximum value of shares that can be offered and sold | $ 900,000,000 |
Long-Term Incentive Plans - Add
Long-Term Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Feb. 03, 2023 | Feb. 02, 2023 | Nov. 30, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares repurchased in connection with tax withholding obligations (in shares) | 202,796 | 288,132 | |||||
Number of shares | |||||||
Compensation expense for share based payments | $ 16.4 | $ 1 | $ 12.4 | $ 32.2 | |||
Merger Agreement | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Merger consideration (per share) | $ 32.25 | ||||||
2012 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for issuance under plan | 1,035,400 | ||||||
2015 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for issuance under plan | 6,903,076 | ||||||
Equivalent percentage of shares that can be issued under 2015 plan | 6% | ||||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting (as a percent) | 25% | ||||||
Restricted stock units | |||||||
Number of shares | |||||||
Accrued dividend equivalents | 0.9 | 1.3 | |||||
Restricted stock units | Executive Officer | |||||||
Number of shares | |||||||
Accrued dividend paid | 1.3 | 2.4 | |||||
Restricted stock units | 2015 Grant | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period (in years) | 3 years | ||||||
Restricted stock units | 2015 Grant | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares received at vesting related to total RSUs granted (as a percent) | 0% | ||||||
Restricted stock units | 2015 Grant | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common shares received at vesting related to total RSUs granted (as a percent) | 100% | ||||||
Restricted stock units | 2016 Grant | |||||||
Number of shares | |||||||
Grant date fair value | $ 6.7 | $ 7.8 | |||||
Restricted stock units | Grants 2018, 2019 and 2020 | |||||||
Number of shares | |||||||
Percentage of shares based on benchmark one (as a percent) | 0.50% | ||||||
Percentage of shares based on benchmark two (as a percent) | 0.50% | ||||||
Number of years in performance period | 3 years | ||||||
Restricted stock units | Grants 2018,2019,2020,2021 and 2022 | |||||||
Number of shares | |||||||
Number of years in performance period | 3 years | ||||||
Restricted stock units | Grants 2018,2019,2020,2021 and 2022 | Three Year Performance Period | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting (as a percent) | 100% | ||||||
Restricted stock units | Grants 2021 and 2022 | |||||||
Number of shares | |||||||
Percentage of shares based on benchmark one (as a percent) | 75% | ||||||
Percentage of shares based on benchmark two (as a percent) | 25% | ||||||
Number of years in performance period | 3 years | ||||||
Restricted stock units | Share-Based Awards Issued in 2020 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting (as a percent) | 53% | ||||||
Restricted stock units | Share-Based Awards Issued in 2021 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting (as a percent) | 50% | ||||||
Restricted stock units | Share-Based Awards Issued in 2022 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting (as a percent) | 33% |
Long-Term Incentive Plans - Sum
Long-Term Incentive Plans - Summary of Restricted Stock Award Activity (Details) - Restricted Stock - $ / shares | 1 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding non-vested shares, beginning of year | 446,847 | 437,424 | 639,554 |
Granted (in shares) | 0 | 233,147 | 195,278 |
Vested (in shares) | 0 | (166,770) | (313,518) |
Forfeited (in shares) | 0 | (56,954) | (83,890) |
Outstanding nonvested shares, end of year | 446,847 | 446,847 | 437,424 |
Weighted Average Share Price | |||
Outstanding nonvested shares, beginning of year | $ 27.79 | $ 25.96 | $ 23.69 |
Shares granted | 0 | 29.47 | 34.03 |
Shares vested | 32.25 | 26.32 | 26.58 |
Shares forfeited | 0 | 24.93 | 25.09 |
Outstanding nonvested shares, end of year | $ 0 | $ 27.79 | $ 25.96 |
Long-Term Incentive Plans - S_2
Long-Term Incentive Plans - Summary of Restricted Stock Award Activity (Parenthetical) (Details) - Restricted Stock - shares | 1 Months Ended | 12 Months Ended | ||
Feb. 03, 2023 | Feb. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 0 | 166,770 | 313,518 | |
Merger Agreement | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 446,847 |
Long-Term Incentive Plans - Sch
Long-Term Incentive Plans - Schedule of Share Based Compensation Restricted Stock Units (Details) - Restricted stock units - shares | 1 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding non-vested shares, beginning of year | 1,222,038 | 1,005,754 | 1,298,175 |
Granted (in shares) | 0 | 629,307 | 846,896 |
Vested (in shares) | 0 | (217,987) | (468,466) |
Forfeited (in shares) | 0 | 0 | (338,839) |
RSUs not earned (in shares) | 0 | 195,036 | 332,012 |
Outstanding nonvested shares, end of year | 1,222,038 | 1,222,038 | 1,005,754 |
Long-Term Incentive Plans - S_3
Long-Term Incentive Plans - Schedule of Share Based Compensation Restricted Stock Units (Parenthetical) (Details) - Restricted stock units - shares | 1 Months Ended | 12 Months Ended | ||
Feb. 03, 2023 | Feb. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 0 | 217,987 | 468,466 | |
Shares forfeited | 0 | 0 | 338,839 | |
Merger Agreement | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested | 506,136 | |||
Shares forfeited | 715,902 |
Long-Term Incentive Plans - S_4
Long-Term Incentive Plans - Schedule of Grant Date Fair Value Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Volatility rate | 45.79% | 46.01% |
Risk free interest rate | 1.77% | 0.25% |
Dividend yield | 0% | 0% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies | |||||
Renewal period | 5 years | 5 years | |||
Rent expense | $ 77,000 | $ 874,000 | $ 829,000 | $ 735,000 | |
Right-of-use asset | 52,068,000 | $ 52,068,000 | 31,872,000 | ||
Operating lease liabilities | 49,481,000 | $ 49,481,000 | 36,873,000 | ||
Matching contribution (in percentage) | 4% | ||||
Matching contribution made by the company (in value) | $ 21,000 | 704,000 | $ 614,000 | $ 603,000 | |
Commitments to Fund Improvements to Real Estate Properties | |||||
Commitments and Contingencies | |||||
Real estate property improvement commitments | 185,900,000 | $ 185,900,000 | |||
Real estate property improvement commitments, in next twelve months | 132,400,000 | 132,400,000 | |||
Corporate Office Space | |||||
Commitments and Contingencies | |||||
2024 | 994,000 | 994,000 | |||
2025 | 1,000,000 | 1,000,000 | |||
2026 | 1,000,000 | 1,000,000 | |||
2027 | 701,000 | 701,000 | |||
2028 | 188,000 | 188,000 | |||
Thereafter | 104,000 | 104,000 | |||
Right-of-use asset | 3,200,000 | 3,200,000 | |||
Operating lease liabilities | $ 3,600,000 | $ 3,600,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) - Level 2 Fair Value - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying value | ||
Derivatives [Line items] | ||
Long-term debt obligations | $ 5.4 | $ 4.6 |
Fair value | ||
Derivatives [Line items] | ||
Long-term debt obligations | $ 5.3 | $ 4.1 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Asset and Liability Balances of Derivative Instrument (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Liability [Abstract] | ||
Net derivative liabilities presented in the consolidated balance sheet | $ 10,400 | |
International Swap and Derivatives Association | ||
Derivative Asset [Abstract] | ||
Gross amount of derivative assets | 26,470 | $ 31,440 |
Gross amount of eligible offsetting recognized derivative liabilities | 6,262 | 0 |
Net derivative assets presented in the consolidated balance sheet | 20,208 | 31,440 |
Derivative Liability [Abstract] | ||
Gross amount of derivative liabilities | (11,077) | 0 |
Gross amount of eligible offsetting recognized derivative assets | (6,262) | 0 |
Net derivative liabilities presented in the consolidated balance sheet | $ (4,815) | $ 0 |
Merger - Schedule of Asset Acqu
Merger - Schedule of Asset Acquisition Consideration (Details) - Store Capital Corporation $ in Thousands | Feb. 03, 2023 USD ($) |
Consideration Type | |
Cash paid to former shareholders and equity award holders | $ 9,142,744 |
Extinguishment of historical debt | 1,331,698 |
Capitalized transaction costs | 110,924 |
Total consideration | $ 10,585,366 |
Merger - Schedule of Assets Acq
Merger - Schedule of Assets Acquired and Liabilities Assumed under Asset Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Feb. 03, 2023 | Feb. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets acquired: | |||||
Land and improvements | $ 3,805,685 | $ 3,455,443 | |||
Buildings and improvements | 9,373,309 | 7,743,454 | |||
Intangible lease assets | 615,327 | 61,968 | |||
Operating ground lease assets | 52,068 | 31,872 | |||
Loans and financing receivables | 1,103,931 | 787,106 | |||
Cash and cash equivalents | 239,477 | $ 33,096 | 35,137 | $ 64,269 | |
Other assets | 90,041 | 158,097 | |||
Total assets | 14,748,487 | 10,834,970 | |||
Liabilities assumed: | |||||
Unsecured notes and term loans payable | 2,839,708 | 2,397,406 | |||
Non-recourse debt obligations of consolidated special purpose entities | 2,568,474 | 2,238,470 | |||
Intangible lease liabilities | 140,516 | 0 | |||
Operating lease liabilities | 49,481 | 36,873 | |||
Total liabilities | $ 6,149,289 | $ 5,408,652 | |||
Store Capital Corporation | |||||
Assets acquired: | |||||
Land and improvements | $ 3,620,509 | ||||
Buildings and improvements | 9,105,004 | ||||
Intangible lease assets | 620,034 | ||||
Operating ground lease assets | 52,805 | ||||
Loans and financing receivables | 952,039 | ||||
Cash and cash equivalents | 28,005 | ||||
Other assets | 71,209 | ||||
Total assets | 14,449,605 | ||||
Liabilities assumed: | |||||
Unsecured notes and term loans payable | 1,725,000 | ||||
Non-recourse debt obligations of consolidated special purpose entities | 2,243,323 | ||||
Below market value of debt | (430,908) | ||||
Intangible lease liabilities | 148,660 | ||||
Operating lease liabilities | 50,516 | ||||
Other liabilities | 127,648 | ||||
Total liabilities | 3,864,239 | ||||
Fair value of net assets acquired | $ 10,585,366 |
Subsequent Events - Completion
Subsequent Events - Completion of Acquisition (Details) - $ / shares | Feb. 03, 2023 | Dec. 31, 2022 |
Subsequent Events | ||
Common stock, par value per share | $ 0.01 | |
Affiliates of GIC and Oak Street Real Estate Capital | STORE Capital | ||
Subsequent Events | ||
Common stock, par value per share | $ 0.01 |
Subsequent Events - Debt Repaym
Subsequent Events - Debt Repayments and Termination of Agreements (Details) - USD ($) $ in Thousands | 1 Months Ended | |||||
Mar. 31, 2023 | Dec. 31, 2023 | Feb. 03, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Apr. 30, 2022 | |
Subsequent Events | ||||||
Outstanding balance | $ 375,000 | $ 555,000 | ||||
Amount outstanding | 2,600,000 | |||||
Term Loan Agreement | ||||||
Subsequent Events | ||||||
Principal amount | $ 600,000 | |||||
Senior Unsecured Notes | ||||||
Subsequent Events | ||||||
Principal amount | 375,000 | |||||
Merger Agreement | ||||||
Subsequent Events | ||||||
