Store Capital (STOR) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 05, 2016
Document and Entity Information
Entity Registrant Name	STORE CAPITAL Corp
Entity Central Index Key	1,538,990
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		140,879,806
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016		Dec. 31, 2015
Real estate investments:
Land and improvements	$ 1,276,762		$ 1,187,482
Building and improvements	2,666,134		2,490,394
Intangible lease assets	92,063		88,724
Total real estate investments	4,034,959		3,766,600
Less accumulated depreciation and amortization	(210,626)		(184,182)
Real estate investments, net	3,824,333		3,582,418
Real estate investments held for sale, net	2,274
Loans and direct financing receivables	225,710		213,342
Net investments	4,052,317	[1]	3,795,760
Cash and cash equivalents	30,956		67,115
Other Assets	52,090		48,513
Total assets	4,135,363		3,911,388
Liabilities:
Credit facility	242,000
Unsecured term notes payable, net	172,527		172,442
Total non‑recourse debt obligations	1,593,612		1,597,505
Dividends payable	38,037		38,032
Accounts payable and accrued expenses	34,482		36,196
Other liabilities	8,356		7,420
Total liabilities	2,089,014		1,851,595
Stockholders’ equity:
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 140,879,389 and 140,858,765 shares issued and outstanding, respectively	1,409		1,409
Capital in excess of par value	2,162,788		2,162,130
Distributions in excess of retained earnings	(117,366)		(103,453)
Accumulated other comprehensive loss	(482)		(293)
Total stockholders’ equity	2,046,349		2,059,793
Total liabilities and stockholders’ equity	$ 4,135,363		$ 3,911,388
[1]	The dollar amount of 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 direct financing receivables.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Consolidated Balance Sheet
Common stock, par value per share	$ 0.01	$ 0.01
Common shares, authorized shares	375,000,000	375,000,000
Common shares, issued shares	140,879,389	140,858,765
Common shares, outstanding shares	140,879,389	140,858,765

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental revenues	$ 80,767	$ 58,838
Interest income on loans and direct financing receivables	4,415	2,598
Other income	52	23
Total revenues	85,234	61,459
Expenses:
Interest	23,435	17,229
Transaction costs	234	259
Property costs	486	295
General and administrative	8,591	6,635
Selling stockholder costs	800
Depreciation and amortization	26,479	18,892
Provision for impairment of real estate		1,000
Total expenses	60,025	44,310
Income from operations before income taxes	25,209	17,149
Income tax expense	69	83
Income before loss on dispositions of real estate	25,140	17,066
Loss on dispositions of real estate	347
Net income	$ 24,793	$ 17,066
Net income per share of common stock—basic and diluted	$ 0.18	$ 0.15
Dividends declared per common share (in dollars per share)	$ 0.27	$ 0.25
Weighted average common shares outstanding:
Weighted average shares outstanding used in basic income per share (in shares)	140,354,143	114,633,300
Weighted average shares outstanding used in diluted income per share (in shares)	140,564,379	114,633,300

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statement of Comprehensive Income
Net income	$ 24,793	$ 17,066
Other comprehensive (loss) income:
Change in unrealized losses on cash flow hedges	(253)	(228)
Cash flow hedge losses reclassified to interest expense	64	77
Total other comprehensive loss	(189)	(151)
Total comprehensive income	$ 24,604	$ 16,915

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Operating activities
Net income	$ 24,793		$ 17,066
Adjustments to net income:
Depreciation and amortization	26,479		18,892
Provision for impairment of real estate			1,000
Amortization of deferred financing costs and other non cash interest expense	1,696		1,397
Amortization of equity-based compensation	1,661		897
Loss on dispositions of real estate	347
Noncash revenue and other	166		333
Changes in operating assets and liabilities:
Other assets	2,249		279
Accounts payable and other liabilities	(587)		(3,233)
Net cash provided by operating activities	52,306		36,073
Investing activities
Acquisition of and additions to real estate	(273,393)		(264,245)
Investment in loans and direct financing receivables	(12,550)	[1]	(34,683)
Collections of principal on loans and direct financing receivables	164	[1]	175
Proceeds from disposition of real estate	665		48
Transfers from restricted deposits	154		12,996
Net cash used in investing activities	(284,960)		(285,709)
Financing activities
Borrowings under credit facility	242,000		172,000
Repayments under credit facility			(10,000)
Repayments under non‑recourse debt obligations of consolidated special purpose entities	(5,309)		(4,782)
Financing costs paid	(12)		(8)
Proceeds from the issuance of common stock	1		1
Offering costs paid	(434)		(441)
Shares repurchased under stock compensation plans	(1,719)
Dividends paid	(38,032)		(13,123)
Net cash provided by financing activities	196,495		143,647
Net (decrease) increase in cash and cash equivalents	(36,159)		(105,989)
Cash and cash equivalents, beginning of period	67,115		136,313
Cash and cash equivalents, end of period	30,956		30,324
Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvement advances included in real estate investments	10,726
Accrued financing costs			494
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	19,156		15,358
Cash paid during the period for income and franchise taxes	$ 479		$ 483
[1]	The dollar amount of 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 direct financing receivables.

Organization and Formation Acti

Organization and Formation Activities	3 Months Ended
	Mar. 31, 2016
Organization
Organization	1. Organization and Formation Activities STORE Capital Corporation (STORE Capital or the Company) was formed in 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, retail and industrial sectors of the United States economy. From time to time, it may also provide mortgage financing to its customers. On November 21, 2014, the Company completed the initial public offering (IPO) of its common stock. The shares began trading on the New York Stock Exchange on November 18, 2014 under the ticker symbol “STOR”. The Company was originally formed as a wholly-owned subsidiary of STORE Holding Company, LLC (STORE Holding), a Delaware limited liability company; the voting interests of STORE Holding are entirely owned by entities managed by a global management investment firm. At March 31, 2016 and December 31, 2015, there were 140,879,389 shares and 140,858,765 shares, respectively, of the Company’s common stock outstanding, of which 33,336,144 shares and 70,336,144 shares, respectively, were held by STORE Holding. On April 1, 2016, STORE Holding completed a public offering of all its remaining shares and no longer holds any shares of the Company’s common stock. STORE Capital has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a real estate investment trust (REIT) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. As a REIT, it will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its stockholders and meets other specific requirements.

Summary of Significant Accounti

Summary of Significant Accounting Principles	3 Months Ended
	Mar. 31, 2016
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 unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements and, accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. These consolidated statements include the accounts of STORE Capital and its subsidiaries which are wholly ‑owned and controlled by the Company through its voting interest. One of the Company’s wholly ‑owned subsidiaries, STORE Capital Advisors, LLC, provides all of 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 wholly ‑owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At March 31, 2016 and December 31, 2015, assets totaling $ 3.6 billion and $ 3.4 billion, respectively, were held and third-party li abilities totaling $ 1.6 billion were o wed by these special purpose entities and are included in the accompanying consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (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. Accounting for Real Estate Investments 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. Real estate properties subject to an existing in ‑place lease at the date of acquisition are recorded as business combinations and each tangible and intangible asset and liability acquired is recorded at fair value. 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. The Company expenses transaction costs associated with real estate acquisitions accounted for as business combinations in the period incurred. 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 and below ‑market leases 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 fixed ‑rate 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 30 to 40 years for buildings and is generally 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 closing costs. Any properties classified as held for sale are not depreciated. 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. Management considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors 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. An asset is considered impaired if the carrying value of the asset exceeds its estimated undiscounted cash flows and 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. Revenue Recognition STORE Capital leases real estate to its tenants under long ‑term net leases that are predominantly classified as operating leases. Direct costs associated with lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. Substantially all of the leases are triple ‑net, which provide that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. The Company may collect property taxes from its customers and remit those taxes to governmental authorities; such property taxes are presented on a net basis in the consolidated income statements. 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, accrued rental revenue, calculated as the aggregate difference between the rental revenue recognized on a straight ‑line basis and scheduled rents, represents unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the lease. The Company provides an estimated reserve for uncollectible straight ‑line rental revenue based on management’s assessment of the risks inherent in those lease contracts, giving consideration to industry default rates for long ‑term receivables. There was $10.7 million and $ 9.5 million of accrued straight ‑line rental revenue, net of allowances of $3.8 million and $3.4 million, at March 31, 2016 and December 31, 2015, respectively, which were included in other assets on the consolidated balance sheets. 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. Generally, these escalators increase rent at the lesser of (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. For leases that 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. Less than 1.3% 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. The Company suspends revenue recognition if the collectibility of amounts due pursuant to a lease is not reasonably assured or if the tenant’s monthly lease payments become more than 60 days past due, whichever is earlier. The Company reviews its rent 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 a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write ‑off of the specific rent receivable will be made. Loans Receivable STORE Capital holds its loans receivable for long ‑term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. Revenue Recognition 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 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 March 31, 2016 and December 31, 2015, there were no loans on nonaccrual status. Impairment and Provision for Loan Losses The Company periodically evaluates the collectibility of its loans receivable, including accrued interest, by analyzing the underlying property ‑level economics and trends, collateral value and quality and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. There was no allowance for loan losses at March 31, 2016 or December 31, 2015. Direct Financing Receivables Certain of the Company’s real estate investment transactions are accounted for as direct financing leases. The Company records 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. 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 and Escrow Deposits The Company had $16.5 million and $16.3 million of restricted cash and deposits in escrow at March 31, 2016 and December 31, 2015, respectively, which were included in other assets on the consolidated balance sheets. Restricted cash primarily consists of reserve account deposits held by lenders. Deferred 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. Deferred 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 on the consolidated balance sheets. Derivative Instruments and Hedging Activities The Company may enter into derivatives 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 Company records its derivatives on the balance sheet at fair value as either an asset or liability. 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 effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is 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 March 31, 2016, the Company had entered into two interest rate swap agreements with current notional amounts of $12.3 million and $6.4 million that were designated as cash flow hedges associated with the Company’s secured, variable ‑rate mortgage note payable due in 2019 (Note 4). Fair Value Measurement The Company estimates 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 Certain directors and employees of the Company have been granted long ‑term incentive awards, including restricted shares and stock units of the Company’s common stock and profits interest units issued by STORE Holding, which provide them with equity interests as an incentive to remain in the Company’s service and align executives’ interests with those of the Company’s equity holders. During the three months ended March 31, 2016, the Company granted restricted share awards (RSAs) representing 89,121 shares of restricted common stock to its executive officers and certain directors and other employees. During the same period, 212,967 shares of restricted stock vested. In connection with the vesting of the RSAs, the Company repurchased 68,497 shares as a result of participant elections to surrender common shares to the Company to satisfy statutory minimum tax withholding obligations under the Company’s equity-based compensation plans. As of March 31, 2016, the Company had 453,805 shares of restricted common stock outstanding. The Company estimates the fair value of RSAs at the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight ‑line basis or the amount vested. The fair value of the RSAs is based on the per-share price of the common stock on the date of the grant. Prior to the Company’s IPO, the fair value was based on the per ‑share price of the common stock issued in the Company’s private equity offerings. During the three months ended March 31, 2016, the Company awarded 371,214 restricted stock units (RSUs) to its executive officers. At March 31, 2016, there were 719,434 RSUs outstanding. The Company values the restricted stock units, which contain both a market condition and a service condition, awarded to its executive officers using a Monte Carlo simulation model on the date of grant and recognizes that amount in general and administrative expense on a tranche by tranche basis ratably over the vesting periods. Income Taxes As a REIT, the Company generally will not be subject to federal income tax; however, it is still subject 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. Management of the Company determines whether any tax positions taken or expected to be taken meet the “more ‑likely ‑than ‑not” threshold of being sustained by the applicable federal, state or local tax authority. Certain state tax returns filed for 2011 and tax returns filed for 2012 through 2015 are subject to examination by these jurisdictions. As of March 31, 2016 and December 31, 2015, 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 operating expenses. There was no accrual for interest or penalties at March 31, 2016 or December 31, 2015. Net Income Per Common Share Net income per common share has been computed 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 income per common share (dollars in thousands): Three Months Ended March 31, 2016 2015 Numerator: Net income $ $ Less: earnings attributable to unvested restricted shares Net income used in basic and diluted income per share $ $ Denominator: Weighted average common shares outstanding Less: Weighted average number of shares of unvested restricted stock Weighted average shares outstanding used in basic income per share Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — Weighted average shares outstanding used in diluted income per share (a) For the three months ended March 31, 2016 and 2015, excludes 201,561 shares and 199,528 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive. 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 or results of operations upon adoption. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting which is intended to simplify the accounting for and presentation of certain aspects related to share-based payments to employees. The guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This guidance will be effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company does not anticipate this standard to have a material impact on its financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. This new guidance clarifies that the novation of a derivative contract (i.e., a change in the counterparty) in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship, provided that all other hedge criteria continue to be met. This standard will be effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company does not anticipate this standard to have a material impact on its financial position, results of operations and cash flows. In February 2016, the FASB issued ASU 2016-02, Leases: Topic 842. The new standard requires lessees to classify leases as either finance or operating leases based on certain criteria and record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard also eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. The guidance supersedes previously issued guidance under ASC Topic 840 Leases. This standard will be effective for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating this new standard but does not expect it to have a material impact on its financial position, results of operations and cash flows. In May 2014, the FASB issued ASU 2014 ‑09, Revenue from Contracts with Customers: Topic 606 . This guidance establishes a principles ‑based approach for accounting for revenue from contracts with customers. Lease contracts generally are excluded from the scope of this guidance. During 2015 various amendments were made and this standard will be effective for annual reporting periods beginning after December 15, 2017, early adoption is permitted but only as of an annual reporting period beginning after December 15, 2016. As leases are excluded from this guidance, the Company does not anticipate this standard to have a material impact on its financial position, results of operations and cash flows.

