Store Capital (STOR) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 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	Sep. 30, 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		155,889,606
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016		Dec. 31, 2015
Real estate investments:
Land and improvements	$ 1,439,050		$ 1,187,482
Building and improvements	3,030,936		2,490,394
Intangible lease assets	90,530		88,724
Total real estate investments	4,560,516		3,766,600
Less accumulated depreciation and amortization	(267,167)		(184,182)
Real estate investments, net	4,293,349		3,582,418
Loans and direct financing receivables	259,689		213,342
Net investments	4,553,038	[1]	3,795,760
Cash and cash equivalents	30,044		67,115
Other Assets	80,039		48,513
Total assets	4,663,121		3,911,388
Liabilities:
Credit facility	45,000
Unsecured notes and term loans payable, net	470,023		172,442
Total non‑recourse debt obligations	1,643,157		1,597,505
Dividends payable	45,170		38,032
Accounts payable, accrued expenses and other liabilities	54,947		43,616
Total liabilities	2,258,297		1,851,595
Stockholders’ equity:
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 155,758,454 and 140,858,765 shares issued and outstanding, respectively	1,558		1,409
Capital in excess of par value	2,542,415		2,162,130
Distributions in excess of retained earnings	(137,323)		(103,453)
Accumulated other comprehensive loss	(1,826)		(293)
Total stockholders’ equity	2,404,824		2,059,793
Total liabilities and stockholders’ equity	$ 4,663,121		$ 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	Sep. 30, 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	155,758,454	140,858,765
Common shares, outstanding shares	155,758,454	140,858,765

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental revenues	$ 91,759	$ 70,813	$ 259,666	$ 195,313
Interest income on loans and direct financing receivables	5,023	3,938	14,101	9,753
Other income	216	40	435	84
Total revenues	96,998	74,791	274,202	205,150
Expenses:
Interest	27,121	21,391	76,427	59,257
Transaction costs	155	137	490	1,003
Property costs	807	471	2,519	1,122
General and administrative	8,104	7,138	25,240	20,983
Selling stockholder costs			800
Depreciation and amortization	31,112	23,271	86,626	63,731
Provision for impairment of real estate				1,000
Total expenses	67,299	52,408	192,102	147,096
Income from operations before income taxes	29,699	22,383	82,100	58,054
Income tax expense	89	72	248	238
Income before gain on dispositions of real estate	29,610	22,311	81,852	57,816
Gain on dispositions of real estate, net of tax	6,733	687	9,533	1,882
Net income	$ 36,343	$ 22,998	$ 91,385	$ 59,698
Net income per share of common stock—basic and diluted	$ 0.24	$ 0.18	$ 0.62	$ 0.50
Dividends declared per common share (in dollars per share)	$ 0.29	$ 0.27	$ 0.83	$ 0.77
Weighted average common shares outstanding:
Weighted average shares outstanding used in basic income per share (in shares)	153,143,726	126,281,114	146,491,617	119,516,758
Weighted average shares outstanding used in diluted income per share (in shares)	153,462,048	126,281,114	146,747,194	119,516,758

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Consolidated Statement of Comprehensive Income
Net income	$ 36,343	$ 22,998	$ 91,385	$ 59,698
Other comprehensive (loss) income:
Change in unrealized losses on cash flow hedges	245	(235)	(2,101)	(451)
Cash flow hedge losses reclassified to interest expense	277	77	568	231
Total other comprehensive (loss) income	522	(158)	(1,533)	(220)
Total comprehensive income	$ 36,865	$ 22,840	$ 89,852	$ 59,478

