Store Capital (STOR) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document and Entity Information
Document Type	10-Q
Entity Registrant Name	STORE CAPITAL CORP
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2019
Entity File Number	001-36739
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-2280254
Entity Address, Address Line One	8377 East Hartford Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85255
City Area Code	480
Local Phone Number	256-1100
Title of 12(b) Security	Common Stock
Trading Symbol	STOR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		230,978,380
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001538990
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate investments:
Land and improvements	$ 2,453,975	$ 2,280,280
Buildings and improvements	5,246,800	4,888,440
Intangible lease assets	81,421	85,148
Total real estate investments	7,782,196	7,253,868
Less accumulated depreciation and amortization	(677,547)	(585,913)
Real estate investments, net	7,104,649	6,667,955
Real estate investments held for sale, net	18,361
Operating ground lease assets	21,857
Loans and financing receivables	454,464	351,202
Net investments	7,599,331	7,019,157
Cash and cash equivalents	25,368	27,511
Other assets, net	75,275	67,303
Total assets	7,699,974	7,113,971
Liabilities:
Credit facility	73,000	135,000
Unsecured notes and term loans payable, net	1,261,533	916,720
Non-recourse debt obligations of consolidated special purpose entities, net	2,031,149	2,008,592
Dividends payable	76,009	72,954
Operating lease liabilities	27,356
Accrued expenses, deferred revenue and other liabilities	112,438	117,204
Total liabilities	3,581,485	3,250,470
Stockholders' equity:
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 230,330,323 and 221,071,838 shares issued and outstanding, respectively	2,303	2,211
Capital in excess of par value	4,424,885	4,129,082
Distributions in excess of retained earnings	(306,573)	(267,651)
Accumulated other comprehensive loss	(2,126)	(141)
Total stockholders' equity	4,118,489	3,863,501
Total liabilities and stockholders' equity	$ 7,699,974	$ 7,113,971

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Condensed Consolidated Balance Sheets
Common stock, par value per share	$ 0.01	$ 0.01
Common shares, authorized shares	375,000,000	375,000,000
Common shares, issued shares	230,330,323	221,071,838
Common shares, outstanding shares	230,330,323	221,071,838

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental revenues		$ 124,413		$ 244,313
Rental revenues.	$ 155,464		$ 304,955
Interest income on loans and financing receivables	7,841	6,279	14,472	11,800
Other income	482	513	998	934
Total revenues	163,787	131,205	320,425	257,047
Expenses:
Interest	39,429	31,925	77,497	61,264
Property costs	2,014	741	4,598	2,082
General and administrative	14,266	10,852	26,249	21,703
Depreciation and amortization	55,000	44,216	108,716	86,526
Provisions for impairment		1,038	2,610	2,608
Total expenses	110,709	88,772	219,670	174,183
Gain on dispositions of real estate	15,033	19,957	13,105	29,591
Income from operations before income taxes	68,111	62,390	113,860	112,455
Income tax expense	147	189	340	294
Net income	$ 67,964	$ 62,201	$ 113,520	$ 112,161
Net income per share of common stock-basic and diluted:
Net income per share of common stock-basic and diluted	$ 0.30	$ 0.31	$ 0.50	$ 0.57
Weighted average common shares outstanding:
Basic (in shares)	227,702,281	199,514,368	224,958,759	197,113,915
Diluted (in shares)	228,242,754	200,142,303	225,463,928	197,531,008

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 67,964	$ 62,201	$ 113,520	$ 112,161
Other comprehensive (loss) income:
Unrealized (losses) gains on cash flow hedges	(874)	588	(1,168)	6,242
Cash flow hedge gains reclassified to interest expense	(225)	(374)	(817)	(482)
Total other comprehensive (loss) income	(1,099)	215	(1,985)	5,760
Total comprehensive income	$ 66,865	$ 62,415	$ 111,535	$ 117,921

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at Dec. 31, 2017	$ 1,938	$ 3,381,090	$ (214,845)	$ 2,759	$ 3,170,942
Balance (in shares) at Dec. 31, 2017	193,766,854
Increase (Decrease) in Stockholders' Equity
Net income			112,161		112,161
Other comprehensive income (loss)				5,760	5,760
Issuance of common stock, net of costs of $2,163 and $4,712 for 2019, $2,949 and $4,840 for 2018	$ 112	286,218			286,330
Issuance of common stock, net of costs (shares)	11,257,902
Equity-based compensation	$ 3	3,664	30		3,697
Equity-based compensation (shares)	294,431
Shares repurchased under stock compensation plan	$ (1)	(2,008)	(826)		(2,835)
Shares repurchased under stock compensation plan (in shares)	(113,948)
Common dividends declared			(125,007)		(125,007)
Balance at Jun. 30, 2018	$ 2,052	3,668,964	(228,487)	8,519	3,451,048
Balance (in shares) at Jun. 30, 2018	205,205,239
Balance at Mar. 31, 2018	$ 1,980	3,479,460	(227,074)	8,304	3,262,670
Balance (in shares) at Mar. 31, 2018	198,044,148
Increase (Decrease) in Stockholders' Equity
Net income			62,201		62,201
Other comprehensive income (loss)				215	215
Issuance of common stock, net of costs of $2,163 and $4,712 for 2019, $2,949 and $4,840 for 2018	$ 71	187,303			187,374
Issuance of common stock, net of costs (shares)	7,143,418
Equity-based compensation	$ 1	2,201			2,202
Equity-based compensation (shares)	17,673
Common dividends declared			(63,614)		(63,614)
Balance at Jun. 30, 2018	$ 2,052	3,668,964	(228,487)	8,519	3,451,048
Balance (in shares) at Jun. 30, 2018	205,205,239
Balance at Dec. 31, 2018	$ 2,211	4,129,082	(267,651)	(141)	3,863,501
Balance (in shares) at Dec. 31, 2018	221,071,838
Increase (Decrease) in Stockholders' Equity
Net income			113,520		113,520
Other comprehensive income (loss)				(1,985)	(1,985)
Issuance of common stock, net of costs of $2,163 and $4,712 for 2019, $2,949 and $4,840 for 2018	$ 90	293,923			294,013
Issuance of common stock, net of costs (shares)	9,005,646
Equity-based compensation	$ 4	4,753	14		4,771
Equity-based compensation (shares)	403,995
Shares repurchased under stock compensation plan	$ (2)	(2,873)	(1,614)		(4,489)
Shares repurchased under stock compensation plan (in shares)	(151,156)
Common dividends declared			(150,842)		(150,842)
Balance at Jun. 30, 2019	$ 2,303	4,424,885	(306,573)	(2,126)	4,118,489
Balance (in shares) at Jun. 30, 2019	230,330,323
Balance at Mar. 31, 2019	$ 2,263	4,286,250	(298,331)	(1,027)	3,989,155
Balance (in shares) at Mar. 31, 2019	226,290,532
Increase (Decrease) in Stockholders' Equity
Net income			67,964		67,964
Other comprehensive income (loss)				(1,099)	(1,099)
Issuance of common stock, net of costs of $2,163 and $4,712 for 2019, $2,949 and $4,840 for 2018	$ 40	135,665			135,705
Issuance of common stock, net of costs (shares)	4,027,136
Equity-based compensation	$ 2	3,070			3,072
Equity-based compensation (shares)	17,844
Shares repurchased under stock compensation plan	$ (2)	(100)	(79)		(181)
Shares repurchased under stock compensation plan (in shares)	(5,189)
Common dividends declared			(76,127)		(76,127)
Balance at Jun. 30, 2019	$ 2,303	$ 4,424,885	$ (306,573)	$ (2,126)	$ 4,118,489
Balance (in shares) at Jun. 30, 2019	230,330,323

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Stockholders Equity
Stock issuance costs	$ 2,163	$ 2,949	$ 4,712	$ 4,840
Dividends declared per common share (in dollars per share)	$ 0.33	$ 0.31	$ 0.66	$ 0.62

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income	$ 113,520	$ 112,161
Adjustments to net income:
Depreciation and amortization	108,716	86,526
Amortization of deferred financing costs and other noncash interest expense	4,253	4,126
Amortization of equity-based compensation	4,757	3,666
Provisions for impairment	2,610	2,608
Gain on dispositions of real estate	(13,105)	(29,591)
Loss (gain) on defeasance/extinguishment of debt	735	(814)
Noncash revenue and other	(669)	(665)
Payments (made) received in settlement of cash flow hedges	(6,735)	4,288
Changes in operating assets and liabilities:
Other assets	(1,860)	(3,767)
Accrued expenses, deferred revenue and other liabilities	6,059	927
Net cash provided by operating activities	218,281	179,465
Investing activities
Acquisition of and additions to real estate	(639,335)	(583,031)
Investment in loans and financing receivables	(123,552)	(55,946)
Collections of principal on loans and financing receivables	5,215	2,674
Proceeds from dispositions of real estate	95,075	154,849
Net cash used in investing activities	(662,597)	(481,454)
Financing activities
Borrowings under credit facility	431,100	364,000
Repayments under credit facility	(493,100)	(539,000)
Borrowings under unsecured notes and term loans payable	347,410	348,303
Borrowings under non-recourse debt obligations of consolidated special purpose entities	41,690
Repayments under non-recourse debt obligations of consolidated special purpose entities	(21,485)	(19,555)
Financing and defeasance costs paid	(4,676)	(5,893)
Proceeds from the issuance of common stock	298,724	291,172
Stock issuance costs paid	(4,784)	(4,809)
Shares repurchased under stock compensation plans	(4,489)	(2,835)
Dividends paid	(148,836)	(122,046)
Net cash provided by financing activities	441,554	309,337
Net (decrease) increase in cash, cash equivalents and restricted cash	(2,762)	7,348
Cash, cash equivalents and restricted cash, beginning of period	43,017	49,178
Cash, cash equivalents and restricted cash, end of period	40,255	56,526
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	43,017	49,178
Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvements included in real estate investments	27,182	29,214
Net real estate assets surrendered to lender		12,573
Acquisition of collateral property securing a mortgage note receivable	13,574
Non-recourse debt obligation assumed by purchaser of real estate		20,845
Non-recourse debt forgiven by lender in exchange for collateral assets		12,874
Accrued financing and stock issuance costs	39	116
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	67,018	53,314
Cash paid during the period for income and franchise taxes	$ 1,805	$ 1,529

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization
Organization	1. Organization 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 manufacturing 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 of its common stock. The shares began trading on the New York Stock Exchange on November 18, 2014 under the ticker symbol “STOR”. STORE Capital has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a real estate investment trust (REIT) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. As a REIT, it will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its stockholders and meets other specific requirements.