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments:
Investments	3. Investments At March 31, 2016, STORE Capital had investments in 1,397 property locations representing 1,360 owned properties (of which 28 are accounted for as direct financing receivables), 14 ground lease interests and 23 properties which secure certain mortgage loans. The gross investment portfolio totaled $4.26 billion at March 31, 2016 and consisted of the gross acquisition cost of the real estate investments totaling $4.04 billion and loans and direct financing receivables with an aggregate carrying amount of $ 225.7 million. As of March 31, 2016, more than half 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). During the three months ended March 31, 2016, the Company had the following gross real estate and loan activity (dollars in thousands): Number of Dollar Investment Amount of Locations Investments (a) Gross investments, December 31, 2015 $ Acquisition of and additions to real estate (b)(c) Investment in loans and direct financing receivables Sales of real estate Principal collections on loans and direct financing receivables — Other — Gross investments, March 31, 2016 (d) Less accumulated depreciation and amortization (d) Net investments, March 31, 2016 $ (a) The dollar amount of 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 direct financing receivables. (b) Includes $0.2 million of interest capitalized to properties under construction. (c) Excludes $12.1 million of tenant improvement advances disbursed in 2016 which were accrued as of December 31, 2015. (d) Includes the dollar amount of investments ( $2.5 million) and the accumulated depreciation ( $0.3 million) related to real estate held for sale as of March 31, 2016. The following table shows information regarding the diversification of the Company’s total investment portfolio among the different industries in which its tenants and borrowers operate as of March 31, 2016 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments (a) Investments Restaurants $ % Industrial Movie theaters Health clubs Early childhood education centers Furniture stores Sporting goods and hobby stores Lawn and garden equipment and supply stores All other service industries All other retail industries $ % (a) The dollar amount of 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 direct financing receivables. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to over 320 customers geographically dispersed throughout 47 states. Only one state, Texas ( 12% ), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at March 31, 2016. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at March 31, 2016, with the largest customer representing less than 3% of the total investment portfolio. On an annualized basis, the largest customer also represented less than 3% of the Company’s annualized investment portfolio revenues as of March 31, 2016. The Company’s customers operate their businesses across more than 340 concepts and the largest of these concepts represented 3% of the Company’s annualized investment portfolio revenues as of March 31, 2016. Intangible Lease Assets The following details intangible lease assets and related accumulated amortization (in thousands): March 31, December 31, 2016 2015 In-place lease assets $ $ Ground lease interest assets Above-market lease assets Total intangible lease assets Accumulated amortization Net intangible lease assets $ $ Aggregate lease intangible amortization included in expense was $1.6 million and $1.4 million during the three months ended March 31, 2016 and 2015, respectively. The amount amortized as a decrease to rental revenue for capitalized above ‑market lease intangibles was $0.3 million and $0.2 million during the three months ended March 31, 2016 and 2015, respectively. Based on the balance of the intangible assets at March 31, 2016, the aggregate amortization expense is expected to be $4.8 million for the remainder of 2016, $6.3 million in 2017, $6.1 million in 2018, $5.9 million in 2019, $5.3 million in 2020 and $5.0 million in 2021 and the amount expected to be amortized as a decrease to rental revenue is expected to be $0.9 million for the remainder of 2016, $1.2 million in each of the years 2017 through 2020 and $0.6 million in 2021.The weighted average remaining amortization period is approximately ten years for the in ‑place lease intangibles, approximately 47 years for the amortizing ground lease interests and approximately eight years for the above ‑market lease intangibles. Real Estate Investments The Company’s investment properties are leased to tenants under long ‑term operating leases that typically include one or more renewal options. The weighted average remaining noncancelable lease term at March 31, 2016 was approximately 14 years. Substantially all of the leases are triple ‑net, which provide that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, STORE Capital is generally not responsible for repairs or other capital expenditures related to the properties. At March 31, 2016, two 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 at March 31, 2016, are as follows (in thousands): Remainder of 2016 $ 2017 2018 2019 2020 2021 Thereafter Total future minimum rentals $ 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 do not include any contingent rentals such as lease escalations based on future changes in CPI. Loans and Direct Financing Receivables At March 31, 2016, the Company held 21 loans receivable with an aggregate carrying amount of $ 113.9 million. Sixteen of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property. The five other loans are primarily loans secured by the tenant’s equipment or other assets. Four of the mortgage loans are shorter ‑term loans (mature within the next five years) that require either monthly interest ‑only payments with a balloon payment at maturity or monthly interest-only payments for an established period and then monthly principal and interest payments with a balloon payment at maturity. The remaining mortgage loans receivable generally require the borrowers to make monthly principal and interest payments based on a 40 ‑year amortization period with balloon payments, if any, at maturity or earlier upon the occurrence of certain other events. The other loans generally require the borrower to make monthly interest ‑only payments with a balloon payment at maturity. The Company’s loans and direct financing receivables are summarized below (dollars in thousands): Stated Amount Outstanding Interest Maturity March 31, December 31, Type Rate Date 2016 2015 Mortgage loan receivable % Jan. 2017 $ $ Mortgage loan receivable % Dec. 2017 Mortgage loan receivable % Jan. 2018 Mortgage loan receivable % Dec. 2020 Mortgage loan receivable % Jan. 2028 Mortgage loan receivable % Jul. 2032 Mortgage loan receivable (a) % Jul. 2032 — Mortgage loan receivable (a) % Jul. 2032 — Mortgage loan receivable % Feb. 2038 — Mortgage loan receivable % Mar. 2053 Mortgage loan receivable % Jun. 2053 Mortgage loan receivable % Jun. 2053 Mortgage loan receivable % Aug. 2053 Mortgage loans receivable (b) % Feb. 2055 Mortgage loan receivable (a) % Dec. 2055 Total mortgage loans receivable Equipment loan receivable % Mar. 2017 Equipment loan receivable % May 2022 Equipment loan receivable % Aug. 2023 Other loan receivable % Nov. 2020 Other loan receivable % Feb. 2021 — Total principal amount outstanding—loans receivable Unamortized loan origination costs Direct financing receivables Total loans and direct financing receivables $ $ (a) Interest rates on these mortgage loans are subject to increases over the term of the loans. (b) Represents two mortgage loans receivable secured by a single property. The loans have an initial interest rate of 8.50% and are subject to increases over the term of the loans. The loans allow for prepayment in whole, but not in part, with penalties ranging from 20% to 70% depending on the timing of the prepayment. The long ‑term mortgage loans receivable generally allow for prepayments in whole, but not in part, without penalty or with penalties typically ranging from 1% to 5% , 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 Balloon Total Principal Payments Payments Remainder of 2016 $ $ — $ 2017 2018 2019 — 2020 2021 Thereafter Total principal payments $ $ $ As of March 31, 2016 and December 31, 2015, the Company had $ 111.8 million and $111.9 million, respectively, of investments accounted for as direct financing leases; the components of the investments accounted for as direct financing receivables were as follows (in thousands): March 31, December 31, 2016 2015 Minimum lease payments receivable $ $ Estimated residual value of leased assets Unearned income Net investment $ $ As of March 31, 2016, the future minimum lease payments to be received under the direct financing lease receivables are expected to be $7.8 million for the remainder of 2016 and average approximately $10.7 million for each of the next five years.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt
Debt	4. Debt Credit Facilities As of March 31, 2016, the Company had a $400 million unsecured revolving credit facility with a group of lenders. The facility, which was put in place in September 2014 and amended in September 2015, is used to partially fund real estate acquisitions pending the issuance of long-term, fixed-rate debt and includes an accordion feature that allows the size of the facility to be increased up to $800 million. In April 2016, the Company increased the total commitment under the facility to $500 million by accessing $100 million of availability under the accordion feature. The amended facility matures in September 2019 and includes a one -year extension option subject to certain conditions and the payment of a 0.15% extension fee. The facility is recourse to the Company and includes a guaranty from STORE Capital Acquisitions, LLC, one of the Company’s direct wholly-owned subsidiaries. Borrowings under this facility require monthly payments of interest at a rate selected by the Company of either (1) LIBOR plus a credit spread ranging from 1.35% to 2.15% , or (2) the Base Rate , as defined in the credit agreement, plus a credit spread ranging from 0.35% to 1.15% . The credit spread used is based on the Company’s leverage ratio as defined in the credit agreement; as of March 31, 2016, borrowings under the facility bear interest at LIBOR plus 1.35% . The Company must also pay a non-use fee of 0.15% or 0.25% on the unused portion of the facility, depending upon the amount of borrowings outstanding. Prior to the amendment in September 2015, borrowings under this facility required monthly payments of interest at a rate selected by the Company of either (1) one-month LIBOR plus a credit spread ranging from 1.75% to 2.50% , or (2) the Base Rate , as defined in the credit agreement, plus a credit spread ranging from 0.75% to 1.50% . Borrowing availability under the facility is limited to 50% of the value of the Company’s eligible unencumbered assets at any point in time. At March 31, 2016, the Company had $242 million of borrowings outstanding and a pool of unencumbered assets aggregating approximately $1.82 billion, most of which are eligible unencumbered assets as defined in the credit agreement. The Company is subject to various financial and nonfinancial covenants under the revolving credit facility including a maximum total leverage ratio of 65% , a minimum EBITDA to fixed char ge s ratio of 1.5 to 1, mi nimum consolidated net worth of $1 billion plus 75% of any additional equity raised after September 2015, a maximum dividend payout ratio limited to 95% of Funds from Operations and a maximum unsecured debt leverage ratio of 50% , all as defined in the credit agreement. As of March 31, 2016, the Company was in compliance with these covenants. At March 31, 2016 and December 31, 2015, unamortized financing costs related to the Company’s credit facility totaled $2.9 million and $3.2 million, respectively. Unsecured Term Notes Payable In November 2015, the Company entered into a Note Purchase Agreement (NPA) with a group of institutional purchasers that provided for the private placement of two series of senior unsecured notes aggregating $175 million (the Notes). 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 NPA) 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 Applicable Credit Rating that is an investment grade credit rating. The Company may prepay at any time all, or from time to time any part of, any series of Notes, in an amount not less than 5% of the aggregate principal amount of any series of Notes 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 NPA). The Notes are senior unsecured obligations of the Company and are guaranteed by SCA. The NPA contains a number of financial covenants that are similar to the Company’s unsecured credit facility as summarized above, including the maximum total leverage ratio, the minimum EBITDA to fixed charges ratio and the minimum consolidated net worth amount, as well as a maximum secured debt leverage ratio, a maximum unsecured debt leverage ratio and a minimum interest coverage ratio on unsecured debt. Subject to the terms of the NPA 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 March 31, 2016, the Company was in compliance with its covenants under the NPA. On April 28, 2016, the Company entered into another note purchase agreement for the private placement of $200 million of 4.73% Senior Notes, Series C due April 2026. Payment terms and financial covenants applicable to these additional notes are equivalent to those in the NPA noted above. In addition, in April 2016, the Company entered into a $100 million floating-rate, unsecured five -year term loan with the same group of lenders participating in its unsecured revolving credit facility. Concurrent with the closing of this loan, the Company entered into interest rate swaps that effectively convert the floating rate to a fixed rate, which was approximately 2.7% at closing, for the term of the loan. The financial covenants of the unsecured term loan match the covenants of the unsecured revolving credit facility. Non ‑Recourse Debt Obligations of Consolidated Special Purpose Entities During 2012, the Company implemented the 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 owned by these entities and their related leases (collateral). 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 are generally segregated into Class A amortizing notes and Class B non ‑amortizing notes. The Company has retained each of the Class B notes which aggregate $108.0 million at March 31, 2016. 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. As of March 31, 2016, the aggregate collateral pool securing the net ‑lease mortgage notes is comprised primarily of single tenant commercial real estate properties with an aggregate investment amount of approximately $2.1 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 $328.3 million at March 31, 2016. The mortgage notes payable, which are obligations of the consolidated special purpose entities as 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. As of March 31, 2016, the Company had one variable-rate mortgage note (outstanding principal balance of $18.7 million) which had effectively been converted to a fixed-rate note through the use of two interest rate swaps. The Company has an agreement with the counterparty to the interest rate swaps which contains a provision that, if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, the Company could also be declared in default on its interest rate swap obligations. As of March 31, 2016, the termination value of the Company’s interest rate swaps was a liability of approximately $0.5 million. The Company’s long-term debt obligations are summarized below (dollars in thousands): Coupon Outstanding Balance Maturity Interest March 31, December 31, Date Rate 2016 2015 Unsecured term notes payable: $ 75,000 Series A Nov. 2022 % $ $ $100,000 Series B Nov. 2024 % Total unsecured term notes Non-recourse net-lease mortgage notes: $214,500 Series 2012-1, Class A Aug. 2019 % $150,000 Series 2013-1, Class A-1 Mar. 2020 % $107,000 Series 2013-2, Class A-1 Jul. 2020 % $ 77,000 Series 2013-3, Class A-1 Nov. 2020 % $ 120,000 Series 2014-1, Class A-1 Apr. 2021 % $95,000 Series 2015-1, Class A-1 Apr. 2022 % $102,000 Series 2013-1, Class A-2 Mar. 2023 % $97,000 Series 2013-2, Class A-2 Jul. 2023 % $100,000 Series 2013-3, Class A-2 Nov. 2023 % $140,000 Series 2014-1, Class A-2 Apr. 2024 % $270,000 Series 2015-1, Class A-2 Apr. 2025 % Total non-recourse net-lease mortgage notes Non-recourse mortgage notes payable: $4,000 note issued August 2006 (a) Sept. 2016 % (a) $3,800 note issued September 2006 (b) Oct. 2016 % (b) $7,088 note issued April 2007 (c) May 2017 % (c) $4,400 note issued August 2007 (d) Sept. 2017 % (d) $8,000 note issued January 2012; assumed in December 2013 Jan. 2018 % $20,530 note issued December 2011 and amended February 2012 Jan. 2019 % (e) $6,500 note issued December 2012 Dec. 2019 % $2,956 note issued June 2013 Jun. 2020 % (f) $16,100 note issued February 2014 Mar. 2021 % $13,000 note issued May 2012 May 2022 % $14,950 note issued July 2012 Aug. 2022 % $26,000 note issued August 2012 Sept. 2022 % $6,400 note issued November 2012 Dec. 2022 % $11,895 note issued March 2013 Apr. 2023 % $17,500 note issued August 2013 Sept. 2023 % $10,075 note issued March 2014 Apr. 2024 % $21,125 note issued July 2015 Aug. 2025 % $7,750 note issued February 2013 Mar. 2038 % (g) $6,944 notes issued March 2013 Apr. 2038 % (h) Total non-recourse mortgage notes payable Total non-recourse debt obligations of consolidated special purpose entities Total long-term debt obligations Unamortized net (discount) premium Unamortized deferred financing costs Total long-term debt obligations, net $ $ (a) Note was assumed in July 2012 at a premium; estimated effective yield at assumption of 5.15% . (b) Note was assumed in April 2014 at a premium; estimated effective yield at assumption of 3.88% . (c) Note was assumed in December 2013 at a premium; estimated effective yield at assumption of 4.45% . (d) Note was assumed in September 2014 at a premium; estimated effective yield at assumption of 3.40% . (e) Note is a variable ‑rate note which resets monthly at one-month LIBOR + 3.50% . The Company has entered into two interest rate swap agreements that effectively convert the floating rate on a $12.3 million portion and a $6.4 million portion of this mortgage note payable to fixed rates of 5.299% and 5.230% , respectively. (f) Note is a variable ‑rate note which resets monthly at one-month LIBOR + 3.00% ; rate shown is effective rate at March 31, 2016 . (g) Interest rate is effective for first 10 years and will reset to greater of (1) initial rate plus 400 basis points or (2) Treasury rate plus 400 basis points. (h) Interest rate is effective for first 10 years and will reset to the lender’s then prevailing interest rate. As of March 31, 2016, the scheduled maturities, including balloon payments, on the long-term debt obligations are expected to be as follows (in thousands): Scheduled Balloon Principal Payments Total Remainder of 2016 $ $ $ 2017 2018 2019 2020 2021 Thereafter $ $ $