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016		Sep. 30, 2015
Operating activities
Net income	$ 91,385		$ 59,698
Adjustments to net income:
Depreciation and amortization	86,626		63,731
Provision for impairment of real estate			1,000
Amortization of deferred financing costs and other non cash interest expense	5,319		4,843
Amortization of equity-based compensation	5,219		3,450
Gain on dispositions of real estate, net of tax	9,533		1,882
Noncash revenue and other	(620)		(65)
Changes in operating assets and liabilities:
Other assets	3,222		3,334
Accounts payable, accrued expenses and other liabilities	7,594		3,144
Net cash provided by operating activities	182,768		130,585
Investing activities
Acquisition of and additions to real estate	(849,286)		(863,723)
Investment in loans and direct financing receivables	(30,660)		(90,633)
Collections of principal on loans and direct financing receivables	1,590	[1]	4,705
Proceeds from dispositions of real estate	44,231		26,998
Transfers to restricted deposits	(25,353)		(72)
Net cash used in investing activities	(859,478)		(922,725)
Financing activities
Borrowings under credit facility	445,000		553,000
Repayments under credit facility	(400,000)		(361,000)
Borrowings under unsecured notes and term loans payable	300,000
Borrowings under non‑recourse debt obligations of consolidated special purpose entities	65,000		385,964
Repayments under non‑recourse debt obligations of consolidated special purpose entities	(22,831)		(33,834)
Financing costs paid	(4,243)		(9,951)
Proceeds from the issuance of common stock	389,564		234,142
Offering costs paid	(13,684)		(9,865)
Shares repurchased under stock compensation plans	(1,719)
Dividends paid	(117,448)		(73,660)
Net cash provided by financing activities	639,639		684,796
Net (decrease) increase in cash and cash equivalents	(37,071)		(107,344)
Cash and cash equivalents, beginning of period	67,115		136,313
Cash and cash equivalents, end of period	30,044		28,969
Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvement advances included in real estate investments	16,375		10,985
Seller financing provided to purchasers of real estate sold	17,479
Accrued financing costs			51
Accrued offering costs	366
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	64,937		53,609
Cash paid during the period for income and franchise taxes	$ 1,029		$ 1,003
[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	9 Months Ended
	Sep. 30, 2016
Organization
Organization and Formation Activities	1. Organization and Formation Activities STORE Capital Corporation (STORE Capital or the Company) was incorporated under the laws of Maryland on May 17, 2011 to acquire single‑tenant operational real estate to be leased on a long‑term, net basis to companies that operate across a wide variety of industries within the service, retail and industrial sectors of the United States economy. From time to time, it also provides 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 were entirely owned by entities managed by a global investment management firm. At December 31, 2015, there were 140,858,765 shares of the Company’s common stock outstanding, of which 70,336,144 shares were held by STORE Holding. Between February 1, 2016 and April 1, 2016, STORE Holding completed three public offerings in which it sold all of its shares and no longer owns any shares of the Company’s common stock. As of September 30, 2016, there were 155,758,454 shares of the Company’s common stock outstanding. 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 generally will 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	9 Months Ended
	Sep. 30, 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 condensed 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 September 30, 2016 and December 31, 2015, these special purpose entities held assets totaling $4.1 billion and $3.4 billion, respectively, and had liabilities to third-parties totaling $1.7 billion and $1.6 billion, respectively. These assets and liabilities are included in the accompanying condensed 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. Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period presentation. 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 discussed in Fair Value Measurements below. 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 condensed consolidated statements of income. 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 $13.4 million and $9.5 million of accrued straight‑line rental revenue, net of allowances of $4.4 million and $3.4 million, at September 30, 2016 and December 31, 2015, respectively, which were included in other assets on the condensed 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. Approximately 1.1% 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 when the collectibility of amounts due pursuant to a lease is no longer reasonably assured or the tenant’s monthly lease payments become more than 60 days past due, whichever is earlier. The Company reviews its accounts receivable 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 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 September 30, 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 September 30, 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 $41.9 million and $16.3 million of restricted cash and deposits in escrow at September 30, 2016 and December 31, 2015, respectively, which were included in other assets on the condensed consolidated balance sheets. Restricted cash primarily consists of reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets. 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 condensed 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 condensed 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 use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The 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 September 30, 2016, the Company had one interest rate floor and four interest rate swap agreements in place. Two of the swaps, with current notional amounts of $12.2 million and $6.3 million, were designated as cash flow hedges associated with the Company’s secured, variable‑rate mortgage note payable due in 2019 (Note 4). The other two interest rate swaps and related interest rate floor transaction have an aggregate notional amount of $100 million and were designated as a cash flow hedge of the Company’s $100 million variable-rate bank term loan due in 2021 (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 share awards (RSAs) and restricted stock units (RSUs) of the Company’s common stock and profits interest units previously issued by STORE Holding, which provide them with equity interests as an incentive for such directors and employees to remain in the Company’s service and to align their interests with those of the Company’s equity holders. 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 nine months ended September 30, 2016, the Company granted RSAs representing 104,086 shares of restricted common stock to its executive officers and certain directors and other employees. During the same period, RSAs representing 222,021 shares of previously issued 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 September 30, 2016, the Company had 459,716 shares of restricted common stock outstanding. The Company values the RSUs (which contain both a market condition and a service condition) using a Monte Carlo simulation model on the date of grant and recognizes that amount in general and administrative expense on the condensed consolidated statements of income on a tranche by tranche basis ratably over the vesting periods. During the nine months ended September 30, 2016, the Company awarded 371,214 RSUs to its executive officers. At September 30, 2016, there were 719,434 RSUs outstanding. Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (TRS) created to engage in non‑qualifying REIT activities. The TRS is subject to federal, state and local income taxes. 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 September 30, 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 September 30, 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 September 30, Nine Months Ended September 30, 2016 2015 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 September 30, 2016 and 2015, excludes 216,141 shares and 179,540 shares, respectively, and for the nine months ended September 30, 2016 and 2015, excludes 196,446 shares and 183,426 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 August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230)”, which is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This new standard will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years, and early adoption is permitted. The Company does not anticipate this standard will have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments which changes how entities measure credit losses for most financial assets. This guidance requires an entity to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. This new standard will be effective for annual reporting periods beginning after December 15, 2019, and interim periods within that reporting period. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company is currently evaluating the impact this new standard will have on its consolidated financial statements. 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	9 Months Ended
	Sep. 30, 2016
Investments:
Investments	3. Investments At September 30, 2016, STORE Capital had investments in 1,576 property locations representing 1,534 owned properties (of which 37 are accounted for as direct financing receivables), 16 ground lease interests and 26 properties which secure certain mortgage loans. The gross investment portfolio totaled $4.82 billion at September 30, 2016 and consisted of the gross acquisition cost of the real estate investments totaling $4.56 billion and loans and direct financing receivables with an aggregate carrying amount of $259.7 million. As of September 30, 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 nine months ended September 30, 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 (d) Sales of real estate Principal collections on loans and direct financing receivables Other — Gross investments, September 30, 2016 Less accumulated depreciation and amortization Net investments, September 30, 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 $0.6 million of interest capitalized to properties under construction. (c) Excludes $15.8 million of tenant improvement advances disbursed in 2016 which were accrued as of December 31, 2015. (d) Includes $17.5 million of mortgage loans made to the purchasers of four of the real estate properties sold. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to nearly 340 customers geographically dispersed throughout 48 states. Only one state, Texas (13%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at September 30, 2016. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at September 30, 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 September 30, 2016. The Company’s customers operate their businesses across more than 380 concepts and the largest of these concepts represented less than 3% of the Company’s annualized investment portfolio revenues as of September 30, 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 September 30, 2016 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments (a) Investments Restaurants $ % Industrial Early childhood education centers Movie theaters Health clubs Furniture stores Lawn and garden equipment and supply stores Sporting goods and hobby 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. Intangible Lease Assets The following details intangible lease assets and related accumulated amortization (in thousands): September 30, 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 September 30, 2016 and 2015, respectively, and was $4.8 million and $4.2 million during the nine months ended September 30, 2016 and 2015, respectively. The amount amortized as a decrease to rental revenue for capitalized above‑market lease intangibles was $0.3 million during both the three months ended September 30, 2016 and 2015 and was $0.9 million and $0.8 million during the nine months ended September 30, 2016 and 2015, respectively. Based on the balance of the intangible assets at September 30, 2016, the aggregate amortization expense is expected to be $1.6 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 $0.3 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 September 30, 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 while the triple-net leases are in effect. At September 30, 2016, twelve of the Company’s properties were vacant and not subject to a lease. Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of September 30, 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 September 30, 2016, the Company held 24 loans receivable with an aggregate carrying amount of $136.6 million. Eighteen of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property. Five 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 six other loans are primarily loans secured by the tenant’s equipment or other assets and 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 September 30, December 31, Type Rate Date 2016 2015 Mortgage loan receivable % Jan. 2017 $ $ Mortgage loan receivable % Mar. 2017 — Mortgage loan receivable % Dec. 2017 Mortgage loan receivable % — Mortgage loan receivable % Sept. 2019 — 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 Mortgage loan receivable % Aug. 2056 — Total mortgage loans receivable Equipment and other loans receivable (c) % 2017 - 2023 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. (c) Interest rate represents the weighted average interest rate on these six loans receivable. 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 Principal Balloon Total Payments Payments Payments Remainder of 2016 $ $ — $ 2017 2018 2019 2020 2021 Thereafter Total principal payments $ $ $ As of September 30, 2016 and December 31, 2015, the Company had $123.1 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): September 30, December 31, 2016 2015 Minimum lease payments receivable $ $ Estimated residual value of leased assets Unearned income Net investment $ $ As of September 30, 2016, the future minimum lease payments to be received under the direct financing lease receivables are expected to be $2.9 million for the remainder of 2016 and average approximately $11.9 million for each of the next five years.