Summary of Significant Accounti

Summary of Significant Accounting Principles	6 Months Ended
	Jun. 30, 2019
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, 2018. 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 June 30, 2019 and December 31, 2018, these special purpose entities held assets totaling $6.6 billion and $6.1 billion, respectively, and had third-party liabilities totaling $2.1 billion. 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. ​ Segment Reporting ​ The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting ​ Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. Effective January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) ● Real Estate Investments – investments are generally made through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them through long-term leases which are generally classified as operating leases; the operators become the Company’s long-term tenants (its customers). Certain of the lease contracts that are associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which will result in the transaction being accounted for as a financing arrangement due to the adoption of ASC Topic 842 rather than as an investment in real estate subject to an operating lease. ● Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serve as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. ● Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate transactions are expected to be accounted for as operating leases of the land and mortgage loans on the buildings and improvements . Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then- fair market value or the Company’s cost). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, the Company will account for such acquisition as a financing arrangement and record the investment in loans and financing receivables on the condensed consolidated balance sheet. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the 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. Revenue Recognition STORE Capital leases real estate to its tenants under long- term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the condensed consolidated balance sheets. Prior to 2019, the Company provided for an estimated reserve for uncollectible straight-line operating lease receivables based on management’s assessment of the risks inherent in those lease contracts, giving consideration to industry default rates for long-term receivables. At December 31, 2018, there was $25.7 million of straight-line operating lease receivables, net of an allowance of $4.3 million. Subsequent to the adoption of ASC Topic 842 in 2019, the Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. The Company had $28.6 million of straight-line operating lease receivables at June 30, 2019. 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. In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. Approximately 2.5% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has generally been less than 0.1% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of a receivable with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the condensed consolidated statements of income. 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 No impairment of real estate was recognized during either of the three months ended June 30, 2019 or 2018. During the six months ended June 30, 2019, the Company recognized an aggregate provision for the impairment of real estate of $2.6 million; the estimated fair value of the impaired real estate assets at time of impairment on March 31, 2019 was $10.0 million. No impairment of real estate was recognized during the six months ended June 30, 2018. Accounting for Loans Receivable Classification and Cost STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. 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 more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of June 30, 2019 and December 31, 2018, the Company had loans receivable with an aggregate outstanding principal balance of $16.7 million and $8.5 million, respectively, 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. At both June 30, 2019 and December 31, 2018, there was $2.5 million of allowance for loan losses. Accounting for Direct Financing Receivables Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. ​ Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. As a result of the adoption of ASC Topic 842, the Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term only if it is reasonably likely the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues. Cash and Cash Equivalents ​ Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money-market funds of a major financial institution, consisting predominantly of U.S. Government obligations. ​ Restricted Cash ​ Restricted cash primarily consists of reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, and escrow deposits. The Company had $14.9 million and $15.5 million of restricted cash and deposits in escrow at June 30, 2019 and December 31, 2018, respectively, which were included in other assets, net, on the condensed consolidated balance sheets. ​ 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, net, on the condensed consolidated balance sheets. ​ Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of June 30, 2019, the Company had one interest rate floor and two interest rate swap agreements in place. The 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). In December 2018, the Company entered into two treasury lock agreements which were designated as cash flow hedges associated with the expected public offering of the senior unsecured notes issued by the Company at the end of February 2019 (Note 4). The agreements were settled in accordance with their terms in February 2019 and the Company made an aggregate payment of $6.7 million to the counterparties which was recognized as a deferred loss in accumulated other comprehensive loss. ​ Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. Share-based Compensation Directors and key employees of the Company have been granted long-term incentive awards, including restricted stock awards (RSAs) and restricted stock unit awards (RSUs), which provide such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on 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. During the six months ended June 30, 2019, the Company granted RSAs representing 121,477 shares of restricted common stock to its directors and key employees. During the same period, RSAs representing 162,315 shares of restricted stock vested and RSAs representing 7,038 shares were forfeited. In connection with the vesting of the RSAs, the Company repurchased 47,104 shares as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plans. As of June 30, 2019, the Company had 283,125 shares of restricted common stock outstanding. The Company’s RSUs granted in 2015 through 2017 contain both a market condition and a service condition and RSUs granted in 2018 and 2019 contain both a market condition and a performance condition as well as a service condition. The Company values the RSUs with a market condition using a Monte Carlo simulation model and values the RSUs with a performance condition based on the fair value of the awards expected to be earned and recognizes those amounts in general and administrative expense on a tranche by tranche basis ratably over the vesting periods. During the six months ended June 30, 2019, the Company awarded 525,824 RSUs to its executive officers. During the same period, 37,222 RSUs vested and 156,977 RSUs were forfeited. In connection with the vesting of 289,556 RSUs on December 31, 2018, the Company repurchased 104,052 shares during the six months ended June 30, 2019 as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plan. As of June 30, 2019, there were 1,347,486 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 2014 and tax returns filed for 2015 through 2018 are subject to examination by these jurisdictions. As of June 30, 2019 and December 31, 2018, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as general and administrative expenses. There was no accrual for interest or penalties at June 30, 2019 or December 31, 2018. ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 Numerator: ​ ​ ​ ​ ​ Net income ​ $ 67,964 ​ $ 62,201 ​ $ 113,520 ​ $ 112,161 ​ Less: earnings attributable to unvested restricted shares ​ (94) ​ (104) ​ (177) ​ (180) ​ Net income used in basic and diluted income per share ​ $ 67,870 ​ $ 62,097 ​ $ 113,343 ​ $ 111,981 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 227,992,932 ​ 199,853,318 ​ 225,260,958 ​ 197,469,722 ​ Less: Weighted average number of shares of unvested restricted stock ​ (290,651) ​ (338,950) ​ ​ (302,199) ​ (355,807) ​ Weighted average shares outstanding used in basic income per share ​ 227,702,281 ​ 199,514,368 ​ 224,958,759 ​ 197,113,915 ​ Effects of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Add: Treasury stock method impact of potentially dilutive securities (a) ​ 540,473 ​ 627,935 ​ 505,169 ​ 417,093 ​ Weighted average shares outstanding used in diluted income per share ​ 228,242,754 ​ 200,142,303 ​ 225,463,928 ​ 197,531,008 ​ (a) For the three months ended June 30, 2019 and 2018, excludes 88,229 shares and 69,384 shares, respectively, and for the six months ended June 30, 2019 and 2018, excludes 109,645 shares and 90,098 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, results of operations or cash flows upon adoption. In February 2016, the FASB issued ASC Topic 842 to amend the accounting for leases. The new standard requires lessees and lessors to classify leases as either finance or operating leases and for lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. The standard also eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, lease modifications, recognition of a lease-related receivables allowance and lease executory costs for all entities. The Company adopted ASC Topic 842 on January 1, 2019, using the modified retrospective approach in accordance with the provisions of ASU 2018-11, Leases (Topic 842), Targeted Improvements ● a package of practical expedients allowing the Company to not reassess the classification of existing lease contracts, whether existing or expired contracts contain a lease or whether a portion of initial direct costs for existing leases should have been expensed. ● a practical expedient allowing the Company to not evaluate land easements that existed prior to or at the time of adoption, as leases in accordance with Topic 842. The new standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in obtaining a lease. Although there have been changes in the manner in which initial direct costs are recorded, the amount recorded has remained materially consistent. While primarily a lessor, the Company is also a lessee under several operating ground lease contracts and under its corporate office lease. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and a lease liability of approximately $24.9 million and $25.5 million, respectively, in relation to these leases. For most of the operating ground leases, the sublessees, or the Company’s tenants, are responsible for making payment directly to the ground lessors. Prior to the new standard, these amounts were presented on a net basis; however, such amounts are now presented on a gross basis in the consolidated statements of income as both rental revenue and property costs. ASC Topic 842 also requires the Company to assess the probability of collecting substantially all of its rental revenue and make direct adjustments to rental revenue for operating lease receivables that are not believed to be collectible. As such, the Company will no longer recognize an allowance for doubtful accounts. The new standard had no impact on the Compan