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2016
Stockholders’ Equity
Stockholders’ Equity	5. Stockholders’ Equity At March 31, 2016 and December 31, 2015, there were 140,879,389 shares and 140,858,765 shares, respectively, of the Company’s common stock outstanding, of which 33,336,144 shares and 70,336,144 shares, respectively, were held by STORE Holding. Between February 1, 2016 through April 1, 2016, STORE Holding completed three common stock offerings in which STORE Holding sold all of its holdings of the Company’s common stock. As a result, as of April 1, 2016, STORE Holding no longer holds any shares of the Company’s common stock. The Company did not receive any proceeds in connection with these offerings. As a result of the registration rights agreement between the Company and STORE Holding, the selling stockholder, the Company incurred approximately $0.8 million of offering expenses during the first quarter of 2016 on behalf of the selling stockholder related to these public offerings. The Company declared dividends payable to common stockholders totaling $38.0 million and $28.8 million during the three months ended March 31, 2016 and 2015, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies 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 March 31, 2016, the Company had approximately $51.5 million in commitments to fund improvements to real estate properties previously acquired which will generally result in increases to the rental revenue due under the related contracts. As of March 31, 2016, STORE Capital ha d 14 properties in which it has ground lease interests and two properties where a portion of the land is subject to a ground lease. The Company is responsible for the ground lease payments under one of the contracts totaling approximately $3 million over the remaining 67 -year lease term and payment obligations associated with four of the ground lease contracts have been prepaid in full. The ground lease payment obligations for the remaining properties are the responsibility of the tenants operating on the properties. The Company has employment agreements with each of its executive officers that provide for minimum annual base salaries, and annual cash and equity incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives to be adopted by the Company’s Board of Directors each year. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for cash severance, continuation of healthcare benefits and, in some instances, accelerated vesting of equity awards that he or she has been awarded as part of the Company’s incentive compensation program.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value of Financial Instruments
Fair Value of Financial Instruments	7. 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. At March 31, 2016 and December 31, 2015, the fair value of the Company’s derivative instruments (interest rate swaps) was a liability of $482,000 and $293,000 , respectively, included in other liabilities on the consolidated balance sheets. 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 upon market conditions and perceived risks at March 31, 2016 and December 31, 2015. 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 and escrow deposits, 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 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 non ‑recourse debt obligations of consolidated special purpose entities 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 March 31, 2016, these debt obligations had a carrying value of $ 1,766.1 million and an estimated fair value of $1,786.9 million. At December 31, 2015, these debt obligations had a carrying value of $1,769.9 million and an estimated fair value of $1,820.7 million.