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt
Debt	4. Debt Credit Facility As of September 30, 2016, the Company had a $500 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 from $400 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 (SCA), 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 September 30, 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 September 30, 2016, the Company had $45 million of borrowings outstanding and a pool of unencumbered assets aggregating approximately $2.28 billion, substantially all 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 charges ratio of 1.5 to 1, minimum 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 September 30, 2016, the Company was in compliance with these covenants. At September 30, 2016 and December 31, 2015, unamortized financing costs related to the Company’s credit facility totaled $3.0 million and $3.2 million, respectively, and are included in other assets, net, on the condensed consolidated balance sheets. Senior Unsecured Notes and Term Loan Payable, net 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. On April 28, 2016, the Company entered into another NPA for the private placement of a third series of senior unsecured notes totaling $200 million (together with the first two series, 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 the series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPA). The Notes are senior unsecured obligations of the Company and are guaranteed by SCA. The NPAs contain 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 September 30, 2016, the Company was in compliance with its covenants under the NPAs. In April 2016, the Company entered into a $100 million floating-rate, unsecured five-year term loan with a group of lenders who also participate in its unsecured revolving credit facility. The interest rate on the loan resets monthly at one-month LIBOR plus a credit spread ranging from 1.35% to 2.15%. The credit spread used is based on the Company’s leverage ratio as defined in the loan agreement. The term loan is prepayable at any time without penalty. Concurrent with the closing of this loan, the Company entered into interest rate swaps that effectively convert the floating rate to a fixed rate. The financial covenants of the term loan match the covenants of the unsecured credit facility. The term loan is a senior unsecured obligation of the Company and is guaranteed by SCA. The Company’s senior unsecured notes and term loan payable are summarized below (dollars in thousands): Coupon Outstanding Balance Maturity Interest September 30, December 31, Date Rate 2016 2015 Notes Payable: Series A issued November 2015 Nov. 2022 % $ $ Series B issued November 2015 Nov. 2024 % Series C issued April 2016 Apr. 2026 % — Total notes payable Term Loan: Term Loan issued April 2016 Apr. 2021 % (a) — Total term loan — Unamortized deferred financing costs Total unsecured notes and term loan payable, net $ $ (a) Loan is a variable‑rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.35% at September 30, 2016. The Company has entered into two interest rate swap agreements that effectively convert the floating rate to the fixed rate noted as of September 30, 2016. Non‑recourse Debt Obligations of Consolidated Special Purpose Entities, net 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 September 30, 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 September 30, 2016, the aggregate collateral pool securing the net‑lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $2.1 billion. On October 18, 2016, the consolidated special purpose entities issued an additional series of net-lease mortgage notes consisting of $200.0 million of Class A-1 (2016) notes, $135.0 million of Class A-2 (2017) notes and $20.0 million of Class B notes. The Class A-1 (2016) notes are ten-year notes with an interest rate of 3.96%. The Class A-2 (2017) are ten-and-a-half-year notes and were retained by the Company for sale at a future date. The Class B notes were also retained by the Company. 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 $421.4 million at September 30, 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. The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): Coupon Outstanding Balance Maturity Interest September 30, December 31, Date Rate 2016 2015 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 — $3,800 note issued September 2006 — $7,088 note issued April 2007 (a) May 2017 % (a) $4,400 note issued August 2007 (b) Sept. 2017 % (b) $8,000 note issued January 2012; assumed in December 2013 Jan. 2018 % $20,530 note issued December 2011 and amended February 2012 Jan. 2019 % (c) $6,500 note issued December 2012 Dec. 2019 % $2,956 note issued June 2013 Jun. 2020 % (d) $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 % $65,000 note issued June 2016 Jul. 2026 % — $7,750 note issued February 2013 Mar. 2038 % (e) $6,944 notes issued March 2013 Apr. 2038 % (f) Total non-recourse mortgage notes payable Unamortized net (discount) premium Unamortized deferred financing costs Total non-recourse debt obligations of consolidated special purpose entities, net $ $ (a) Note was assumed in December 2013 at a premium; estimated effective yield at assumption of 4.45%. (b) Note was assumed in September 2014 at a premium; estimated effective yield at assumption of 3.40%. (c) 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 $12.2 million portion and a $6.3 million portion of this mortgage note payable to fixed rates of 5.299% and 5.230%, respectively. (d) Note is a variable‑rate note which resets monthly at one-month LIBOR + 3.00%; rate shown is effective rate at September 30, 2016. (e) 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. (f) Interest rate is effective for first 10 years and will reset to the lender’s then prevailing interest rate. Credit Risk Related Contingent Features The Company has an agreement with a derivative counterparty which provides that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company has agreements with other derivative counterparties which provide that the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of September 30, 2016, the termination value of the Company’s interest rate swaps that were in a liability position was approximately $2.0 million, which includes accrued interest but excludes any adjustment for nonperformance risk. Long-term Debt Maturity Schedule As of September 30, 2016, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are expected to be as follows (in thousands): Scheduled Principal Balloon Payments Payments Total Remainder of 2016 $ $ — $ 2017 2018 2019 2020 2021 Thereafter $ $ $