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments:
Investments	3. Investments ​ At June 30, 2019, STORE Capital had investments in 2,389 property locations representing 2,339 owned properties (of which 16 are accounted for as financing arrangements and 57 are accounted for as direct financing receivables), 20 properties where all the related land is subject to an operating ground lease and 30 properties which secure mortgage loans. The gross investment portfolio totaled $8.3 billion at June 30, 2019 and consisted of the gross acquisition cost of the real estate investments totaling $7.80 billion, loans and financing receivables with an aggregate carrying amount of $454.5 million and operating ground lease assets totaling $21.9 million. As of June 30, 2019, approximately 37% of these investments are assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities (Note 4). The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. During the six months ended June 30, 2019, the Company had the following gross real estate and other investment activity (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Number of Dollar ​ ​ Investment ​ Amount of ​ ​ Locations ​ Investments Gross investments, December 31, 2018 2,255 ​ $ 7,605,070 ​ Acquisition of and additions to real estate (a) 149 ​ ​ 647,365 ​ Investment in loans and financing receivables 16 ​ ​ 123,552 ​ Sales of real estate (26) ​ ​ (93,123) ​ Principal collections on loans and financing receivables (b) ​ (5) ​ ​ (18,789) ​ Operating ground lease assets, net (c) ​ — ​ ​ 21,857 ​ Provisions for impairment ​ ​ ​ ​ (2,610) ​ Other ​ ​ ​ ​ (3,769) ​ Gross investments, June 30, 2019 (d) ​ ​ ​ 8,279,553 ​ Less accumulated depreciation and amortization (d) ​ ​ ​ (680,222) ​ Net investments, June 30, 2019 2,389 ​ $ 7,599,331 ​ (a) Excludes $31.9 million of tenant improvement advances disbursed in 2019 which were accrued as of December 31, 2018 and includes $0.8 million of interest capitalized to properties under construction. (b) Includes $13.6 million of non-cash principal collections primarily related to loans receivable transactions in which the Company acquired three underlying mortgaged properties and leased them back to the borrowers. (c) Includes $20.0 million of operating ground lease (or right-of-use) assets recognized upon initial adoption of ASC Topic 842 and $1.8 million of activity (new operating ground lease assets recognized net of asset amortization) during the six months ended June 30, 2019. (d) Includes the dollar amount of investments ($21.0 million) and the accumulated depreciation ($2.7 million) related to real estate investments held for sale at June 30, 2019. ​ ​ The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2019 2018 2019 2018 Rental revenues: ​ ​ ​ ​ ​ ​ ​ Operating leases (a) ​ $ 155,429 ​ $ 124,900 ​ $ 304,936 ​ $ 245,316 ​ Sublease income - operating ground leases (b) ​ ​ 564 ​ ​ — ​ ​ 1,072 ​ ​ — ​ Amortization of lease related intangibles and costs ​ (529) ​ (487) ​ (1,053) ​ (1,003) ​ Total rental revenues ​ $ 155,464 ​ $ 124,413 ​ $ 304,955 ​ $ 244,313 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income on loans and financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage and other loans receivable ​ $ 3,360 ​ $ 3,007 ​ $ 6,330 ​ $ 5,856 ​ Sale-leaseback transactions accounted for as financing arrangements ​ 965 ​ — ​ 1,047 ​ — ​ Direct financing receivables ​ 3,516 ​ 3,272 ​ 7,095 ​ 5,944 ​ Total interest income on loans and financing receivables ​ $ 7,841 ​ $ 6,279 ​ $ 14,472 ​ $ 11,800 ​ (a) For the three and six months ended June 30, 2019, includes $544,000 and $1.3 million, respectively, of property tax tenant reimbursement revenue and includes variable lease revenue of $29,000 for both the three months ended June 30, 2019 and 2018 and $65,000 and $91,000 for the six months ended June 30, 2019 and 2018, respectively. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. In connection with the adoption of ASC Topic 842 in 2019, the Company elected to combine qualifying lease and nonlease components and will not allocate the consideration in its lease contracts to the lease and nonlease components; it will instead account for them as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to more than 450 customers geographically dispersed throughout all 50 states. Only one state, Texas (11%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at June 30, 2019. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at June 30, 2019, with the largest customer representing 2.7% of the total investment portfolio. On an annualized basis, the largest customer represented 2.6% of the Company’s total annualized investment portfolio revenues as of June 30, 2019. The Company’s customers operate their businesses across approximately 660 concepts and the largest of these concepts represented 2.5% of the Company’s total annualized investment portfolio revenues as of June 30, 2019. 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 June 30, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ Number of ​ Dollar ​ Total Dollar ​ ​ Investment ​ Amount of ​ Amount of ​ ​ Locations ​ Investments ​ Investments Restaurants 800 ​ $ 1,283,889 16 % Furniture stores 61 ​ ​ 475,282 5 ​ Early childhood education centers 201 ​ ​ 451,409 5 ​ Health clubs 84 ​ ​ 443,847 5 ​ Farm and ranch supply stores 45 ​ ​ 388,670 5 ​ Movie theaters ​ 41 ​ ​ 375,801 ​ 5 ​ Automotive repair and maintenance 155 ​ ​ 371,792 4 ​ All manufacturing industries 224 ​ ​ 1,384,686 17 ​ All other service industries 663 ​ ​ 2,355,435 29 ​ All other retail industries 115 ​ ​ 748,742 9 ​ ​ 2,389 ​ $ 8,279,553 100 % ​ Real Estate Investments The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at June 30, 2019 was approximately 14 years. Substantially all of the leases are triple net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At June 30, 2019, seven 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 June 30, 2019, were as follows (in thousands): ​ ​ ​ ​ ​ Remainder of 2019 ​ $ 315,077 ​ 2020 ​ ​ 628,359 ​ 2021 ​ 627,337 ​ 2022 ​ 627,658 ​ 2023 ​ 624,839 ​ 2024 ​ 620,902 ​ Thereafter ​ 5,496,002 ​ Total future minimum rentals (a) ​ $ 8,940,174 ​ (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rentals such as lease escalations based on future changes in CPI. Intangible Lease Assets The following table details intangible lease assets and related accumulated amortization (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2019 ​ 2018 ​ In-place leases (a) ​ $ 53,191 ​ $ 54,293 ​ Ground lease-related intangibles ​ 19,449 ​ 21,363 ​ Above-market leases ​ 9,492 ​ 9,492 ​ Total intangible lease assets ​ 82,132 ​ 85,148 ​ Accumulated amortization (a) ​ (31,675) ​ (29,223) ​ Net intangible lease assets ​ $ 50,457 ​ $ 55,925 ​ (a) Includes the dollar amount of in-place lease intangibles ($0.7 million) and the related accumulated amortization ($0.3 million) associated with the real estate investments held for sale at June 30, 2019. Aggregate lease intangible amortization included in expense was $1.3 million and $1.6 million during the three months ended June 30, 2019 and 2018, respectively, and was $3.0 million and $3.1 million during the six months ended June 30, 2019 and 2018, 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 June 30, 2019 and 2018 and was $0.5 million during both the six months ended June 30, 2019 and 2018. Based on the balance of the intangible assets at June 30, 2019, the aggregate amortization expense is expected to be $2.6 million for the remainder of 2019, $4.7 million in 2020, $4.5 million in 2021, $4.3 million in 2022, $3.8 million in 2023 and $3.1 million in 2024; the amount expected to be amortized as a decrease to rental revenue is expected to be $0.5 million for the remainder of 2019, $1.1 million in 2020, $0.6 million in 2021 and $0.4 million in each of the years 2022 through 2024. The weighted average remaining amortization period is approximately eight years for the in-place lease intangibles, approximately 44 years for the amortizing ground lease-related intangibles and approximately six years for the above-market lease intangibles. Operating Ground Lease Assets As of June 30, 2019, STORE Capital had operating ground lease assets aggregating $21.9 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $584,000 and $7,000 during the three months ended June 30, 2019 and 2018, respectively, and $1.1 million and $14,000 during the six months ended June 30, 2019 and 2018, respectively. For the three and six months ended June 30, 2019, the Company also recognized in rental revenues $564,000 and $1.1 million, respectively, of sublease revenue associated with its operating ground leases. The Company’s ground leases have remaining terms ranging from one year to 93 years, some of which have one or more options to extend the lease for terms ranging from three years to ten years . The weighted average remaining non-cancelable lease term for the ground leases was 25 years at June 30, 2019. The weighted average discount rate used in calculating the operating lease liabilities was 6.1%. ​ The future minimum lease payments to be paid under the operating ground leases as of June 30, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground ​ ​ ​ ​ Ground ​ Leases ​ ​ ​ ​ ​ ​ Leases ​ Paid by ​ ​ ​ ​ ​ ​ Paid by ​ STORE Capital's ​ ​ ​ ​ ​ ​ STORE Capital ​ Tenants (a) ​ Total Remainder of 2019 ​ $ 15 ​ $ 1,418 ​ $ 1,433 ​ 2020 ​ ​ 31 ​ ​ 1,953 ​ ​ 1,984 ​ 2021 ​ 31 ​ 1,792 ​ 1,823 ​ 2022 ​ 31 ​ 1,742 ​ 1,773 ​ 2023 ​ 31 ​ 5,493 ​ 5,524 ​ 2024 ​ 31 ​ 1,417 ​ 1,448 ​ Thereafter ​ 3,075 ​ 31,336 ​ 34,411 ​ Total lease payments ​ ​ 3,245 ​ ​ 45,151 ​ ​ 48,396 ​ Less imputed interest ​ (2,636) ​ (23,590) ​ (26,226) ​ Total operating lease liabilities - ground leases ​ $ 609 ​ $ 21,561 ​ $ 22,170 ​ (a) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to make the required ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $45.2 million commitment, $16.4 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales. Loans and Financing Receivables The Company’s loans and financing receivables are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Maturity ​ June 30, ​ December 31, Type Rate (a) Date 2019 2018 Six mortgage loans receivable ​ 8.11 % ​ 2019 - 2022 ​ $ 34,335 ​ $ 49,934 ​ Four mortgage loans receivable 8.52 % ​ 2032 - 2038 ​ 15,696 ​ 17,666 ​ Ten mortgage loans receivable (b) 8.52 % ​ 2051 - 2059 ​ 120,367 ​ 88,019 ​ Total mortgage loans receivable ​ ​ ​ ​ ​ ​ 170,398 ​ 155,619 ​ Equipment and other loans receivable ​ 8.78 % ​ 2019 - 2025 ​ ​ 13,322 ​ ​ 12,013 ​ Total principal amount outstanding—loans receivable ​ ​ ​ ​ ​ ​ 183,720 ​ 167,632 ​ Unamortized loan origination costs ​ ​ ​ ​ ​ ​ 1,206 ​ 1,249 ​ Allowance for loan losses ​ ​ ​ ​ ​ ​ ​ (2,538) ​ ​ (2,538) ​ Sale-leaseback transactions accounted for as financing arrangements (c) ​ 7.90 % ​ 2034 - 2043 ​ ​ 101,425 ​ ​ — ​ Direct financing receivables ​ ​ ​ ​ ​ ​ 170,651 ​ 184,859 ​ Total loans and financing receivables ​ ​ ​ ​ ​ ​ $ 454,464 ​ $ 351,202 ​ (a) Represents the weighted average interest rate as of the balance sheet date. (b) Four of these mortgage 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) In accordance with ASC Topic 842, represents transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2043 and the purchase options expire between 2028 and 2039. Loans Receivable At June 30, 2019, the Company held 36 loans receivable with an aggregate carrying amount of $182.4 million. Twenty of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on ten of the mortgage loans are subject to increases over the term of the loans. Six of the mortgage loans are shorter-term loans (maturing prior to 2023) that generally require 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 equipment and other loans receivable generally require the borrower to make monthly interest-only payments with a balloon payment at maturity. The long-term mortgage loans receivable generally allow for prepayments in whole, but not in part, without penalty or with penalties ranging from 1% to 20%, 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 2019 ​ $ 1,580 ​ $ 17,539 ​ $ 19,119 ​ 2020 ​ ​ 1,877 ​ ​ 10,701 ​ ​ 12,578 ​ 2021 ​ 1,197 ​ 7,865 ​ 9,062 ​ 2022 ​ 975 ​ 6,974 ​ 7,949 ​ 2023 ​ 886 ​ 1,203 ​ 2,089 ​ 2024 ​ 926 ​ — ​ 926 ​ Thereafter ​ 113,949 ​ 18,048 ​ 131,997 ​ Total principal payments ​ $ 121,390 ​ $ 62,330 ​ $ 183,720 ​ ​ Sale-Leaseback Transactions Accounted for as Financing Arrangements As of June 30, 2019, the Company had $101.4 million of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future payments (excluding any contingent payments) to be received under these agreements as of June 30, 2019, were as follows (in thousands): ​ ​ ​ ​ ​ ​ Remainder of 2019 ​ $ 3,997 ​ 2020 ​ ​ 8,009 ​ 2021 ​ 8,042 ​ 2022 ​ 8,078 ​ 2023 ​ 8,116 ​ 2024 ​ 8,193 ​ Thereafter ​ 109,686 ​ Total future scheduled payments ​ $ 154,121 ​ ​ ​ Direct Financing Receivables As of June 30, 2019 and December 31, 2018, the Company had $170.7 million and $184.9 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2019 ​ 2018 ​ Minimum lease payments receivable ​ $ 386,898 $ 424,305 ​ Estimated residual value of leased assets ​ 22,610 ​ 24,053 ​ Unearned income ​ (238,857) ​ (263,499) ​ Net investment ​ $ 170,651 ​ $ 184,859 ​ ​ As of June 30, 2019, the future minimum lease payments to be received under the direct financing lease receivables are expected to be $8.2 million for the remainder of 2019 and average approximately $16.8 million for each of the next five years.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt
Debt	4. Debt Credit Facility The Company has an unsecured revolving credit facility with a group of lenders that is used to partially fund real estate acquisitions pending the issuance of long-term, fixed-rate debt. The credit facility has immediate availability of $600 million and an accordion feature of $800 million, which allows the size of the facility to be increased up to $1.4 billion. The facility matures in February 2022 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. At June 30, 2019, the Company had $73.0 million of borrowings outstanding on the facility. Borrowings under the facility require monthly payments of interest at a rate selected by the Company of either (1) LIBOR plus a credit spread ranging from 0.825% to 1.55%, or (2) the Base Rate, as defined in the credit agreement, plus a credit spread ranging from 0.00% to 0.55%. The credit spread used is based on the Company’s credit rating as defined in the credit agreement. The Company is required to pay a facility fee on the total commitment amount ranging from 0.125% to 0.30% . Currently, the applicable credit spread for LIBOR-based borrowings is 1.00% and the facility fee is 0.20%. Under the terms of the facility, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios, secured borrowing ratios and a minimum level of tangible net worth. Certain of these ratios are based on the Company’s pool of unencumbered assets, which aggregated approximately $5.2 billion at June 30, 2019. The facility is recourse to the Company and, as of June 30, 2019, the Company was in compliance with the covenants under the facility. At June 30, 2019 and December 31, 2018, unamortized financing costs related to the Company’s credit facility totaled $2.6 million and $3.1 million, respectively, and are included in other assets, net, on the condensed consolidated balance sheets. Unsecured Notes and Term Loans Payable, net In both March 2018 and February 2019, the Company completed public offerings of $350 million in aggregate principal amount of senior unsecured notes (Public Notes). The Public Notes have coupon rates of 4.50% and 4.625%, respectively, and interest is payable semi-annually in arrears in March and September of each year. The notes were issued at 99.515% and 99.260%, respectively, of their principal amounts. The supplemental indentures governing the Public Notes contain various restrictive covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. As of June 30, 2019, the Company was in compliance with these covenants. The Public Notes can be redeemed, in whole or in part, at par within three months of their maturity date or at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest and (ii) the make-whole premium, as defined in the supplemental indentures governing these notes. The Company has entered into Note Purchase Agreements (NPAs) with institutional purchasers that provided for the private placement of three series of senior unsecured notes aggregating $375 million (the Notes). Interest on the Notes is payable semi-annually in arrears in May and November of each year. On each interest payment date, the interest rate on each series of Notes may be increased by 1.0% should the Company’s Applicable Credit Rating (as defined in the NPAs) fail to be an investment-grade credit rating; the increased interest rate would remain in effect until the next interest payment date on which the Company obtains an investment grade credit rating. The Company may prepay at any time all, or any part, of any series of Notes, in an amount not less than 5% of the aggregate principal amount of the series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPAs). The Notes are senior unsecured obligations of the Company. The NPAs contain a number of financial covenants that are similar to the Company’s unsecured credit facility as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes will become due and payable at the option of the purchasers. As of June 30, 2019, 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 and, in March 2017, the Company entered into a second $100 million floating-rate, unsecured term loan. This second loan was originally a two-year loan; in March 2019, the Company amended the related credit agreement and extended the original loan for one year to March 2020, while retaining the three one-year extension options. The interest rate on these loans resets monthly at one-month LIBOR plus a credit rating-based credit spread ranging from 0.90% to 1.75%; the credit spread currently applicable to the Company is 1.10% for the 2016 loan and 1.00 % for the amended 2017 loan. The Company has entered into interest rate swap agreements that effectively convert the variable interest rate on the 2016 term loan to a fixed rate. The term loans were arranged with lenders who also participate in the Company’s unsecured revolving credit facility. The financial covenants of the term loans match the covenants of the unsecured credit facility. The term loans are senior unsecured obligations of the Company and may be prepaid at any time without penalty. ​ The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Interest ​ June 30, ​ December 31, ​ ​ Date ​ Rate ​ 2019 ​ 2018 Notes Payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A issued November 2015 ​ Nov. 2022 ​ 4.95 % ​ ​ $ 75,000 ​ $ 75,000 ​ Series B issued November 2015 ​ Nov. 2024 ​ 5.24 % ​ ​ ​ 100,000 ​ ​ 100,000 ​ Series C issued April 2016 ​ Apr. 2026 ​ 4.73 % ​ ​ ​ 200,000 ​ ​ 200,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Notes issued March 2018 ​ Mar. 2028 ​ 4.50 % ​ ​ ​ 350,000 ​ ​ 350,000 ​ Public Notes issued February 2019 ​ Mar. 2029 ​ 4.625 % ​ ​ ​ 350,000 ​ ​ — ​ Total notes payable ​ ​ ​ ​ ​ ​ ​ ​ 1,075,000 ​ ​ 725,000 ​ Term Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan issued March 2017 ​ Mar. 2020 ​ 3.44 % (a) ​ ​ ​ 100,000 ​ ​ 100,000 ​ Term Loan issued April 2016 ​ Apr. 2021 ​ 2.44 % (b) ​ ​ ​ 100,000 ​ ​ 100,000 ​ Total term loans ​ ​ ​ ​ ​ ​ ​ ​ 200,000 ​ ​ 200,000 ​ Unamortized discount ​ ​ ​ ​ ​ ​ ​ ​ (3,981) ​ ​ (1,563) ​ Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ (9,486) ​ ​ (6,717) ​ Total unsecured notes and term loans payable, net ​ ​ ​ ​ ​ ​ ​ $ 1,261,533 ​ $ 916,720 ​ (a) Loan is a variable-rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.00% at June 30, 2019. (b) Loan is a variable-rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.10% at June 30, 2019. The Company has entered into interest rate swap agreements that effectively convert the floating rate to the fixed rate noted above as of June 30, 2019. ​ 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 and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes 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 $147.0 million at June 30, 2019. The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 or 36 months prior to maturity. As of June 30, 2019, 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 $2.7 billion. A number of additional consolidated special purpose entity subsidiaries of the Company have financed their real estate properties with traditional first mortgage debt. The notes generally require monthly principal and interest payments with balloon payments due at maturity. In general, these mortgage notes payable can be prepaid in whole or in part upon payment of a yield maintenance premium. The mortgage notes payable are collateralized by real estate properties owned by these consolidated special purpose entity subsidiaries with an aggregate investment amount of approximately $353.3 million at June 30, 2019. The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non-recourse, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants. In March 2019, in connection with the pending disposition of a property that served as collateral for a note payable, the Company, through an indirect wholly owned subsidiary, entered into an agreement to defease the remaining outstanding principal balance of $6.7 million under the note payable. As a result of this agreement, the Company made a $7.4 million defeasance payment (including expenses), the collateral was released, and the Company was released from all obligations associated with the note payable. The Company recognized a $0.7 million loss associated with the defeasance, which is included in interest expense on the condensed consolidated statement of income. The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Interest June 30, ​ December 31, ​ ​ Date ​ Rate 2019 ​ 2018 Non-recourse net-lease mortgage notes: ​ ​ ​ ​ ​ $77,000 Series 2013-3, Class A-1 Nov. 2020 4.24 % ​ $ 69,867 ​ $ 70,589 ​ $120,000 Series 2014-1, Class A-1 Apr. 2021 4.21 % ​ 116,950 ​ 117,250 ​ $95,000 Series 2015-1, Class A-1 ​ Apr. 2022 ​ 3.75 % ​ ​ 93,021 ​ ​ 93,258 ​ $102,000 Series 2013-1, Class A-2 Mar. 2023 4.65 % ​ 90,820 ​ 91,841 ​ $97,000 Series 2013-2, Class A-2 Jul. 2023 5.33 % ​ 87,394 ​ 88,320 ​ $100,000 Series 2013-3, Class A-2 Nov. 2023 5.21 % ​ 90,736 ​ 91,675 ​ $140,000 Series 2014-1, Class A-2 Apr. 2024 5.00 % ​ 136,442 ​ 136,792 ​ $150,000 Series 2018-1, Class A-1 ​ Oct. 2024 ​ 3.96 % ​ ​ 147,934 ​ ​ 149,484 ​ $50,000 Series 2018-1, Class A-3 ​ Oct. 2024 ​ 4.40 % ​ ​ 49,833 ​ ​ 49,958 ​ $270,000 Series 2015-1, Class A-2 ​ Apr. 2025 ​ 4.17 % ​ ​ 264,375 ​ ​ 265,050 ​ $200,000 Series 2016-1, Class A-1 (2016) ​ Oct. 2026 ​ 3.96 % ​ ​ 190,286 ​ ​ 192,187 ​ $135,000 Series 2016-1, Class A-2 (2017) ​ Apr. 2027 ​ 4.32 % ​ ​ 129,726 ​ ​ 130,984 ​ $228,000 Series 2018-1, Class A-2 ​ Oct. 2027 ​ 4.29 % ​ ​ 224,859 ​ ​ 227,215 ​ $164,000 Series 2018-1, Class A-4 ​ Oct. 2027 ​ 4.74 % ​ ​ 163,453 ​ ​ 163,863 ​ Total non-recourse net-lease mortgage notes ​ ​ ​ ​ ​ ​ ​ 1,855,696 ​ ​ 1,868,466 ​ Non-recourse mortgage notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $7,750 note issued February 2013 ​ ​ ​ ​ — ​ 6,723 ​ $6,500 note issued December 2012 Dec. 2019 4.806 % ​ 5,470 ​ 5,560 ​ $16,100 note issued February 2014 Mar. 2021 4.83 % ​ 14,182 ​ 14,388 ​ $13,000 note issued May 2012 May 2022 5.195 % ​ 10,906 ​ 11,081 ​ $26,000 note issued August 2012 Sept. 2022 5.05 % ​ 21,965 ​ 22,315 ​ $6,400 note issued November 2012 Dec. 2022 4.707 % ​ 5,408 ​ 5,496 ​ $11,895 note issued March 2013 Apr. 2023 4.7315 % ​ 10,167 ​ 10,328 ​ $17,500 note issued August 2013 Sept. 2023 5.46 % ​ 15,368 ​ 15,583 ​ $10,075 note issued March 2014 Apr. 2024 5.10 % ​ 9,277 ​ 9,365 ​ $65,000 note issued June 2016 ​ Jul. 2026 ​ 4.75 % ​ ​ 62,072 ​ ​ 62,609 ​ $41,690 note issued March 2019 ​ Mar. 2029 ​ 4.80 % ​ ​ 41,690 ​ ​ — ​ $6,944 notes issued March 2013 Apr. 2038 4.50 % (a) ​ 5,875 ​ 5,957 ​ Total non-recourse mortgage notes ​ ​ ​ ​ ​ ​ ​ 202,380 ​ ​ 169,405 ​ Unamortized discount ​ ​ ​ ​ ​ ​ (417) ​ (455) ​ Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ (26,510) ​ (28,824) ​ Total non-recourse debt obligations of consolidated special purpose entities, net ​ ​ ​ ​ ​ ​ $ 2,031,149 ​ $ 2,008,592 ​ (a) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate. Credit Risk Related Contingent Features The Company has agreements with derivative counterparties, which provide generally that the Company could be declared in default on its derivative obligations if the Company defaults on the underlying indebtedness following acceleration of the indebtedness by the lender. Long-term Debt Maturity Schedule As of June 30, 2019, 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 2019 ​ $ 14,945 ​ $ 5,394 ​ $ 20,339 ​ 2020 ​ ​ 29,607 ​ ​ 167,848 ​ ​ 197,455 ​ 2021 ​ 26,282 ​ 229,366 ​ 255,648 ​ 2022 ​ 26,114 ​ 200,829 ​ 226,943 ​ 2023 ​ 21,799 ​ 265,357 ​ 287,156 ​ 2024 ​ 17,094 ​ 426,914 ​ 444,008 ​ Thereafter ​ 37,342 ​ 1,864,185 ​ 1,901,527 ​ ​ ​ $ 173,183 ​ $ 3,159,893 ​ $ 3,333,076 ​ ​