Summary of Significant Accoun14

Summary of Significant Accounting Principles (Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Principles
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements and, accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. These consolidated statements include the accounts of STORE Capital and its subsidiaries which are wholly ‑owned and controlled by the Company through its voting interest. One of the Company’s wholly ‑owned subsidiaries, STORE Capital Advisors, LLC, provides all of 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 wholly ‑owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At March 31, 2016 and December 31, 2015, assets totaling $ 3.6 billion and $ 3.4 billion, respectively, were held and third-party li abilities totaling $ 1.6 billion were o wed by these special purpose entities and are included in the accompanying consolidated balance sheets.
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 Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (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.
Accounting for Real Estate Investments	Accounting for Real Estate Investments 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. Real estate properties subject to an existing in ‑place lease at the date of acquisition are recorded as business combinations and each tangible and intangible asset and liability acquired is recorded at fair value. 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. The Company expenses transaction costs associated with real estate acquisitions accounted for as business combinations in the period incurred. 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 and below ‑market leases 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 fixed ‑rate 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 30 to 40 years for buildings and is generally 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 closing costs. Any properties classified as held for sale are not depreciated.
Real Estate Investments, 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. Management considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors 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. An asset is considered impaired if the carrying value of the asset exceeds its estimated undiscounted cash flows and 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.
Real Estate Investments, Revenue Recognition	Revenue Recognition STORE Capital leases real estate to its tenants under long ‑term net leases that are predominantly classified as operating leases. Direct costs associated with lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. Substantially all of the leases are triple ‑net, which provide that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. The Company may collect property taxes from its customers and remit those taxes to governmental authorities; such property taxes are presented on a net basis in the consolidated income statements. 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, accrued rental revenue, calculated as the aggregate difference between the rental revenue recognized on a straight ‑line basis and scheduled rents, represents unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the lease. The Company provides an estimated reserve for uncollectible straight ‑line rental revenue based on management’s assessment of the risks inherent in those lease contracts, giving consideration to industry default rates for long ‑term receivables. There was $10.7 million and $ 9.5 million of accrued straight ‑line rental revenue, net of allowances of $3.8 million and $3.4 million, at March 31, 2016 and December 31, 2015, respectively, which were included in other assets on the consolidated balance sheets. 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. Generally, these escalators increase rent at the lesser of (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. For leases that 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. Less than 1.3% 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. The Company suspends revenue recognition if the collectibility of amounts due pursuant to a lease is not reasonably assured or if the tenant’s monthly lease payments become more than 60 days past due, whichever is earlier. The Company reviews its rent 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 a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write ‑off of the specific rent receivable will be made.
Loans Receivable	Loans Receivable STORE Capital holds its loans receivable for long ‑term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. Revenue Recognition 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 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 March 31, 2016 and December 31, 2015, there were no loans on nonaccrual status. Impairment and Provision for Loan Losses The Company periodically evaluates the collectibility of its loans receivable, including accrued interest, by analyzing the underlying property ‑level economics and trends, collateral value and quality and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. There was no allowance for loan losses at March 31, 2016 or December 31, 2015.
Direct Financing Receivables	Direct Financing Receivables Certain of the Company’s real estate investment transactions are accounted for as direct financing leases. The Company records 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.
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 and Escrow Deposits	Restricted Cash and Escrow Deposits The Company had $16.5 million and $16.3 million of restricted cash and deposits in escrow at March 31, 2016 and December 31, 2015, respectively, which were included in other assets on the consolidated balance sheets. Restricted cash primarily consists of reserve account deposits held by lenders.
Deferred Costs	Deferred Costs
Derivative Instruments and Hedging Activities	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. Deferred 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 on the consolidated balance sheets. Derivative Instruments and Hedging Activities The Company may enter into derivatives 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 Company records its derivatives on the balance sheet at fair value as either an asset or liability. 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 effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is 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 March 31, 2016, the Company had entered into two interest rate swap agreements with current notional amounts of $12.3 million and $6.4 million that were designated as cash flow hedges associated with the Company’s secured, variable ‑rate mortgage note payable due in 2019 (Note 4).
Fair Value Measurement	Fair Value Measurement The Company estimates 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 Certain directors and employees of the Company have been granted long ‑term incentive awards, including restricted shares and stock units of the Company’s common stock and profits interest units issued by STORE Holding, which provide them with equity interests as an incentive to remain in the Company’s service and align executives’ interests with those of the Company’s equity holders. During the three months ended March 31, 2016, the Company granted restricted share awards (RSAs) representing 89,121 shares of restricted common stock to its executive officers and certain directors and other employees. During the same period, 212,967 shares of restricted stock vested. In connection with the vesting of the RSAs, the Company repurchased 68,497 shares as a result of participant elections to surrender common shares to the Company to satisfy statutory minimum tax withholding obligations under the Company’s equity-based compensation plans. As of March 31, 2016, the Company had 453,805 shares of restricted common stock outstanding. The Company estimates the fair value of RSAs at the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight ‑line basis or the amount vested. The fair value of the RSAs is based on the per-share price of the common stock on the date of the grant. Prior to the Company’s IPO, the fair value was based on the per ‑share price of the common stock issued in the Company’s private equity offerings. During the three months ended March 31, 2016, the Company awarded 371,214 restricted stock units (RSUs) to its executive officers. At March 31, 2016, there were 719,434 RSUs outstanding. The Company values the restricted stock units, which contain both a market condition and a service condition, awarded to its executive officers using a Monte Carlo simulation model on the date of grant and recognizes that amount in general and administrative expense on a tranche by tranche basis ratably over the vesting periods.
Income Taxes	Income Taxes As a REIT, the Company generally will not be subject to federal income tax; however, it is still subject 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. Management of the Company determines whether any tax positions taken or expected to be taken meet the “more ‑likely ‑than ‑not” threshold of being sustained by the applicable federal, state or local tax authority. Certain state tax returns filed for 2011 and tax returns filed for 2012 through 2015 are subject to examination by these jurisdictions. As of March 31, 2016 and December 31, 2015, 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 operating expenses. There was no accrual for interest or penalties at March 31, 2016 or December 31, 2015.
Net Income Per Common Share	Net Income Per Common Share Net income per common share has been computed 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 income per common share (dollars in thousands): Three Months Ended March 31, 2016 2015 Numerator: Net income $ $ Less: earnings attributable to unvested restricted shares Net income used in basic and diluted income per share $ $ Denominator: Weighted average common shares outstanding Less: Weighted average number of shares of unvested restricted stock Weighted average shares outstanding used in basic income per share Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — Weighted average shares outstanding used in diluted income per share (a) For the three months ended March 31, 2016 and 2015, excludes 201,561 shares and 199,528 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Summary of Significant Accoun15