Principal amount | $ 600,000 | |||||
Merger Agreement | Term Loan Agreement | ||||||
Subsequent Events | ||||||
Amount outstanding | $ 114,400 | $ 300,000 | ||||
Amount repaid | $ 185,600 |
Subsequent Events - Unsecured R
Subsequent Events - Unsecured Revolving Credit Facility and Term Loan (Details) $ in Millions | 1 Months Ended | |||||||||
Feb. 03, 2023 USD ($) Options | Dec. 31, 2023 USD ($) Instrument | Oct. 31, 2023 USD ($) Agreement | Mar. 31, 2023 USD ($) Agreement | Dec. 31, 2023 USD ($) | Dec. 31, 2023 Agreement | Nov. 30, 2023 USD ($) | May 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Instrument | Apr. 30, 2022 USD ($) | |
Interest rate swaps | ||||||||||
Subsequent Events | ||||||||||
Notional amount of interest rate swap agreements | $ 46.1 | $ 200 | $ 330 | $ 325 | ||||||
Number of agreements | 20 | 2 | 1 | 1 | 7 | |||||
Unsecured Term Loan | ||||||||||
Subsequent Events | ||||||||||
Unsecured loan facility | $ 100 | |||||||||
Principal amount | $ 600 | |||||||||
Unsecured Term Loan | SOFR | ||||||||||
Subsequent Events | ||||||||||
Adjustment to floating rate | 0.10% | |||||||||
Credit spread (as a percent) | 1.25% | |||||||||
Unsecured Term Loan | Interest rate swaps | ||||||||||
Subsequent Events | ||||||||||
Notional amount of interest rate swap agreements | $ 75 | |||||||||
Number of agreements | Agreement | 1 | |||||||||
Unsecured revolving credit facility | ||||||||||
Subsequent Events | ||||||||||
Unsecured loan facility | $ 500 | 753.9 | ||||||||
Increase in debt | $ 253.9 | $ 253.9 | $ 253.9 | |||||||
Number of extension options | Options | 2 | |||||||||
Extension option term | 6 months | |||||||||
Extension fee (as a percent) | 0.075% | |||||||||
Unsecured revolving credit facility | SOFR | ||||||||||
Subsequent Events | ||||||||||
Adjustment to floating rate | 0.10% | |||||||||
Unsecured Credit Agreement | ||||||||||
Subsequent Events | ||||||||||
Potential maximum amount of the revolving commitments and term loans | $ 3,200 |
Subsequent Events - Secured Ter
Subsequent Events - Secured Term Loan Facility (Details) | 1 Months Ended | |||||||
Feb. 03, 2023 USD ($) Options | Dec. 31, 2023 USD ($) Instrument | Nov. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) Agreement | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) Agreement | Dec. 31, 2023 Agreement | Dec. 31, 2022 Instrument | |
Interest rate swaps | ||||||||
Subsequent Events | ||||||||
Number of agreements | 20 | 2 | 1 | 1 | 7 | |||
Notional amount of interest rate swap agreements | $ 330,000,000 | $ 46,100,000 | $ 325,000,000 | $ 200,000,000 | ||||
Credit Agreement | Secured Term Loan Facility | ||||||||
Subsequent Events | ||||||||
Principal amount | $ 2,000,000,000 | |||||||
Repayment of term loan | $ 708,100,000 | $ 205,800,000 | $ 46,100,000 | $ 525,000,000 | $ 515,000,000 | |||
Number of extension options | Options | 2 | |||||||
Extension option term | 6 months | |||||||
Extension fee (as a percent) | 0.25% | |||||||
Number of agreements | Agreement | 2 | |||||||
Notional amount of interest rate swap agreements | $ 750,000,000 | |||||||
Fixed rate of interest rate swap agreements effectively convert a portion of the borrowings | 7.60% | |||||||
Credit Agreement | Secured Term Loan Facility | SOFR | ||||||||
Subsequent Events | ||||||||
Spread (as a percent) | 2.75% |
Subsequent Events - Unregistere
Subsequent Events - Unregistered Sales of Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Events | ||
Issuance of common stock, net of costs | $ 249,606 | $ 243,671 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) Property Item | Feb. 03, 2023 USD ($) | Feb. 02, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 3,042 | |||||
Encumbrances | $ 110,935,000 | |||||
Land & Improvements, Initial Cost to Company | 3,781,638,000 | |||||
Building & improvements, Initial Cost to Company | 9,266,570,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 24,047,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 106,739,000 | |||||
Land & Improvements, Gross | 3,805,685,000 | |||||
Building & Improvements, Gross | 9,373,309,000 | |||||
Total real estate investments | 13,178,994,000 | $ 11,236,730,000 | $ 11,198,897,000 | $ 9,936,320,000 | $ 8,866,666,000 | |
Accumulated Depreciation | (479,243,000) | $ 0 | $ (1,438,138,000) | (1,410,829,000) | $ (1,134,007,000) | $ (911,656,000) |
Nonrecourse debt obligations of consolidated special purpose entities, net | $ 2,600,000,000 | |||||
Long-Term Debt, Recourse Status [Extensible Enumeration] | us-gaap:NonrecourseMember | |||||
Number of single-tenant properties | Property | 3,192 | |||||
Number of properties owned | Property | 3,168 | |||||
Number of ground lease interests (in properties) | Property | 24 | |||||
Number of properties accounted as financing arrangements | Property | 144 | |||||
Number of real estate properties sales-type leases | Property | 6 | |||||
Intangible lease assets | $ 615,327,000 | $ 61,968,000 | ||||
Aggregate cost for federal income tax purposes | $ 15,000,000,000 | |||||
Alabama | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 40 | |||||
Land & Improvements, Initial Cost to Company | $ 36,318,000 | |||||
Building & improvements, Initial Cost to Company | 95,657,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,752,000 | |||||
Land & Improvements, Gross | 36,318,000 | |||||
Building & Improvements, Gross | 101,409,000 | |||||
Total real estate investments | 137,727,000 | |||||
Accumulated Depreciation | $ (5,526,000) | |||||
Alabama | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 18 | |||||
Land & Improvements, Initial Cost to Company | $ 16,171,000 | |||||
Building & improvements, Initial Cost to Company | 33,354,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 16,171,000 | |||||
Building & Improvements, Gross | 33,354,000 | |||||
Total real estate investments | 49,525,000 | |||||
Accumulated Depreciation | $ (1,613,000) | |||||
Alaska | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 9 | |||||
Land & Improvements, Initial Cost to Company | $ 9,996,000 | |||||
Building & improvements, Initial Cost to Company | 25,117,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 9,996,000 | |||||
Building & Improvements, Gross | 25,117,000 | |||||
Total real estate investments | 35,113,000 | |||||
Accumulated Depreciation | $ (975,000) | |||||
Alaska | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 738,000 | |||||
Building & improvements, Initial Cost to Company | 1,105,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 738,000 | |||||
Building & Improvements, Gross | 1,105,000 | |||||
Total real estate investments | 1,843,000 | |||||
Accumulated Depreciation | $ (85,000) | |||||
Arizona | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 49 | |||||
Land & Improvements, Initial Cost to Company | $ 70,644,000 | |||||
Building & improvements, Initial Cost to Company | 192,469,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,011,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,364,000 | |||||
Land & Improvements, Gross | 74,655,000 | |||||
Building & Improvements, Gross | 202,833,000 | |||||
Total real estate investments | 277,488,000 | |||||
Accumulated Depreciation | $ (8,530,000) | |||||
Arizona | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 42 | |||||
Land & Improvements, Initial Cost to Company | $ 82,122,000 | |||||
Building & improvements, Initial Cost to Company | 197,936,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 82,122,000 | |||||
Building & Improvements, Gross | 197,936,000 | |||||
Total real estate investments | 280,058,000 | |||||
Accumulated Depreciation | $ (8,499,000) | |||||
Arkansas | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 30 | |||||
Land & Improvements, Initial Cost to Company | $ 36,734,000 | |||||
Building & improvements, Initial Cost to Company | 66,862,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 36,734,000 | |||||
Building & Improvements, Gross | 66,862,000 | |||||
Total real estate investments | 103,596,000 | |||||
Accumulated Depreciation | $ (3,429,000) | |||||
Arkansas | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 20 | |||||
Land & Improvements, Initial Cost to Company | $ 14,474,000 | |||||
Building & improvements, Initial Cost to Company | 33,402,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 14,474,000 | |||||
Building & Improvements, Gross | 33,402,000 | |||||
Total real estate investments | 47,876,000 | |||||
Accumulated Depreciation | $ (1,912,000) | |||||
California | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 39 | |||||
Land & Improvements, Initial Cost to Company | $ 140,956,000 | |||||
Building & improvements, Initial Cost to Company | 290,393,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,101,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,622,000 | |||||
Land & Improvements, Gross | 142,057,000 | |||||
Building & Improvements, Gross | 298,015,000 | |||||
Total real estate investments | 440,072,000 | |||||
Accumulated Depreciation | $ (14,276,000) | |||||
California | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 40 | |||||
Land & Improvements, Initial Cost to Company | $ 71,862,000 | |||||
Building & improvements, Initial Cost to Company | 95,797,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,284,000 | |||||
Land & Improvements, Gross | 71,862,000 | |||||
Building & Improvements, Gross | 104,081,000 | |||||
Total real estate investments | 175,943,000 | |||||
Accumulated Depreciation | $ (4,769,000) | |||||
Colorado | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 28 | |||||
Land & Improvements, Initial Cost to Company | $ 50,012,000 | |||||
Building & improvements, Initial Cost to Company | 194,461,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,242,000 | |||||
Land & Improvements, Gross | 50,012,000 | |||||
Building & Improvements, Gross | 202,703,000 | |||||
Total real estate investments | 252,715,000 | |||||
Accumulated Depreciation | $ (10,497,000) | |||||
Colorado | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 15 | |||||
Land & Improvements, Initial Cost to Company | $ 19,044,000 | |||||
Building & improvements, Initial Cost to Company | 39,084,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,255,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,213,000 | |||||
Land & Improvements, Gross | 20,299,000 | |||||
Building & Improvements, Gross | 43,297,000 | |||||
Total real estate investments | 63,596,000 | |||||
Accumulated Depreciation | $ (1,644,000) | |||||
Connecticut | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 23 | |||||
Land & Improvements, Initial Cost to Company | $ 18,868,000 | |||||
Building & improvements, Initial Cost to Company | 57,970,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 18,868,000 | |||||
Building & Improvements, Gross | 57,970,000 | |||||
Total real estate investments | 76,838,000 | |||||
Accumulated Depreciation | $ (2,910,000) | |||||
Connecticut | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 9 | |||||
Land & Improvements, Initial Cost to Company | $ 6,757,000 | |||||