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity In November 2018, the Company established its third “at the market” equity distribution program, or ATM program, pursuant to which, from time to time, it may offer and sell registered shares of its common stock through a group of banks acting as its sales agents. Under this program, the Company can offer and sell up to a maximum amount of $750 million of common stock (the 2018-2 ATM Program). The following tables outline the common stock issuances under the 2018-2 ATM Program (in millions except share and per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ATM Program Shares Sold ​ Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $750 million 2018-2 ATM Program 4,027,136 ​ $ 34.23 ​ $ 137.9 ​ $ (2.1) ​ $ (0.1) ​ $ 135.7 Total 4,027,136 ​ $ 34.23 ​ $ 137.9 ​ $ (2.1) ​ $ (0.1) ​ $ 135.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ATM Program Shares Sold ​ Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $750 million 2018-2 ATM Program 9,005,646 ​ $ 33.17 ​ $ 298.7 ​ $ (4.5) ​ $ (0.2) ​ $ 294.0 Total 9,005,646 ​ $ 33.17 ​ $ 298.7 ​ $ (4.5) ​ $ (0.2) ​ $ 294.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inception of Program Through June 30, 2019 ATM Program Shares Sold ​ Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $750 million 2018-2 ATM Program 17,238,388 ​ $ 31.55 ​ $ 543.9 ​ $ (8.2) ​ $ (0.5) ​ $ 535.2 Total 17,238,388 ​ $ 31.55 ​ $ 543.9 ​ $ (8.2) ​ $ (0.5) ​ $ 535.2 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of June 30, 2019, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $129.1 million, of which $126.3 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. The Company has a lease agreement with an unrelated third party for its corporate office space that will expire in July 2027; the lease allows for one five-year renewal period at the option of the Company. During both the three and six months ended June 30, 2019 and 2018, total rent expense was $180,000 and $360,000, respectively, which is included in general and administrative expense on the condensed consolidated statements of income. At June 30, 2019, the Company’s future minimum rental commitment under this noncancelable operating lease, excluding the renewal option period, was approximately $371,000 for the remainder of 2019, $748,000 in 2020, $762,000 in 2021, $776,000 in 2022, $790,000 in 2023, $804,000 in 2024 and $2.1 million thereafter. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and lease liability related to this lease; at June 30, 2019, the balance of the right-of-use asset was $4.6 million, which is included in other assets, net on the condensed consolidated balance sheet, and the balance of the related lease liability was $5.2 million, using a discount rate of 5.3%. 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	6 Months Ended
	Jun. 30, 2019
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. The fair value of the Company’s derivative instruments was an asset of $0.7 million at June 30, 2019 and an asset of $253,000 and a liability of $4.3 million at December 31, 2018; derivative assets are included in other assets, net, and derivative liabilities are included in accrued expenses, deferred revenue and other liabilities on the condensed consolidated balance sheets. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks at June 30, 2019 and December 31, 2018. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and tenant deposits. Generally these assets and liabilities are short-term in duration and are recorded at fair value on the consolidated balance sheets. The Company believes the carrying value of the borrowings on its credit facility approximate fair value based on their nature, terms and variable interest rate. Additionally, the Company believes the 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 June 30, 2019, these debt obligations had a carrying value of $3,292.7 million and an estimated fair value of $3,520.0 million. At December 31, 2018, these debt obligations had an aggregate carrying value of $2,925.3 million and an estimated fair value of $2,988.8 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)	6 Months Ended
	Jun. 30, 2019
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, 2018. 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 June 30, 2019 and December 31, 2018, these special purpose entities held assets totaling $6.6 billion and $6.1 billion, respectively, and had third-party liabilities totaling $2.1 billion. 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	Segment Reporting ​ The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting
Investment Portfolio	Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. Effective January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) ● Real Estate Investments – investments are generally made through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them through long-term leases which are generally classified as operating leases; the operators become the Company’s long-term tenants (its customers). Certain of the lease contracts that are associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which will result in the transaction being accounted for as a financing arrangement due to the adoption of ASC Topic 842 rather than as an investment in real estate subject to an operating lease. ● Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serve as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. ● Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate transactions are expected to be accounted for as operating leases of the land and mortgage loans on the buildings and improvements .
Accounting for Real Estate Investments	Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then- fair market value or the Company’s cost). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, the Company will account for such acquisition as a financing arrangement and record the investment in loans and financing receivables on the condensed consolidated balance sheet. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the 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.
Revenue Recognition	Revenue Recognition STORE Capital leases real estate to its tenants under long- term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the condensed consolidated balance sheets. Prior to 2019, the Company provided for an estimated reserve for uncollectible straight-line operating lease receivables based on management’s assessment of the risks inherent in those lease contracts, giving consideration to industry default rates for long-term receivables. At December 31, 2018, there was $25.7 million of straight-line operating lease receivables, net of an allowance of $4.3 million. Subsequent to the adoption of ASC Topic 842 in 2019, the Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. The Company had $28.6 million of straight-line operating lease receivables at June 30, 2019. 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. In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. Approximately 2.5% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has generally been less than 0.1% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of a receivable with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the condensed consolidated statements of income.
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 No impairment of real estate was recognized during either of the three months ended June 30, 2019 or 2018. During the six months ended June 30, 2019, the Company recognized an aggregate provision for the impairment of real estate of $2.6 million; the estimated fair value of the impaired real estate assets at time of impairment on March 31, 2019 was $10.0 million. No impairment of real estate was recognized during the six months ended June 30, 2018.
Accounting for Loans Receivable	Accounting for Loans Receivable Classification and Cost STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. 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 more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of June 30, 2019 and December 31, 2018, the Company had loans receivable with an aggregate outstanding principal balance of $16.7 million and $8.5 million, respectively, 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. At both June 30, 2019 and December 31, 2018, there was $2.5 million of allowance for loan losses.
Accounting for Direct Financing Receivables	Accounting for Direct Financing Receivables Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified.
Accounting for Ground Lease Assets	Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. As a result of the adoption of ASC Topic 842, the Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term only if it is reasonably likely the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money-market funds of a major financial institution, consisting predominantly of U.S. Government obligations.
Restricted Cash	Restricted Cash ​ Restricted cash primarily consists of reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, and escrow deposits. The Company had $14.9 million and $15.5 million of restricted cash and deposits in escrow at June 30, 2019 and December 31, 2018, respectively, which were included in other assets, net, on the condensed consolidated balance sheets.
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, net, on the condensed consolidated balance sheets.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of June 30, 2019, the Company had one interest rate floor and two interest rate swap agreements in place. The 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). In December 2018, the Company entered into two treasury lock agreements which were designated as cash flow hedges associated with the expected public offering of the senior unsecured notes issued by the Company at the end of February 2019 (Note 4). The agreements were settled in accordance with their terms in February 2019 and the Company made an aggregate payment of $6.7 million to the counterparties which was recognized as a deferred loss in accumulated other comprehensive loss.
Fair Value Measurement	Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions.
Share-based Compensation	Share-based Compensation Directors and key employees of the Company have been granted long-term incentive awards, including restricted stock awards (RSAs) and restricted stock unit awards (RSUs), which provide such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on 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. During the six months ended June 30, 2019, the Company granted RSAs representing 121,477 shares of restricted common stock to its directors and key employees. During the same period, RSAs representing 162,315 shares of restricted stock vested and RSAs representing 7,038 shares were forfeited. In connection with the vesting of the RSAs, the Company repurchased 47,104 shares as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plans. As of June 30, 2019, the Company had 283,125 shares of restricted common stock outstanding. The Company’s RSUs granted in 2015 through 2017 contain both a market condition and a service condition and RSUs granted in 2018 and 2019 contain both a market condition and a performance condition as well as a service condition. The Company values the RSUs with a market condition using a Monte Carlo simulation model and values the RSUs with a performance condition based on the fair value of the awards expected to be earned and recognizes those amounts in general and administrative expense on a tranche by tranche basis ratably over the vesting periods. During the six months ended June 30, 2019, the Company awarded 525,824 RSUs to its executive officers. During the same period, 37,222 RSUs vested and 156,977 RSUs were forfeited. In connection with the vesting of 289,556 RSUs on December 31, 2018, the Company repurchased 104,052 shares during the six months ended June 30, 2019 as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plan. As of June 30, 2019, there were 1,347,486 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 2014 and tax returns filed for 2015 through 2018 are subject to examination by these jurisdictions. As of June 30, 2019 and December 31, 2018, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as general and administrative expenses. There was no accrual for interest or penalties at June 30, 2019 or December 31, 2018.
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 Numerator: ​ ​ ​ ​ ​ Net income ​ $ 67,964 ​ $ 62,201 ​ $ 113,520 ​ $ 112,161 ​ Less: earnings attributable to unvested restricted shares ​ (94) ​ (104) ​ (177) ​ (180) ​ Net income used in basic and diluted income per share ​ $ 67,870 ​ $ 62,097 ​ $ 113,343 ​ $ 111,981 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 227,992,932 ​ 199,853,318 ​ 225,260,958 ​ 197,469,722 ​ Less: Weighted average number of shares of unvested restricted stock ​ (290,651) ​ (338,950) ​ ​ (302,199) ​ (355,807) ​ Weighted average shares outstanding used in basic income per share ​ 227,702,281 ​ 199,514,368 ​ 224,958,759 ​ 197,113,915 ​ Effects of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Add: Treasury stock method impact of potentially dilutive securities (a) ​ 540,473 ​ 627,935 ​ 505,169 ​ 417,093 ​ Weighted average shares outstanding used in diluted income per share ​ 228,242,754 ​ 200,142,303 ​ 225,463,928 ​ 197,531,008 ​ (a) For the three months ended June 30, 2019 and 2018, excludes 88,229 shares and 69,384 shares, respectively, and for the six months ended June 30, 2019 and 2018, excludes 109,645 shares and 90,098 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive. ​
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or the SEC. The Company adopts the new pronouncements as of the specified effective date. When permitted, the Company may elect to early adopt the new pronouncements. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and, therefore, will have minimal, if any, impact on the Company’s financial position, results of operations or cash flows upon adoption. In February 2016, the FASB issued ASC Topic 842 to amend the accounting for leases. The new standard requires lessees and lessors to classify leases as either finance or operating leases and for lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. The standard also eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, lease modifications, recognition of a lease-related receivables allowance and lease executory costs for all entities. The Company adopted ASC Topic 842 on January 1, 2019, using the modified retrospective approach in accordance with the provisions of ASU 2018-11, Leases (Topic 842), Targeted Improvements ● a package of practical expedients allowing the Company to not reassess the classification of existing lease contracts, whether existing or expired contracts contain a lease or whether a portion of initial direct costs for existing leases should have been expensed. ● a practical expedient allowing the Company to not evaluate land easements that existed prior to or at the time of adoption, as leases in accordance with Topic 842. The new standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in obtaining a lease. Although there have been changes in the manner in which initial direct costs are recorded, the amount recorded has remained materially consistent. While primarily a lessor, the Company is also a lessee under several operating ground lease contracts and under its corporate office lease. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and a lease liability of approximately $24.9 million and $25.5 million, respectively, in relation to these leases. For most of the operating ground leases, the sublessees, or the Company’s tenants, are responsible for making payment directly to the ground lessors. Prior to the new standard, these amounts were presented on a net basis; however, such amounts are now presented on a gross basis in the consolidated statements of income as both rental revenue and property costs. ASC Topic 842 also requires the Company to assess the probability of collecting substantially all of its rental revenue and make direct adjustments to rental revenue for operating lease receivables that are not believed to be collectible. As such, the Company will no longer recognize an allowance for doubtful accounts. The new standard had no impact on the Company’s cash flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, Codification Improvements to Topic 326, Financial Instruments – Credit Losses