Summary of Significant Accounting Principles (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Principles
Reconciliation of the numerator and denominator used in the 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 income per common share (dollars in thousands): Three Months Ended March 31, 2016 2015 Numerator: Net income $ $ Less: earnings attributable to unvested restricted shares Net income used in basic and diluted income per share $ $ Denominator: Weighted average common shares outstanding Less: Weighted average number of shares of unvested restricted stock Weighted average shares outstanding used in basic income per share Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — Weighted average shares outstanding used in diluted income per share (a) For the three months ended March 31, 2016 and 2015, excludes 201,561 shares and 199,528 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments:
Schedule of gross real estate and loan activity	During the three months ended March 31, 2016, the Company had the following gross real estate and loan activity (dollars in thousands): Number of Dollar Investment Amount of Locations Investments (a) Gross investments, December 31, 2015 $ Acquisition of and additions to real estate (b)(c) Investment in loans and direct financing receivables Sales of real estate Principal collections on loans and direct financing receivables — Other — Gross investments, March 31, 2016 (d) Less accumulated depreciation and amortization (d) Net investments, March 31, 2016 $ (a) The dollar amount of 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 direct financing receivables. (b) Includes $0.2 million of interest capitalized to properties under construction. (c) Excludes $12.1 million of tenant improvement advances disbursed in 2016 which were accrued as of December 31, 2015. (d) Includes the dollar amount of investments ( $2.5 million) and the accumulated depreciation ( $0.3 million) related to real estate held for sale as of March 31, 2016.
Schedule of investment portfolio diversification by industry	The following table shows information regarding the diversification of the Company’s total investment portfolio among the different industries in which its tenants and borrowers operate as of March 31, 2016 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments (a) Investments Restaurants $ % Industrial Movie theaters Health clubs Early childhood education centers Furniture stores Sporting goods and hobby stores Lawn and garden equipment and supply stores All other service industries All other retail industries $ %
Schedule detailing intangible lease assets and related accumulated amortization	The following details intangible lease assets and related accumulated amortization (in thousands): March 31, December 31, 2016 2015 In-place lease assets $ $ Ground lease interest assets Above-market lease assets Total intangible lease assets Accumulated amortization Net intangible lease assets $ $
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 at March 31, 2016, are as follows (in thousands): Remainder of 2016 $ 2017 2018 2019 2020 2021 Thereafter Total future minimum rentals $
Schedule summarizing loans and direct financing receivables	The Company’s loans and direct financing receivables are summarized below (dollars in thousands): Stated Amount Outstanding Interest Maturity March 31, December 31, Type Rate Date 2016 2015 Mortgage loan receivable % Jan. 2017 $ $ Mortgage loan receivable % Dec. 2017 Mortgage loan receivable % Jan. 2018 Mortgage loan receivable % Dec. 2020 Mortgage loan receivable % Jan. 2028 Mortgage loan receivable % Jul. 2032 Mortgage loan receivable (a) % Jul. 2032 — Mortgage loan receivable (a) % Jul. 2032 — Mortgage loan receivable % Feb. 2038 — Mortgage loan receivable % Mar. 2053 Mortgage loan receivable % Jun. 2053 Mortgage loan receivable % Jun. 2053 Mortgage loan receivable % Aug. 2053 Mortgage loans receivable (b) % Feb. 2055 Mortgage loan receivable (a) % Dec. 2055 Total mortgage loans receivable Equipment loan receivable % Mar. 2017 Equipment loan receivable % May 2022 Equipment loan receivable % Aug. 2023 Other loan receivable % Nov. 2020 Other loan receivable % Feb. 2021 — Total principal amount outstanding—loans receivable Unamortized loan origination costs Direct financing receivables Total loans and direct financing receivables $ $ (a) Interest rates on these mortgage loans are subject to increases over the term of the loans. (b) Represents two mortgage loans receivable secured by a single property. The loans have an initial interest rate of 8.50% and are subject to increases over the term of the loans. The loans allow for prepayment in whole, but not in part, with penalties ranging from 20% to 70% depending on the timing of the prepayment.
Schedule of maturities of loans receivable	Absent prepayments, scheduled maturities are expected to be as follows (in thousands): Scheduled Balloon Total Principal Payments Payments Remainder of 2016 $ $ — $ 2017 2018 2019 — 2020 2021 Thereafter Total principal payments $ $ $
Schedule of the components of the investments accounted for as direct financing receivables	Scheduled Balloon Total Principal Payments Payments Remainder of 2016 $ $ — $ 2017 2018 2019 — 2020 2021 Thereafter Total principal payments $ $ $ As of March 31, 2016 and December 31, 2015, the Company had $ 111.8 million and $111.9 million, respectively, of investments accounted for as direct financing leases; the components of the investments accounted for as direct financing receivables were as follows (in thousands): March 31, December 31, 2016 2015 Minimum lease payments receivable $ $ Estimated residual value of leased assets Unearned income Net investment $ $ As of March 31, 2016, the future minimum lease payments to be received under the direct financing lease receivables are expected to be $7.8 million for the remainder of 2016 and average approximately $10.7 million for each of the next five years.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt
Schedule of debt	The Company’s long-term debt obligations are summarized below (dollars in thousands): Coupon Outstanding Balance Maturity Interest March 31, December 31, Date Rate 2016 2015 Unsecured term notes payable: $ 75,000 Series A Nov. 2022 % $ $ $100,000 Series B Nov. 2024 % Total unsecured term notes Non-recourse net-lease mortgage notes: $214,500 Series 2012-1, Class A Aug. 2019 % $150,000 Series 2013-1, Class A-1 Mar. 2020 % $107,000 Series 2013-2, Class A-1 Jul. 2020 % $ 77,000 Series 2013-3, Class A-1 Nov. 2020 % $ 120,000 Series 2014-1, Class A-1 Apr. 2021 % $95,000 Series 2015-1, Class A-1 Apr. 2022 % $102,000 Series 2013-1, Class A-2 Mar. 2023 % $97,000 Series 2013-2, Class A-2 Jul. 2023 % $100,000 Series 2013-3, Class A-2 Nov. 2023 % $140,000 Series 2014-1, Class A-2 Apr. 2024 % $270,000 Series 2015-1, Class A-2 Apr. 2025 % Total non-recourse net-lease mortgage notes Non-recourse mortgage notes payable: $4,000 note issued August 2006 (a) Sept. 2016 % (a) $3,800 note issued September 2006 (b) Oct. 2016 % (b) $7,088 note issued April 2007 (c) May 2017 % (c) $4,400 note issued August 2007 (d) Sept. 2017 % (d) $8,000 note issued January 2012; assumed in December 2013 Jan. 2018 % $20,530 note issued December 2011 and amended February 2012 Jan. 2019 % (e) $6,500 note issued December 2012 Dec. 2019 % $2,956 note issued June 2013 Jun. 2020 % (f) $16,100 note issued February 2014 Mar. 2021 % $13,000 note issued May 2012 May 2022 % $14,950 note issued July 2012 Aug. 2022 % $26,000 note issued August 2012 Sept. 2022 % $6,400 note issued November 2012 Dec. 2022 % $11,895 note issued March 2013 Apr. 2023 % $17,500 note issued August 2013 Sept. 2023 % $10,075 note issued March 2014 Apr. 2024 % $21,125 note issued July 2015 Aug. 2025 % $7,750 note issued February 2013 Mar. 2038 % (g) $6,944 notes issued March 2013 Apr. 2038 % (h) Total non-recourse mortgage notes payable Total non-recourse debt obligations of consolidated special purpose entities Total long-term debt obligations Unamortized net (discount) premium Unamortized deferred financing costs Total long-term debt obligations, net $ $ (a) Note was assumed in July 2012 at a premium; estimated effective yield at assumption of 5.15% . (b) Note was assumed in April 2014 at a premium; estimated effective yield at assumption of 3.88% . (c) Note was assumed in December 2013 at a premium; estimated effective yield at assumption of 4.45% . (d) Note was assumed in September 2014 at a premium; estimated effective yield at assumption of 3.40% . (e) Note is a variable ‑rate note which resets monthly at one-month LIBOR + 3.50% . The Company has entered into two interest rate swap agreements that effectively convert the floating rate on a $12.3 million portion and a $6.4 million portion of this mortgage note payable to fixed rates of 5.299% and 5.230% , respectively. (f) Note is a variable ‑rate note which resets monthly at one-month LIBOR + 3.00% ; rate shown is effective rate at March 31, 2016 . (g) Interest rate is effective for first 10 years and will reset to greater of (1) initial rate plus 400 basis points or (2) Treasury rate plus 400 basis points. (h) Interest rate is effective for first 10 years and will reset to the lender’s then prevailing interest rate.
Schedule of maturities of long-term debt	As of March 31, 2016, the scheduled maturities, including balloon payments, on the long-term debt obligations are expected to be as follows (in thousands): Scheduled Balloon Principal Payments Total Remainder of 2016 $ $ $ 2017 2018 2019 2020 2021 Thereafter $ $ $

Organization and Formation Ac18

Organization and Formation Activities (Details) - shares	Apr. 01, 2016	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Common stock outstanding	0	140,879,389	140,858,765
STORE Holding Company
Related Party Transaction [Line Items]
Common stock outstanding		33,336,144	70,336,144

Summary of Significant Accoun19

Summary of Significant Accounting Principles (Details)	3 Months Ended
	Mar. 31, 2016USD ($)segmentloan	Dec. 31, 2015USD ($)loan
Basis of Accounting and Principles of Consolidation
Assets owned	$ 4,135,363,000	$ 3,911,388,000
Liabilities owed	2,089,014,000	1,851,595,000
Reclassifications
Other Assets	52,090,000	48,513,000
Total non‑recourse debt obligations	$ 1,593,612,000	1,597,505,000
Segment Reporting
Number of Reportable Segments | segment	1
Revenue recognition
Accrued straight‑line rental revenue, net of allowance	$ 10,700,000	9,500,000
Accrued straight‑line rental revenue, allowance	$ 3,800,000	3,400,000
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)	1.30%
Loans receivable
Allowance for loan losses	$ 0	0
Restricted Cash and Escrow Deposits
Restricted Cash and Deposits	$ 16,500,000	$ 16,300,000
Rent receivables
Loans receivable
Maximum past due period for tenant lease payments causing suspension of revenue recognition.	60 days
Loans receivable
Loans receivable
Maximum past due period for loans payments causing nonaccrual status.	60 days
Loans on nonaccrual status (in loans) | loan	0	0
Buildings | Maximum
Accounting for Real Estate Investments
Property, Plant and Equipment, Useful Life	40 years
Buildings | Minimum
Accounting for Real Estate Investments
Property, Plant and Equipment, Useful Life	30 years
Land improvements
Accounting for Real Estate Investments
Property, Plant and Equipment, Useful Life	15 years
Consolidated special purpose entities
Basis of Accounting and Principles of Consolidation
Assets owned	$ 3,600,000,000	$ 3,400,000,000
Liabilities owed	1,600,000,000	$ 1,600,000,000
Designated as hedging instrument | Interest rate swaps | Derivative one [Member]
Restricted Cash and Escrow Deposits
Current notional amounts	12,300,000
Designated as hedging instrument | Interest rate swaps | Derivative two [Member]
Restricted Cash and Escrow Deposits
Current notional amounts	$ 6,400,000