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2016
Stockholders’ Equity
Stockholders’ Equity	5. Stockholders’ Equity At December 31, 2015, there were 140,858,765 shares of the Company’s common stock outstanding, of which 70,336,144 shares were held by STORE Holding. Between February 1, 2016 and April 1, 2016, STORE Holding completed three common stock offerings in which STORE Holding sold all of its shares of the Company’s common stock. As a result, as of April 1, 2016, STORE Holding no longer owned 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. During the second quarter of 2016, the Company completed a follow-on stock offering in which the Company issued and sold 12,362,500 shares of common stock. The Company received $304.6 million in proceeds, net of both underwriters’ discount and offering expenses, in connection with this offering. In September 2016, the Company established an “at the market” equity distribution program, or ATM program, pursuant to which it can, from time to time, offer and sell registered shares of common stock up to a maximum amount of $400 million through a group of banks acting as its sales agents. During September 2016, the Company issued and sold 2,501,600 shares at a weighted average share price of $29.21 and raised approximately $73.1 million in aggregate gross proceeds, or approximately $71.6 million of aggregate proceeds net of sales agents’ commissions and offering expenses, under the ATM program. As of September 30, 2016, there were 155,758,454 shares of the Company’s common stock outstanding. The Company declared dividends payable to common stockholders totaling $124.6 million and $94.8 million during the nine months ended September 30, 2016 and 2015, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2016, the Company had approximately $67.2 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 September 30, 2016, STORE Capital ha d 16 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	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015, the fair value of the Company’s derivative instruments was a net liability of $1.8 million and $293,000, respectively, included in accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets. Had the Company elected not to offset derivatives in the consolidated balance sheet, the Company would have had a derivative asset of $145,000 associated with the interest rate floor and gross derivative liabilities of $2.0 million associated with its interest rate swaps at September 30, 2016. There were no derivative assets offset in derivative liabilities at December 31, 2015. 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 September 30, 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 Company’s aggregate long-term debt obligations have been derived based on market observable inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 within the fair value hierarchy. At September 30, 2016, these debt obligations had a carrying value of $2,113.2 million and an estimated fair value of $2,230.5 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)	9 Months Ended
	Sep. 30, 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 condensed 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 September 30, 2016 and December 31, 2015, these special purpose entities held assets totaling $4.1 billion and $3.4 billion, respectively, and had liabilities to third-parties totaling $1.7 billion and $1.6 billion, respectively. These assets and liabilities are included in the accompanying condensed 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	Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period presentation. 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 discussed in Fair Value Measurements below. 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 condensed consolidated statements of income. 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 $13.4 million and $9.5 million of accrued straight‑line rental revenue, net of allowances of $4.4 million and $3.4 million, at September 30, 2016 and December 31, 2015, respectively, which were included in other assets on the condensed 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. Approximately 1.1% 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 when the collectibility of amounts due pursuant to a lease is no longer reasonably assured or the tenant’s monthly lease payments become more than 60 days past due, whichever is earlier. The Company reviews its accounts receivable 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 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 September 30, 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 September 30, 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 $41.9 million and $16.3 million of restricted cash and deposits in escrow at September 30, 2016 and December 31, 2015, respectively, which were included in other assets on the condensed consolidated balance sheets. Restricted cash primarily consists of reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets.
Deferred Costs	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 condensed 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 condensed consolidated balance sheets.
Derivative Instruments and Hedging Activities	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 use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The 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 September 30, 2016, the Company had one interest rate floor and four interest rate swap agreements in place. Two of the swaps, with current notional amounts of $12.2 million and $6.3 million, were designated as cash flow hedges associated with the Company’s secured, variable‑rate mortgage note payable due in 2019 (Note 4). The other two interest rate swaps and related interest rate floor transaction have an aggregate notional amount of $100 million and were designated as a cash flow hedge of the Company’s $100 million variable-rate bank term loan due in 2021 (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 share awards (RSAs) and restricted stock units (RSUs) of the Company’s common stock and profits interest units previously issued by STORE Holding, which provide them with equity interests as an incentive for such directors and employees to remain in the Company’s service and to align their interests with those of the Company’s equity holders. 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 nine months ended September 30, 2016, the Company granted RSAs representing 104,086 shares of restricted common stock to its executive officers and certain directors and other employees. During the same period, RSAs representing 222,021 shares of previously issued 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 September 30, 2016, the Company had 459,716 shares of restricted common stock outstanding. The Company values the RSUs (which contain both a market condition and a service condition) using a Monte Carlo simulation model on the date of grant and recognizes that amount in general and administrative expense on the condensed consolidated statements of income on a tranche by tranche basis ratably over the vesting periods. During the nine months ended September 30, 2016, the Company awarded 371,214 RSUs to its executive officers. At September 30, 2016, there were 719,434 RSUs outstanding.
Income Taxes	Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (TRS) created to engage in non‑qualifying REIT activities. The TRS is subject to federal, state and local income taxes. 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 September 30, 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 September 30, 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 September 30, Nine Months Ended September 30, 2016 2015 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 September 30, 2016 and 2015, excludes 216,141 shares and 179,540 shares, respectively, and for the nine months ended September 30, 2016 and 2015, excludes 196,446 shares and 183,426 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Summary of Significant Accoun15

Summary of Significant Accounting Principles (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 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 September 30, 2016 and 2015, excludes 216,141 shares and 179,540 shares, respectively, and for the nine months ended September 30, 2016 and 2015, excludes 196,446 shares and 183,426 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Investments:
Schedule of gross real estate and loan activity	During the nine months ended September 30, 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 (d) Sales of real estate Principal collections on loans and direct financing receivables Other — Gross investments, September 30, 2016 Less accumulated depreciation and amortization Net investments, September 30, 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 $0.6 million of interest capitalized to properties under construction. (c) Excludes $15.8 million of tenant improvement advances disbursed in 2016 which were accrued as of December 31, 2015. (d) Includes $17.5 million of mortgage loans made to the purchasers of four of the real estate properties sold.
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 September 30, 2016 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments (a) Investments Restaurants $ % Industrial Early childhood education centers Movie theaters Health clubs Furniture stores Lawn and garden equipment and supply stores Sporting goods and hobby 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.
Schedule detailing intangible lease assets and related accumulated amortization	The following details intangible lease assets and related accumulated amortization (in thousands): September 30, 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 in place as of September 30, 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 September 30, December 31, Type Rate Date 2016 2015 Mortgage loan receivable % Jan. 2017 $ $ Mortgage loan receivable % Mar. 2017 — Mortgage loan receivable % Dec. 2017 Mortgage loan receivable % — Mortgage loan receivable % Sept. 2019 — 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 Mortgage loan receivable % Aug. 2056 — Total mortgage loans receivable Equipment and other loans receivable (c) % 2017 - 2023 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. (c) Interest rate represents the weighted average interest rate on these six loans receivable.
Schedule of maturities of loans receivable	Absent prepayments, scheduled maturities are expected to be as follows (in thousands): Scheduled Principal Balloon Total Payments 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 Principal Balloon Total Payments Payments Payments Remainder of 2016 $ $ — $ 2017 2018 2019 2020 2021 Thereafter Total principal payments $ $ $ As of September 30, 2016 and December 31, 2015, the Company had $123.1 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): September 30, December 31, 2016 2015 Minimum lease payments receivable $ $ Estimated residual value of leased assets Unearned income Net investment $ $