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Tables)	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Principles
Reconciliation of the numerator and denominator used in the computation of basic and diluted income per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 Numerator: ​ ​ ​ ​ ​ Net income ​ $ 67,964 ​ $ 62,201 ​ $ 113,520 ​ $ 112,161 ​ Less: earnings attributable to unvested restricted shares ​ (94) ​ (104) ​ (177) ​ (180) ​ Net income used in basic and diluted income per share ​ $ 67,870 ​ $ 62,097 ​ $ 113,343 ​ $ 111,981 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 227,992,932 ​ 199,853,318 ​ 225,260,958 ​ 197,469,722 ​ Less: Weighted average number of shares of unvested restricted stock ​ (290,651) ​ (338,950) ​ ​ (302,199) ​ (355,807) ​ Weighted average shares outstanding used in basic income per share ​ 227,702,281 ​ 199,514,368 ​ 224,958,759 ​ 197,113,915 ​ Effects of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Add: Treasury stock method impact of potentially dilutive securities (a) ​ 540,473 ​ 627,935 ​ 505,169 ​ 417,093 ​ Weighted average shares outstanding used in diluted income per share ​ 228,242,754 ​ 200,142,303 ​ 225,463,928 ​ 197,531,008 ​ (a) For the three months ended June 30, 2019 and 2018, excludes 88,229 shares and 69,384 shares, respectively, and for the six months ended June 30, 2019 and 2018, excludes 109,645 shares and 90,098 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments:
Schedule of gross real estate and loan activity	The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. During the six months ended June 30, 2019, the Company had the following gross real estate and other investment activity (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Number of Dollar ​ ​ Investment ​ Amount of ​ ​ Locations ​ Investments Gross investments, December 31, 2018 2,255 ​ $ 7,605,070 ​ Acquisition of and additions to real estate (a) 149 ​ ​ 647,365 ​ Investment in loans and financing receivables 16 ​ ​ 123,552 ​ Sales of real estate (26) ​ ​ (93,123) ​ Principal collections on loans and financing receivables (b) ​ (5) ​ ​ (18,789) ​ Operating ground lease assets, net (c) ​ — ​ ​ 21,857 ​ Provisions for impairment ​ ​ ​ ​ (2,610) ​ Other ​ ​ ​ ​ (3,769) ​ Gross investments, June 30, 2019 (d) ​ ​ ​ 8,279,553 ​ Less accumulated depreciation and amortization (d) ​ ​ ​ (680,222) ​ Net investments, June 30, 2019 2,389 ​ $ 7,599,331 ​ (a) Excludes $31.9 million of tenant improvement advances disbursed in 2019 which were accrued as of December 31, 2018 and includes $0.8 million of interest capitalized to properties under construction. (b) Includes $13.6 million of non-cash principal collections primarily related to loans receivable transactions in which the Company acquired three underlying mortgaged properties and leased them back to the borrowers. (c) Includes $20.0 million of operating ground lease (or right-of-use) assets recognized upon initial adoption of ASC Topic 842 and $1.8 million of activity (new operating ground lease assets recognized net of asset amortization) during the six months ended June 30, 2019. (d) Includes the dollar amount of investments ($21.0 million) and the accumulated depreciation ($2.7 million) related to real estate investments held for sale at June 30, 2019.
Schedule of revenue recognized from investment portfolio	The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2019 2018 2019 2018 Rental revenues: ​ ​ ​ ​ ​ ​ ​ Operating leases (a) ​ $ 155,429 ​ $ 124,900 ​ $ 304,936 ​ $ 245,316 ​ Sublease income - operating ground leases (b) ​ ​ 564 ​ ​ — ​ ​ 1,072 ​ ​ — ​ Amortization of lease related intangibles and costs ​ (529) ​ (487) ​ (1,053) ​ (1,003) ​ Total rental revenues ​ $ 155,464 ​ $ 124,413 ​ $ 304,955 ​ $ 244,313 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income on loans and financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage and other loans receivable ​ $ 3,360 ​ $ 3,007 ​ $ 6,330 ​ $ 5,856 ​ Sale-leaseback transactions accounted for as financing arrangements ​ 965 ​ — ​ 1,047 ​ — ​ Direct financing receivables ​ 3,516 ​ 3,272 ​ 7,095 ​ 5,944 ​ Total interest income on loans and financing receivables ​ $ 7,841 ​ $ 6,279 ​ $ 14,472 ​ $ 11,800 ​ (a) For the three and six months ended June 30, 2019, includes $544,000 and $1.3 million, respectively, of property tax tenant reimbursement revenue and includes variable lease revenue of $29,000 for both the three months ended June 30, 2019 and 2018 and $65,000 and $91,000 for the six months ended June 30, 2019 and 2018, respectively. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments.
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 June 30, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ Number of ​ Dollar ​ Total Dollar ​ ​ Investment ​ Amount of ​ Amount of ​ ​ Locations ​ Investments ​ Investments Restaurants 800 ​ $ 1,283,889 16 % Furniture stores 61 ​ ​ 475,282 5 ​ Early childhood education centers 201 ​ ​ 451,409 5 ​ Health clubs 84 ​ ​ 443,847 5 ​ Farm and ranch supply stores 45 ​ ​ 388,670 5 ​ Movie theaters ​ 41 ​ ​ 375,801 ​ 5 ​ Automotive repair and maintenance 155 ​ ​ 371,792 4 ​ All manufacturing industries 224 ​ ​ 1,384,686 17 ​ All other service industries 663 ​ ​ 2,355,435 29 ​ All other retail industries 115 ​ ​ 748,742 9 ​ ​ 2,389 ​ $ 8,279,553 100 %
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 June 30, 2019, were as follows (in thousands): ​ ​ ​ ​ ​ Remainder of 2019 ​ $ 315,077 ​ 2020 ​ ​ 628,359 ​ 2021 ​ 627,337 ​ 2022 ​ 627,658 ​ 2023 ​ 624,839 ​ 2024 ​ 620,902 ​ Thereafter ​ 5,496,002 ​ Total future minimum rentals (a) ​ $ 8,940,174 ​
Schedule detailing intangible lease assets and related accumulated amortization	The following table details intangible lease assets and related accumulated amortization (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2019 ​ 2018 ​ In-place leases (a) ​ $ 53,191 ​ $ 54,293 ​ Ground lease-related intangibles ​ 19,449 ​ 21,363 ​ Above-market leases ​ 9,492 ​ 9,492 ​ Total intangible lease assets ​ 82,132 ​ 85,148 ​ Accumulated amortization (a) ​ (31,675) ​ (29,223) ​ Net intangible lease assets ​ $ 50,457 ​ $ 55,925 ​
Summary of future minimum lease payments	The future minimum lease payments to be paid under the operating ground leases as of June 30, 2019 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground ​ ​ ​ ​ Ground ​ Leases ​ ​ ​ ​ ​ ​ Leases ​ Paid by ​ ​ ​ ​ ​ ​ Paid by ​ STORE Capital's ​ ​ ​ ​ ​ ​ STORE Capital ​ Tenants (a) ​ Total Remainder of 2019 ​ $ 15 ​ $ 1,418 ​ $ 1,433 ​ 2020 ​ ​ 31 ​ ​ 1,953 ​ ​ 1,984 ​ 2021 ​ 31 ​ 1,792 ​ 1,823 ​ 2022 ​ 31 ​ 1,742 ​ 1,773 ​ 2023 ​ 31 ​ 5,493 ​ 5,524 ​ 2024 ​ 31 ​ 1,417 ​ 1,448 ​ Thereafter ​ 3,075 ​ 31,336 ​ 34,411 ​ Total lease payments ​ ​ 3,245 ​ ​ 45,151 ​ ​ 48,396 ​ Less imputed interest ​ (2,636) ​ (23,590) ​ (26,226) ​ Total operating lease liabilities - ground leases ​ $ 609 ​ $ 21,561 ​ $ 22,170 ​ (a) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to make the required ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $45.2 million commitment, $16.4 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales.
Schedule summarizing loans and direct financing receivables	The Company’s loans and financing receivables are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Maturity ​ June 30, ​ December 31, Type Rate (a) Date 2019 2018 Six mortgage loans receivable ​ 8.11 % ​ 2019 - 2022 ​ $ 34,335 ​ $ 49,934 ​ Four mortgage loans receivable 8.52 % ​ 2032 - 2038 ​ 15,696 ​ 17,666 ​ Ten mortgage loans receivable (b) 8.52 % ​ 2051 - 2059 ​ 120,367 ​ 88,019 ​ Total mortgage loans receivable ​ ​ ​ ​ ​ ​ 170,398 ​ 155,619 ​ Equipment and other loans receivable ​ 8.78 % ​ 2019 - 2025 ​ ​ 13,322 ​ ​ 12,013 ​ Total principal amount outstanding—loans receivable ​ ​ ​ ​ ​ ​ 183,720 ​ 167,632 ​ Unamortized loan origination costs ​ ​ ​ ​ ​ ​ 1,206 ​ 1,249 ​ Allowance for loan losses ​ ​ ​ ​ ​ ​ ​ (2,538) ​ ​ (2,538) ​ Sale-leaseback transactions accounted for as financing arrangements (c) ​ 7.90 % ​ 2034 - 2043 ​ ​ 101,425 ​ ​ — ​ Direct financing receivables ​ ​ ​ ​ ​ ​ 170,651 ​ 184,859 ​ Total loans and financing receivables ​ ​ ​ ​ ​ ​ $ 454,464 ​ $ 351,202 ​ (a) Represents the weighted average interest rate as of the balance sheet date. (b) Four of these mortgage 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) In accordance with ASC Topic 842, represents transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2043 and the purchase options expire between 2028 and 2039.
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 2019 ​ $ 1,580 ​ $ 17,539 ​ $ 19,119 ​ 2020 ​ ​ 1,877 ​ ​ 10,701 ​ ​ 12,578 ​ 2021 ​ 1,197 ​ 7,865 ​ 9,062 ​ 2022 ​ 975 ​ 6,974 ​ 7,949 ​ 2023 ​ 886 ​ 1,203 ​ 2,089 ​ 2024 ​ 926 ​ — ​ 926 ​ Thereafter ​ 113,949 ​ 18,048 ​ 131,997 ​ Total principal payments ​ $ 121,390 ​ $ 62,330 ​ $ 183,720 ​
Schedule of future payments to be received under sale-leaseback transactions accounted for as financing arrangements	The scheduled future payments (excluding any contingent payments) to be received under these agreements as of June 30, 2019, were as follows (in thousands): ​ ​ ​ ​ ​ ​ Remainder of 2019 ​ $ 3,997 ​ 2020 ​ ​ 8,009 ​ 2021 ​ 8,042 ​ 2022 ​ 8,078 ​ 2023 ​ 8,116 ​ 2024 ​ 8,193 ​ Thereafter ​ 109,686 ​ Total future scheduled payments ​ $ 154,121 ​
Schedule of the components of the investments accounted for as direct financing receivables	As of June 30, 2019 and December 31, 2018, the Company had $170.7 million and $184.9 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2019 ​ 2018 ​ Minimum lease payments receivable ​ $ 386,898 $ 424,305 ​ Estimated residual value of leased assets ​ 22,610 ​ 24,053 ​ Unearned income ​ (238,857) ​ (263,499) ​ Net investment ​ $ 170,651 ​ $ 184,859 ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Schedule of maturities of long-term debt	As of June 30, 2019, 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 2019 ​ $ 14,945 ​ $ 5,394 ​ $ 20,339 ​ 2020 ​ ​ 29,607 ​ ​ 167,848 ​ ​ 197,455 ​ 2021 ​ 26,282 ​ 229,366 ​ 255,648 ​ 2022 ​ 26,114 ​ 200,829 ​ 226,943 ​ 2023 ​ 21,799 ​ 265,357 ​ 287,156 ​ 2024 ​ 17,094 ​ 426,914 ​ 444,008 ​ Thereafter ​ 37,342 ​ 1,864,185 ​ 1,901,527 ​ ​ ​ $ 173,183 ​ $ 3,159,893 ​ $ 3,333,076 ​ ​
Senior Unsecured Notes And Term Loans Payable
Schedule of debt	​ The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Interest ​ June 30, ​ December 31, ​ ​ Date ​ Rate ​ 2019 ​ 2018 Notes Payable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A issued November 2015 ​ Nov. 2022 ​ 4.95 % ​ ​ $ 75,000 ​ $ 75,000 ​ Series B issued November 2015 ​ Nov. 2024 ​ 5.24 % ​ ​ ​ 100,000 ​ ​ 100,000 ​ Series C issued April 2016 ​ Apr. 2026 ​ 4.73 % ​ ​ ​ 200,000 ​ ​ 200,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Notes issued March 2018 ​ Mar. 2028 ​ 4.50 % ​ ​ ​ 350,000 ​ ​ 350,000 ​ Public Notes issued February 2019 ​ Mar. 2029 ​ 4.625 % ​ ​ ​ 350,000 ​ ​ — ​ Total notes payable ​ ​ ​ ​ ​ ​ ​ ​ 1,075,000 ​ ​ 725,000 ​ Term Loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan issued March 2017 ​ Mar. 2020 ​ 3.44 % (a) ​ ​ ​ 100,000 ​ ​ 100,000 ​ Term Loan issued April 2016 ​ Apr. 2021 ​ 2.44 % (b) ​ ​ ​ 100,000 ​ ​ 100,000 ​ Total term loans ​ ​ ​ ​ ​ ​ ​ ​ 200,000 ​ ​ 200,000 ​ Unamortized discount ​ ​ ​ ​ ​ ​ ​ ​ (3,981) ​ ​ (1,563) ​ Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ (9,486) ​ ​ (6,717) ​ Total unsecured notes and term loans payable, net ​ ​ ​ ​ ​ ​ ​ $ 1,261,533 ​ $ 916,720 ​ (a) Loan is a variable-rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.00% at June 30, 2019. (b) Loan is a variable-rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.10% at June 30, 2019. The Company has entered into interest rate swap agreements that effectively convert the floating rate to the fixed rate noted above as of June 30, 2019.
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Interest June 30, ​ December 31, ​ ​ Date ​ Rate 2019 ​ 2018 Non-recourse net-lease mortgage notes: ​ ​ ​ ​ ​ $77,000 Series 2013-3, Class A-1 Nov. 2020 4.24 % ​ $ 69,867 ​ $ 70,589 ​ $120,000 Series 2014-1, Class A-1 Apr. 2021 4.21 % ​ 116,950 ​ 117,250 ​ $95,000 Series 2015-1, Class A-1 ​ Apr. 2022 ​ 3.75 % ​ ​ 93,021 ​ ​ 93,258 ​ $102,000 Series 2013-1, Class A-2 Mar. 2023 4.65 % ​ 90,820 ​ 91,841 ​ $97,000 Series 2013-2, Class A-2 Jul. 2023 5.33 % ​ 87,394 ​ 88,320 ​ $100,000 Series 2013-3, Class A-2 Nov. 2023 5.21 % ​ 90,736 ​ 91,675 ​ $140,000 Series 2014-1, Class A-2 Apr. 2024 5.00 % ​ 136,442 ​ 136,792 ​ $150,000 Series 2018-1, Class A-1 ​ Oct. 2024 ​ 3.96 % ​ ​ 147,934 ​ ​ 149,484 ​ $50,000 Series 2018-1, Class A-3 ​ Oct. 2024 ​ 4.40 % ​ ​ 49,833 ​ ​ 49,958 ​ $270,000 Series 2015-1, Class A-2 ​ Apr. 2025 ​ 4.17 % ​ ​ 264,375 ​ ​ 265,050 ​ $200,000 Series 2016-1, Class A-1 (2016) ​ Oct. 2026 ​ 3.96 % ​ ​ 190,286 ​ ​ 192,187 ​ $135,000 Series 2016-1, Class A-2 (2017) ​ Apr. 2027 ​ 4.32 % ​ ​ 129,726 ​ ​ 130,984 ​ $228,000 Series 2018-1, Class A-2 ​ Oct. 2027 ​ 4.29 % ​ ​ 224,859 ​ ​ 227,215 ​ $164,000 Series 2018-1, Class A-4 ​ Oct. 2027 ​ 4.74 % ​ ​ 163,453 ​ ​ 163,863 ​ Total non-recourse net-lease mortgage notes ​ ​ ​ ​ ​ ​ ​ 1,855,696 ​ ​ 1,868,466 ​ Non-recourse mortgage notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $7,750 note issued February 2013 ​ ​ ​ ​ — ​ 6,723 ​ $6,500 note issued December 2012 Dec. 2019 4.806 % ​ 5,470 ​ 5,560 ​ $16,100 note issued February 2014 Mar. 2021 4.83 % ​ 14,182 ​ 14,388 ​ $13,000 note issued May 2012 May 2022 5.195 % ​ 10,906 ​ 11,081 ​ $26,000 note issued August 2012 Sept. 2022 5.05 % ​ 21,965 ​ 22,315 ​ $6,400 note issued November 2012 Dec. 2022 4.707 % ​ 5,408 ​ 5,496 ​ $11,895 note issued March 2013 Apr. 2023 4.7315 % ​ 10,167 ​ 10,328 ​ $17,500 note issued August 2013 Sept. 2023 5.46 % ​ 15,368 ​ 15,583 ​ $10,075 note issued March 2014 Apr. 2024 5.10 % ​ 9,277 ​ 9,365 ​ $65,000 note issued June 2016 ​ Jul. 2026 ​ 4.75 % ​ ​ 62,072 ​ ​ 62,609 ​ $41,690 note issued March 2019 ​ Mar. 2029 ​ 4.80 % ​ ​ 41,690 ​ ​ — ​ $6,944 notes issued March 2013 Apr. 2038 4.50 % (a) ​ 5,875 ​ 5,957 ​ Total non-recourse mortgage notes ​ ​ ​ ​ ​ ​ ​ 202,380 ​ ​ 169,405 ​ Unamortized discount ​ ​ ​ ​ ​ ​ (417) ​ (455) ​ Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ (26,510) ​ (28,824) ​ Total non-recourse debt obligations of consolidated special purpose entities, net ​ ​ ​ ​ ​ ​ $ 2,031,149 ​ $ 2,008,592 ​ (a) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity
Schedule of Stockholders Equity [Table Text Block]	The following tables outline the common stock issuances under the 2018-2 ATM Program (in millions except share and per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ATM Program Shares Sold ​ Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $750 million 2018-2 ATM Program 4,027,136 ​ $ 34.23 ​ $ 137.9 ​ $ (2.1) ​ $ (0.1) ​ $ 135.7 Total 4,027,136 ​ $ 34.23 ​ $ 137.9 ​ $ (2.1) ​ $ (0.1) ​ $ 135.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ATM Program Shares Sold ​ Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $750 million 2018-2 ATM Program 9,005,646 ​ $ 33.17 ​ $ 298.7 ​ $ (4.5) ​ $ (0.2) ​ $ 294.0 Total 9,005,646 ​ $ 33.17 ​ $ 298.7 ​ $ (4.5) ​ $ (0.2) ​ $ 294.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inception of Program Through June 30, 2019 ATM Program Shares Sold ​ Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $750 million 2018-2 ATM Program 17,238,388 ​ $ 31.55 ​ $ 543.9 ​ $ (8.2) ​ $ (0.5) ​ $ 535.2 Total 17,238,388 ​ $ 31.55 ​ $ 543.9 ​ $ (8.2) ​ $ (0.5) ​ $ 535.2 ​