Building & improvements, Initial Cost to Company | 17,490,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 6,757,000 | |||||
Building & Improvements, Gross | 17,490,000 | |||||
Total real estate investments | 24,247,000 | |||||
Accumulated Depreciation | $ (995,000) | |||||
Delaware | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 4,179,000 | |||||
Building & improvements, Initial Cost to Company | 5,059,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 4,179,000 | |||||
Building & Improvements, Gross | 5,059,000 | |||||
Total real estate investments | 9,238,000 | |||||
Accumulated Depreciation | $ (395,000) | |||||
District of Columbia | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 1,514,000 | |||||
Building & improvements, Initial Cost to Company | 315,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,514,000 | |||||
Building & Improvements, Gross | 315,000 | |||||
Total real estate investments | 1,829,000 | |||||
Accumulated Depreciation | $ (38,000) | |||||
Florida - Jacksonville | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 10 | |||||
Land & Improvements, Initial Cost to Company | $ 9,146,000 | |||||
Building & improvements, Initial Cost to Company | 21,715,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (2,000) | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (6,000) | |||||
Land & Improvements, Gross | 9,144,000 | |||||
Building & Improvements, Gross | 21,709,000 | |||||
Total real estate investments | 30,853,000 | |||||
Accumulated Depreciation | $ (1,026,000) | |||||
Florida - Jacksonville | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 8 | |||||
Land & Improvements, Initial Cost to Company | $ 10,578,000 | |||||
Building & improvements, Initial Cost to Company | 33,471,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 10,578,000 | |||||
Building & Improvements, Gross | 33,471,000 | |||||
Total real estate investments | 44,049,000 | |||||
Accumulated Depreciation | $ (1,253,000) | |||||
Florida - Other | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 98 | |||||
Land & Improvements, Initial Cost to Company | $ 157,483,000 | |||||
Building & improvements, Initial Cost to Company | 259,224,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 993,000 | |||||
Land & Improvements, Gross | 157,483,000 | |||||
Building & Improvements, Gross | 260,217,000 | |||||
Total real estate investments | 417,700,000 | |||||
Accumulated Depreciation | $ (12,311,000) | |||||
Florida - Other | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 50 | |||||
Land & Improvements, Initial Cost to Company | $ 54,096,000 | |||||
Building & improvements, Initial Cost to Company | 146,750,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 54,096,000 | |||||
Building & Improvements, Gross | 146,750,000 | |||||
Total real estate investments | 200,846,000 | |||||
Accumulated Depreciation | $ (7,123,000) | |||||
Georgia - Fitzgerald | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 7,564,000 | |||||
Building & improvements, Initial Cost to Company | 36,442,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 7,564,000 | |||||
Building & Improvements, Gross | 36,442,000 | |||||
Total real estate investments | 44,006,000 | |||||
Accumulated Depreciation | $ (1,657,000) | |||||
Georgia - Augusta | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 7 | |||||
Land & Improvements, Initial Cost to Company | $ 15,817,000 | |||||
Building & improvements, Initial Cost to Company | 24,507,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 288,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,449,000 | |||||
Land & Improvements, Gross | 16,105,000 | |||||
Building & Improvements, Gross | 25,956,000 | |||||
Total real estate investments | 42,061,000 | |||||
Accumulated Depreciation | $ (1,256,000) | |||||
Georgia - Other | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 67 | |||||
Land & Improvements, Initial Cost to Company | $ 91,577,000 | |||||
Building & improvements, Initial Cost to Company | 245,283,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 155,000 | |||||
Land & Improvements, Gross | 91,581,000 | |||||
Building & Improvements, Gross | 245,438,000 | |||||
Total real estate investments | 337,019,000 | |||||
Accumulated Depreciation | $ (13,963,000) | |||||
Georgia - Other | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 98 | |||||
Land & Improvements, Initial Cost to Company | $ 92,965,000 | |||||
Building & improvements, Initial Cost to Company | 206,015,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 92,965,000 | |||||
Building & Improvements, Gross | 206,015,000 | |||||
Total real estate investments | 298,980,000 | |||||
Accumulated Depreciation | $ (10,446,000) | |||||
Idaho | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 15 | |||||
Land & Improvements, Initial Cost to Company | $ 25,179,000 | |||||
Building & improvements, Initial Cost to Company | 55,115,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 432,000 | |||||
Land & Improvements, Gross | 25,179,000 | |||||
Building & Improvements, Gross | 55,547,000 | |||||
Total real estate investments | 80,726,000 | |||||
Accumulated Depreciation | $ (2,835,000) | |||||
Idaho | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 7 | |||||
Land & Improvements, Initial Cost to Company | $ 14,164,000 | |||||
Building & improvements, Initial Cost to Company | 37,663,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 14,164,000 | |||||
Building & Improvements, Gross | 37,663,000 | |||||
Total real estate investments | 51,827,000 | |||||
Accumulated Depreciation | $ (1,246,000) | |||||
Illinois - Chicago | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 6 | |||||
Land & Improvements, Initial Cost to Company | $ 19,149,000 | |||||
Building & improvements, Initial Cost to Company | 20,293,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 19,149,000 | |||||
Building & Improvements, Gross | 20,293,000 | |||||
Total real estate investments | 39,442,000 | |||||
Accumulated Depreciation | $ (1,042,000) | |||||
Illinois - Chicago | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 7 | |||||
Land & Improvements, Initial Cost to Company | $ 12,453,000 | |||||
Building & improvements, Initial Cost to Company | 29,707,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,270,000 | |||||
Land & Improvements, Gross | 12,453,000 | |||||
Building & Improvements, Gross | 36,977,000 | |||||
Total real estate investments | 49,430,000 | |||||
Accumulated Depreciation | $ (1,267,000) | |||||
Illinois - Albion | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 11,358,000 | |||||
Building & improvements, Initial Cost to Company | 38,145,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 11,358,000 | |||||
Building & Improvements, Gross | 38,145,000 | |||||
Total real estate investments | 49,503,000 | |||||
Accumulated Depreciation | $ (2,129,000) | |||||
Illinois - Other | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 139 | |||||
Land & Improvements, Initial Cost to Company | $ 103,362,000 | |||||
Building & improvements, Initial Cost to Company | 289,714,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (11,000) | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,529,000 | |||||
Land & Improvements, Gross | 103,351,000 | |||||
Building & Improvements, Gross | 292,243,000 | |||||
Total real estate investments | 395,594,000 | |||||
Accumulated Depreciation | $ (14,847,000) | |||||
Illinois - Other | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 43 | |||||
Land & Improvements, Initial Cost to Company | $ 67,215,000 | |||||
Building & improvements, Initial Cost to Company | 149,832,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 112,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,996,000 | |||||
Land & Improvements, Gross | 67,327,000 | |||||
Building & Improvements, Gross | 153,828,000 | |||||
Total real estate investments | 221,155,000 | |||||
Accumulated Depreciation | $ (8,124,000) | |||||
Indiana | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 63 | |||||
Land & Improvements, Initial Cost to Company | $ 82,863,000 | |||||
Building & improvements, Initial Cost to Company | 181,043,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 800,000 | |||||
Land & Improvements, Gross | 82,863,000 | |||||
Building & Improvements, Gross | 181,843,000 | |||||
Total real estate investments | 264,706,000 | |||||
Accumulated Depreciation | $ (9,051,000) | |||||
Indiana | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 35 | |||||
Land & Improvements, Initial Cost to Company | $ 32,184,000 | |||||
Building & improvements, Initial Cost to Company | 72,473,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 32,184,000 | |||||
Building & Improvements, Gross | 72,473,000 | |||||
Total real estate investments | 104,657,000 | |||||
Accumulated Depreciation | $ (3,937,000) | |||||
Iowa | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 18 | |||||
Land & Improvements, Initial Cost to Company | $ 24,603,000 | |||||
Building & improvements, Initial Cost to Company | 52,777,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 24,603,000 | |||||
Building & Improvements, Gross | 52,777,000 | |||||
Total real estate investments | 77,380,000 | |||||
Accumulated Depreciation | $ (2,752,000) | |||||
Iowa | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 17 | |||||
Land & Improvements, Initial Cost to Company | $ 12,688,000 | |||||
Building & improvements, Initial Cost to Company | 40,077,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 12,688,000 | |||||
Building & Improvements, Gross | 40,077,000 | |||||
Total real estate investments | 52,765,000 | |||||
Accumulated Depreciation | $ (2,198,000) | |||||
Kansas | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 28 | |||||
Land & Improvements, Initial Cost to Company | $ 20,169,000 | |||||
Building & improvements, Initial Cost to Company | 74,500,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 20,169,000 | |||||
Building & Improvements, Gross | 74,500,000 | |||||
Total real estate investments | 94,669,000 | |||||
Accumulated Depreciation | $ (3,285,000) | |||||
Kansas | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 3,443,000 | |||||
Building & improvements, Initial Cost to Company | 8,742,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 3,443,000 | |||||
Building & Improvements, Gross | 8,742,000 | |||||
Total real estate investments | 12,185,000 | |||||
Accumulated Depreciation | $ (456,000) | |||||
Kentucky | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 36 | |||||
Land & Improvements, Initial Cost to Company | $ 39,749,000 | |||||
Building & improvements, Initial Cost to Company | 107,915,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 39,749,000 | |||||
Building & Improvements, Gross | 107,915,000 | |||||
Total real estate investments | 147,664,000 | |||||
Accumulated Depreciation | $ (5,125,000) | |||||
Kentucky | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 34 | |||||
Land & Improvements, Initial Cost to Company | $ 23,109,000 | |||||
Building & improvements, Initial Cost to Company | 53,539,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 23,109,000 | |||||