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of maturities of long-term debt	As of September 30, 2016, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are expected to be as follows (in thousands): Scheduled Principal Balloon Payments Payments Total Remainder of 2016 $ $ — $ 2017 2018 2019 2020 2021 Thereafter $ $ $
senior unsecured notes and term loans payable
Schedule of debt	The Company’s senior unsecured notes and term loan payable are summarized below (dollars in thousands): Coupon Outstanding Balance Maturity Interest September 30, December 31, Date Rate 2016 2015 Notes Payable: Series A issued November 2015 Nov. 2022 % $ $ Series B issued November 2015 Nov. 2024 % Series C issued April 2016 Apr. 2026 % — Total notes payable Term Loan: Term Loan issued April 2016 Apr. 2021 % (a) — Total term loan — Unamortized deferred financing costs Total unsecured notes and term loan payable, net $ $ Loan is a variable‑rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.35% at September 30, 2016. The Company has entered into two interest rate swap agreements that effectively convert the floating rate to the fixed rate noted as of September 30, 2016.
Non-recourse debt obligations
Schedule of debt	The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): Coupon Outstanding Balance Maturity Interest September 30, December 31, Date Rate 2016 2015 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 — $3,800 note issued September 2006 — $7,088 note issued April 2007 (a) May 2017 % (a) $4,400 note issued August 2007 (b) Sept. 2017 % (b) $8,000 note issued January 2012; assumed in December 2013 Jan. 2018 % $20,530 note issued December 2011 and amended February 2012 Jan. 2019 % (c) $6,500 note issued December 2012 Dec. 2019 % $2,956 note issued June 2013 Jun. 2020 % (d) $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 % $65,000 note issued June 2016 Jul. 2026 % — $7,750 note issued February 2013 Mar. 2038 % (e) $6,944 notes issued March 2013 Apr. 2038 % (f) Total non-recourse mortgage notes payable Unamortized net (discount) premium Unamortized deferred financing costs Total non-recourse debt obligations of consolidated special purpose entities, net $ $ (a) Note was assumed in December 2013 at a premium; estimated effective yield at assumption of 4.45%. (b) Note was assumed in September 2014 at a premium; estimated effective yield at assumption of 3.40%. (c) 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 $12.2 million portion and a $6.3 million portion of this mortgage note payable to fixed rates of 5.299% and 5.230%, respectively. (d) Note is a variable‑rate note which resets monthly at one-month LIBOR + 3.00%; rate shown is effective rate at September 30, 2016. (e) 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. (f) Interest rate is effective for first 10 years and will reset to the lender’s then prevailing interest rate.

Organization and Formation Ac18

Organization and Formation Activities (Details) - shares	3 Months Ended
	Jun. 30, 2016	Sep. 30, 2016	Apr. 01, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Common stock outstanding		155,758,454		140,858,765
Shares issued and sold	12,362,500
STORE Holding Company
Related Party Transaction [Line Items]
Common stock outstanding			0	70,336,144

Summary of Significant Accoun19

Summary of Significant Accounting Principles (Details)	9 Months Ended
	Sep. 30, 2016USD ($)segmentagreementloan	Dec. 31, 2015USD ($)loan
Basis of Accounting and Principles of Consolidation
Assets owned	$ 4,663,121,000	$ 3,911,388,000
Liabilities owed	2,258,297,000	1,851,595,000
Reclassifications
Other Assets	80,039,000	48,513,000
Total non‑recourse debt obligations	$ 1,643,157,000	1,597,505,000
Segment Reporting
Number of Reportable Segments | segment	1
Revenue recognition
Accrued straight‑line rental revenue, net of allowance	$ 13,400,000	9,500,000
Accrued straight‑line rental revenue, allowance	$ 4,400,000	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
Loans receivable
Allowance for loan losses	$ 0	0
Restricted Cash and Escrow Deposits
Restricted Cash and Deposits	41,900,000	$ 16,300,000
Derivative Instruments and Hedging Activities
Outstanding balance	$ 2,147,642,000
Maximum
Revenue recognition
Portion of investment portfolio subject to contingent rent based upon tenant sales (as a percent)	1.10%
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	$ 4,100,000,000	$ 3,400,000,000
Liabilities owed	$ 1,700,000,000	$ 1,600,000,000
Interest rate swaps
Derivative Instruments and Hedging Activities
Number of agreements | agreement	4
Interest rate floor
Derivative Instruments and Hedging Activities
Number of agreements | agreement	1
Senior Unsecured Notes
Derivative Instruments and Hedging Activities
Outstanding balance	$ 100,000,000
Senior Unsecured Notes | Term Loan issued April 2016
Derivative Instruments and Hedging Activities
Outstanding balance	$ 100,000,000
Designated as hedging instrument | Interest rate swaps
Derivative Instruments and Hedging Activities
Number of agreements | agreement	2
Designated as hedging instrument | Interest rate swap contract one
Derivative Instruments and Hedging Activities
Current notional amounts	$ 12,200,000
Designated as hedging instrument | Interest rate swap contract two
Derivative Instruments and Hedging Activities
Current notional amounts	6,300,000
Designated as hedging instrument | Interest rate floor
Derivative Instruments and Hedging Activities
Current notional amounts	$ 100,000,000
Number of agreements | agreement	2

Summary of Significant Accoun20

Summary of Significant Accounting Principles - Share Based Compensation and Other (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Examination, Penalties and Interest Accrued
Uncertain income tax positions		$ 0		$ 0		$ 0
Accrual for interest or penalties		0		0		$ 0
Numerator:
Net income		36,343	$ 22,998	91,385	$ 59,698
Less: earnings attributable to unvested restricted shares		(133)	(157)	(380)	(442)
Net income used in basic and diluted income per share		$ 36,210	$ 22,841	$ 91,005	$ 59,256
Denominator:
Weighted average common shares outstanding		153,602,720	126,858,765	146,967,323	120,096,234
Less: Weighted average number of shares of unvested restricted stock (in shares)		(458,994)	(577,651)	(475,706)	(579,476)
Weighted average shares outstanding used in basic income per share (in shares)		153,143,726	126,281,114	146,491,617	119,516,758
Effects of dilutive securities:
Add: Treasury stock method impact of potentially dilutive securities (in shares)	[1]	318,322		255,577
Weighted average shares outstanding used in diluted income per share (in shares)		153,462,048	126,281,114	146,747,194	119,516,758
Antidilutive unvested restricted shares (in shares)		216,141	179,540	196,446	183,426
Restricted Stock
Share‑based Compensation
Granted in period (in shares)				104,086
Shares repurchased to satisfy minimum tax withholding obligations				68,497
Vested in period (in shares)				222,021
Outstanding (in shares)		459,716		459,716
Restricted Stock Units | Executive Officer | Vesting Based On Service And Market Conditions
Share‑based Compensation
Granted in period (in shares)				371,214
Outstanding (in shares)		719,434		719,434
[1]	For the three months ended September 30, 2016 and 2015, excludes 216,141 shares and 179,540 shares, respectively, and for the nine months ended September 30, 2016 and 2015, excludes 196,446 shares and 183,426 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Investments - Locations (Detail