Summary of Significant Accoun_4

Summary of Significant Accounting Principles (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)segment	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)agreement
Basis of Accounting and Principles of Consolidation
Assets owned	$ 7,699,974			$ 7,699,974		$ 7,113,971
Liabilities owed	3,581,485			$ 3,581,485		3,250,470
Segment Reporting
Number of Reportable Segments | segment				1
Impairments
Provisions for impairment	0		$ 0	$ 2,600	$ 0
Estimate fair value of impaired real estate assets		$ 10,000
Revenue Recognition
Accrued straight-line rental revenue, net of allowance	$ 28,600			$ 28,600		25,700
Accrued straight-line rental revenue, allowance						4,300
Leases indexed to increases in the CPI, minimum adjustment period				1 year
Leases indexed to increases in the CPI, minimum multiplier increasing rent (in multipliers)				1
Leases indexed to increases in the CPI, maximum multiplier increasing rent (in multipliers)				1.25
Portion of investment portfolio subject to contingent rent based upon tenant sales (as a percent)	2.50%			2.50%
Contingent rent as a percentage of rental revenue, historical	0.10%			0.10%
Loans Receivable
Allowance for loan losses	$ 2,538			$ 2,538		2,538
Non accrual status loan receivables	16,700			16,700		8,500
Restricted Cash and Escrow Deposits
Restricted cash included in other assets	14,887		$ 12,904	14,887	$ 12,904	15,500
Derivative Instruments and Hedging Activities
Outstanding balance	3,333,076			3,333,076
Aggregate payment to counterparties recognized as a deferred loss in other comprehensive loss				$ (6,700)
Loans receivable
Loans Receivable
Maximum past due period for loans payments causing nonaccrual status				60 days
Allowance for loan losses	2,500			$ 2,500		2,500
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	6,600,000			$ 6,600,000		6,100,000
Liabilities owed	$ 2,100,000			$ 2,100,000		$ 2,100,000
Interest rate swaps
Derivative Instruments and Hedging Activities
Number of agreements | segment	2			2
Interest rate floor
Derivative Instruments and Hedging Activities
Number of agreements | segment	1			1
Treasury lock agreement
Derivative Instruments and Hedging Activities
Number of agreements | agreement						2
Senior Unsecured Notes
Derivative Instruments and Hedging Activities
Outstanding balance	$ 1,075,000			$ 1,075,000		$ 725,000
Designated as hedging instrument | Interest rate swap contract four
Derivative Instruments and Hedging Activities
Current notional amounts	100,000			100,000
Outstanding balance	$ 100,000			$ 100,000

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Share Based Compensation and Other (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
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	67,964,000	$ 62,201,000	113,520,000	$ 112,161,000
Less: earnings attributable to unvested restricted shares	(94,000)	(104,000)	(177,000)	(180,000)
Net income used in basic and diluted income per share	$ 67,870,000	$ 62,097,000	$ 113,343,000	$ 111,981,000
Denominator:
Weighted average common shares outstanding	227,992,932	199,853,318	225,260,958	197,469,722
Less: Weighted average number of shares of unvested restricted stock (in shares)	(290,651)	(338,950)	(302,199)	(355,807)
Weighted average shares outstanding used in basic income per share (in shares)	227,702,281	199,514,368	224,958,759	197,113,915
Effects of dilutive securities:
Add: Treasury stock method impact of potentially dilutive securities (in shares)	540,473	627,935	505,169	417,093
Weighted average shares outstanding used in diluted income per share (in shares)	228,242,754	200,142,303	225,463,928	197,531,008
Antidilutive unvested restricted shares (in shares)	88,229	69,384	109,645	90,098
Restricted Stock
Sharebased Compensation
Granted in period (in shares)			121,477
Vested in period (in shares)			162,315
Shares repurchased in connection with tax withholding obligations (in shares)			47,104
Forfeited in period (in shares)			(7,038)
Outstanding (in shares)	283,125		283,125
Restricted Stock Units
Sharebased Compensation
Vested in period (in shares)			37,222		289,556
Shares repurchased in connection with tax withholding obligations (in shares)			104,052
Forfeited in period (in shares)			(156,977)
Restricted Stock Units | Executive Officer | Vesting Based On Service And Market Conditions
Sharebased Compensation
Granted in period (in shares)			525,824
Outstanding (in shares)	1,347,486		1,347,486

Summary of Significant Accoun_6

Summary of Significant Accounting Principles - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Use of package of practical expedients	true
Lease, Practical Expedient, Land Easement [true false]	true
Right-of-use asset	$ 21,857
Total lease liabilities - ground leases	$ 27,356
Adjustment | ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset		$ 24,900
Total lease liabilities - ground leases		$ 25,500

Investments - Locations (Detail

Investments - Locations (Details) $ in Thousands	Jan. 01, 2019USD ($)property	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)property	Dec. 31, 2018USD ($)property
Investments:
Number of property locations of investments (in locations) | property	2,255		2,389		2,389	2,255
Number of owned properties (in properties) | property					2,339
Number of properties accounted as financing arrangements | property					16
Number of properties owned as direct financing receivables | property					57
Number of ground lease interests (in properties) | property					20
Number of properties which secure certain mortgage loans (in properties) | property					30
Gross acquisition cost of real estate investments					$ 7,800,000
Loans and financing receivables					454,464	$ 351,202
Operating ground lease assets					21,857
Investments assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities			37.00%
Number of Investment Locations
Gross investments | property	2,255		2,255
Acquisition of and additions to real estate | property			149
Investment in loans and financing receivables | property			16
Sales of real estate | property			(26)
Principal collections on loans and direct financing receivables | property			(5)
Gross investments | property			2,389
Dollar Amount of Investments
Gross investments	$ 7,605,070		$ 7,605,070
Acquisition of and additions to real estate			647,365
Investment in loans and financing receivables			123,552
Sales of real estate			(93,123)
Principal collections on loans and direct financing receivables			18,789
Operating ground lease assets capitalized, net	$ 20,000		21,857
Provisions for impairment		$ (1,038)	(2,610)	$ (2,608)
Other			(3,769)
Gross investments			8,279,553
Less accumulated depreciation and amortization					(680,222)
Net investments					7,599,331	$ 7,019,157
Tenant improvement advances disbursed			31,900
Interest capitalized			800
Non-cash principal collections related to loans receivable			$ 13,600
Number of mortgage properties acquired and leased back | property			3
Investment in real estate held for sale					21,000
Accumulated depreciation of real estate investments held for sale					$ 2,700
The amount of operating ground leases originated during the period, net of amortization			$ 1,800

Investments - Revenue Recognize

Investments - Revenue Recognized from Investment Portfolio (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Rental revenues:
Operating leases (a)	$ 155,429,000	$ 124,900,000	$ 304,936,000	$ 245,316,000
Sublease income - operating ground lease assets	564,000		1,072,000
Rental revenues		124,413,000		244,313,000
Total rental revenues	155,464,000		304,955,000
Interest income on loans and financing receivables:
Mortgage and other loans receivable	3,360,000	3,007,000	6,330,000	5,856,000
Sale-leaseback transactions accounted for as financing arrangements	965,000		1,047,000
Direct financing receivables	3,516,000	3,272,000	7,095,000	5,944,000
Total interest income on loans and financing receivables	7,841,000	6,279,000	14,472,000	11,800,000
Property tax tenant reimbursement revenue	544,000		1,300,000
Variable lease revenue	29,000	29,000	65,000	91,000
Rental Revenues [Member]
Rental revenues:
Amortization of lease related intangibles and costs	$ 529,000	$ 487,000	$ 1,053,000	$ 1,003,000