Summary of Significant Accoun20

Summary of Significant Accounting Principles - Share Based Compensation and Other (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Examination, Penalties and Interest Accrued
Uncertain income tax positions		$ 0		$ 0
Accrual for interest or penalties		0		$ 0
Numerator:
Net income		24,793	$ 17,066
Less: earnings attributable to unvested restricted shares		(123)	(143)
Net income used in basic and diluted income per share		$ 24,670	$ 16,923
Denominator:
Weighted average common shares outstanding		140,867,222	115,215,833
Less: Weighted average number of shares of unvested restricted stock (in shares)		(513,079)	(582,533)
Weighted average shares outstanding used in basic income per share (in shares)		140,354,143	114,633,300
Effects of dilutive securities:
Add: Treasury stock method impact of potentially dilutive securities (in shares)	[1]	210,236
Weighted average shares outstanding used in diluted income per share (in shares)		140,564,379	114,633,300
Antidilutive unvested restricted shares (in shares)		201,561	199,528
Restricted Stock
Share‑based Compensation
Granted in period (in shares)		89,121
Shares repurchased to satisfy minimum tax withholding obligations		68,497
Vested in period (in shares)		212,967
Outstanding (in shares)		453,805
Restricted Stock Units | Executive Officer [Member] | Vesting Based On Service And Market Conditions[Member]
Share‑based Compensation
Granted in period (in shares)		371,214
Outstanding (in shares)		719,434
[1]	For the three months ended March 31, 2016 and 2015, excludes 201,561 shares and 199,528 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Investments - Locations (Detail

Investments - Locations (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2016USD ($)property		Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)property		Dec. 31, 2015USD ($)property
Investments:
Number of property locations of investments (in locations) | property		1,325			1,397		1,325
Number of owned properties (in properties) | property					1,360
Number of properties owned as direct financing receivables | property					28
Number of ground lease interests (in properties) | property					14
Number of properties which secure certain mortgage loans (in properties) | property					23
Gross acquisition cost of real estate investments					$ 4,040,000
Number of Investment Locations
Gross investments | property		1,325
Acquisition of and additions to real estate | property	[1]	65
Investment in loans and direct financing receivables | property		8
Sales of real estate | property		(1)
Gross investments | property		1,397
Dollar Amount of Investments
Gross investments	[2]	$ 3,979,942
Acquisition of and additions to real estate	[1],[2]	271,981
Investment in loans and direct financing receivables		12,550	[2]	$ 34,683
Sales of real estate	[2]	(1,112)
Principal collections on loans and direct financing receivables		(164)	[2]	$ (175)
Other	[2]	(18)
Gross investments	[2]	4,263,179
Less accumulated depreciation and amortization	[2]				(210,862)
Net investments					4,052,317	[2]	$ 3,795,760
Interest capitalized		200
Tenant improvement advances disbursed		$ 12,100
Dollar amount of real estate investments held for sale					2,500
Accumulated Depreciation of real estate investments held for sale					$ 300
[1]	Includes $0.2 million of interest capitalized to properties under construction.Excludes $12.1 million of tenant improvement advances disbursed in 2016 which were accrued as of December 31, 2015.Includes the dollar amount of investments ($2.5 million) and the accumulated depreciation ($0.3 million) related to real estate held for sale as of March 31, 2016.
[2]	The dollar amount of 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 direct financing receivables.

Investments - Portfolio Diversi

Investments - Portfolio Diversification (Details) $ in Thousands		Mar. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		1,397	1,325
Dollar Amount of Investments | $	[1]	$ 4,263,179	$ 3,979,942
Percentage of Total Dollar Amount of Investments		100.00%
Restaurants
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		652
Dollar Amount of Investments | $		$ 1,035,956
Percentage of Total Dollar Amount of Investments		24.00%
Industrial
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		103
Dollar Amount of Investments | $		$ 539,966
Percentage of Total Dollar Amount of Investments		13.00%
Movie theaters
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		37
Dollar Amount of Investments | $		$ 324,491
Percentage of Total Dollar Amount of Investments		8.00%
Health clubs
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		53
Dollar Amount of Investments | $		$ 290,381
Percentage of Total Dollar Amount of Investments		7.00%
Early childhood education centers
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		137
Dollar Amount of Investments | $		$ 266,229
Percentage of Total Dollar Amount of Investments		6.00%
Furniture stores
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		27
Dollar Amount of Investments | $		$ 175,690
Percentage of Total Dollar Amount of Investments		4.00%
Sporting goods and hobby stores
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		16
Dollar Amount of Investments | $		$ 131,585
Percentage of Total Dollar Amount of Investments		3.00%
Lawn and garden equipment and supply stores
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		18
Dollar Amount of Investments | $		$ 123,724
Percentage of Total Dollar Amount of Investments		3.00%
All other service industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		285
Dollar Amount of Investments | $		$ 1,086,476
Percentage of Total Dollar Amount of Investments		25.00%
All other retail industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		69
Dollar Amount of Investments | $		$ 288,681
Percentage of Total Dollar Amount of Investments		7.00%
[1]	The dollar amount of 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 direct financing receivables.

Investments - Significant Credi

Investments - Significant Credit and Revenue Concentration (Details)	3 Months Ended
	Mar. 31, 2016stateitem
Real estate investment portfolio | Geographic concentration
Significant Credit and Revenue Concentration
Number of states over which real estate investments are dispersed (in states) | state	47
Concentration Percentage for threshold	10.00%
Real estate investment portfolio | Geographic concentration | Minimum
Significant Credit and Revenue Concentration
Number of customers	320
Real estate investment portfolio | Geographic concentration | Texas
Significant Credit and Revenue Concentration
Concentration Percentage	12.00%
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	10.00%
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	3.00%
Real estate investment portfolio | Concept concentration | Minimum
Significant Credit and Revenue Concentration
Number of concepts (in categories)	340
Investment portfolio revenues | Customer concentration | Largest customer, investment portfolio revenues | Maximum
Significant Credit and Revenue Concentration
Concentration Percentage	3.00%
Investment portfolio revenues | Concept concentration | Maximum
Significant Credit and Revenue Concentration
Concentration Percentage	3.00%

Investments - Intangible Lease

Investments - Intangible Lease Assets and Real Estate Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)propertyitem	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Intangible Lease Assets
Intangible lease assets	$ 92,063		$ 88,724
Accumulated amortization	(13,909)		(12,038)
Net intangible lease assets	78,154		76,686
Amortization in the next five years
Remainder of 2016	4,800
2,017	6,300
2,018	6,100
2,019	5,900
2,020	5,300
2,021	$ 5,000
Accounting for Real Estate Investments
Typical number of renewal options | item	1
Remaining noncancelable lease term	14 years
Number of real estate properties vacant not subject to lease | property	2
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Remainder of 2016	$ 251,717
2,017	335,883
2,018	336,070
2,019	336,209
2,020	334,551
2,021	332,762
Thereafter	2,974,308
Total future minimum rentals	4,901,500
Decrease to rental revenue
Amortization in the next five years
Remainder of 2016	900
2,017	1,200
2,018	1,200
2,019	1,200
2,020	1,200
2,021	600
Amortization expense
Intangible Lease Assets
Amount amortized	1,600	$ 1,400
In -place lease assets
Intangible Lease Assets
Intangible lease assets	$ 61,742		58,403
Amortization in the next five years
Weighted average remaining amortization period	10 years
Ground lease interest assets
Intangible Lease Assets
Intangible lease assets	$ 20,048		20,048
Amortization in the next five years
Weighted average remaining amortization period	47 years
Above-market lease assets
Intangible Lease Assets
Intangible lease assets	$ 10,273		$ 10,273
Amortization in the next five years
Weighted average remaining amortization period	8 years
Above-market lease assets | Decrease to rental revenue
Intangible Lease Assets
Amount amortized	$ 300	$ 200

Investments - Loans and Direct

Investments - Loans and Direct Financing Receivables (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016USD ($)propertyloan	Dec. 31, 2015USD ($)
Loans and direct financing receivables
Number of loans receivable | loan		21
Number of properties which secure certain mortgage loans (in properties) | property		23
Gross carrying amount of loans receivable		$ 113,900
Number of mortgage loans | loan		16
Number of loans secured by tenant's equipment | loan		5
Number of short-term mortgage loans | loan		4
Amortization period of long-term mortgage loans		40 years
Mortgage loans receivable		$ 105,441	$ 96,038
Total principal outstanding - loans receivable		112,634	100,237
Unamortized loan origination costs		1,239	1,190
Direct financing receivables		111,837	111,915
Total loans and direct financing receivables		$ 225,710	213,342
Minimum
Loans and direct financing receivables
Long‑term mortgage loans receivable prepayment penalty rate		1.00%
Maximum
Loans and direct financing receivables
Long‑term mortgage loans receivable prepayment penalty rate		5.00%
Mortgage loan receivable, 0.0909 interest rate, Jan. 2017 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		9.09%
Mortgage loans receivable		$ 2,781	2,781
Mortgage loan receivable, 0.1 interest rate, Dec. 2017 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		10.00%
Mortgage loans receivable		$ 1,000	1,000
Mortgage loan receivable, 0.085 interest rate, Jan. 2018 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.50%
Mortgage loans receivable		$ 134	134
Mortgage loan receivable 0.078 interest rate, Dec. 2020 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		7.80%
Mortgage loans receivable		$ 2,000	2,000
Mortgage loan receivable, 0.0835 interest rate, Jan. 2028 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.35%
Mortgage loans receivable		$ 3,757	3,761
Mortgage loan receivable, 0.0875 interest rate, Jul. 2032 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.75%
Mortgage loans receivable		$ 23,876	23,900
Mortgage loan receivable, 0.09 interest rate, Mar. 2053 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		9.00%
Mortgage loans receivable		$ 14,530	14,543
Mortgage loan receivable, 0.0875 interest rate, Jun. 2053 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.75%
Mortgage loans receivable		$ 6,330	6,336
Mortgage loan receivable (a) 0.0788 Interest Rate Jul, 2032 Maturity Date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		7.88%
Mortgage loans receivable		$ 2,146
Mortgage loan receivable (a) 0.0794 Interest Rate Jul, 2032 Maturity Date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		7.94%
Mortgage loans receivable		$ 4,920
Mortgage loan receivable 0.0873 Interest Rate Feb, 2038 Maturity Date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.73%
Mortgage loans receivable		$ 2,418
Mortgage loan receivable, 0.085 interest rate, Jun. 2053 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.50%
Mortgage loans receivable		$ 6,731	6,737
Mortgage loan receivable, 0.0825 interest rate, Aug. 2053 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.25%
Mortgage loans receivable		$ 3,322	3,325
Mortgage loan receivable, 0.085 interest rate, Feb. 2055 maturity date
Loans and direct financing receivables
Number of loans receivable | loan		2
Number of properties which secure certain mortgage loans (in properties) | property		1
Stated Interest Rate (as a percent)	[1]	8.50%
Mortgage loans receivable	[1]	$ 28,412	28,435
Mortgage loan receivable, 0.085 interest rate, Feb. 2055 maturity date | Minimum
Loans and direct financing receivables
Prepayment penalties		20.00%
Mortgage loan receivable, 0.085 interest rate, Feb. 2055 maturity date | Maximum
Loans and direct financing receivables
Prepayment penalties		70.00%
Mortgage loan receivable, 0.075 interest rate, Dec 2055 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		7.50%
Mortgage loans receivable		$ 3,084	3,086
Equipment loan receivable, 0.0775 interest rate, Mar. 2017 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		7.75%
Equipment loans receivable		$ 3,063	3,063
Equipment loan receivable, 0.0875 interest rate, May. 2022 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.75%
Equipment loans receivable		$ 642	642
Equipment loan receivable 0.0700 interest rate Aug. 2023 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		7.00%
Equipment loans receivable		$ 238	244
Other loan receivable 0.900 interest rate, Nov. 2020 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		9.00%
Other loan receivable		$ 250	$ 250
Other Loan Receivable 0.10 Interest Rate Feb, 2021 Maturity Date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		10.00%
Other loan receivable		$ 3,000
[1]	Interest rates on these mortgage loans are subject to increases over the term of the loans.Represents two mortgage loans receivable secured by a single property. The loans have an initial interest rate of 8.50% and are subject to increases over the term of the loans. The loans allow for prepayment in whole, but not in part, with penalties ranging from 20% to 70% depending on the timing of the prepayment.

