Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-36739 | ||
Entity Registrant Name | STORE CAPITAL CORPORATION | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6 | ||
Entity Common Stock, Shares Outstanding | 266,525,020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001538990 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate investments: | ||
Land and improvements | $ 2,807,153 | $ 2,634,285 |
Buildings and improvements | 6,059,513 | 5,540,749 |
Intangible lease assets | 61,634 | 73,366 |
Total real estate investments | 8,928,300 | 8,248,400 |
Less accumulated depreciation and amortization | (939,591) | (740,124) |
Real estate investments, net | 7,988,709 | 7,508,276 |
Real estate investments held for sale, net | 22,304 | |
Operating ground lease assets | 34,683 | 24,254 |
Loans and financing receivables, net | 650,321 | 582,267 |
Net investments | 8,696,017 | 8,114,797 |
Cash and cash equivalents | 166,381 | 99,753 |
Other assets, net | 141,942 | 81,976 |
Total assets | 9,004,340 | 8,296,526 |
Liabilities: | ||
Unsecured notes and term loans payable, net | 1,509,612 | 1,262,553 |
Non-recourse debt obligations of consolidated special purpose entities, net | 2,212,634 | 2,328,489 |
Dividends payable | 95,801 | 83,938 |
Operating lease liabilities | 39,317 | 29,347 |
Accrued expenses, deferred revenue and other liabilities | 131,198 | 106,814 |
Total liabilities | 3,988,562 | 3,811,141 |
Stockholders' equity: | ||
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 266,112,676 and 239,822,900 shares issued and outstanding, respectively | 2,661 | 2,398 |
Capital in excess of par value | 5,475,889 | 4,787,932 |
Distributions in excess of retained earnings | (459,977) | (302,609) |
Accumulated other comprehensive loss | (2,795) | (2,336) |
Total stockholders' equity | 5,015,778 | 4,485,385 |
Total liabilities and stockholders' equity | $ 9,004,340 | $ 8,296,526 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 266,112,676 | 239,822,900 |
Common shares, outstanding shares | 266,112,676 | 239,822,900 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental revenues ASC840 | $ 625,415 | $ 513,302 | |
Rental revenues | $ 644,498 | ||
Interest income on loans and financing receivables | 45,288 | 33,826 | 25,741 |
Other income | 4,482 | 6,473 | 1,713 |
Total revenues | 694,268 | 665,714 | 540,756 |
Expenses: | |||
Interest | 169,706 | 158,381 | 129,061 |
Property costs | 22,025 | 10,793 | 4,250 |
General and administrative | 49,685 | 54,274 | 45,725 |
Depreciation and amortization | 242,925 | 221,975 | 181,826 |
Provisions for impairment | 23,003 | 18,751 | 7,810 |
Total expenses | 507,344 | 464,174 | 368,672 |
Other income: | |||
Net gain on dispositions of real estate | 22,774 | 84,142 | 45,528 |
Income from non-real estate, equity method investment | 3,500 | ||
Income before income taxes | 213,198 | 285,682 | 217,612 |
Income tax expense | 584 | 707 | 642 |
Net income | $ 212,614 | $ 284,975 | $ 216,970 |
Net income per share of common stock-basic and diluted | $ 0.84 | $ 1.24 | $ 1.06 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 252,534,580 | 229,734,497 | 204,322,298 |
Diluted (in shares) | 252,651,040 | 230,289,541 | 204,933,292 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 212,614 | $ 284,975 | $ 216,970 |
Other comprehensive loss: | |||
Unrealized losses on cash flow hedges | (1,437) | (1,142) | (1,353) |
Cash flow hedge losses (gains) reclassified to interest expense | 978 | (1,053) | (1,547) |
Total other comprehensive loss | (459) | (2,195) | (2,900) |
Total comprehensive income | $ 212,155 | $ 282,780 | $ 214,070 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, AdjustmentDistributions in Excess of Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Capital in Excess of Par Value | Distributions in Excess of Retained Earnings | Accumulated Other Comprehensive Loss | 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 | 216,970 | 216,970 | |||||
Other comprehensive loss | (2,900) | (2,900) | |||||
Issuance of common stock, net of costs | $ 271 | 741,394 | 741,665 | ||||
Issuance of common stock, net of costs (shares) | 27,125,559 | ||||||
Equity-based compensation | $ 3 | 8,606 | 31 | 8,640 | |||
Equity-based compensation (shares) | 293,373 | ||||||
Shares repurchased under stock compensation plan | $ (1) | (2,008) | (826) | $ (2,835) | |||
Shares repurchased under stock compensation plan (in shares) | (113,948) | (113,948) | |||||
Common dividends declared and dividend equivalents on restricted stock units | (268,981) | $ (268,981) | |||||
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 | 284,975 | 284,975 | |||||
Other comprehensive loss | (2,195) | (2,195) | |||||
Issuance of common stock, net of costs | $ 185 | 650,336 | 650,521 | ||||
Issuance of common stock, net of costs (shares) | 18,474,875 | ||||||
Equity-based compensation | $ 4 | 11,698 | 27 | 11,729 | |||
Equity-based compensation (shares) | 443,330 | ||||||
Shares repurchased under stock compensation plan | $ (2) | (3,184) | (1,846) | $ (5,032) | |||
Shares repurchased under stock compensation plan (in shares) | (167,143) | (167,143) | |||||
Common dividends declared and dividend equivalents on restricted stock units | (318,114) | $ (318,114) | |||||
Balance at Dec. 31, 2019 | $ (2,465) | $ (2,465) | $ 2,398 | 4,787,932 | (302,609) | (2,336) | 4,485,385 |
Balance (in shares) at Dec. 31, 2019 | 239,822,900 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 212,614 | 212,614 | |||||
Other comprehensive loss | (459) | (459) | |||||
Issuance of common stock, net of costs | $ 257 | 686,129 | 686,386 | ||||
Issuance of common stock, net of costs (shares) | 25,696,396 | ||||||
Equity-based compensation | $ 6 | 4,659 | 5 | 4,670 | |||
Equity-based compensation (shares) | 732,511 | ||||||
Shares repurchased under stock compensation plan | (2,831) | (2,366) | $ (5,197) | ||||
Shares repurchased under stock compensation plan (in shares) | (139,131) | (139,131) | |||||
Common dividends declared and dividend equivalents on restricted stock units | (365,156) | $ (365,156) | |||||
Balance at Dec. 31, 2020 | $ 2,661 | $ 5,475,889 | $ (459,977) | $ (2,795) | $ 5,015,778 | ||
Balance (in shares) at Dec. 31, 2020 | 266,112,676 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Stockholders' Equity | |||
Stock issuance costs | $ 9,558 | $ 9,422 | $ 12,253 |
ds declared per common share (in dollars per share) | $ 1.42 | $ 1.36 | $ 1.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net income | $ 212,614 | $ 284,975 | $ 216,970 |
Adjustments to net income: | |||
Depreciation and amortization | 242,925 | 221,975 | 181,826 |
Amortization of deferred financing costs and other noncash interest expense | 8,827 | 9,689 | 9,549 |
Amortization of equity-based compensation | 4,665 | 11,703 | 8,608 |
Provisions for impairment | 23,003 | 18,751 | 7,810 |
Net gain on dispositions of real estate | (22,774) | (84,142) | (45,528) |
Income from non-real estate, equity method investment | (3,500) | ||
Loss on defeasance of debt | 735 | (814) | |
Noncash revenue and other | (53,139) | (1,865) | 2,291 |
Payments made in settlement of cash flow hedges | (6,735) | 4,288 | |
Changes in operating assets and liabilities: | |||