Investments - Locations (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2016USD ($)property		Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property		Dec. 31, 2015USD ($)property
Investments:
Number of property locations of investments (in locations) | property		1,325			1,576		1,325
Number of owned properties (in properties) | property					1,534
Number of properties owned as direct financing receivables | property					37
Number of ground lease interests (in properties) | property					16
Number of properties which secure certain mortgage loans (in properties) | property					26
Gross acquisition cost of real estate investments					$ 4,560,000
Number of Investment Locations
Gross investments | property		1,325
Acquisition of and additions to real estate | property	[1]	251
Investment in loans and direct financing receivables | property		22
Sales of real estate | property		(21)
Principal collections on loans and direct financing receivables | property		(1)
Gross investments | property		1,576
Dollar Amount of Investments
Gross investments	[2]	$ 3,979,942
Acquisition of and additions to real estate	[1],[2]	849,837
Investment in loans and direct financing receivables	[2]	48,139
Sales of real estate	[2]	(56,070)
Principal collections on loans and direct financing receivables		(1,590)	[2]	$ (4,705)
Other	[2]	(53)
Gross investments	[2]	4,820,205
Less accumulated depreciation and amortization	[2]				(267,167)
Net investments					$ 4,553,038	[2]	$ 3,795,760
Interest capitalized		600
Tenant improvement advances disbursed		15,800
Seller financing of real estate sold		$ 17,479
Number of real estate properties sold with seller financing | property					4
[1]	Includes $0.6 million of interest capitalized to properties under construction.Excludes $15.8 million of tenant improvement advances disbursed in 2016 which were accrued as of December 31, 2015.Includes $17.5 million of mortgage loans made to the purchasers of four of the real estate properties sold.
[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		Sep. 30, 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		1,576	1,325
Dollar Amount of Investments | $	[1]	$ 4,820,205	$ 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		709
Dollar Amount of Investments | $		$ 1,115,250
Percentage of Total Dollar Amount of Investments		23.00%
Industrial
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		134
Dollar Amount of Investments | $		$ 680,090
Percentage of Total Dollar Amount of Investments		14.00%
Early childhood education centers
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		164
Dollar Amount of Investments | $		$ 359,199
Percentage of Total Dollar Amount of Investments		8.00%
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 | $		$ 336,053
Percentage of Total Dollar Amount of Investments		7.00%
Health clubs
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		58
Dollar Amount of Investments | $		$ 294,974
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		28
Dollar Amount of Investments | $		$ 181,136
Percentage of Total Dollar Amount of Investments		4.00%
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		20
Dollar Amount of Investments | $		$ 163,777
Percentage of Total Dollar Amount of Investments		3.00%
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 | $		$ 131,584
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		339
Dollar Amount of Investments | $		$ 1,261,975
Percentage of Total Dollar Amount of Investments		26.00%
All other retail industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property		71
Dollar Amount of Investments | $		$ 296,167
Percentage of Total Dollar Amount of Investments		6.00%
[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)	9 Months Ended
	Sep. 30, 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	48
Concentration Percentage for threshold	10.00%
Real estate investment portfolio | Geographic concentration | Minimum
Significant Credit and Revenue Concentration
Number of customers	340
Real estate investment portfolio | Geographic concentration | Texas
Significant Credit and Revenue Concentration
Concentration Percentage	13.00%
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)	380
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		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)propertyitem	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Intangible Lease Assets
Intangible lease assets	$ 90,530		$ 90,530		$ 88,724
Accumulated amortization	(17,710)		(17,710)		(12,038)
Net intangible lease assets	72,820		72,820		76,686
Amortization in the next five years
Remainder of 2016	1,600		1,600
2,017	6,300		6,300
2,018	6,100		6,100
2,019	5,900		5,900
2,020	5,300		5,300
2,021	5,000		$ 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			12
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Remainder of 2016	93,237		$ 93,237
2,017	373,181		373,181
2,018	373,372		373,372
2,019	373,637		373,637
2,020	372,208		372,208
2,021	370,740		370,740
Thereafter	3,478,935		3,478,935
Total future minimum rentals	5,435,310		5,435,310
Decrease to rental revenue
Amortization in the next five years
Remainder of 2016	300		300
2,017	1,200		1,200
2,018	1,200		1,200
2,019	1,200		1,200
2,020	1,200		1,200
2,021	600		600
Amortization expense
Intangible Lease Assets
Amount amortized	1,600	$ 1,400	4,800	$ 4,200
In -place lease assets
Intangible Lease Assets
Intangible lease assets	61,741		$ 61,741		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	18,516		$ 18,516		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		$ 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	$ 300	$ 900	$ 800

Investments - Loans and Direct

Investments - Loans and Direct Financing Receivables (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2016USD ($)propertyloan	Dec. 31, 2015USD ($)
Loans and direct financing receivables
Number of loans receivable | loan		24
Number of other loans secured by tenant's equipment or other assets | loan		6
Number of properties which secure certain mortgage loans (in properties) | property		26
Gross carrying amount of loans receivable		$ 136,600
Number of mortgage loans | loan		18
Number of short-term mortgage loans | loan		5
Amortization period of long-term mortgage loans		40 years
Mortgage loans receivable		$ 127,366	$ 96,038
Total principal outstanding - loans receivable		135,397	100,237
Unamortized loan origination costs		1,195	1,190
Direct financing receivables		123,097	111,915
Total loans and direct financing receivables		$ 259,689	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		$ 2,130	2,781
Mortgage loan receivable 0.0835 interest rate Mar 2017 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.35%
Mortgage loans receivable		$ 13,111
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,
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.50%
Mortgage loans receivable			134
Mortgage loan receivable 0.1050 interest rate Sept 2019 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		10.50%
Mortgage loans receivable		$ 4,500
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		$ 3,750	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		$ 23,827	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		$ 14,505	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		$ 6,319	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		$ 2,143
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		$ 5,668
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		$ 2,403
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		$ 6,718	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		$ 3,315	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]	$ 28,365	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		$ 3,077	3,086
Mortgage loan receivable 0.090 interest rate, Aug 2056 maturity date
Loans and direct financing receivables
Stated Interest Rate (as a percent)		9.00%
Mortgage loans receivable		$ 4,535
Equipment and other loans receivable, 0.0880 weighted average interest rate 2017 to 2023 maturity
Loans and direct financing receivables
Stated Interest Rate (as a percent)		8.35%
Equipment and other loans receivable		$ 8,031	$ 4,199
[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.Interest rate represents the weighted average interest rate on these six loans receivable.