Building & Improvements, Gross | 53,539,000 | |||||
Total real estate investments | 76,648,000 | |||||
Accumulated Depreciation | $ (2,936,000) | |||||
Louisiana | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 7 | |||||
Land & Improvements, Initial Cost to Company | $ 4,071,000 | |||||
Building & improvements, Initial Cost to Company | 12,630,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 4,071,000 | |||||
Building & Improvements, Gross | 12,630,000 | |||||
Total real estate investments | 16,701,000 | |||||
Accumulated Depreciation | $ (662,000) | |||||
Louisiana | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 30 | |||||
Land & Improvements, Initial Cost to Company | $ 33,442,000 | |||||
Building & improvements, Initial Cost to Company | 53,491,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 33,442,000 | |||||
Building & Improvements, Gross | 53,491,000 | |||||
Total real estate investments | 86,933,000 | |||||
Accumulated Depreciation | $ (3,018,000) | |||||
Maine | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 17 | |||||
Land & Improvements, Initial Cost to Company | $ 20,448,000 | |||||
Building & improvements, Initial Cost to Company | 59,130,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 20,448,000 | |||||
Building & Improvements, Gross | 59,130,000 | |||||
Total real estate investments | 79,578,000 | |||||
Accumulated Depreciation | $ (3,720,000) | |||||
Maine | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 1,234,000 | |||||
Building & improvements, Initial Cost to Company | 2,096,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,234,000 | |||||
Building & Improvements, Gross | 2,096,000 | |||||
Total real estate investments | 3,330,000 | |||||
Accumulated Depreciation | $ (165,000) | |||||
Maryland | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 7 | |||||
Land & Improvements, Initial Cost to Company | $ 9,613,000 | |||||
Building & improvements, Initial Cost to Company | 11,901,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 9,613,000 | |||||
Building & Improvements, Gross | 11,901,000 | |||||
Total real estate investments | 21,514,000 | |||||
Accumulated Depreciation | $ (625,000) | |||||
Maryland | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 7,657,000 | |||||
Building & improvements, Initial Cost to Company | 18,403,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 7,657,000 | |||||
Building & Improvements, Gross | 18,403,000 | |||||
Total real estate investments | 26,060,000 | |||||
Accumulated Depreciation | $ (999,000) | |||||
Massachusetts | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 32 | |||||
Land & Improvements, Initial Cost to Company | $ 63,091,000 | |||||
Building & improvements, Initial Cost to Company | 146,366,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 63,091,000 | |||||
Building & Improvements, Gross | 146,366,000 | |||||
Total real estate investments | 209,457,000 | |||||
Accumulated Depreciation | $ (6,863,000) | |||||
Massachusetts | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 10 | |||||
Land & Improvements, Initial Cost to Company | $ 25,050,000 | |||||
Building & improvements, Initial Cost to Company | 35,590,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 25,050,000 | |||||
Building & Improvements, Gross | 35,590,000 | |||||
Total real estate investments | 60,640,000 | |||||
Accumulated Depreciation | $ (1,914,000) | |||||
Michigan | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 96 | |||||
Land & Improvements, Initial Cost to Company | $ 116,358,000 | |||||
Building & improvements, Initial Cost to Company | 326,455,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,632,000 | |||||
Land & Improvements, Gross | 116,358,000 | |||||
Building & Improvements, Gross | 328,087,000 | |||||
Total real estate investments | 444,445,000 | |||||
Accumulated Depreciation | $ (18,232,000) | |||||
Michigan | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 32 | |||||
Land & Improvements, Initial Cost to Company | $ 24,704,000 | |||||
Building & improvements, Initial Cost to Company | 73,332,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,841,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,222,000 | |||||
Land & Improvements, Gross | 27,545,000 | |||||
Building & Improvements, Gross | 79,554,000 | |||||
Total real estate investments | 107,099,000 | |||||
Accumulated Depreciation | $ (4,703,000) | |||||
Minnesota | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 48 | |||||
Land & Improvements, Initial Cost to Company | $ 84,211,000 | |||||
Building & improvements, Initial Cost to Company | 183,704,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 84,211,000 | |||||
Building & Improvements, Gross | 183,704,000 | |||||
Total real estate investments | 267,915,000 | |||||
Accumulated Depreciation | $ (9,868,000) | |||||
Minnesota | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 39 | |||||
Land & Improvements, Initial Cost to Company | $ 44,816,000 | |||||
Building & improvements, Initial Cost to Company | 110,946,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 77,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 776,000 | |||||
Land & Improvements, Gross | 44,893,000 | |||||
Building & Improvements, Gross | 111,722,000 | |||||
Total real estate investments | 156,615,000 | |||||
Accumulated Depreciation | $ (6,197,000) | |||||
Minnesota | Collateral For CMBS Debt Dollar value | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Encumbrances | $ 11,479,000 | |||||
Land & Improvements, Initial Cost to Company | 7,058,000 | |||||
Building & improvements, Initial Cost to Company | 17,075,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 7,058,000 | |||||
Building & Improvements, Gross | 17,075,000 | |||||
Total real estate investments | 24,133,000 | |||||
Accumulated Depreciation | $ (931,000) | |||||
Mississippi | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 30 | |||||
Land & Improvements, Initial Cost to Company | $ 25,699,000 | |||||
Building & improvements, Initial Cost to Company | 72,155,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 60,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (117,000) | |||||
Land & Improvements, Gross | 25,759,000 | |||||
Building & Improvements, Gross | 72,038,000 | |||||
Total real estate investments | 97,797,000 | |||||
Accumulated Depreciation | $ (4,264,000) | |||||
Mississippi | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 14 | |||||
Land & Improvements, Initial Cost to Company | $ 17,663,000 | |||||
Building & improvements, Initial Cost to Company | 51,034,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 17,663,000 | |||||
Building & Improvements, Gross | 51,034,000 | |||||
Total real estate investments | 68,697,000 | |||||
Accumulated Depreciation | $ (2,762,000) | |||||
Mississippi | Collateral For CMBS Debt Dollar value | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 6 | |||||
Encumbrances | $ 40,001,000 | |||||
Land & Improvements, Initial Cost to Company | 17,132,000 | |||||
Building & improvements, Initial Cost to Company | 67,651,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 17,132,000 | |||||
Building & Improvements, Gross | 67,651,000 | |||||
Total real estate investments | 84,783,000 | |||||
Accumulated Depreciation | $ (3,841,000) | |||||
Missouri | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 73 | |||||
Land & Improvements, Initial Cost to Company | $ 60,883,000 | |||||
Building & improvements, Initial Cost to Company | 185,385,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,144,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,042,000 | |||||
Land & Improvements, Gross | 62,027,000 | |||||
Building & Improvements, Gross | 186,427,000 | |||||
Total real estate investments | 248,454,000 | |||||
Accumulated Depreciation | $ (9,091,000) | |||||
Missouri | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 21 | |||||
Land & Improvements, Initial Cost to Company | $ 27,149,000 | |||||
Building & improvements, Initial Cost to Company | 52,941,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 27,149,000 | |||||
Building & Improvements, Gross | 52,941,000 | |||||
Total real estate investments | 80,090,000 | |||||
Accumulated Depreciation | $ (2,569,000) | |||||
Montana | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 3,326,000 | |||||
Building & improvements, Initial Cost to Company | 16,881,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 3,326,000 | |||||
Building & Improvements, Gross | 16,881,000 | |||||
Total real estate investments | 20,207,000 | |||||
Accumulated Depreciation | $ (665,000) | |||||
Montana | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 3 | |||||
Land & Improvements, Initial Cost to Company | $ 5,318,000 | |||||
Building & improvements, Initial Cost to Company | 11,882,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,318,000 | |||||
Building & Improvements, Gross | 11,882,000 | |||||
Total real estate investments | 17,200,000 | |||||
Accumulated Depreciation | $ (833,000) | |||||
Nebraska | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 10 | |||||
Land & Improvements, Initial Cost to Company | $ 11,350,000 | |||||
Building & improvements, Initial Cost to Company | 15,072,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 11,350,000 | |||||
Building & Improvements, Gross | 15,072,000 | |||||
Total real estate investments | 26,422,000 | |||||
Accumulated Depreciation | $ (660,000) | |||||
Nebraska | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 14 | |||||
Land & Improvements, Initial Cost to Company | $ 7,402,000 | |||||
Building & improvements, Initial Cost to Company | 25,817,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 931,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 996,000 | |||||
Land & Improvements, Gross | 8,333,000 | |||||
Building & Improvements, Gross | 26,813,000 | |||||
Total real estate investments | 35,146,000 | |||||
Accumulated Depreciation | $ (1,136,000) | |||||
Nevada | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 8 | |||||
Land & Improvements, Initial Cost to Company | $ 14,103,000 | |||||
Building & improvements, Initial Cost to Company | 19,370,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 677,000 | |||||
Land & Improvements, Gross | 14,103,000 | |||||
Building & Improvements, Gross | 20,047,000 | |||||
Total real estate investments | 34,150,000 | |||||
Accumulated Depreciation | $ (793,000) | |||||
Nevada | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 9,063,000 | |||||
Building & improvements, Initial Cost to Company | 20,653,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,085,000 | |||||
Land & Improvements, Gross | 9,063,000 | |||||
Building & Improvements, Gross | 21,738,000 | |||||
Total real estate investments | 30,801,000 | |||||
Accumulated Depreciation | $ (1,099,000) | |||||
Nevada | Collateral For CMBS Debt Dollar value | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Encumbrances | $ 5,874,000 | |||||
Land & Improvements, Initial Cost to Company | 3,347,000 | |||||