Other assets | (6,837) | (5,608) | (4,926) |
Accrued expenses, deferred revenue and other liabilities | 25,802 | 8,856 | 11,604 |
Net cash provided by operating activities | 431,586 | 458,334 | 391,678 |
Investing activities | |||
Acquisition of and additions to real estate | (917,038) | (1,451,269) | (1,514,718) |
Investment in loans and financing receivables | (153,545) | (253,552) | (88,088) |
Collections of principal on loans and financing receivables | 46,618 | 16,377 | 5,205 |
Proceeds from dispositions of real estate | 212,108 | 438,631 | 230,563 |
Net cash used in investing activities | (811,857) | (1,249,813) | (1,367,038) |
Financing activities | |||
Borrowings under credit facility | 600,000 | 822,100 | 988,000 |
Repayments under credit facility | (600,000) | (957,100) | (1,143,000) |
Borrowings under unsecured notes and term loans payable | 348,453 | 347,410 | 348,303 |
Repayments under unsecured notes and term loans payable | 100,000 | ||
Borrowings under non-recourse debt obligations of consolidated special purpose entities | 549,596 | 591,843 | |
Repayments under non-recourse debt obligations of consolidated special purpose entities | (127,659) | (228,252) | (283,770) |
Financing and defeasance costs paid | (3,330) | (12,206) | (15,521) |
Proceeds from the issuance of common stock | 695,944 | 659,943 | 753,918 |
Stock issuance costs paid | (9,540) | (9,459) | (12,167) |
Shares repurchased under stock compensation plans | (5,198) | (5,032) | (2,835) |
Dividends paid | (353,204) | (307,157) | (255,572) |
Net cash provided by financing activities | 445,466 | 859,843 | 969,199 |
Net increase in cash, cash equivalents and restricted cash | 65,195 | 68,364 | (6,161) |
Cash, cash equivalents and restricted cash, beginning of period | 111,381 | 43,017 | 49,178 |
Cash, cash equivalents and restricted cash, end of period | 176,576 | 111,381 | 43,017 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Total cash, cash equivalents and restricted cash | 111,381 | 43,017 | 43,017 |
Supplemental disclosure of noncash investing and financing activities: | |||
Accrued tenant improvements included in real estate investments | 22,087 | 17,464 | 34,769 |
Net real estate assets surrendered to lender | 12,573 | ||
Seller financing provided to purchaser of real estate sold | 3,176 | 9,000 | |
Acquisition of collateral property securing a mortgage note receivable | 30,585 | 13,574 | |
Non-recourse debt obligations assumed in conjunction with acquisition of property | 6,215 | ||
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 | 138 | 80 | 211 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest, net of amounts capitalized | 160,091 | 142,933 | 115,425 |
Cash paid during the period for income and franchise taxes | $ 2,366 | $ 2,362 | $ 1,930 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
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 (IPO) 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 | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Principles | |
Summary of Significant Accounting Principles | 2. Summary of Significant Accounting Principles Basis of Accounting and Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These consolidated statements include the accounts of STORE Capital 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 December 31, 2020 and 2019, these special purpose entities held assets totaling $7.7 billion and $7.0 billion, respectively, and had third-party liabilities totaling $2.3 billion and $2.4 billion, respectively. These assets and liabilities are included in the accompanying consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting 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 investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. Impact of the COVID-19 Pandemic During the novel coronavirus (COVID-19) pandemic, the Company provided certain tenants rent deferral arrangements in the form of both short-term notes and lease modifications. The FASB has provided accounting relief under which concessions provided to tenants in direct response to the COVID-19 pandemic are not required to be evaluated or accounted for as lease modifications in accordance with ASC Topic 842. The Company has elected to apply this accounting relief to the rent deferral arrangements it has entered into with its tenants, which primarily affected the timing (but not the amount) of lease and loan payments due to the Company under its contracts. For the year ended December 31, 2020, the Company recognized $57.1 million of net revenue associated with these deferral arrangements with a corresponding increase in receivables Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, the Company will account for such an acquisition as a financing arrangement and record the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the 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 15 years Revenue Recognition STORE Capital leases real estate to its tenants under long- term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the consolidated balance sheets. The Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. As of December 31, 2020 and 2019, the Company had $34.6 million and $28.3 million, respectively, of straight-line operating lease receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (CPI) may adjust over a one-year period or over multiple-year periods. 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 4.6% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 1.0% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectability is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of 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. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, discount rates, 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 Measurement During the year ended December 31, 2020, the Company recognized an aggregate provision for impairment of real estate of $22.0 million; the estimated fair value of the impaired real estate assets at the time of impairment aggregated $80.7 million. The Company recognized aggregate provisions for the impairment of real estate of $18.8 million and $5.2 million during the years ended December 31, 2019 and 2018, respectively. Accounting for Loans and Financing Receivables Loans Receivable – Classification, Cost and Revenue Recognition STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2020 and 2019, the Company had loans receivable with an aggregate outstanding principal balance of $39.9 million and $15.6 million, respectively, on nonaccrual status. Direct Financing Receivables – Classification, Cost and Revenue Recognition Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. Impairment and Provision for Credit Losses Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC Topic 326) which changed how the Company measures credit losses for loans and financing receivables. In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. For the year ended December 31, 2020, the Company recognized an estimated $1.0 million of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of income. Prior to the adoption of ASC Topic 326, the Company periodically evaluated 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 was determined to be impaired when, in management’s judgment based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses were provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeded the estimated fair value of the underlying collateral less disposition costs. During the year ended December 31, 2018, the Company recognized a provision for loan losses of $2.6 million; the Company did not 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 may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $10.2 million and $11.6 million of restricted cash at December 31, 2020 and 2019, respectively, which are included in other assets, net, on the 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 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 consolidated balance sheets. Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2020, 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). 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. The Company’s RSUs granted in 2017 contain a market condition and a service condition and RSUs granted in 2018, 2019 and 2020 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. 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. 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. Year Ended December 31, 2020 2019 2018 Numerator: Net income $ 212,614 $ 284,975 $ 216,970 Less: earnings attributable to unvested restricted shares (776) (403) (398) Net income used in basic and diluted income per share $ 211,838 $ 284,572 $ 216,572 Denominator: Weighted average common shares outstanding 253,055,331 230,030,535 204,666,034 Less: Weighted average number of shares of unvested restricted stock (520,751) (296,038) (343,736) Weighted average shares outstanding used in basic income per share 252,534,580 229,734,497 204,322,298 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) 116,460 555,044 610,994 Weighted average shares outstanding used in diluted income per share 252,651,040 230,289,541 204,933,292 (a) For the years ended December 31, 2020, 2019 and 2018, excludes 127,136 shares, 122,224 shares and 113,895 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 June 2016, the FASB issued ASC Topic 326 which changes how entities measure credit losses for most financial assets. This guidance requires an entity, at each reporting date, to estimate the lifetime “expected credit loss” of a financial asset and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected. Under this new standard, the Company records allowances that were not previously required under legacy GAAP. The standard was effective for the Company on January 1, 2020 and was adopted retrospectively as of the beginning of the period of adoption. As a result, the Company’s investments in loans and certain leases that are accounted for as loans and financing receivables are directly impacted, requiring a cumulative-effect adjustment of $2.5 million to retained earnings upon adoption. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, which clarified that receivables arising from operating leases are within the scope of the leasing standard (ASC Topic 842). The adoption had no material impact on the Company’s internal controls. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question & Answer (“Q&A”) which was intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. The Q&A allows both lessors and lessees to elect not to evaluate whether concessions provided in response to the COVID-19 pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. The Company, as lessor, has elected to apply such relief and will therefore not evaluate whether lease concessions that were granted in response to the COVID-19 pandemic meet the definition of a lease modification. The Company, as a lessee, has not received any concessions under its ground or other lease agreements resulting from the COVID-19 pandemic. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments: | |
Investments | 3. Investments At December 31, 2020, STORE Capital had investments in 2,634 property locations representing 2,580 owned properties (of which 48 are accounted for as financing arrangements and 34 are accounted for as direct financing receivables), 24 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 $9.64 billion at December 31, 2020 and consisted of the gross acquisition cost of the real estate investments totaling $8.95 billion, loans and financing receivables with an aggregate carrying amount of $650.3 million and operating ground lease assets totaling $34.7 million. As of December 31, 2020, 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 2018, 2019 and 2020, 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, 2017 1,921 $ 6,233,910 Acquisition of and additions to real estate (a)(b) 389 1,538,015 Investment in loans and direct financing receivables 29 88,088 Sales of real estate (80) (227,135) Principal collections on loans and direct financing receivables (2) (5,205) Provisions for impairment (7,810) Other (c) (2) (14,793) Gross investments, December 31, 2018 2,255 7,605,070 Acquisition of and additions to real estate (a)(d)(e) 305 1,440,399 Investment in loans and direct financing receivables (f) 48 262,552 Sales of real estate (95) (415,736) Principal collections on loans and direct financing receivables (g) (9) (29,952) Operating ground lease assets, net (h) 24,254 Provisions for impairment (18,751) Other (e) (12,915) Gross investments, December 31, 2019 2,504 8,854,921 Acquisition of and additions to real estate (a)(i) 203 959,842 Investment in loans and direct financing receivables (f) 11 156,721 Sales of real estate (72) (222,556) Principal collections on loans and direct financing receivables (g) (12) (80,521) Net change in operating ground lease assets (h) 10,429 Provisions for impairment (23,003) Adoption of expected credit loss standard (ASC Topic 326) (2,465) Other (13,602) Gross investments, December 31, 2020 (j) 9,639,766 Less accumulated depreciation and amortization (j) (943,749) Net investments, December 31, 2020 2,634 $ 8,696,017 (a) Includes $2.6 million during 2018, $1.6 million during 2019 and $0.8 million during 2020 of interest capitalized to properties under construction. (b) Excludes $14.4 million of tenant improvement advances disbursed in 2018 which were accrued as of December 31, 2017. (c) Includes $14.3 million representing the gross carrying amount of two real estate properties surrendered to the lender in exchange for the release of the related indebtedness (Note 4). (d) Excludes $36.5 million of tenant improvement advances disbursed in 2019 which were accrued as of December 31, 2018. (e) During the year ended December 31, 2019, the Company completed a $21.2 million substitution transaction in which ten properties the Company owned and leased to a single tenant were substituted for ten other properties the tenant previously owned and are now leased to that same tenant; the Company recognized a $3.9 million non-cash gain on this transaction which is included in net gain on dispositions of real estate in the consolidated statement of income. (f) For the years ended December 31, 2019 and 2020, includes $9.0 million and $3.2 million, respectively, related to mortgage