Investments - Loans Receivable

Investments - Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Scheduled loan receivable maturities
Remainder of 2016	$ 316
2,017	7,377
2,018	1,207
2,019	1,300
2,020	3,314
2,021	2,318
Thereafter	96,802
Total principal outstanding - loans receivable	112,634	$ 100,237
Components of investments accounted for as direct financing receivables
Minimum lease payments receivable	281,735	284,287
Estimated residual value of leased assets	13,374	13,374
Unearned income	(183,272)	(185,746)
Net investment	111,837	$ 111,915
Future minimum lease payments to be received
Remainder of 2016	7,800
2,017	10,700
2,018	10,700
2,019	10,700
2,020	10,700
2,021	10,700
Scheduled principal
Scheduled loan receivable maturities
Remainder of 2016	316
2,017	534
2,018	1,073
2,019	1,300
2,020	1,413
2,021	937
Thereafter	66,685
Total principal outstanding - loans receivable	72,258
Balloon payments
Scheduled loan receivable maturities
2,017	6,843
2,018	134
2,020	1,901
2,021	1,381
Thereafter	30,117
Total principal outstanding - loans receivable	$ 40,376

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details) $ in Thousands	Apr. 01, 2016	Sep. 30, 2015USD ($)	Sep. 19, 2014	Apr. 30, 2016USD ($)	Nov. 30, 2015USD ($)loan	Sep. 30, 2015USD ($)	Mar. 31, 2016USD ($)agreement	Apr. 28, 2016USD ($)	Dec. 31, 2015USD ($)
Credit facilities
Borrowings outstanding (in dollars)							$ 242,000
Maximum unsecured debt leverage ratio (as a percent)		50.00%				50.00%
Unamortized financing costs related to all debt							33,979		$ 35,554
Revolving credit facility
Credit facilities
Unamortized financing costs related to all debt							$ 2,900		$ 3,200
Unsecured term notes payable
Unsecured Term Notes Payable
Contingent periodic interest rate increase for failure to maintain investment grade credit rating					1.00%
Prepayment applied to principal plus make-whole amount (as a percent)					100.00%
Principal amount					$ 175,000
Number of loans | loan					2
Unsecured term notes payable | Minimum
Unsecured Term Notes Payable
Prepayment threshold (as a percent)					5.00%
Interest rate swaps
Credit facilities
Number of agreements | agreement							2
Interest rate swaps | Non‑recourse mortgage notes payable:
Credit facilities
Number of agreements | agreement							2
New unsecured credit facility | Revolving credit facility
Credit facilities
Borrowing availability, limitation as a percentage of the value of the Company's eligible unencumbered assets (as a percent)							50.00%
Borrowings outstanding (in dollars)							$ 242,000
Eligible unencumbered assets (in dollars)							1,820,000
New unsecured credit facility | Revolving credit facility | Base rate
Credit facilities
Debt Instrument interest rate description			Base Rate
New unsecured credit facility | Revolving credit facility | Base rate | Minimum
Credit facilities
Credit spread (as a percent)			0.75%
New unsecured credit facility | Revolving credit facility | Base rate | Maximum
Credit facilities
Credit spread (as a percent)			1.50%
New unsecured credit facility | Revolving credit facility | One-Month LIBOR
Credit facilities
Debt Instrument interest rate description			one-month LIBOR
New unsecured credit facility | Revolving credit facility | One-Month LIBOR | Minimum
Credit facilities
Credit spread (as a percent)			1.75%
New unsecured credit facility | Revolving credit facility | One-Month LIBOR | Maximum
Credit facilities
Credit spread (as a percent)			2.50%
Amended unsecured revolving credit facility
Credit facilities
Minimum EBITDA to fixed charges ratio covenant (as a percent)		1.5
Amended unsecured revolving credit facility | Revolving credit facility
Credit facilities
Unsecured loan facility				$ 500,000			$ 400,000
Size of the facility with the accordion feature (in dollars)		$ 800,000				$ 800,000
Additional commitment on credit facility accessed from accordion feature				$ 100,000
Maturity date						Sep. 30, 2019
Extension option term						1 year
Extension fee (as a percent)						0.15%
Maximum leverage covenant (as a percent)		65.00%				65.00%
Minimum consolidated net worth, base (in dollars)		$ 1,000,000				$ 1,000,000
Minimum consolidated net worth, percentage of any additional equity raised (as a percent)		75				75
Maximum dividend payout ratio (as a percent)		95
Amended unsecured revolving credit facility | Revolving credit facility | Minimum
Credit facilities
Non-use fee (as a percent)		0.15%
Amended unsecured revolving credit facility | Revolving credit facility | Maximum
Credit facilities
Non-use fee (as a percent)		0.25%
Amended unsecured revolving credit facility | Revolving credit facility | LIBOR
Credit facilities
Debt Instrument interest rate description	LIBOR					LIBOR
Credit spread (as a percent)							1.35%
Amended unsecured revolving credit facility | Revolving credit facility | LIBOR | Minimum
Credit facilities
Credit spread (as a percent)						1.35%
Amended unsecured revolving credit facility | Revolving credit facility | LIBOR | Maximum
Credit facilities
Credit spread (as a percent)						2.15%
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)						0.35%
Amended unsecured revolving credit facility | Revolving credit facility | Base rate | Maximum
Credit facilities
Credit spread (as a percent)						1.15%
Unsecured term notes payable
Credit facilities
Initial term				5 years
Effective fixed rate				2.70%
Unsecured Term Notes Payable
Principal amount				$ 100,000
4.73% Senior Notes due April 2026 | Unsecured term notes payable
Unsecured Term Notes Payable
Stated interest rate (as a percent)								4.73%
Principal amount								$ 200,000