Investments - Significant Credi

Investments - Significant Credit and Revenue Concentration (Details)	6 Months Ended
	Jun. 30, 2019itemstate
Real estate investment portfolio | Geographic concentration
Significant Credit and Revenue Concentration
Number of customers	450
Number of states over which real estate investments are dispersed (in states) | state	50
Concentration Percentage for threshold	10.00%
Real estate investment portfolio | Geographic concentration | Texas
Significant Credit and Revenue Concentration
Concentration Percentage	11.00%
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
Significant Credit and Revenue Concentration
Concentration Percentage	2.70%
Real estate investment portfolio | Concept concentration | Minimum
Significant Credit and Revenue Concentration
Number of concepts (in categories)	660
Investment portfolio revenues | Customer concentration | Largest customer, investment portfolio revenues
Significant Credit and Revenue Concentration
Concentration Percentage	2.60%
Investment portfolio revenues | Concept concentration
Significant Credit and Revenue Concentration
Concentration Percentage	2.50%

Investments - Portfolio Diversi

Investments - Portfolio Diversification (Details) $ in Thousands	Jun. 30, 2019USD ($)property	Dec. 31, 2018USD ($)property
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	2,389	2,255
Dollar Amount of Investments | $	$ 8,279,553	$ 7,605,070
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	800
Dollar Amount of Investments | $	$ 1,283,889
Percentage of Total Dollar Amount of Investments	16.00%
Furniture stores
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	61
Dollar Amount of Investments | $	$ 475,282
Percentage of Total Dollar Amount of Investments	5.00%
Early childhood education centers
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	201
Dollar Amount of Investments | $	$ 451,409
Percentage of Total Dollar Amount of Investments	5.00%
Health clubs
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	84
Dollar Amount of Investments | $	$ 443,847
Percentage of Total Dollar Amount of Investments	5.00%
Farm and ranch supply stores
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	45
Dollar Amount of Investments | $	$ 388,670
Percentage of Total Dollar Amount of Investments	5.00%
Movie theaters
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	41
Dollar Amount of Investments | $	$ 375,801
Percentage of Total Dollar Amount of Investments	5.00%
Automotive repair and maintenance
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	155
Dollar Amount of Investments | $	$ 371,792
Percentage of Total Dollar Amount of Investments	4.00%
All manufacturing industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	224
Dollar Amount of Investments | $	$ 1,384,686
Percentage of Total Dollar Amount of Investments	17.00%
All other service industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	663
Dollar Amount of Investments | $	$ 2,355,435
Percentage of Total Dollar Amount of Investments	29.00%
All other retail industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	115
Dollar Amount of Investments | $	$ 748,742
Percentage of Total Dollar Amount of Investments	9.00%

Investments - Intangible Lease

Investments - Intangible Lease Assets and Real Estate Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)Options	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Optionsitemproperty	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Intangible Lease Assets
Intangible lease assets	$ 82,132		$ 82,132		$ 85,148
Accumulated amortization	(31,675)		(31,675)		(29,223)
Net intangible lease assets	50,457		50,457		55,925
Amortization in the next five years
Remainder of 2019	2,600		2,600
2020	4,700		4,700
2021	4,500		4,500
2022	4,300		4,300
2023	3,800		3,800
2024	3,100		$ 3,100
Typical number of renewal options | item			1
Term of renewal options			5 years
Accounting for Real Estate Investments
Remaining noncancelable lease term			14 years
Number of real estate properties vacant not subject to lease | property			7
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Remainder of 2019	315,077		$ 315,077
2020	628,359		628,359
2021	627,337		627,337
2022	627,658		627,658
2023	624,839		624,839
2024	620,902		620,902
Thereafter	5,496,002		5,496,002
Total future minimum rentals	$ 8,940,174		$ 8,940,174
Minimum
Amortization in the next five years
Typical number of renewal options | item			1
Number of renewal periods at the option of the Company | Options	2		2
Maximum
Amortization in the next five years
Number of renewal periods at the option of the Company | Options	4		4
Decrease to rental revenue
Amortization in the next five years
Remainder of 2019	$ 500		$ 500
2020	1,100		1,100
2021	600		600
2022	400		400
2023	400		400
2024	400		400
Amortization expense
Intangible Lease Assets
Amount amortized	1,300	$ 1,600	3,000	$ 3,100
In -place leases
Intangible Lease Assets
Intangible lease assets	53,191		$ 53,191		54,293
Amortization in the next five years
Weighted average remaining amortization period			8 years
In-place leases related to real estate held for sale
Intangible Lease Assets
Intangible lease assets	700		$ 700
Accumulated amortization	300		300
Ground lease interests
Intangible Lease Assets
Intangible lease assets	19,449		$ 19,449		21,363
Amortization in the next five years
Weighted average remaining amortization period			44 years
Above-market leases
Intangible Lease Assets
Intangible lease assets	9,492		$ 9,492		$ 9,492
Amortization in the next five years
Weighted average remaining amortization period			6 years
Above-market leases | Decrease to rental revenue
Intangible Lease Assets
Amount amortized	$ 300	$ 300	$ 500	$ 500

Investments - Loans and Financi

Investments - Loans and Financing Receivables (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Loans and direct financing receivables
Number of loans receivable | loan	36
Gross carrying amount of loans receivable	$ 182,400
Number of mortgage loans | loan	20
Number of short-term mortgage loans | loan	6
Amortization period of long-term mortgage loans	40 years
Mortgage loans receivable	$ 170,398	$ 155,619
Number of mortgage loans subject to interest rate increases | loan	10
Total principal outstanding - loans receivable	$ 183,720	167,632
Unamortized loan origination costs	1,206	1,249
Allowance for loan losses	(2,538)	(2,538)
Sale-leaseback transactions accounted for as financing arrangements	101,400
Direct financing receivables	170,651	184,859
Direct financing receivables.	170,651
Total loans and direct financing receivables	454,464	$ 351,202
Non Cash acquisition of collateral property securing a mortgage note receivable	$ 13,574
Minimum
Loans and direct financing receivables
Long-term mortgage loans receivable prepayment penalty rate (as a percent)	1.00%
Maximum
Loans and direct financing receivables
Long-term mortgage loans receivable prepayment penalty rate (as a percent)	20.00%
Mortgage loan receivable 0.0811 interest rate maturity range 2019 to 2022
Loans and direct financing receivables
Number of mortgage loans | loan	6	6
Stated Interest Rate (as a percent)	8.11%	8.11%
Mortgage loans receivable	$ 34,335	$ 49,934
Mortgage loan receivable 0.0852 interest rate maturity range 2032 to 2038
Loans and direct financing receivables
Number of mortgage loans | loan	4	4
Stated Interest Rate (as a percent)	8.52%	8.52%
Mortgage loans receivable	$ 15,696	$ 17,666
Mortgage loan receivable 0.0852 interest rate maturity range 2051 to 2059
Loans and direct financing receivables
Number of mortgage loans | loan	10	10
Stated Interest Rate (as a percent)	8.52%	8.52%
Mortgage loans receivable	$ 120,367	$ 88,019
Number of mortgage loans allowing for prepayment in whole | loan	4
Mortgage loan receivable 0.0852 interest rate maturity range 2051 to 2059 | Minimum
Loans and direct financing receivables
Prepayment penalties (as a percent)	20.00%
Mortgage loan receivable 0.0852 interest rate maturity range 2051 to 2059 | Maximum
Loans and direct financing receivables
Prepayment penalties (as a percent)	70.00%
Mortgage loan receivable 0.0878 interest rate maturity range 2019 to 2025
Loans and direct financing receivables
Stated Interest Rate (as a percent)	8.78%	8.78%
Equipment and other loans receivable	$ 13,322	$ 12,013
Sale-leaseback transactions accounted for financing arrangements 0.0786 interest rate maturity range 2034 to 2039
Loans and direct financing receivables
Stated Interest Rate (as a percent)	7.90%	7.90%
Sale-leaseback transactions accounted for as financing arrangements	$ 101,425

Investments - Loans Receivable

Investments - Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Scheduled loan receivable maturities
Remainder of 2019	$ 19,119
2020	12,578
2021	9,062
2022	7,949
2023	2,089
2024	926
Thereafter	131,997
Total principal outstanding - loans receivable	183,720	$ 167,632
Components of investments accounted for as direct financing receivables
Minimum lease payments receivable	386,898	424,305
Estimated residual value of leased assets	22,610	24,053
Unearned income	(238,857)	(263,499)
Net investment	170,651	$ 184,859
Future minimum lease payments to be received
Remainder of 2019	8,200
2020	16,800
2021	16,800
2022	16,800
2023	16,800
2024	16,800
Sale Leaseback Transactions Accounted For As Financing Arrangements Investments And Fiscal Maturity Abstract
Sale-Leaseback Transactions Accounted For as Financing Arrangements	101,400
Remainder of 2019	3,997
2020	8,009
2021	8,042
2022	8,078
2023	8,116
2024	8,193
Thereafter	109,686
Total future scheduled payments	154,121
Scheduled principal
Scheduled loan receivable maturities
Remainder of 2019	1,580
2020	1,877
2021	1,197
2022	975
2023	886
2024	926
Thereafter	113,949
Total principal outstanding - loans receivable	121,390
Balloon payments
Scheduled loan receivable maturities
Remainder of 2019	17,539
2020	10,701
2021	7,865
2022	6,974
2023	1,203
Thereafter	18,048
Total principal outstanding - loans receivable	$ 62,330

Investments - Operating Lease A

Investments - Operating Lease Asset (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Right-of-use asset	$ 21,857,000		$ 21,857,000
Lease costs	584,000	$ 7,000	1,100,000	$ 14,000
Rental revenue	$ 564,000		$ 1,072,000
Typical number of renewal options | item			1
Option to extend			true
Weighted average remaining non-cancelable lease term	25 years		25 years
Weighted average discount rate	6.10%		6.10%
Future minimum lease payments
Total lease liabilities - ground leases	$ 27,356,000		$ 27,356,000
Long-term lease commitment	16,400,000		16,400,000
Ground leases
Future minimum lease payments
Remainder of 2019	1,433,000		1,433,000
2020	1,984,000		1,984,000
2021	1,823,000		1,823,000
2022	1,773,000		1,773,000
2023	5,524,000		5,524,000
2024	1,448,000		1,448,000
Thereafter	34,411,000		34,411,000
Total lease payments	48,396,000		48,396,000
Less imputed interest	(26,226,000)		(26,226,000)
Total lease liabilities - ground leases	22,170,000		22,170,000
Ground lease by STORE capital | Ground leases
Future minimum lease payments
Remainder of 2019	15,000		15,000
2020	31,000		31,000
2021	31,000		31,000
2022	31,000		31,000
2023	31,000		31,000
2024	31,000		31,000
Thereafter	3,075,000		3,075,000
Total lease payments	3,245,000		3,245,000
Less imputed interest	(2,636,000)		(2,636,000)
Total lease liabilities - ground leases	609,000		609,000
Ground lease by STORE capital tenants | Ground leases
Future minimum lease payments
Remainder of 2019	1,418,000		1,418,000
2020	1,953,000		1,953,000
2021	1,792,000		1,792,000
2022	1,742,000		1,742,000
2023	5,493,000		5,493,000
2024	1,417,000		1,417,000
Thereafter	31,336,000		31,336,000
Total lease payments	45,151,000		45,151,000
Less imputed interest	(23,590,000)		(23,590,000)
Total lease liabilities - ground leases	$ 21,561,000		$ 21,561,000
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ground lease remaining terms	1 year		1 year
Typical number of renewal options | item			1
Renewal period	3 years		3 years
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ground lease remaining terms	93 years		93 years
Renewal period	10 years		10 years

Debt - Credit Facility (Details

Debt - Credit Facility (Details) $ in Thousands	Feb. 09, 2018Options	Feb. 28, 2018	Mar. 31, 2017USD ($)	Apr. 30, 2016USD ($)	Jun. 30, 2019USD ($)itemloansegment	Jun. 30, 2019USD ($)loansegment	Feb. 28, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)
Credit facilities
Borrowings outstanding (in dollars)					$ 73,000	$ 73,000		$ 135,000
Unamortized financing costs related to all debt					9,486	9,486		6,717
Unsecured Term Notes Payable
Principal amount							$ 350,000		$ 350,000
Revolving credit facility
Credit facilities
Unamortized financing costs related to all debt					$ 2,600	2,600		$ 3,100
Term Loan Payable
Credit facilities
Initial term			2 years	5 years
Number of extension options | item					3
Original loan term					1 year
Extension option term					1 year
Unsecured Term Notes Payable
Principal amount			$ 100,000	$ 100,000
Term Loan Payable | One-Month LIBOR
Credit facilities
Debt Instrument interest rate description					one-month LIBOR
Credit spread (as a percent)			1.00%	1.10%
Term Loan Payable | One-Month LIBOR | Minimum
Credit facilities
Credit spread (as a percent)				0.90%
Term Loan Payable | One-Month LIBOR | Maximum
Credit facilities
Credit spread (as a percent)				1.75%
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					$ 375,000	$ 375,000
Number of loans | loan					3	3
Senior Unsecured Notes | Minimum
Unsecured Term Notes Payable
Prepayment threshold (as a percent)					5.00%
Interest rate swaps
Credit facilities
Number of agreements | segment					2	2
New unsecured credit facility | Revolving credit facility
Credit facilities
Eligible unencumbered assets (in dollars)					$ 5,200,000	$ 5,200,000
Amended unsecured revolving credit facility | Revolving credit facility
Credit facilities
Unsecured loan facility					600,000	600,000
Size of the facility with the accordion feature (in dollars)					1,400,000	1,400,000
Accordion feature					800,000
Number of extension options | Options	2
Maturity date	Feb. 1, 2022
Extension option term	6 months
Extension fee (as a percent)	0.075%
Borrowings outstanding (in dollars)					$ 73,000	$ 73,000
Amended unsecured revolving credit facility | Revolving credit facility | Minimum
Credit facilities
Facility fee (as a percent)	0.125%
Amended unsecured revolving credit facility | Revolving credit facility | Maximum
Credit facilities
Facility fee (as a percent)	0.30%	0.30%
Amended unsecured revolving credit facility | Revolving credit facility | LIBOR
Credit facilities
Debt Instrument interest rate description						LIBOR
Credit spread (as a percent)	1.00%
Facility fee (as a percent)	0.20%
Amended unsecured revolving credit facility | Revolving credit facility | LIBOR | Minimum
Credit facilities
Credit spread (as a percent)	0.825%
Amended unsecured revolving credit facility | Revolving credit facility | LIBOR | Maximum
Credit facilities
Credit spread (as a percent)	1.55%
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)	0.00%
Amended unsecured revolving credit facility | Revolving credit facility | Base rate | Maximum
Credit facilities
Credit spread (as a percent)	0.55%
Series A issued November 2015 | Senior Unsecured Notes
Unsecured Term Notes Payable
Stated interest rate (as a percent)					4.95%	4.95%
Series B issued November 2015 | Senior Unsecured Notes
Unsecured Term Notes Payable
Stated interest rate (as a percent)					5.24%	5.24%
Term Loan Issued March 2017 | Term Loan Payable
Unsecured Term Notes Payable
Stated interest rate (as a percent)					3.44%	3.44%
Term Loan Issued March 2017 | Term Loan Payable | One-Month LIBOR
Credit facilities
Debt Instrument interest rate description					one-month LIBOR
Credit spread (as a percent)					1.00%