loans made to the purchasers of a real estate properties sold. (g) For the years ended December 31, 2019 and 2020, includes $13.6 million and $30.6 million of non-cash principal collection transactions in which the Company acquired the underlying collateral property and leased them back to the borrowers. (h) During the year ended December 31, 2019, includes $20.0 million of operating ground lease (or right-of-use) assets recognized upon initial adoption of ASC Topic 842 and $4.3 million of activity (new operating ground lease assets recognized net of amortization); during the year ended December 31, 2020, includes new operating ground lease assets recognized net of amortization. (i) Excludes $16.9 million of tenant improvement advances disbursed in 2020 which were accrued as of December 31, 2019. (j) Includes the dollar amount of investments ( $26.5 million) and the accumulated depreciation and amortization ( $4.2 million) related to real estate investments held for sale at December 31, 2020. The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Year Ended December 31, 2020 2019 2018 Rental revenues: Operating leases (a)(c) $ 644,733 $ 625,477 $ 515,299 Sublease income - operating ground leases (b) 2,096 2,227 — Amortization of lease related intangibles and costs (2,331) (2,289) (1,997) Total rental revenues $ 644,498 $ 625,415 $ 513,302 Interest income on loans and financing receivables: Mortgage and other loans receivable (c) $ 18,097 $ 13,866 $ 12,339 Sale-leaseback transactions accounted for as financing arrangements (c) 15,376 5,785 — Direct financing receivables (c) 11,815 14,175 13,402 Total interest income on loans and financing receivables $ 45,288 $ 33,826 $ 25,741 (a) For the years ended December 31, 2020 and 2019, includes $2.5 million and $2.6 million, respectively, of property tax tenant reimbursement revenue and includes variable lease revenue of $4.0 million, $123,000 and $450,000 for the years ended December 31, 2020, 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. (c) For the year ended December 31, 2020, includes $54.3 million of operating lease rental revenue, $2.6 million of interest income from mortgage and other loans receivable, $0.1 million of interest income from sale-leaseback transactions accounted for as financing arrangements and $0.1 million of interest income from direct financing receivables that have been deferred related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the consolidated balance sheet. The Company has elected to account for the lease and nonlease components in its lease contracts as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to approximately 520 customers geographically dispersed throughout 49 states. Only one state, Texas (10%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at December 31, 2020. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at December 31, 2020, with the largest customer representing 3.0% of the total investment portfolio. On an annualized basis, as of December 31, 2020, the largest customer represented 3.1% of the Company’s total investment portfolio revenues and the Company’s customers operated their businesses across approximately 760 concepts; the largest of these concepts represented 2.4% of the Company’s total investment portfolio revenues. 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 December 31, 2020 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments Investments Restaurants 750 $ 1,228,407 13 % Early childhood education centers 244 561,843 6 Health clubs 93 536,321 5 Furniture stores 69 504,185 5 Automotive repair and maintenance 176 453,719 5 Metal fabrication 91 450,008 5 Farm and ranch supply stores 42 383,807 4 All other service industries 877 3,403,339 35 All other retail industries 127 925,486 10 All other manufacturing industries 165 1,192,651 12 Total 2,634 $ 9,639,766 100 % Real Estate Investments The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at December 31, 2020 was approximately 14 years. Substantially all the leases are triple net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At December 31, 2020, nine of the Company’s properties were vacant and not subject to a lease. Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of December 31, 2020, are as follows (in thousands): 2021 $ 708,730 2022 726,080 2023 723,273 2024 718,743 2025 715,103 Thereafter 6,336,130 Total future minimum rentals (a) $ 9,928,059 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rentals such as lease escalations based on future changes in CPI. Intangible Lease Assets The following details intangible lease assets and related accumulated amortization at December 31 (in thousands): 2020 2019 In-place leases $ 37,440 $ 44,425 Ground lease-related intangibles 19,449 19,449 Above-market leases 4,745 9,492 Total intangible lease assets 61,634 73,366 Accumulated amortization (27,935) (28,948) Net intangible lease assets $ 33,699 $ 44,418 Aggregate lease intangible amortization included in expense was $4.3 million, $5.4 million and $5.8 million during the years ended December 31, 2020, 2019 and 2018, respectively. The amount amortized as a decrease to rental revenue for capitalized above-market lease intangibles was $1.0 million, $1.1 million and $1.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Based on the balance of the intangible assets as of December 31, 2020, the aggregate amortization expense is expected to be $3.5 million in 2021, $3.3 million in 2022, $2.9 million in 2023, $2.4 million in 2024 and $1.8 million in 2025; the amount expected to be amortized as a decrease to rental revenue is $0.2 million in 2021. The weighted average remaining amortization period is approximately eight years for the in-place lease intangibles, approximately 43 years for the amortizing ground lease-related intangibles and approximately three months for the above-market lease intangibles. Operating Ground Lease Assets As of December 31, 2020, STORE Capital had operating ground lease assets aggregating $34.7 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 $2.4 million, $2.3 million, and $29,000 during the years ended December 31, 2020, 2019 and 2018, respectively. For the years ended December 31, 2020 and 2019, the Company also recognized in rental revenues $2.1 million and $2.2 million, respectively, of sublease revenue associated with its operating ground leases. The Company’s ground leases have remaining terms ranging from one year to 91 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 23 years at December 31, 2020. The weighted average discount rate used in calculating the operating lease liabilities was 5.7%. The future minimum lease payments to be paid under the operating ground leases as of December 31, 2020 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total 2021 $ 401 $ 2,651 $ 3,052 2022 401 2,606 3,007 2023 4,149 2,628 6,777 2024 55 2,709 2,764 2025 57 2,394 2,451 Thereafter 3,128 46,721 49,849 Total lease payments 8,191 59,709 67,900 Less imputed interest (3,188) (29,926) (33,114) Total operating lease liabilities - ground leases $ 5,003 $ 29,783 $ 34,786 (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 $59.7 million commitment, $19.0 