Debt - Carrying Amount (Details

Debt - Carrying Amount (Details)		3 Months Ended
		Mar. 31, 2016USD ($)agreement	Apr. 28, 2016USD ($)	Dec. 31, 2015USD ($)	Nov. 30, 2015USD ($)
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance		$ 1,800,165,000		$ 1,805,474,000
Unamortized net (discount) premium		(47,000)		27,000
Unamortized deferred financing costs		(33,979,000)		(35,554,000)
Total long-term debt obligations, net		1,766,139,000		1,769,947,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Remainder of 2016		22,821,000
2,017		32,369,000
2,018		29,898,000
2,019		235,483,000
2,020		312,135,000
2,021		142,285,000
Thereafter		1,025,174,000
Long-term Debt		1,800,165,000		1,805,474,000
Scheduled principal
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance		145,204,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Remainder of 2016		16,271,000
2,017		22,448,000
2,018		23,233,000
2,019		21,944,000
2,020		16,136,000
2,021		12,919,000
Thereafter		32,253,000
Long-term Debt		145,204,000
Balloon payments
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance		1,654,961,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Remainder of 2016		6,550,000
2,017		9,921,000
2,018		6,665,000
2,019		213,539,000
2,020		295,999,000
2,021		129,366,000
Thereafter		992,921,000
Long-term Debt		$ 1,654,961,000
Interest rate swaps
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Number of agreements | agreement		2
Unsecured term notes payable
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount					$ 175,000,000
Outstanding balance		$ 175,000,000		175,000,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 175,000,000		175,000,000
Unsecured term notes payable | Senior Notes, Series A
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Stated Interest Rate (as a percent)		4.95%
Outstanding balance		$ 75,000,000		75,000,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 75,000,000		75,000,000
Unsecured term notes payable | Senior Notes, Series B
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Stated Interest Rate (as a percent)		5.24%
Outstanding balance		$ 100,000,000		100,000,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		100,000,000		100,000,000
Unsecured term notes payable | 4.73% Senior Notes due April 2026
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 200,000,000
Non-recourse net-lease mortgage notes:
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Retained non-amortizing notes		$ 108,000,000
Non‑recourse mortgage notes payable: | Interest rate swaps
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Number of agreements | agreement		2
Termination value, liability position which includes accrued interest		$ 500,000
Non‑recourse mortgage notes payable: | $20,530 note issued December 2011 and amended February 2012 | Interest rate swaps
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Number of agreements | agreement		2
Non‑recourse mortgage notes payable: | $12.6 million portion of note issued December 2011 and amended February 2012 | Interest rate swaps
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance		$ 12,300,000
Fixed rate		5.299%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 12,300,000
Non‑recourse mortgage notes payable: | $6.6 million portion of note issued December 2011 and amended February 2012 | Interest rate swaps
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance		$ 6,400,000
Fixed rate		5.23%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 6,400,000
Consolidated special purpose entities
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount		2,100,000,000
Consolidated special purpose entities | Senior Notes, Series A
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		75,000,000
Consolidated special purpose entities | Senior Notes, Series B
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		100,000,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes:
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance		1,430,398,000		1,434,660,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		1,430,398,000		1,434,660,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2012-1, Class A Due August 2019
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 214,500,000
Stated Interest Rate (as a percent)		5.77%
Outstanding balance		$ 203,369,000		204,218,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		203,369,000		204,218,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-1, Class A-1 Due March 2020
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 150,000,000
Stated Interest Rate (as a percent)		4.16%
Outstanding balance		$ 142,714,000		143,361,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		142,714,000		143,361,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-2, Class A-1 Due July 2020
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 107,000,000
Stated Interest Rate (as a percent)		4.37%
Outstanding balance		$ 102,609,000		103,046,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		102,609,000		103,046,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-3, Class A-1 Due November 2020
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 77,000,000
Stated Interest Rate (as a percent)		4.24%
Outstanding balance		$ 74,258,000		74,568,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		74,258,000		74,568,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2014‑1, Class A‑1 Due April 2021
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 120,000,000
Stated Interest Rate (as a percent)		4.21%
Outstanding balance		$ 118,900,000		119,050,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		118,900,000		119,050,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2015-1, Class A-1 Due April 2022
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 95,000,000
Stated Interest Rate (as a percent)		3.75%
Outstanding balance		$ 94,565,000		94,683,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		94,565,000		94,683,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-1, Class A-2 Due March 2023
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 102,000,000
Stated Interest Rate (as a percent)		4.65%
Outstanding balance		$ 97,045,000		97,486,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		97,045,000		97,486,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-2, Class A-2 Due July 2023
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 97,000,000
Stated Interest Rate (as a percent)		5.33%
Outstanding balance		$ 93,019,000		93,415,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		93,019,000		93,415,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-3, Class A-2 Due November 2023
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 100,000,000
Stated Interest Rate (as a percent)		5.21%
Outstanding balance		$ 96,439,000		96,841,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		96,439,000		96,841,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2014‑1, Class A‑2 Due April 2024
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 140,000,000
Stated Interest Rate (as a percent)		5.00%
Outstanding balance		$ 138,717,000		138,892,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		138,717,000		138,892,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2015-1, Class A-2 Due April 2025
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 270,000,000
Stated Interest Rate (as a percent)		4.17%
Outstanding balance		$ 268,763,000		269,100,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		268,763,000		269,100,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable:
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount		328,300,000
Principal amount		8,000,000
Outstanding balance		194,767,000		195,814,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		194,767,000		195,814,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $4,000 note issued August 2006
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 4,000,000
Stated Interest Rate (as a percent)	[1]	6.33%
Outstanding balance	[1]	$ 3,189,000		3,208,000
Estimated effective yield at assumption (as a percent)		5.15%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt	[1]	$ 3,189,000		3,208,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $3,800 note issued September 2006
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 3,800,000
Stated Interest Rate (as a percent)	[2]	6.47%
Outstanding balance	[2]	$ 3,439,000		3,454,000
Estimated effective yield at assumption (as a percent)		3.88%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt	[2]	$ 3,439,000		3,454,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $7,088 note issued April 2007
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 7,088,000
Stated Interest Rate (as a percent)	[3]	6.00%
Outstanding balance	[3]	$ 6,541,000		6,569,000
Estimated effective yield at assumption (as a percent)		4.45%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt	[3]	$ 6,541,000		6,569,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $4,400 note issued August 2007
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 4,400,000
Stated Interest Rate (as a percent)	[4]	6.7665%
Outstanding balance	[4]	$ 3,672,000		3,700,000
Estimated effective yield at assumption (as a percent)		3.40%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt	[4]	$ 3,672,000		3,700,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $8,000 note issued January 2012; assumed on December 2013
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Stated Interest Rate (as a percent)		4.778%
Outstanding balance		$ 7,172,000		7,242,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		7,172,000		7,242,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $20,530 note issued December 2011 and amended February 2012
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 20,530,000
Stated Interest Rate (as a percent)	[5]	5.275%
Outstanding balance		$ 18,730,000		18,851,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 18,730,000		18,851,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $20,530 note issued December 2011 and amended February 2012 | One-Month LIBOR
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Credit spread (as a percent)		3.50%
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $6,500 note issued December 2012
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 6,500,000
Stated Interest Rate (as a percent)		4.806%
Outstanding balance		$ 6,018,000		6,057,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		6,018,000		6,057,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $2,956 note issued June 2013
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 2,956,000
Stated Interest Rate (as a percent)	[6]	3.441%
Outstanding balance		$ 2,731,000		2,744,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 2,731,000		2,744,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $2,956 note issued June 2013 | One-Month LIBOR
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Debt Instrument, Description of Variable Rate Basis		one-month LIBOR
Credit spread (as a percent)		3.00%
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $16,100 note issued February 2014
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 16,100,000
Stated Interest Rate (as a percent)		4.83%
Outstanding balance		$ 15,427,000		15,516,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		15,427,000		15,516,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $13,000 note issued May 2012
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 13,000,000
Stated Interest Rate (as a percent)		5.195%
Outstanding balance		$ 11,964,000		12,038,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		11,964,000		12,038,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $14,950 note issued July 2012
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 14,950,000
Stated Interest Rate (as a percent)		4.95%
Outstanding balance		$ 13,415,000		13,507,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		13,415,000		13,507,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $26,000 note issued August 2012
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 26,000,000
Stated Interest Rate (as a percent)		5.05%
Outstanding balance		$ 24,079,000		24,229,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		24,079,000		24,229,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $6,400 note issued November 2012
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 6,400,000
Stated Interest Rate (as a percent)		4.707%
Outstanding balance		$ 5,942,000		5,980,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		5,942,000		5,980,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $11,895 note issued March 2013
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 11,895,000
Stated Interest Rate (as a percent)		4.7315%
Outstanding balance		$ 11,141,000		11,210,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		11,141,000		11,210,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $17,500 note issued August 2013
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 17,500,000
Stated Interest Rate (as a percent)		5.46%
Outstanding balance		$ 16,654,000		16,744,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		16,654,000		16,744,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $10,075 note issued March 2014
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 10,075,000
Stated Interest Rate (as a percent)		5.10%
Outstanding balance		$ 9,803,000		9,841,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		9,803,000		9,841,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $21,125 note issued July 2015
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 21,125,000
Stated Interest Rate (as a percent)		4.36%
Outstanding balance		$ 21,125,000		21,125,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		21,125,000		21,125,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $7,750 note issued February 2013
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 7,750,000
Stated Interest Rate (as a percent)	[7]	4.81%
Outstanding balance		$ 7,250,000		7,295,000
Interest rate term before reset		10 years
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 7,250,000		7,295,000
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $7,750 note issued February 2013 | Initial rate
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Credit spread (as a percent)		4.00%
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $7,750 note issued February 2013 | Treasury rate
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Credit spread (as a percent)		4.00%
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $6,944 notes issued March 2013
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 6,944,000
Stated Interest Rate (as a percent)	[8]	4.50%
Outstanding balance		$ 6,475,000		6,504,000
Interest rate term before reset		10 years
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 6,475,000		6,504,000
Consolidated special purpose entities | Non-recourse debt obligations
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance		1,625,165,000		1,630,474,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt		$ 1,625,165,000		$ 1,630,474,000
[1]	Note was assumed in July 2012 at a premium; estimated effective yield at assumption of 5.15%.
[2]	Note was assumed in April 2014 at a premium; estimated effective yield at assumption of 3.88%
[3]	Note was assumed in December 2013 at a premium; estimated effective yield at assumption of 4.45%
[4]	Note was assumed in September 2014 at a premium; estimated effective yield at assumption of 3.40%
[5]	Note is a variablerate note which resets monthly at one-month LIBOR + 3.50%. The Company has entered into two interest rate swap agreements that effectively convert the floating rate on a $12.3 million portion and a $6.4 million portion of this mortgage note payable to fixed rates of 5.299% and 5.230%, respectively.
[6]	Note is a variablerate note which resets monthly at one-month LIBOR + 3.00%; rate shown is effective rate at March 31, 2016
[7]	Interest rate is effective for first 10 years and will reset to greater of (1) initial rate plus 400 basis points or (2) Treasury rate plus 400 basis points.
[8]	Interest rate is effective for first 10 years and will reset to the lender’s then prevailing interest rate.

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Apr. 01, 2016	Dec. 31, 2015
Common stock.
Selling Stockholder Costs	$ 800
Declared dividends payable to common stockholders (in dollars)	$ 38,000	$ 28,800
Common stock, par value per share	$ 0.01			$ 0.01
Common stock outstanding	140,879,389		0	140,858,765
STORE Holding Company
Common stock.
Common stock outstanding	33,336,144			70,336,144

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)propertylease
Ground lease interests
Number of ground lease interests (in properties) | property	14
Number of properties portion subject to ground lease | property	2
Number of ground leases company responsible for payments | lease	1
Total ground lease payments company responsibility | $	$ 3
Lease term company responsible for payments	67 years
Number of ground lease contracts prepaid | lease	4
Commitments to fund improvements to real estate properties
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed | $	$ 51.5

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivatives [Line items]
Total non‑recourse debt obligations	$ 1,593,612,000	$ 1,597,505,000
Interest rate swaps
Derivatives [Line items]
Fair value, swaps	482,000	293,000
Consolidated special purpose entities | Level 2 Fair Value | Carrying value
Derivatives [Line items]
Total non‑recourse debt obligations	1,766,100,000	1,769,900,000
Consolidated special purpose entities | Level 2 Fair Value | Fair value
Derivatives [Line items]
Total non‑recourse debt obligations	$ 1,786,900,000	$ 1,820,700,000