Investments - Loans Receivable

Investments - Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Scheduled loan receivable maturities
Remainder of 2016	$ 260
2,017	19,770
2,018	1,970
2,019	5,715
2,020	3,334
2,021	2,341
Thereafter	102,007
Total principal outstanding - loans receivable	135,397	$ 100,237
Components of investments accounted for as direct financing receivables
Minimum lease payments receivable	303,737	284,287
Estimated residual value of leased assets	14,500	13,374
Unearned income	(195,140)	(185,746)
Net investment	123,097	$ 111,915
Future minimum lease payments to be received
Remainder of 2016	2,900
2,017	11,900
2,018	11,900
2,019	11,900
2,020	11,900
2,021	11,900
Scheduled principal
Scheduled loan receivable maturities
Remainder of 2016	260
2,017	610
2,018	1,120
2,019	1,341
2,020	1,433
2,021	856
Thereafter	71,890
Total principal outstanding - loans receivable	77,510
Balloon payments
Scheduled loan receivable maturities
2,017	19,160
2,018	850
2,019	4,374
2,020	1,901
2,021	1,485
Thereafter	30,117
Total principal outstanding - loans receivable	$ 57,887

Debt - Credit Facility (Details

Debt - Credit Facility (Details) $ in Thousands	Apr. 01, 2016	Sep. 30, 2015USD ($)	Sep. 19, 2014	Apr. 30, 2016USD ($)	Nov. 30, 2015USD ($)loan	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)agreement	Apr. 28, 2016USD ($)	Dec. 31, 2015USD ($)
Credit facilities
Borrowings outstanding (in dollars)							$ 45,000
Maximum unsecured debt leverage ratio (as a percent)		50.00%				50.00%
Unamortized financing costs related to all debt							4,977		$ 2,558
Revolving credit facility
Credit facilities
Unamortized financing costs related to all debt							$ 3,000		$ 3,200
Term Loan Payable
Credit facilities
Initial term				5 years
Unsecured Term Notes Payable
Principal amount				$ 100,000
Term Loan Payable | One-Month LIBOR
Credit facilities
Debt Instrument interest rate description				one-month LIBOR			one-month LIBOR
Credit spread (as a percent)							1.35%
Term Loan Payable | One-Month LIBOR | Minimum
Credit facilities
Credit spread (as a percent)				1.35%
Term Loan Payable | One-Month LIBOR | Maximum
Credit facilities
Credit spread (as a percent)				2.15%
Senior Unsecured Notes
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			$ 200,000
Number of loans | loan					2
Senior Unsecured Notes | Minimum
Unsecured Term Notes Payable
Prepayment threshold (as a percent)					5.00%
Interest rate swaps
Credit facilities
Number of agreements | agreement							4
Interest rate swaps | Term Loan 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)							$ 45,000
Eligible unencumbered assets (in dollars)							2,280,000
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				$ 400,000			$ 500,000
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%