Building & improvements, Initial Cost to Company | 9,570,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (1,000) | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (94,000) | |||||
Land & Improvements, Gross | 3,346,000 | |||||
Building & Improvements, Gross | 9,476,000 | |||||
Total real estate investments | 12,822,000 | |||||
Accumulated Depreciation | $ (596,000) | |||||
New Hampshire | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 8 | |||||
Land & Improvements, Initial Cost to Company | $ 10,013,000 | |||||
Building & improvements, Initial Cost to Company | 25,556,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 10,013,000 | |||||
Building & Improvements, Gross | 25,556,000 | |||||
Total real estate investments | 35,569,000 | |||||
Accumulated Depreciation | $ (1,513,000) | |||||
New Hampshire | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 2,473,000 | |||||
Building & improvements, Initial Cost to Company | 8,933,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 2,473,000 | |||||
Building & Improvements, Gross | 8,933,000 | |||||
Total real estate investments | 11,406,000 | |||||
Accumulated Depreciation | $ (388,000) | |||||
New Jersey | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 6 | |||||
Land & Improvements, Initial Cost to Company | $ 7,041,000 | |||||
Building & improvements, Initial Cost to Company | 6,809,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 7,041,000 | |||||
Building & Improvements, Gross | 6,809,000 | |||||
Total real estate investments | 13,850,000 | |||||
Accumulated Depreciation | $ (358,000) | |||||
New Jersey | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 8 | |||||
Land & Improvements, Initial Cost to Company | $ 8,545,000 | |||||
Building & improvements, Initial Cost to Company | 40,891,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 8,545,000 | |||||
Building & Improvements, Gross | 40,891,000 | |||||
Total real estate investments | 49,436,000 | |||||
Accumulated Depreciation | $ (2,376,000) | |||||
New Mexico | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 6 | |||||
Land & Improvements, Initial Cost to Company | $ 10,485,000 | |||||
Building & improvements, Initial Cost to Company | 28,178,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 10,485,000 | |||||
Building & Improvements, Gross | 28,178,000 | |||||
Total real estate investments | 38,663,000 | |||||
Accumulated Depreciation | $ (1,253,000) | |||||
New Mexico | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 5,579,000 | |||||
Building & improvements, Initial Cost to Company | 8,029,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,579,000 | |||||
Building & Improvements, Gross | 8,029,000 | |||||
Total real estate investments | 13,608,000 | |||||
Accumulated Depreciation | $ (397,000) | |||||
New York | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 24 | |||||
Land & Improvements, Initial Cost to Company | $ 40,937,000 | |||||
Building & improvements, Initial Cost to Company | 168,999,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 40,937,000 | |||||
Building & Improvements, Gross | 168,999,000 | |||||
Total real estate investments | 209,936,000 | |||||
Accumulated Depreciation | $ (6,605,000) | |||||
New York | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 15 | |||||
Land & Improvements, Initial Cost to Company | $ 15,109,000 | |||||
Building & improvements, Initial Cost to Company | 36,391,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 15,109,000 | |||||
Building & Improvements, Gross | 36,391,000 | |||||
Total real estate investments | 51,500,000 | |||||
Accumulated Depreciation | $ (2,322,000) | |||||
North Carolina | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 82 | |||||
Land & Improvements, Initial Cost to Company | $ 64,519,000 | |||||
Building & improvements, Initial Cost to Company | 148,186,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 730,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,747,000 | |||||
Land & Improvements, Gross | 65,249,000 | |||||
Building & Improvements, Gross | 149,933,000 | |||||
Total real estate investments | 215,182,000 | |||||
Accumulated Depreciation | $ (7,416,000) | |||||
North Carolina | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 63 | |||||
Land & Improvements, Initial Cost to Company | $ 45,100,000 | |||||
Building & improvements, Initial Cost to Company | 99,516,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 45,100,000 | |||||
Building & Improvements, Gross | 99,516,000 | |||||
Total real estate investments | 144,616,000 | |||||
Accumulated Depreciation | $ (5,042,000) | |||||
North Dakota | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 5,176,000 | |||||
Building & improvements, Initial Cost to Company | 32,387,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,176,000 | |||||
Building & Improvements, Gross | 32,387,000 | |||||
Total real estate investments | 37,563,000 | |||||
Accumulated Depreciation | $ (1,169,000) | |||||
North Dakota | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 3 | |||||
Land & Improvements, Initial Cost to Company | $ 2,823,000 | |||||
Building & improvements, Initial Cost to Company | 13,596,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 2,823,000 | |||||
Building & Improvements, Gross | 13,596,000 | |||||
Total real estate investments | 16,419,000 | |||||
Accumulated Depreciation | $ (608,000) | |||||
North Dakota | Collateral For CMBS Debt Dollar value | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Encumbrances | $ 13,620,000 | |||||
Land & Improvements, Initial Cost to Company | 6,711,000 | |||||
Building & improvements, Initial Cost to Company | 23,927,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 6,711,000 | |||||
Building & Improvements, Gross | 23,927,000 | |||||
Total real estate investments | 30,638,000 | |||||
Accumulated Depreciation | $ (1,475,000) | |||||
Ohio - Columbus | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 11 | |||||
Land & Improvements, Initial Cost to Company | $ 15,956,000 | |||||
Building & improvements, Initial Cost to Company | 49,326,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 15,956,000 | |||||
Building & Improvements, Gross | 49,326,000 | |||||
Total real estate investments | 65,282,000 | |||||
Accumulated Depreciation | $ (1,795,000) | |||||
Ohio - Columbus | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 8 | |||||
Land & Improvements, Initial Cost to Company | $ 5,903,000 | |||||
Building & improvements, Initial Cost to Company | 16,162,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,903,000 | |||||
Building & Improvements, Gross | 16,162,000 | |||||
Total real estate investments | 22,065,000 | |||||
Accumulated Depreciation | $ (948,000) | |||||
Ohio - Other | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 76 | |||||
Land & Improvements, Initial Cost to Company | $ 90,989,000 | |||||
Building & improvements, Initial Cost to Company | 273,675,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 674,000 | |||||
Land & Improvements, Gross | 90,990,000 | |||||
Building & Improvements, Gross | 274,349,000 | |||||
Total real estate investments | 365,339,000 | |||||
Accumulated Depreciation | $ (14,981,000) | |||||
Ohio - Other | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 62 | |||||
Land & Improvements, Initial Cost to Company | $ 62,322,000 | |||||
Building & improvements, Initial Cost to Company | 189,168,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 62,322,000 | |||||
Building & Improvements, Gross | 189,168,000 | |||||
Total real estate investments | 251,490,000 | |||||
Accumulated Depreciation | $ (12,177,000) | |||||
Oklahoma | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 27 | |||||
Land & Improvements, Initial Cost to Company | $ 25,881,000 | |||||
Building & improvements, Initial Cost to Company | 54,187,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 25,881,000 | |||||
Building & Improvements, Gross | 54,187,000 | |||||
Total real estate investments | 80,068,000 | |||||
Accumulated Depreciation | $ (2,996,000) | |||||
Oklahoma | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 34 | |||||
Land & Improvements, Initial Cost to Company | $ 40,192,000 | |||||
Building & improvements, Initial Cost to Company | 69,343,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 40,192,000 | |||||
Building & Improvements, Gross | 69,343,000 | |||||
Total real estate investments | 109,535,000 | |||||
Accumulated Depreciation | $ (4,227,000) | |||||
Oregon | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 6 | |||||
Land & Improvements, Initial Cost to Company | $ 5,252,000 | |||||
Building & improvements, Initial Cost to Company | 14,460,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,252,000 | |||||
Building & Improvements, Gross | 14,460,000 | |||||
Total real estate investments | 19,712,000 | |||||
Accumulated Depreciation | $ (735,000) | |||||
Oregon | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 11,252,000 | |||||
Building & improvements, Initial Cost to Company | 17,466,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 11,252,000 | |||||
Building & Improvements, Gross | 17,466,000 | |||||
Total real estate investments | 28,718,000 | |||||
Accumulated Depreciation | $ (1,311,000) | |||||
Pennsylvania | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 70 | |||||
Land & Improvements, Initial Cost to Company | $ 75,170,000 | |||||
Building & improvements, Initial Cost to Company | 230,006,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,570,000 | |||||
Land & Improvements, Gross | 75,170,000 | |||||
Building & Improvements, Gross | 231,576,000 | |||||
Total real estate investments | 306,746,000 | |||||
Accumulated Depreciation | $ (12,561,000) | |||||
Pennsylvania | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 33 | |||||
Land & Improvements, Initial Cost to Company | $ 37,336,000 | |||||
Building & improvements, Initial Cost to Company | 71,229,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 37,336,000 | |||||
Building & Improvements, Gross | 71,229,000 | |||||
Total real estate investments | 108,565,000 | |||||
Accumulated Depreciation | $ (4,410,000) | |||||
Pennsylvania | Collateral For CMBS Debt Dollar value | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Encumbrances | $ 8,386,000 | |||||
Land & Improvements, Initial Cost to Company | 5,262,000 | |||||
Building & improvements, Initial Cost to Company | 11,733,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,262,000 | |||||
Building & Improvements, Gross | 11,733,000 | |||||
Total real estate investments | 16,995,000 | |||||
Accumulated Depreciation | $ (875,000) | |||||
Rhode Island | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 7 | |||||
Land & Improvements, Initial Cost to Company | $ 5,560,000 | |||||
Building & improvements, Initial Cost to Company | 17,559,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,560,000 | |||||
Building & Improvements, Gross | 17,559,000 | |||||
Total real estate investments | 23,119,000 | |||||
Accumulated Depreciation | $ (739,000) | |||||