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 December 31, Type Rate (a) Date 2020 2019 Six mortgage loans receivable 7.94 % 2021 - 2023 $ 101,793 $ 33,073 Four mortgage loans receivable 8.48 % 2032 - 2037 14,673 18,760 Fourteen mortgage loans receivable (b) 8.69 % 2051 - 2060 185,525 149,766 Total mortgage loans receivable 301,991 201,599 Equipment and other loans receivable 8.33 % 2021 - 2026 31,636 25,066 Total principal amount outstanding—loans receivable 333,627 226,665 Unamortized loan origination costs 1,206 1,197 Sale-leaseback transactions accounted for as financing arrangements (c) 7.87 % 2034 - 2043 204,469 186,614 Direct financing receivables 117,047 170,329 Allowance for credit and loan losses (d) (6,028) (2,538) Total loans and financing receivables $ 650,321 $ 582,267 (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 sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2043 and the purchase options expire between 2024 and 2039. (d) Balance includes $2.5 million of credit loss reserves recognized upon the adoption of ASC Topic 326 on January 1, 2020, $2.5 million of loan loss reserves recognized prior to December 31, 2019 and $1.0 million of credit losses recognized during the year ended December 31, 2020. Loans Receivable At December 31, 2020, the Company held 55 loans receivable with an aggregate carrying amount of $330.6 million. Twenty-four of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on 12 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 2024) that generally require monthly interest-only 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 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 2021 $ 3,920 $ 37,621 $ 41,541 2022 2,487 9,331 11,818 2023 2,644 77,044 79,688 2024 2,777 — 2,777 2025 1,566 923 2,489 Thereafter 145,944 49,370 195,314 Total principal payments $ 159,338 $ 174,289 $ 333,627 Sale-Leaseback Transactions Accounted for as Financing Arrangements As of December 31, 2020 and 2019, the Company had $204.5 million and $186.6 million, respectively, of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled minimum rentals to be received under these agreements (which will be reflected in interest income) as of December 31, 2020, were as follows (in thousands): 2021 $ 16,266 2022 16,390 2023 16,524 2024 16,719 2025 16,925 Thereafter 246,869 Total future scheduled payments $ 329,693 Direct Financing Receivables As of December 31, 2020 and 2019, the Company had $117.0 million and $170.3 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): 2020 2019 Minimum lease payments receivable $ 242,694 $ 378,659 Estimated residual value of leased assets 14,800 22,610 Unearned income (140,447) (230,940) Net investment $ 117,047 $ 170,329 As of December 31, 2020, the future minimum lease payments to be received under the direct financing lease receivables are expected average million each Provision for Credit Losses In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The Company groups individual loans and financing receivables based on the implied credit rating associated with each borrower. Based on credit quality indicators as of December 31, 2020, $68.9 million of loans and financing receivables were categorized as investment grade and $586.2 million were categorized as non-investment grade. During the year ended December 31, 2020, there were $1.0 million of provisions for credit losses recognized, no write-offs charged against the allowance and no recoveries of amounts previously written off. As of December 31, 2020, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was none in 2020, $41.8 million in 2019, none in 2018 and 2017, and $27.1 million prior to 2017. The year of origination for loans and financing receivables with a credit quality indicator of non-investment grade was $145.1 million in 2020, $206.1 million in 2019, $38.8 million in 2018, $13.2 million in 2017 and $183.0 million prior to 2017. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
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 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 $6.1 billion at December 31, 2020. The facility is recourse to the Company and, as of December 31, 2020, the Company was in compliance with the covenants under the facility. At December 31, 2020 and 2019, unamortized financing costs related to the Company’s credit facility totaled $1.1 million and $2.1 million, respectively, and are included in other assets, net, on the consolidated balance sheets. Unsecured Notes and Term Loans Payable, net In March 2018, February 2019 and November 2020, the Company completed public offerings of $350 million each in aggregate principal amount of senior unsecured notes (Public Notes). The Public Notes have coupon rates of 4.50%, 4.625% and 2.75%, respectively, and interest is payable semi-annually in arrears in March and September of each year for the 2018 and 2019 Public Notes and May and November of each year for the 2020 Public Notes. The notes were issued at 99.515%, 99.260% and 99.558%, 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 December 31, 2020, 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 December 31, 2020, 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. In March 2020, the Company elected to exercise the first one-year extension option on the 2017 loan; this 2017 loan was prepaid without penalty in November 2020. The interest rates on these loans reset 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. 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 loan, which is a senior unsecured obligation of the Company, match the covenants of the unsecured credit facility 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 December 31, Date Rate 2020 2019 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 % 350,000 350,000 Public Notes issued November 2020 Nov. 2030 2.75 % 350,000 — Total notes payable 1,425,000 1,075,000 Term Loans: Term Loan issued March 2017 — 100,000 Term Loan issued April 2016 Apr. 2021 2.44 % 100,000 100,000 Total term loans 100,000 200,000 Unamortized discount (4,867) (3,766) Unamortized deferred financing costs (10,521) (8,681) Total unsecured notes and term loans payable, net $ 1,509,612 $ 1,262,553 Non-recourse Debt Obligations of Consolidated Special Purpose Entities, net During 2012, the Company implemented its STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non-recourse net-lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes issued under this program are generally segregated into Class A amortizing notes and Class B non-amortizing notes. The Company has retained the Class B notes which aggregate $155.0 million at December 31, 2020. The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 or 36 months prior to maturity. As of December 31, 2020, 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 $3.2 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 $351.4 million at December 31, 2020. The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non-recourse, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants. The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): Maturity Interest December 31, Date Rate 2020 2019 Non-recourse net-lease mortgage notes: $95,000 Series 2015-1, Class A-1 $ — $ 