Debt - Carrying Amount (Details

Debt - Carrying Amount (Details) $ in Thousands		Oct. 18, 2016USD ($)	Apr. 30, 2016USD ($)	Sep. 30, 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				$ 2,147,642
Unamortized net (discount) premium				(190)		$ 27
Unamortized deferred financing costs				(4,977)		(2,558)
Total long-term debt obligations, net				470,023		172,442
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Remainder of 2016				5,685
2,017				33,347
2,018				30,924
2,019				236,560
2,020				313,259
2,021				243,471
Thereafter				1,284,396
Long-term Debt				2,147,642
Scheduled principal
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance				146,102
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Remainder of 2016				5,685
2,017				23,426
2,018				24,259
2,019				23,021
2,020				17,258
2,021				14,105
Thereafter				38,348
Long-term Debt				146,102
Balloon payments
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance				2,001,540
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
2,017				9,921
2,018				6,665
2,019				213,539
2,020				296,001
2,021				229,366
Thereafter				1,246,048
Long-term Debt				$ 2,001,540
Interest rate swaps
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Number of agreements | agreement				4
Class A-1 due 2016
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 200,000
Term of notes		10 years
Stated Interest Rate (as a percent)		3.96%
Class A-2 due 2017
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 135,000
Term of notes		10 years 6 months
Class B
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount		$ 20,000
Senior Unsecured Notes
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount					$ 200,000		$ 175,000
Outstanding balance				$ 100,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 100,000
Senior Unsecured Notes | Term Loan issued April 2016
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Stated Interest Rate (as a percent)				2.73%
Outstanding balance				$ 100,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				100,000
Term Loan Payable
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 100,000
Term of notes			5 years
Outstanding balance				375,000		175,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 375,000		175,000
Term Loan Payable | Interest rate swaps
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Number of agreements | agreement				2
Term Loan Payable | 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	one-month LIBOR
Credit spread (as a percent)				1.35%
Term Loan Payable | Series A issued November 2015
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Stated Interest Rate (as a percent)				4.95%
Outstanding balance				$ 75,000		75,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 75,000		75,000
Term Loan Payable | Series B issued November 2015
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Stated Interest Rate (as a percent)				5.24%
Outstanding balance				$ 100,000		100,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 100,000		100,000
Term Loan Payable | Series C issued April 2016
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Stated Interest Rate (as a percent)				4.73%
Outstanding balance				$ 200,000
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				200,000
Non-recourse net-lease mortgage notes:
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Retained non-amortizing notes				108,000
Non‑recourse mortgage notes payable: | Interest rate swaps
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Termination value, liability position which includes accrued interest				$ 2,000
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				$ 12,200
Fixed rate				5.299%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 12,200
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				$ 6,300
Fixed rate				5.23%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 6,300
Consolidated special purpose entities
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount				2,100,000
Unamortized deferred financing costs				(29,295)		(32,996)
Total long-term debt obligations, net				1,643,157		1,597,505
Consolidated special purpose entities | Non-recourse net-lease mortgage notes:
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance				1,421,738		1,434,660
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				1,421,738		1,434,660
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
Stated Interest Rate (as a percent)				5.77%
Outstanding balance				$ 201,634		204,218
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				201,634		204,218
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
Stated Interest Rate (as a percent)				4.16%
Outstanding balance				$ 141,395		143,361
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				141,395		143,361
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
Stated Interest Rate (as a percent)				4.37%
Outstanding balance				$ 101,718		103,046
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				101,718		103,046
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
Stated Interest Rate (as a percent)				4.24%
Outstanding balance				$ 73,628		74,568
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				73,628		74,568
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
Stated Interest Rate (as a percent)				4.21%
Outstanding balance				$ 118,600		119,050
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				118,600		119,050
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
Stated Interest Rate (as a percent)				3.75%
Outstanding balance				$ 94,327		94,683
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				94,327		94,683
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
Stated Interest Rate (as a percent)				4.65%
Outstanding balance				$ 96,149		97,486
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				96,149		97,486
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
Stated Interest Rate (as a percent)				5.33%
Outstanding balance				$ 92,212		93,415
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				92,212		93,415
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
Stated Interest Rate (as a percent)				5.21%
Outstanding balance				$ 95,621		96,841
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				95,621		96,841
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
Stated Interest Rate (as a percent)				5.00%
Outstanding balance				$ 138,367		138,892
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				138,367		138,892
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
Stated Interest Rate (as a percent)				4.17%
Outstanding balance				$ 268,087		269,100
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 268,087		269,100
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | $21,125 note issued July 2015
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Stated Interest Rate (as a percent)				4.36%
Outstanding balance				$ 21,125		21,125
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				21,125		21,125
Consolidated special purpose entities | Non‑recourse mortgage notes payable:
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount				421,400
Principal amount				8,000
Outstanding balance				250,904		195,814
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				250,904		195,814
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
Outstanding balance						3,208
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt						3,208
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
Outstanding balance						3,454
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt						3,454
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
Stated Interest Rate (as a percent)	[1]			6.00%
Outstanding balance	[1]			$ 6,486		6,569
Estimated effective yield at assumption (as a percent)				4.45%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt	[1]			$ 6,486		6,569
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
Stated Interest Rate (as a percent)	[2]			6.7665%
Outstanding balance	[2]			$ 3,615		3,700
Estimated effective yield at assumption (as a percent)				3.40%
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt	[2]			$ 3,615		3,700
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				$ 7,032		7,242
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				7,032		7,242
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
Stated Interest Rate (as a percent)	[3]			5.275%
Outstanding balance				$ 18,483		18,851
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 18,483		18,851
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
Stated Interest Rate (as a percent)				4.806%
Outstanding balance				$ 5,940		6,057
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				5,940		6,057
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
Stated Interest Rate (as a percent)	[4]			3.469%
Outstanding balance				$ 2,684		2,744
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 2,684		2,744
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
Stated Interest Rate (as a percent)				4.83%
Outstanding balance				$ 15,251		15,516
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				15,251		15,516
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
Stated Interest Rate (as a percent)				5.195%
Outstanding balance				$ 11,815		12,038
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				11,815		12,038
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
Stated Interest Rate (as a percent)				4.95%
Outstanding balance				$ 13,231		13,507
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				13,231		13,507
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
Stated Interest Rate (as a percent)				5.05%
Outstanding balance				$ 23,781		24,229
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				23,781		24,229
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
Stated Interest Rate (as a percent)				4.707%
Outstanding balance				$ 5,866		5,980
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				5,866		5,980
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
Stated Interest Rate (as a percent)				4.7315%
Outstanding balance				$ 11,003		11,210
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				11,003		11,210
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
Stated Interest Rate (as a percent)				5.46%
Outstanding balance				$ 16,474		16,744
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				16,474		16,744
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
Stated Interest Rate (as a percent)				5.10%
Outstanding balance				$ 9,730		9,841
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				9,730		9,841
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
Consolidated special purpose entities | Non‑recourse mortgage notes payable: | $65,000 note issued June 2016
Summary of non‑recourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount				$ 65,000
Stated Interest Rate (as a percent)				4.75%
Outstanding balance				$ 64,853
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				64,853
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
Stated Interest Rate (as a percent)	[5]			4.81%
Outstanding balance				$ 7,161		7,295
Interest rate term before reset				10 years
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 7,161		7,295
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
Stated Interest Rate (as a percent)	[6]			4.50%
Outstanding balance				$ 6,374		6,504
Interest rate term before reset				10 years
Scheduled maturities, including balloon payments, on the non‑recourse debt obligations
Long-term Debt				$ 6,374		$ 6,504
[1]	Note was assumed in December 2013 at a premium; estimated effective yield at assumption of 4.45%
[2]	Note was assumed in September 2014 at a premium; estimated effective yield at assumption of 3.40%
[3]	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 $12.2 million portion and a $6.3 million portion of this mortgage note payable to fixed rates of 5.299% and 5.230%, respectively.
[4]	Note is a variablerate note which resets monthly at one-month LIBOR + 3.00%; rate shown is effective rate at September 30, 2016
[5]	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.
[6]	Interest rate is effective for first 10 years and will reset to the lender’s then prevailing interest rate.Credit Risk Related Contingent FeaturesThe Company has an agreement with a derivative counterparty which provides that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company has agreements with other derivative counterparties which provide that the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of September 30, 2016, the termination value of the Company’s interest rate swaps that were in a liability position was approximately $2.0 million, which includes accrued interest but excludes any adjustment for nonperformance risk.Long-term Debt Maturity Schedule

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Apr. 01, 2016	Dec. 31, 2015
Common stock.
Shares issued and sold		12,362,500
Gross proceeds from issuance of shares				$ 389,564	$ 234,142
Net proceeds from issuance of common stock		$ 304,600
Selling Stockholder Costs			$ 800	800
Declared dividends payable to common stockholders (in dollars)				$ 124,600	$ 94,800
Common stock, par value per share	$ 0.01			$ 0.01			$ 0.01
Common stock outstanding	155,758,454			155,758,454			140,858,765
At the market
Common stock.
Maximum value of shares that can be offered and sold	$ 400,000			$ 400,000
Shares issued and sold	2,501,600
Gross proceeds from issuance of shares	$ 73,100
Net proceeds from issuance of common stock	$ 71,600
At the market | Weighted average
Common stock.
Issuance price (in dollars per share)	$ 29.21			$ 29.21
Preferred stock
Issuance price (in dollars per share)	$ 29.21			$ 29.21
STORE Holding Company
Common stock.
Common stock outstanding						0	70,336,144

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)propertylease
Ground lease interests
Number of ground lease interests (in properties) | property	16
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 | $	$ 67.2

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Derivatives [Line items]
Derivative asset		$ 0
Derivative liabilities	$ 1,800,000	293,000
Total non‑recourse debt obligations	1,643,157,000	1,597,505,000
Interest rate floor
Derivatives [Line items]
Derivative asset	145,000
Interest rate swaps
Derivatives [Line items]
Derivative liabilities	2,000,000
Consolidated special purpose entities | Level 2 Fair Value | Carrying value
Derivatives [Line items]
Total non‑recourse debt obligations	2,113,200,000	1,769,900,000
Consolidated special purpose entities | Level 2 Fair Value | Fair value
Derivatives [Line items]
Total non‑recourse debt obligations	$ 2,230,500,000	$ 1,820,700,000