Rhode Island | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 6 | |||||
Land & Improvements, Initial Cost to Company | $ 6,093,000 | |||||
Building & improvements, Initial Cost to Company | 13,369,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 6,093,000 | |||||
Building & Improvements, Gross | 13,369,000 | |||||
Total real estate investments | 19,462,000 | |||||
Accumulated Depreciation | $ (701,000) | |||||
South Carolina | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 55 | |||||
Land & Improvements, Initial Cost to Company | $ 44,041,000 | |||||
Building & improvements, Initial Cost to Company | 149,168,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 322,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,758,000 | |||||
Land & Improvements, Gross | 44,363,000 | |||||
Building & Improvements, Gross | 156,926,000 | |||||
Total real estate investments | 201,289,000 | |||||
Accumulated Depreciation | $ (8,438,000) | |||||
South Carolina | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 39 | |||||
Land & Improvements, Initial Cost to Company | $ 31,494,000 | |||||
Building & improvements, Initial Cost to Company | 70,449,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 31,494,000 | |||||
Building & Improvements, Gross | 70,449,000 | |||||
Total real estate investments | 101,943,000 | |||||
Accumulated Depreciation | $ (3,340,000) | |||||
South Dakota | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 12 | |||||
Land & Improvements, Initial Cost to Company | $ 22,431,000 | |||||
Building & improvements, Initial Cost to Company | 68,490,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 22,431,000 | |||||
Building & Improvements, Gross | 68,490,000 | |||||
Total real estate investments | 90,921,000 | |||||
Accumulated Depreciation | $ (2,953,000) | |||||
South Dakota | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 6 | |||||
Land & Improvements, Initial Cost to Company | $ 8,447,000 | |||||
Building & improvements, Initial Cost to Company | 30,069,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 8,447,000 | |||||
Building & Improvements, Gross | 30,069,000 | |||||
Total real estate investments | 38,516,000 | |||||
Accumulated Depreciation | $ (1,699,000) | |||||
Tennessee | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 52 | |||||
Land & Improvements, Initial Cost to Company | $ 68,930,000 | |||||
Building & improvements, Initial Cost to Company | 202,238,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,711,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,865,000 | |||||
Land & Improvements, Gross | 74,641,000 | |||||
Building & Improvements, Gross | 210,103,000 | |||||
Total real estate investments | 284,744,000 | |||||
Accumulated Depreciation | $ (10,062,000) | |||||
Tennessee | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 67 | |||||
Land & Improvements, Initial Cost to Company | $ 71,654,000 | |||||
Building & improvements, Initial Cost to Company | 149,261,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,161,000 | |||||
Land & Improvements, Gross | 71,654,000 | |||||
Building & Improvements, Gross | 153,422,000 | |||||
Total real estate investments | 225,076,000 | |||||
Accumulated Depreciation | $ (8,185,000) | |||||
Texas - Abilene | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 7,065,000 | |||||
Building & improvements, Initial Cost to Company | 36,904,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 7,065,000 | |||||
Building & Improvements, Gross | 36,904,000 | |||||
Total real estate investments | 43,969,000 | |||||
Accumulated Depreciation | $ (1,129,000) | |||||
Texas - Abilene | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 792,000 | |||||
Building & improvements, Initial Cost to Company | 2,793,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 792,000 | |||||
Building & Improvements, Gross | 2,793,000 | |||||
Total real estate investments | 3,585,000 | |||||
Accumulated Depreciation | $ (194,000) | |||||
Texas - Amarillo | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 5,425,000 | |||||
Building & improvements, Initial Cost to Company | 17,573,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 320,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,175,000 | |||||
Land & Improvements, Gross | 5,745,000 | |||||
Building & Improvements, Gross | 22,748,000 | |||||
Total real estate investments | 28,493,000 | |||||
Accumulated Depreciation | $ (924,000) | |||||
Texas - Amarillo | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 379,000 | |||||
Building & improvements, Initial Cost to Company | 389,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 379,000 | |||||
Building & Improvements, Gross | 389,000 | |||||
Total real estate investments | 768,000 | |||||
Accumulated Depreciation | $ (18,000) | |||||
Texas - Arlington | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 2,031,000 | |||||
Building & improvements, Initial Cost to Company | 5,975,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 2,031,000 | |||||
Building & Improvements, Gross | 5,975,000 | |||||
Total real estate investments | 8,006,000 | |||||
Accumulated Depreciation | $ (348,000) | |||||
Texas - Arlington | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 3,816,000 | |||||
Building & improvements, Initial Cost to Company | 13,367,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 3,816,000 | |||||
Building & Improvements, Gross | 13,367,000 | |||||
Total real estate investments | 17,183,000 | |||||
Accumulated Depreciation | $ (659,000) | |||||
Texas - Austin | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 6,932,000 | |||||
Building & improvements, Initial Cost to Company | 14,733,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 6,932,000 | |||||
Building & Improvements, Gross | 14,733,000 | |||||
Total real estate investments | 21,665,000 | |||||
Accumulated Depreciation | $ (572,000) | |||||
Texas - Austin | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 2,461,000 | |||||
Building & improvements, Initial Cost to Company | 5,388,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 2,461,000 | |||||
Building & Improvements, Gross | 5,388,000 | |||||
Total real estate investments | 7,849,000 | |||||
Accumulated Depreciation | $ (231,000) | |||||
Texas - Corpus Christi | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 9,968,000 | |||||
Building & improvements, Initial Cost to Company | 20,928,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 9,968,000 | |||||
Building & Improvements, Gross | 20,928,000 | |||||
Total real estate investments | 30,896,000 | |||||
Accumulated Depreciation | $ (1,272,000) | |||||
Texas - Corpus Christi | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 1,835,000 | |||||
Building & improvements, Initial Cost to Company | 2,685,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,835,000 | |||||
Building & Improvements, Gross | 2,685,000 | |||||
Total real estate investments | 4,520,000 | |||||
Accumulated Depreciation | (128,000) | |||||
Texas - Cypress | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Land & Improvements, Initial Cost to Company | 2,168,000 | |||||
Building & improvements, Initial Cost to Company | 5,110,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 248,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11,000 | |||||
Land & Improvements, Gross | 2,416,000 | |||||
Building & Improvements, Gross | 5,121,000 | |||||
Total real estate investments | 7,537,000 | |||||
Accumulated Depreciation | $ (197,000) | |||||
Texas - Cypress | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 4,335,000 | |||||
Building & improvements, Initial Cost to Company | 8,688,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 4,335,000 | |||||
Building & Improvements, Gross | 8,688,000 | |||||
Total real estate investments | 13,023,000 | |||||
Accumulated Depreciation | $ (276,000) | |||||
Texas - Forney | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 4,678,000 | |||||
Building & improvements, Initial Cost to Company | 8,885,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 4,678,000 | |||||
Building & Improvements, Gross | 8,885,000 | |||||
Total real estate investments | 13,563,000 | |||||
Accumulated Depreciation | $ (333,000) | |||||
Texas - Forney | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 1,091,000 | |||||
Building & improvements, Initial Cost to Company | 2,921,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,091,000 | |||||
Building & Improvements, Gross | 2,921,000 | |||||
Total real estate investments | 4,012,000 | |||||
Accumulated Depreciation | $ (127,000) | |||||
Texas - Fort Worth | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 9,619,000 | |||||
Building & improvements, Initial Cost to Company | 22,361,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 9,619,000 | |||||
Building & Improvements, Gross | 22,361,000 | |||||
Total real estate investments | 31,980,000 | |||||
Accumulated Depreciation | $ (912,000) | |||||
Texas - Fort Worth | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 6,470,000 | |||||
Building & improvements, Initial Cost to Company | 14,367,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 6,470,000 | |||||
Building & Improvements, Gross | 14,367,000 | |||||
Total real estate investments | 20,837,000 | |||||
Accumulated Depreciation | $ (609,000) | |||||
Texas - Frisco | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 6,408,000 | |||||
Building & improvements, Initial Cost to Company | 13,316,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 6,408,000 | |||||
Building & Improvements, Gross | 13,316,000 | |||||
Total real estate investments | 19,724,000 | |||||
Accumulated Depreciation | $ (530,000) | |||||
Texas - Frisco | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 5,272,000 | |||||
Building & improvements, Initial Cost to Company | 6,679,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,272,000 | |||||
Building & Improvements, Gross | 6,679,000 | |||||
Total real estate investments | 11,951,000 | |||||
Accumulated Depreciation | $ (302,000) | |||||
Texas - Harlingen | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 4,078,000 | |||||
Building & improvements, Initial Cost to Company | 11,812,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 4,078,000 | |||||
Building & Improvements, Gross | 11,812,000 | |||||
Total real estate investments | 15,890,000 | |||||
Accumulated Depreciation | $ (647,000) | |||||
Texas - Harlingen | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 1,184,000 | |||||
Building & improvements, Initial Cost to Company | 3,798,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,184,000 | |||||
Building & Improvements, Gross | 3,798,000 | |||||
Total real estate investments | 4,982,000 | |||||
Accumulated Depreciation | $ (119,000) | |||||
Texas - Houston | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 23 | |||||
Land & Improvements, Initial Cost to Company | $ 32,409,000 | |||||
Building & improvements, Initial Cost to Company | 48,930,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 282,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,000 | |||||