92,783 $102,000 Series 2013-1, Class A-2 Mar. 2023 4.65 % 87,607 89,775 $97,000 Series 2013-2, Class A-2 Jul. 2023 5.33 % 84,473 86,445 $100,000 Series 2013-3, Class A-2 Nov. 2023 5.21 % 87,775 89,773 $140,000 Series 2014-1, Class A-2 Apr. 2024 5.00 % 135,392 136,092 $150,000 Series 2018-1, Class A-1 Oct. 2024 3.96 % 143,552 146,384 $50,000 Series 2018-1, Class A-3 Oct. 2024 4.40 % 49,417 49,708 $270,000 Series 2015-1, Class A-2 Apr. 2025 4.17 % 262,350 263,700 $200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 3.96 % 184,350 188,347 $82,000 Series 2019-1, Class A-1 Nov. 2026 2.82 % 80,172 81,859 $46,000 Series 2019-1, Class A-3 Nov. 2026 3.32 % 45,751 45,981 $135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 4.32 % 125,798 128,443 $228,000 Series 2018-1, Class A-2 Oct. 2027 4.29 % 218,198 222,504 $164,000 Series 2018-1, Class A-4 Oct. 2027 4.74 % 162,087 163,043 $244,000 Series 2019-1, Class A-2 Nov. 2034 3.65 % 238,559 243,582 $136,000 Series 2019-1, Class A-4 Nov. 2034 4.49 % 135,263 135,943 Total non-recourse net-lease mortgage notes 2,040,744 2,164,362 Non-recourse mortgage notes: $16,100 note issued February 2014 Mar. 2021 4.83 % 13,539 13,973 $13,000 note issued May 2012 May 2022 5.195 % 10,355 10,727 $26,000 note issued August 2012 Sept. 2022 5.05 % 20,867 21,608 $6,400 note issued November 2012 Dec. 2022 4.707 % 5,133 5,319 $11,895 note issued March 2013 Apr. 2023 4.7315 % 9,666 10,004 $17,500 note issued August 2013 Sept. 2023 5.46 % 14,695 15,150 $10,075 note issued March 2014 Apr. 2024 5.10 % 9,004 9,188 $65,000 note issued June 2016 Jul. 2026 4.75 % 60,409 61,531 $41,690 note issued March 2019 Mar. 2029 4.80 % 41,690 41,690 $6,944 notes issued March 2013 Apr. 2038 4.50 % (a) 5,549 5,758 $6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 4.64 % 6,215 — Total non-recourse mortgage notes 197,122 194,948 Unamortized discount (386) (471) Unamortized deferred financing costs (24,846) (30,350) Total non-recourse debt obligations of consolidated special purpose entities, net $ 2,212,634 $ 2,328,489 (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 December 31, 2020, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are as follows (in thousands): Scheduled Principal Balloon Payments Payments Total 2021 $ 32,945 $ 113,466 $ 146,411 2022 28,649 109,114 137,763 2023 24,458 265,357 289,815 2024 19,758 426,914 446,672 2025 17,464 256,613 274,077 Thereafter 45,484 2,422,644 2,468,128 $ 168,758 $ 3,594,108 $ 3,762,866 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Income Taxes | 5. Income Taxes The Company’s total current income tax expense (benefit) was as follows (in thousands): Year ended December 31, 2020 2019 2018 Federal income tax $ (4) $ 42 $ 106 State income tax 588 665 536 Total current income tax expense $ 584 $ 707 $ 642 The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities were immaterial for 2020, 2019 and 2018. The Company files federal, state and local income tax returns. Certain state income tax returns filed for 2016 and tax returns filed for 2017 through 2019 remain subject to examination. The Company has a net operating loss carryforward (NOL) for income tax purposes of $1.5 million that was generated during the year ended December 31, 2011 and, therefore, has no impact on income tax expense for the three years ended December 31, 2020. This loss is available to reduce future REIT taxable income until it expires in 2031. At this time, the Company does not believe it is likely it will use the NOL to reduce future taxable income; therefore, any deferred tax asset associated with such NOL has been fully reserved. 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. As of December 31, 2020 and 2019, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2020 and 2019. The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share): Year ended December 31, 2020 2019 2018 Ordinary income dividends $ 1.0677 $ 1.2244 $ 1.1125 Capital gain dividends 0.0180 0.0965 0.1632 Return of capital 0.3243 0.0034 — Total $ 1.4100 $ 1.3243 $ 1.2757 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity | |
Stockholders' Equity | 6. Stockholders’ Equity In November 2020, the Company established its fifth “at the market” equity distribution program, or ATM program, pursuant to which, from time to time, it may offer and sell up to $900 million of registered shares of common stock through a group of banks acting as its sales agents (the 2020 ATM Program) and terminated its previous program begun in November 2019 (the 2019 ATM Program). The following tables outline the common stock issuances under these programs (in millions except share and per share information): Year Ended December 31, 2020 ATM Program Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $900 million 2019 ATM Program 22,177,336 $ 26.28 $ 582.9 $ (7.3) $ (0.3) $ 575.3 $900 million 2020 ATM Program 3,519,060 $ 32.12 113.0 (1.7) (0.2) 111.1 Total 25,696,396 $ 27.08 $ 695.9 $ (9.0) $ (0.5) $ 686.4 Inception of Program Through December 31, 2020 ATM Program Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $900 million 2019 ATM Program 27,203,702 $ 28.78 $ 782.9 $ (9.2) $ (0.6) $ 773.1 $900 million 2020 ATM Program 3,519,060 $ 32.12 113.0 (1.7) (0.2) 111.1 Total 30,722,762 $ 29.16 $ 895.9 $ (10.9) $ (0.8) $ 884.2 The Company declared dividends payable to common stockholders totaling $364.0 million, $316.8 million and $267.9 million during the years ended December 31, 2020, 2019 and 2018, respectively. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Incentive Plans | |
Long-Term Incentive Plans | 7. Long-Term Incentive Plans In November 2014, the Company’s Board of Directors approved the adoption of the STORE Capital Corporation 2015 Omnibus Equity Incentive Plan (the 2015 Plan), which permits the issuance of up to 6,903,076 shares of common stock, which represented 6% of the number of issued and outstanding shares of the Company’s common stock upon the completion of the IPO. As of December 31, 2020, 3,405,272 shares are available for grant under the 2015 Plan. In 2012, the Company’s Board of Directors established the STORE Capital Corporation 2012 Long-Term Incentive Plan (the 2012 Plan) which permits the issuance of up to 1,035,400 shares of common stock. As of December 31, 2020, 252,907 shares remain available for grant under the 2012 Plan. Both the 2015 and 2012 Plans allow for awards to officers, directors and key employees of the Company in the form of restricted shares of the Company’s common stock and other equity-based awards including performance-based grants. The following table summarizes the restricted stock award (RSA) activity: 2020 2019 2018 Weighted Weighted Weighted Number of Average Share Number of Average Share Number of Average Share Shares Price (1) Shares Price (1) Shares Price (1) Outstanding non-vested shares, beginning of year 285,238 $ 27.70 331,001 $ 24.10 403,751 $ 22.24 Shares granted 491,009 $ 22.63 131,158 $ 32.35 135,496 $ 24.14 Shares vested (130,642) $ 28.15 (162,315) $ 24.24 (192,011) $ 20.27 Shares forfeited (6,051) $ 30.89 (14,606) $ 26.84 (16,235) $ 23.33 Outstanding non-vested shares, end of year 639,554 $ 23.69 285,238 $ 27.70 331,001 $ 24.10 (1) Grant date fair value