Debt - Carrying Amount (Details

Debt - Carrying Amount (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Mar. 31, 2017USD ($)	Apr. 30, 2016USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Feb. 28, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Gain on extinguishment of debt			$ (735)	$ 814
Principal amount					$ 350,000		$ 350,000
Percentage of face amount of debt issued				99.515%	99.26%
Outstanding balance			3,333,076
Unamortized original issue discount			(3,981)			$ (1,563)
Unamortized deferred financing costs			(9,486)			(6,717)
Total unsecured notes and term loans payable, net			1,261,533			916,720
Interest rate swaps that were in a liability position			0
Credit Risk Related Contingent Features
Derivative liabilities			0
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2019			20,339
2020			197,455
2021			255,648
2022			226,943
2023			287,156
2024			444,008
Thereafter			1,901,527
Long-term Debt			3,333,076
Scheduled principal
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance			173,183
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2019			14,945
2020			29,607
2021			26,282
2022			26,114
2023			21,799
2024			17,094
Thereafter			37,342
Long-term Debt			173,183
Balloon payments
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance			3,159,893
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2019			5,394
2020			167,848
2021			229,366
2022			200,829
2023			265,357
2024			426,914
Thereafter			1,864,185
Long-term Debt			3,159,893
Interest expense
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Gain on extinguishment of debt			$ 700
Interest rate swaps
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Number of agreements | segment			2
Senior Unsecured Notes
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 375,000
Outstanding balance			1,075,000			725,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 1,075,000			725,000
Senior Unsecured Notes | Series A issued November 2015
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			4.95%
Outstanding balance			$ 75,000			75,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 75,000			75,000
Senior Unsecured Notes | Series B issued November 2015
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			5.24%
Outstanding balance			$ 100,000			100,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 100,000			100,000
Senior Unsecured Notes | Series C issued April 2016
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			4.73%
Outstanding balance			$ 200,000			200,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 200,000			200,000
Senior Unsecured Notes | Notes Issued March 2018 99.515 Percent Of Par
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			4.50%
Outstanding balance			$ 350,000			350,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 350,000			350,000
Senior Unsecured Notes | Notes Issued February 2019 99.260 Percent Of Par
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			4.625%
Outstanding balance			$ 350,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			350,000
Term Loan Payable
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount	$ 100,000	$ 100,000
Term of notes	2 years	5 years
Outstanding balance			200,000			200,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 200,000			200,000
Term Loan Payable | One-Month LIBOR
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Debt Instrument, Description of Variable Rate Basis			one-month LIBOR
Credit spread (as a percent)	1.00%	1.10%
Term Loan Payable | Term Loan Issued March 2017
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			3.44%
Outstanding balance			$ 100,000			100,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 100,000			100,000
Term Loan Payable | Term Loan Issued March 2017 | One-Month LIBOR
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Debt Instrument, Description of Variable Rate Basis			one-month LIBOR
Credit spread (as a percent)			1.00%
Term Loan Payable | Term Loan issued April 2016
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			2.44%
Outstanding balance			$ 100,000			100,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 100,000			100,000
Term Loan Payable | Term Loan issued April 2016 | One-Month LIBOR
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Debt Instrument, Description of Variable Rate Basis			one-month LIBOR
Credit spread (as a percent)			1.10%
Non-recourse net-lease mortgage notes:
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Retained non-amortizing notes			$ 147,000
Non-recourse net-lease mortgage notes: | Series 2018-1 Class A-3 Due October 2024
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance			49,833			49,958
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 49,833			49,958
Mortgage Loans on Real Estate, Interest Rate			4.40%
Consolidated special purpose entities
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount			$ 2,700,000
Unamortized original issue discount			(417)			(455)
Unamortized deferred financing costs			(26,510)			(28,824)
Total unsecured notes and term loans payable, net			2,031,149			2,008,592
Consolidated special purpose entities | Non-recourse net-lease mortgage notes:
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Outstanding balance			1,855,696			1,868,466
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			1,855,696			1,868,466
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-3, Class A-1 Due November 2020
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			77,000
Outstanding balance			69,867			70,589
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 69,867			70,589
Mortgage Loans on Real Estate, Interest Rate			4.24%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 20141, Class A1 Due April 2021
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 120,000
Outstanding balance			116,950			117,250
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 116,950			117,250
Mortgage Loans on Real Estate, Interest Rate			4.21%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2015-1, Class A-1 Due April 2022
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 95,000
Outstanding balance			93,021			93,258
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 93,021			93,258
Mortgage Loans on Real Estate, Interest Rate			3.75%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-1, Class A-2 Due March 2023
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 102,000
Outstanding balance			90,820			91,841
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 90,820			91,841
Mortgage Loans on Real Estate, Interest Rate			4.65%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-2, Class A-2 Due July 2023
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 97,000
Outstanding balance			87,394			88,320
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 87,394			88,320
Mortgage Loans on Real Estate, Interest Rate			5.33%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2013-3, Class A-2 Due November 2023
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 100,000
Outstanding balance			90,736			91,675
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 90,736			91,675
Mortgage Loans on Real Estate, Interest Rate			5.21%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 20141, Class A2 Due April 2024
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 140,000
Outstanding balance			136,442			136,792
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 136,442			136,792
Mortgage Loans on Real Estate, Interest Rate			5.00%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2018-1 Class A-1 Due October 2024
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 150,000
Outstanding balance			147,934			149,484
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 147,934			149,484
Mortgage Loans on Real Estate, Interest Rate			3.96%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2018-1 Class A-3 Due October 2024
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 50,000
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2015-1, Class A-2 Due April 2025
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			270,000
Outstanding balance			264,375			265,050
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 264,375			265,050
Mortgage Loans on Real Estate, Interest Rate			4.17%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2016-1, Class A-1 (2016) Due Oct 2026
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 200,000
Outstanding balance			190,286			192,187
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 190,286			192,187
Mortgage Loans on Real Estate, Interest Rate			3.96%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2016-1, Class A-2 (2017) Due April 2027
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 135,000
Outstanding balance			129,726			130,984
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 129,726			130,984
Mortgage Loans on Real Estate, Interest Rate			4.32%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2018-1 Class A-2 Due October 2027
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 228,000
Outstanding balance			224,859			227,215
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 224,859			227,215
Mortgage Loans on Real Estate, Interest Rate			4.29%
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2018-1 Class A-4 Due October 2027
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 164,000
Outstanding balance			163,453			163,863
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 163,453			163,863
Mortgage Loans on Real Estate, Interest Rate			4.74%
Consolidated special purpose entities | Nonrecourse mortgage notes payable:
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount			$ 353,300
Outstanding balance			202,380			169,405
Defeased outstanding principal balance			6,700
Defeasance payment (including expenses)			7,400
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			202,380			169,405
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $7,750 note issued February 2013
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			7,750
Outstanding balance						6,723
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt						6,723
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $6,500 note issued December 2012
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			6,500
Outstanding balance			5,470			5,560
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 5,470			5,560
Mortgage Loans on Real Estate, Interest Rate			4.806%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $16,100 note issued February 2014
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 16,100
Outstanding balance			14,182			14,388
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 14,182			14,388
Mortgage Loans on Real Estate, Interest Rate			4.83%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $13,000 note issued May 2012
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 13,000
Outstanding balance			10,906			11,081
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 10,906			11,081
Mortgage Loans on Real Estate, Interest Rate			5.195%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $26,000 note issued August 2012
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 26,000
Outstanding balance			21,965			22,315
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 21,965			22,315
Mortgage Loans on Real Estate, Interest Rate			5.05%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $6,400 note issued November 2012
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 6,400
Outstanding balance			5,408			5,496
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 5,408			5,496
Mortgage Loans on Real Estate, Interest Rate			4.707%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $11,895 note issued March 2013
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 11,895
Outstanding balance			10,167			10,328
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 10,167			10,328
Mortgage Loans on Real Estate, Interest Rate			4.7315%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $17,500 note issued August 2013
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 17,500
Outstanding balance			15,368			15,583
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 15,368			15,583
Mortgage Loans on Real Estate, Interest Rate			5.46%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $10,075 note issued March 2014
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 10,075
Outstanding balance			9,277			9,365
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 9,277			9,365
Mortgage Loans on Real Estate, Interest Rate			5.10%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $65,000 note issued June 2016
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 65,000
Outstanding balance			62,072			62,609
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 62,072			62,609
Mortgage Loans on Real Estate, Interest Rate			4.75%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $41,690 note issued March 2019
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 41,690
Outstanding balance			41,690
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 41,690
Mortgage Loans on Real Estate, Interest Rate			4.80%
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $6,944 notes issued March 2013
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 6,944
Outstanding balance			5,875			5,957
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 5,875			$ 5,957
Mortgage Loans on Real Estate, Interest Rate			4.50%
Minimum
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Maximum number of months			24 months
Minimum | Term Loan Payable | One-Month LIBOR
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Credit spread (as a percent)		0.90%
Maximum
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Maximum number of months			36 months
Maximum | Term Loan Payable | One-Month LIBOR
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Credit spread (as a percent)		1.75%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		8 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Nov. 30, 2018
Common stock.
Gross proceeds from issuance of shares		$ 298,724	$ 291,172
At the market
Common stock.
Shares issued and sold	4,027,136	9,005,646		17,238,388
Weighted average share price	$ 34.23	$ 33.17		$ 31.55
Gross proceeds from issuance of shares	$ 137,900	$ 298,700		$ 543,900
Sales agents' commissions	(2,100)	(4,500)		(8,200)
Other offering expenses	(100)	(200)		(500)
Net proceeds from issuance of common stock	$ 135,700	$ 294,000		$ 535,200
2018-2 ATM Program
Common stock.
Shares issued and sold	4,027,136	9,005,646		17,238,388
Weighted average share price	$ 34.23	$ 33.17		$ 31.55
Gross proceeds from issuance of shares	$ 137,900	$ 298,700		$ 543,900
Sales agents' commissions	(2,100)	(4,500)		(8,200)
Other offering expenses	(100)	(200)		(500)
Net proceeds from issuance of common stock	135,700	294,000		535,200
Maximum value of shares that can be offered and sold	$ 750,000	$ 750,000		$ 750,000	$ 750,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)period	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)period	Jun. 30, 2018USD ($)
Future minimum rental commitment
Right-of-use asset	$ 21,857,000		$ 21,857,000
Other assets, net	us-gaap:OtherAssets		us-gaap:OtherAssets
Operating lease liabilities	$ 27,356,000		$ 27,356,000
Discount rate	6.10%		6.10%
Lease agreement with unrelated third party
Commitments and Contingencies
Number of renewal periods at the option of the Company | period	1		1
Renewal period	5 years		5 years
Rent expense	$ 180,000	$ 180,000	$ 360,000	$ 360,000
Future minimum rental commitment
Remainder of 2019	371,000		371,000
2020	748,000		748,000
2021	762,000		762,000
2022	776,000		776,000
2023	790,000		790,000
2024	804,000		804,000
Thereafter	2,100,000		2,100,000
Right-of-use asset	4,600,000		4,600,000
Operating lease liabilities	$ 5,200,000		$ 5,200,000
Discount rate	5.30%		5.30%
Ground leases
Future minimum rental commitment
Remainder of 2019	$ 1,433,000		$ 1,433,000
2020	1,984,000		1,984,000
2021	1,823,000		1,823,000
2022	1,773,000		1,773,000
2023	5,524,000		5,524,000
2024	1,448,000		1,448,000
Thereafter	34,411,000		34,411,000
Operating lease liabilities	22,170,000		22,170,000
Commitments to fund improvements to real estate properties
Commitments and Contingencies
Real estate property improvement commitments	129,100,000		129,100,000
Real estate property improvement commitments, in Next Twelve Months	$ 126,300,000		$ 126,300,000

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Derivatives [Line items]
Fair value of derivative assets	$ 700,000
Level 2 Fair Value | Carrying value
Derivatives [Line items]
Long-term debt obligations	3,292,700,000	$ 2,925,300,000
Level 2 Fair Value | Fair value
Derivatives [Line items]
Long-term debt obligations	$ 3,520,000,000	2,988,800,000
Other assets
Derivatives [Line items]
Fair value of derivative assets		253,000
Accrued expenses deferred revenue and other liabilities
Derivatives [Line items]
Fair value of derivative liability		$ 4,300,000