Land & Improvements, Gross | 32,691,000 | |||||
Building & Improvements, Gross | 48,939,000 | |||||
Total real estate investments | 81,630,000 | |||||
Accumulated Depreciation | $ (2,368,000) | |||||
Texas - Houston | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 10 | |||||
Land & Improvements, Initial Cost to Company | $ 24,292,000 | |||||
Building & improvements, Initial Cost to Company | 42,428,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 24,292,000 | |||||
Building & Improvements, Gross | 42,428,000 | |||||
Total real estate investments | 66,720,000 | |||||
Accumulated Depreciation | $ (2,250,000) | |||||
Texas - Humble | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 5,464,000 | |||||
Building & improvements, Initial Cost to Company | 14,206,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 112,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 344,000 | |||||
Land & Improvements, Gross | 5,576,000 | |||||
Building & Improvements, Gross | 14,550,000 | |||||
Total real estate investments | 20,126,000 | |||||
Accumulated Depreciation | $ (455,000) | |||||
Texas - Humble | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 3 | |||||
Land & Improvements, Initial Cost to Company | $ 2,170,000 | |||||
Building & improvements, Initial Cost to Company | 4,937,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 2,170,000 | |||||
Building & Improvements, Gross | 4,937,000 | |||||
Total real estate investments | 7,107,000 | |||||
Accumulated Depreciation | $ (211,000) | |||||
Texas - Irving | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 3 | |||||
Land & Improvements, Initial Cost to Company | $ 4,893,000 | |||||
Building & improvements, Initial Cost to Company | 8,791,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 4,893,000 | |||||
Building & Improvements, Gross | 8,791,000 | |||||
Total real estate investments | 13,684,000 | |||||
Accumulated Depreciation | $ (517,000) | |||||
Texas - Irving | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 2,452,000 | |||||
Building & improvements, Initial Cost to Company | 6,756,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 2,452,000 | |||||
Building & Improvements, Gross | 6,756,000 | |||||
Total real estate investments | 9,208,000 | |||||
Accumulated Depreciation | $ (321,000) | |||||
Texas - Katy | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 5,030,000 | |||||
Building & improvements, Initial Cost to Company | 7,154,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 264,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (51,000) | |||||
Land & Improvements, Gross | 5,294,000 | |||||
Building & Improvements, Gross | 7,103,000 | |||||
Total real estate investments | 12,397,000 | |||||
Accumulated Depreciation | $ (440,000) | |||||
Texas - Katy | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 1,844,000 | |||||
Building & improvements, Initial Cost to Company | 4,121,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,844,000 | |||||
Building & Improvements, Gross | 4,121,000 | |||||
Total real estate investments | 5,965,000 | |||||
Accumulated Depreciation | $ (247,000) | |||||
Texas - League City | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 7,428,000 | |||||
Building & improvements, Initial Cost to Company | 15,930,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 7,428,000 | |||||
Building & Improvements, Gross | 15,930,000 | |||||
Total real estate investments | 23,358,000 | |||||
Accumulated Depreciation | $ (577,000) | |||||
Texas - Lubbock | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 3,601,000 | |||||
Building & improvements, Initial Cost to Company | 8,576,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 3,601,000 | |||||
Building & Improvements, Gross | 8,576,000 | |||||
Total real estate investments | 12,177,000 | |||||
Accumulated Depreciation | $ (349,000) | |||||
Texas - Lubbock | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 12,726,000 | |||||
Building & improvements, Initial Cost to Company | 24,156,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 12,726,000 | |||||
Building & Improvements, Gross | 24,156,000 | |||||
Total real estate investments | 36,882,000 | |||||
Accumulated Depreciation | $ (1,233,000) | |||||
Texas - McAllen | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 3 | |||||
Land & Improvements, Initial Cost to Company | $ 2,986,000 | |||||
Building & improvements, Initial Cost to Company | 5,516,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 2,986,000 | |||||
Building & Improvements, Gross | 5,516,000 | |||||
Total real estate investments | 8,502,000 | |||||
Accumulated Depreciation | $ (317,000) | |||||
Texas - McAllen | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 7,885,000 | |||||
Building & improvements, Initial Cost to Company | 12,606,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 7,885,000 | |||||
Building & Improvements, Gross | 12,606,000 | |||||
Total real estate investments | 20,491,000 | |||||
Accumulated Depreciation | $ (600,000) | |||||
Texas - Mesquite | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 1,883,000 | |||||
Building & improvements, Initial Cost to Company | 7,626,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,883,000 | |||||
Building & Improvements, Gross | 7,626,000 | |||||
Total real estate investments | 9,509,000 | |||||
Accumulated Depreciation | $ (293,000) | |||||
Texas - Mesquite | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 2,656,000 | |||||
Building & improvements, Initial Cost to Company | 6,281,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 2,656,000 | |||||
Building & Improvements, Gross | 6,281,000 | |||||
Total real estate investments | 8,937,000 | |||||
Accumulated Depreciation | $ (263,000) | |||||
Texas - San Antonio | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 12 | |||||
Land & Improvements, Initial Cost to Company | $ 16,152,000 | |||||
Building & improvements, Initial Cost to Company | 21,890,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 16,152,000 | |||||
Building & Improvements, Gross | 21,890,000 | |||||
Total real estate investments | 38,042,000 | |||||
Accumulated Depreciation | $ (1,234,000) | |||||
Texas - San Antonio | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 10,934,000 | |||||
Building & improvements, Initial Cost to Company | 16,290,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 10,934,000 | |||||
Building & Improvements, Gross | 16,290,000 | |||||
Total real estate investments | 27,224,000 | |||||
Accumulated Depreciation | $ (831,000) | |||||
Texas - Yoakum | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 3,665,000 | |||||
Building & improvements, Initial Cost to Company | 20,107,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 3,665,000 | |||||
Building & Improvements, Gross | 20,107,000 | |||||
Total real estate investments | 23,772,000 | |||||
Accumulated Depreciation | $ (775,000) | |||||
Texas - Other | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 152 | |||||
Land & Improvements, Initial Cost to Company | $ 141,213,000 | |||||
Building & improvements, Initial Cost to Company | 276,229,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,144,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,232,000 | |||||
Land & Improvements, Gross | 144,357,000 | |||||
Building & Improvements, Gross | 278,461,000 | |||||
Total real estate investments | 422,820,000 | |||||
Accumulated Depreciation | $ (14,905,000) | |||||
Texas - Other | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 60 | |||||
Land & Improvements, Initial Cost to Company | $ 70,645,000 | |||||
Building & improvements, Initial Cost to Company | 150,901,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 70,645,000 | |||||
Building & Improvements, Gross | 150,901,000 | |||||
Total real estate investments | 221,546,000 | |||||
Accumulated Depreciation | $ (7,946,000) | |||||
Utah | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 10 | |||||
Land & Improvements, Initial Cost to Company | $ 24,887,000 | |||||
Building & improvements, Initial Cost to Company | 41,572,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 24,887,000 | |||||
Building & Improvements, Gross | 41,572,000 | |||||
Total real estate investments | 66,459,000 | |||||
Accumulated Depreciation | $ (2,240,000) | |||||
Utah | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 5,754,000 | |||||
Building & improvements, Initial Cost to Company | 14,046,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,754,000 | |||||
Building & Improvements, Gross | 14,046,000 | |||||
Total real estate investments | 19,800,000 | |||||
Accumulated Depreciation | $ (620,000) | |||||
Vermont | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 5 | |||||
Land & Improvements, Initial Cost to Company | $ 1,754,000 | |||||
Building & improvements, Initial Cost to Company | 3,015,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,754,000 | |||||
Building & Improvements, Gross | 3,015,000 | |||||
Total real estate investments | 4,769,000 | |||||
Accumulated Depreciation | $ (199,000) | |||||
Vermont | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 2 | |||||
Land & Improvements, Initial Cost to Company | $ 565,000 | |||||
Building & improvements, Initial Cost to Company | 1,024,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 565,000 | |||||
Building & Improvements, Gross | 1,024,000 | |||||
Total real estate investments | 1,589,000 | |||||
Accumulated Depreciation | $ (84,000) | |||||
Virginia | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 36 | |||||
Land & Improvements, Initial Cost to Company | $ 47,764,000 | |||||
Building & improvements, Initial Cost to Company | 132,637,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 47,764,000 | |||||
Building & Improvements, Gross | 132,637,000 | |||||
Total real estate investments | 180,400,000 | |||||
Accumulated Depreciation | $ (6,433,000) | |||||
Virginia | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 15 | |||||
Land & Improvements, Initial Cost to Company | $ 12,850,000 | |||||
Building & improvements, Initial Cost to Company | 37,121,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 12,850,000 | |||||
Building & Improvements, Gross | 37,121,000 | |||||
Total real estate investments | 49,971,000 | |||||
Accumulated Depreciation | $ (1,765,000) | |||||
Washington | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 11 | |||||
Land & Improvements, Initial Cost to Company | $ 17,454,000 | |||||
Building & improvements, Initial Cost to Company | 38,092,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 17,454,000 | |||||
Building & Improvements, Gross | 38,092,000 | |||||
Total real estate investments | 55,545,000 | |||||
Accumulated Depreciation | $ (2,662,000) | |||||
Washington | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 11 | |||||
Land & Improvements, Initial Cost to Company | $ 29,172,000 | |||||
Building & improvements, Initial Cost to Company | 34,104,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 544,000 | |||||
Land & Improvements, Gross | 29,172,000 | |||||