The Company grants RSAs to its officers, directors and key employees. Generally, restricted shares granted to the Company’s employees and its chairman vest in 25% increments in February or May of each year. The other independent directors receive annual grants that vest at the end of each term served. As permitted, the Company does not estimate a forfeiture rate for non-vested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of the 2015 and 2012 Plans, the Company pays non-refundable dividends to the holders of non-vested shares. Applicable accounting guidance requires that the dividends paid to holders of these non-vested shares be charged as compensation expense to the extent that they relate to non-vested shares that do not or are not expected to vest. The Company estimates the fair value of RSAs at the date of grant and recognizes that amount in expense over the vesting period as the greater of the amount amortized on a straight-line basis or the amount vested. The fair value of the RSAs is based on the closing price per share of the Company’s common stock on the date of the grant. The Company has granted restricted stock unit awards (RSUs) with (a) both a market and a performance condition or (b) a market condition to its executive officers; these awards also contain a service condition. The number of common shares to be earned from each grant range from zero to 100% of the total RSUs granted over a three-year performance period. The following table summarizes the RSU activity: Number of RSUs 2020 2019 2018 Non-vested and outstanding, beginning of year 1,203,018 1,015,861 919,041 RSUs granted 534,141 628,909 540,975 RSUs vested (376,961) (284,775) (289,556) RSUs forfeited (62,023) (156,977) (79,745) RSUs not earned — — (74,854) Non-vested and outstanding, end of year 1,298,175 1,203,018 1,015,861 For the 2020, 2019 and 2018 grants, one one period. For the 2017 grants, one -half of the number of common shares to be earned was based on the Company’s TSR measured against the benchmark TSR of a peer group or market index and one -half of the number of shares to be earned was based on the Company’s TSR measured against pre-determined thresholds. The TSR is a measure of stock price appreciation plus dividends paid during the measurement period. To the extent market and service conditions were met, the earned RSUs from each grant awarded in 2017 vested 50% at the end of the three-year performance period and, subject to continued employment, 50% at the end of one additional year. The 2020, 2019 and 2018 awards vest 100% at the end of the three-year performance period to the extent market, performance and service conditions are met. The RSUs accrue dividend equivalents which are paid only if the award vests. During the years ended December 31, 2020, 2019 and 2018, the Company accrued dividend equivalents expected to be paid on earned awards of $1.2 million, $1.3 million and $1.1 million, respectively; during the years ended December 31, 2020, 2019 and 2018, the Company paid $1.1 million, $1.3 million and $585,000, respectively, of these accrued dividend equivalents to its executive officers. The Company valued the RSUs with a performance condition based on the closing price per share of the Company’s common stock on the date of the grant multiplied by the number of awards expected to be earned. The Company valued the RSUs with a market condition using a Monte Carlo simulation model on the date of grant which resulted in grant date fair values of $5.4 million, $5.6 million and $3.1 million for the 2020, 2019 and 2018 and, respectively. The estimated fair value is amortized to expense on a tranche by tranche basis ratably over the vesting periods. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the RSUs with a market condition for each grant year: 2020 2019 2018 Volatility 19.31 % 21.14 % 21.00 % Risk-free interest rate 1.42 % 2.38 % 2.38 % Dividend yield 0.00 % 0.00 % 0.00 % The 2015 and 2012 Plans each allow the Company’s employees to elect to satisfy the minimum statutory tax withholding obligation due upon vesting of RSAs and RSUs by allowing the Company to repurchase an amount of shares otherwise deliverable on the vesting date having a fair market value equal to the withholding obligation. During the years ended December 31, 2020, 2019 and 2018, the Company repurchased an aggregate 139,131 shares, 167,143 shares and 113,948 shares, respectively, in connection with this tax withholding obligation. Compensation expense for equity-based payments totaled $4.7 million, $11.7 million and $8.6 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in general and administrative expenses. At December 31, 2020, STORE Capital had $16.6 million of unrecognized compensation cost related to non-vested equity-based compensation arrangements which will be recognized through February 2024. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 8. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of December 31, 2020, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $119.1 million, of which $106.9 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. The Company has entered into 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 the years ended December 31, 2020, 2019 and 2018, total rent expense was $737,000, $724,000, and $721,000, respectively, which is included in general and administrative expense on the consolidated statements of income. At December 31, 2020, the Company’s future minimum rental commitment under this noncancelable operating lease, excluding the renewal option period, was approximately $776,000 in 2021, $791,000 in 2022, $805,000 in 2023, $819,000 in 2024, $834,000 in 2025 and $1.3 million thereafter. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and lease liability related to this lease; at December 31, 2020, the balance of the right-of-use asset was $4.0 million, which is included in other assets, net on the consolidated balance sheet, and the balance of the related lease liability was $4.5 million. 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. The Company has a defined contribution retirement savings plan qualified under Section 401(a) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan is available to employees who have completed at least six consecutive months of service or, if earlier, one year of service with the Company. STORE Capital provides a matching contribution in cash, up to a maximum of 4% of compensation, which vests immediately. The matching contributions made by the Company totaled approximately $515,000 in 2020, $478,000 in 2019, and $406,000 in 2018. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 9. Fair Value of Financial Instruments The Company’s derivatives are required to be measured at fair value in the Company’s consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. The fair value of the Company’s derivative instruments was a liability of $0.4 million at December 31, 2020 and an asset of $0.3 million at December 31, 2019; derivative assets are included in other assets, net, and derivative liabilities are included in accrued expenses, deferred revenue and other liabilities on the consolidated balance sheets. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks at December 31, 2020 and 2019. 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 December 31, 2020, these debt obligations had an aggregate carrying value of $3,722.2 million and an estimated fair value of $4,047.6 million. At December 31, 2019, these debt obligations had an aggregate carrying value of $3,591.0 million and an estimated fair value of $3,812.7 million. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information (Unaudited) | |