Building & Improvements, Gross | 34,648,000 | |||||
Total real estate investments | 63,821,000 | |||||
Accumulated Depreciation | $ (2,287,000) | |||||
West Virginia | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 12 | |||||
Land & Improvements, Initial Cost to Company | $ 10,056,000 | |||||
Building & improvements, Initial Cost to Company | 27,909,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 10,056,000 | |||||
Building & Improvements, Gross | 27,909,000 | |||||
Total real estate investments | 37,964,000 | |||||
Accumulated Depreciation | $ (1,329,000) | |||||
West Virginia | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 11 | |||||
Land & Improvements, Initial Cost to Company | $ 7,835,000 | |||||
Building & improvements, Initial Cost to Company | 16,173,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 7,835,000 | |||||
Building & Improvements, Gross | 16,173,000 | |||||
Total real estate investments | 24,008,000 | |||||
Accumulated Depreciation | $ (1,011,000) | |||||
Wisconsin - Colby | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 1 | |||||
Land & Improvements, Initial Cost to Company | $ 5,261,000 | |||||
Building & improvements, Initial Cost to Company | 34,573,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 5,261,000 | |||||
Building & Improvements, Gross | 34,573,000 | |||||
Total real estate investments | 39,834,000 | |||||
Accumulated Depreciation | $ (2,142,000) | |||||
Wisconsin - Other | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 63 | |||||
Land & Improvements, Initial Cost to Company | $ 102,271,000 | |||||
Building & improvements, Initial Cost to Company | 332,783,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,103,000 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 625,000 | |||||
Land & Improvements, Gross | 103,374,000 | |||||
Building & Improvements, Gross | 333,408,000 | |||||
Total real estate investments | 436,783,000 | |||||
Accumulated Depreciation | $ (17,224,000) | |||||
Wisconsin - Other | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Property | 28 | |||||
Land & Improvements, Initial Cost to Company | $ 28,371,000 | |||||
Building & improvements, Initial Cost to Company | 88,108,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 28,371,000 | |||||
Building & Improvements, Gross | 88,108,000 | |||||
Total real estate investments | 116,479,000 | |||||
Accumulated Depreciation | $ (4,864,000) | |||||
Wisconsin - Other | Collateral For CMBS Debt Dollar value | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 3 | |||||
Encumbrances | $ 31,575,000 | |||||
Land & Improvements, Initial Cost to Company | 18,497,000 | |||||
Building & improvements, Initial Cost to Company | 53,410,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 18,497,000 | |||||
Building & Improvements, Gross | 53,410,000 | |||||
Total real estate investments | 71,907,000 | |||||
Accumulated Depreciation | $ (3,344,000) | |||||
Wyoming | Unencumbered | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 3 | |||||
Land & Improvements, Initial Cost to Company | $ 1,446,000 | |||||
Building & improvements, Initial Cost to Company | 3,559,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Land & Improvements, Gross | 1,446,000 | |||||
Building & Improvements, Gross | 3,559,000 | |||||
Total real estate investments | 5,004,000 | |||||
Accumulated Depreciation | $ (127,000) | |||||
Wyoming | (f) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Number of Properties | Item | 4 | |||||
Land & Improvements, Initial Cost to Company | $ 7,199,000 | |||||
Building & improvements, Initial Cost to Company | 16,642,000 | |||||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 0 | |||||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | (239,000) | |||||
Land & Improvements, Gross | 7,199,000 | |||||
Building & Improvements, Gross | 16,403,000 | |||||
Total real estate investments | 23,602,000 | |||||
Accumulated Depreciation | $ (634,000) |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of total real estate carrying value | ||||
Balance, beginning of year | $ 11,198,897 | $ 11,236,730 | $ 9,936,320 | $ 8,866,666 |
Balance, beginning of year | 12,725,295 | |||
Acquisitions | 39,920 | 386,842 | 1,333,088 | 1,300,142 |
Improvements | 2,532 | 130,787 | 135,781 | 143,665 |
Other | 0 | 29,078 | 0 | 0 |
Provision for impairment of real estate | 0 | (17,853) | (16,050) | (21,800) |
Cost of real estate sold | (760) | (75,155) | (181,492) | (312,418) |
Reclasses to held for sale | 0 | 0 | 0 | (27,059) |
Balance, end of year | 11,236,730 | 13,178,994 | 11,198,897 | 9,936,320 |
Balance, end of year | 12,725,295 | 13,178,994 | ||
Reconciliation of accumulated depreciation for the years ended: | ||||
Balance, beginning of year | (1,410,829) | (1,438,138) | (1,134,007) | (911,656) |
Depreciation expense | (27,482) | (482,246) | (304,588) | (262,566) |
Accumulated depreciation associated with real estate sold | 173 | 3,003 | 19,016 | 25,434 |
Other | (3,859) | 0 | (8,750) | (12,876) |
Reclasses to held for sale | 0 | 0 | 0 | 1,905 |
Balance, end of year | $ (1,438,138) | $ (479,243) | $ (1,410,829) | $ (1,134,007) |
Buildings | Minimum | ||||
Reconciliation of accumulated depreciation for the years ended: | ||||
Estimated useful life | 20 years | |||
Buildings | Maximum | ||||
Reconciliation of accumulated depreciation for the years ended: | ||||
Estimated useful life | 40 years | |||
Land improvements | Minimum | ||||
Reconciliation of accumulated depreciation for the years ended: | ||||
Estimated useful life | 10 years | |||
Land improvements | Maximum | ||||
Reconciliation of accumulated depreciation for the years ended: | ||||
Estimated useful life | 15 years |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 02, 2023 USD ($) | Dec. 31, 2023 USD ($) Property | Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Mortgage Loans on Real Estate | |||||
Outstanding face amount of mortgages | $ 125,093 | $ 125,093 | |||
Carrying amount of mortgages | $ 350,118 | 124,783 | 124,783 | $ 342,420 | $ 342,317 |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, beginning of period | 342,420 | 350,118 | 342,420 | 342,317 | 301,355 |
Balance, beginning of period | 359,124 | ||||
New and additions to mortgage loans | 7,703 | 92,699 | 68,912 | 75,666 | |
Other capitalized loan origination costs | 0 | 220 | 85 | 98 | |
Collections of principal | 0 | (26,489) | (69,279) | (32,046) | |
Sale of loans and financing receivables to related party | 0 | (299,142) | 0 | 0 | |
Other: Amortization of premiums on notes receivable | 0 | (619) | 0 | 0 | |
Other: (Provisions for) reduction in loan losses | 0 | (1,006) | 503 | (2,704) | |
Other: Amortization of loan origination costs | (5) | (4) | (118) | (52) | |
Balance, end of period | 350,118 | 124,783 | 124,783 | $ 342,420 | $ 342,317 |
Balance, end of period | $ 359,124 | $ 124,783 | 124,783 | ||
Movie Theater Properties, North Carolina | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.35% | ||||
Final Payment Terms, Balloon payment | $ 9,700 | 9,700 | |||
Prior Liens | 0 | 0 | |||
Outstanding face amount of mortgages | 9,723 | 9,723 | |||
Carrying amount of mortgages | 9,705 | 9,705 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 9,705 | $ 9,705 | |||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | Property | 2 | 2 | |||
Restaurant, Indiana | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.50% | ||||
Prior Liens | $ 0 | $ 0 | |||
Outstanding face amount of mortgages | 3,102 | 3,102 | |||
Carrying amount of mortgages | 3,101 | 3,101 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 3,101 | $ 3,101 | |||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | Property | 4 | 4 | |||
Restaurant Secured By Properties In Montana | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 9.43% | ||||
Final Payment Terms, Balloon payment | $ 2,100 | $ 2,100 | |||
Prior Liens | 0 | 0 | |||
Outstanding face amount of mortgages | 2,362 | 2,362 | |||
Carrying amount of mortgages | 2,364 | 2,364 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 2,364 | $ 2,364 | |||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | Property | 1 | 1 | |||
Restaurant Secured By Properties In Alabama | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.50% | ||||
Prior Liens | $ 0 | $ 0 | |||
Outstanding face amount of mortgages | 3,528 | 3,528 | |||
Carrying amount of mortgages | 3,596 | 3,596 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 3,596 | $ 3,596 | |||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | Property | 2 | 2 | |||
Manufacturing properties In Illinois, Michigan, Oklahoma, and Texas | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.50% | ||||
Final Payment Terms, Balloon payment | $ 22,200 | $ 22,200 | |||
Prior Liens | 0 | 0 | |||
Outstanding face amount of mortgages | 32,616 | 32,616 | |||
Carrying amount of mortgages | 32,480 | 32,480 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 32,480 | $ 32,480 | |||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | Property | 6 | 6 | |||
Restaurant, Ohio | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.62% | ||||
Prior Liens | $ 0 | $ 0 | |||
Outstanding face amount of mortgages | 2,975 | 2,975 | |||
Carrying amount of mortgages | 2,991 | 2,991 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 2,991 | $ 2,991 | |||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | Property | 3 | 3 | |||
Athletic Club Secured By Properties In Chicago, IL | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.60% | ||||
Prior Liens | $ 0 | $ 0 | |||
Outstanding face amount of mortgages | 15,159 | 15,159 | |||
Carrying amount of mortgages | 15,501 | 15,501 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 15,501 | $ 15,501 | |||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | Property | 1 | 1 | |||
Leasehold interest in an amusement park in Ontario, Canada | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 10.06% | ||||
Prior Liens | $ 0 | $ 0 | |||
Outstanding face amount of mortgages | 25,632 | 25,632 | |||
Carrying amount of mortgages | 25,339 | 25,339 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 25,339 | 25,339 | |||
Manufacturing Property In New Jersey | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 10.25% | ||||
Final Payment Terms, Balloon payment | $ 27,500 | 27,500 | |||
Prior Liens | 0 | 0 | |||
Outstanding face amount of mortgages | 29,996 | 29,996 | |||
Carrying amount of mortgages | 29,706 | 29,706 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of period | $ 29,706 | $ 29,706 | |||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | Property | 1 | 1 |
Schedule IV - Mortgage Loans _3
Schedule IV - Mortgage Loans on Real Estate (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgages held for federal income tax purposes | $ 125,800 | |||
Non-cash transaction | $ 8,900 | $ 30,800 | ||
Sales of real estate | $ 760 | 404,939 | 197,530 | $ 339,658 |
Loans and financing receivables, net | 1,103,931 | $ 787,106 | ||
Related Party | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Loans and financing receivables, net | $ 332,000 |