Quarterly Financial Information (Unaudited) | 10. Quarterly Financial Information (Unaudited) The following table summarizes the unaudited consolidated quarterly financial information for 2020 and 2019. All adjustments (consisting of only normal recurring accruals) necessary for a fair presentation of the interim periods presented are included. The calculation of basic and diluted per share amounts for each quarter is based on the weighted average shares outstanding for that period; consequently, the sum of the quarters may not necessarily be equal to the full year basic and diluted net income per share (amounts in thousands, except per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Total 2020 Total revenues $ 177,897 $ 168,280 $ 175,223 $ 172,868 $ 694,268 Net income 62,660 40,600 54,630 54,724 212,614 Net income per share of common stock—basic and diluted 0.26 0.16 0.21 0.21 0.84 Dividends declared per common share 0.35 0.35 0.36 0.36 1.42 First Quarter Second Quarter Third Quarter Fourth Quarter Total 2019 Total revenues $ 156,638 $ 163,787 $ 171,834 $ 173,455 $ 665,714 Net income 45,556 67,964 111,618 59,837 284,975 Net income per share of common stock—basic and diluted 0.20 0.30 0.48 0.25 1.24 Dividends declared per common share 0.33 0.33 0.35 0.35 1.36 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Schedule III - Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate and Accumulated Depreciation | STORE Capital Corporation Schedule III - Real Estate and Accumulated Depreciation (Dollars in Thousands) Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2020 (b) (c) Tenant Industry Number of Properties Number of States Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Constructed Years SERVICE INDUSTRIES: Restaurants -- Full Service 161 28 $ - $ 117,938 $ 198,994 $ 1,961 $ 17,250 $ 119,899 $ 216,244 $ 336,143 $ (32,567) 1892 - 2019 2011 - 2019 Restaurants -- Full Service 197 33 (f) 167,204 236,134 6,111 25,604 173,315 261,738 435,053 (69,988) 1880 - 2017 2011 - 2019 Restaurants -- Full Service 5 2 5,549 5,123 5,981 - - 5,123 5,981 11,104 (2,125) 1994 - 2006 2012 Restaurants -- Limited Service 115 20 - 49,840 68,285 2,215 10,221 52,055 78,506 130,561 (12,636) 1938 - 2019 2014 - 2020 Restaurants -- Limited Service 247 26 (f) 105,477 114,027 1,961 7,391 107,438 121,418 228,856 (40,595) 1929 - 2018 2011 - 2018 Child Day Care Services 81 20 - 64,349 135,520 2,276 7,532 66,625 143,052 209,677 (19,272) 1779 - 2018 2012 - 2020 Child Day Care Services 164 23 (f) 107,744 201,841 4,972 33,207 112,716 235,048 347,764 (45,436) 1905 - 2020 2011 - 2020 Health Clubs 36 17 - 59,658 122,058 4,154 27,482 63,812 149,540 213,352 (13,294) 1973 - 2020 2012 - 2020 Health Clubs 52 16 (f) 68,243 138,570 9,521 53,807 77,764 192,377 270,141 (29,275) 1961 - 2020 2011 - 2020 Health Clubs 4 3 19,754 6,584 25,461 51 - 6,635 25,461 32,096 (4,035) 1995 - 2005 2014 - 2020 Automotive Repair and Maintenance 118 16 - 98,928 165,558 9,393 28,719 108,321 194,277 302,598 (18,770) 1930 - 2019 2015 - 2020 Automotive Repair and Maintenance 48 14 (f) 42,003 69,422 294 2,210 42,297 71,632 113,929 (12,896) 1960 - 2020 2011 - 2020 Movie Theaters 17 12 - 47,359 71,033 4,899 49,296 52,258 120,329 172,587 (19,992) 1973 - 2019 2014 - 2019 Movie Theaters 11 7 (f) 25,218 45,394 4,114 27,556 29,332 72,950 102,282 (15,123) 1989 - 2016 2011 - 2019 Movie Theaters 5 1 20,867 15,708 24,322 - - 15,708 24,322 40,030 (9,606) 1995 - 2010 2012 Lumber and Other Construction Materials Merchant Wholesalers 110 19 - 121,532 134,031 - 1 121,532 134,032 255,564 (23,039) 1798 - 2009 2016 - 2020 Lumber and Other Construction Materials Merchant Wholesalers 14 3 (f) 25,697 15,449 - - 25,697 15,449 41,146 (4,218) 1940 - 2006 2013 - 2020 Elementary and Secondary Schools 6 2 - 40,985 72,203 5,576 27,806 46,561 100,009 146,570 (5,323) 1956 - 2018 2015 - 2020 Elementary and Secondary Schools 2 2 (f) 4,473 12,071 - - 4,473 12,071 16,544 (3,094) 1945 - 1991 2012 - 2013 Elementary and Secondary Schools 2 1 10,355 7,537 12,397 1,218 4,646 8,755 17,043 25,798 (4,872) 1987 - 1990 2012 Other Personal Services 38 11 - 31,428 37,141 7,732 27,258 39,160 64,399 103,559 (6,906) 1968 - 2020 2016 - 2020 Other Personal Services 38 17 (f) 24,134 45,560 2,346 2,105 26,480 47,665 74,145 (13,598) 1930 - 2012 2011 - 2018 Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities 12 5 - 39,403 107,386 - 1 39,403 107,387 146,790 (6,325) 1870 - 2011 2016 - 2020 Other Professional, Scientific, and Technical Services 56 19 - 28,567 44,346 451 5,073 29,018 49,419 78,437 (5,286) 1910 - 2011 2016 - 2020 Other Professional, Scientific, and Technical Services 50 17 (f) 20,683 44,134 - - 20,683 44,134 64,817 (8,462) 1950 - 2014 2014 - 2019 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2020 (b) (c) Tenant Industry Number of Properties Number of States Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Constructed Years Outpatient Care Centers 42 13 - 21,118 57,390 1,885 10,039 23,003 67,429 90,432 (8,092) 1950 - 2020 2013 - 2020 Outpatient Care Centers 15 5 (f) 7,211 20,308 3,579 18,675 10,790 38,983 49,773 (5,875) 1928 - 2006 2013 - 2020 Commercial and Industrial Machinery and Equipment Rental and Leasing 23 8 - 20,859 34,232 - 3 20,859 34,235 55,094 (3,377) 1927 - 2017 2017 - 2020 Commercial and Industrial Machinery and Equipment Rental and Leasing 22 11 (f) 34,637 37,542 4,809 5,379 39,446 42,921 82,367 (5,203) 1961 - 2019 2013 - 2019 Family Entertainment Centers 5 4 - 20,829 44,955 1,712 1,385 22,541 46,340 68,881 (4,616) 1913 - 2017 2013 - 2020 Family Entertainment Centers 8 3 (f) 16,688 32,880 1,883 6,378 18,571 39,258 57,829 (8,398) 1993 - 2015 2011 - 2018 Offices of Physicians 29 7 - 14,611 53,626 - 1,719 14,611 55,345 69,956 (3,595) 1865 - 2014 2015 - 2020 Offices of Physicians 16 4 (f) 12,276 42,408 22 327 12,298 42,735 55,033 (4,576) 1977 - 2017 2017 - 2018 Wholesale Automobile Auction 8 6 (f) 67,108 41,453 6,086 2,661 73,194 44,114 117,308 (12,520) 1972 - 2015 2012 - 2019 Metal and Mineral Merchant Wholesalers 13 9 - 18,407 40,540 - - 18,407 40,540 58,947 (2,622) 1962 - 2001 2015 - 2020 Metal and Mineral Merchant Wholesalers 8 4 (f) 5,382 15,270 - - 5,382 15,270 20,652 (4,647) 1957 - 1995 2013 Corporate Aircraft Repair and Maintenance Facilities 2 2 - 3,798 53,841 - - 3,798 53,841 57,639 (5,351) 1988 - 2018 2015 - 2018 Corporate Aircraft Repair and Maintenance Facilities 1 1 (f) 1,883 14,234 - - 1,883 14,234 16,117 (2,055) 1988 2014 Medical and Diagnostic Laboratories 3 3 - 4,026 13,055 - - 4,026 13,055 17,081 (1,682) 1959 - 1999 2016 - 2017 Medical and Diagnostic Laboratories 17 2 (f) 7,063 43,259 - - 7,063 43,259 50,322 (8,346) 1985 - 2011 2014 - 2018 Consumer Goods Rental 16 12 - 7,481 20,412 - 6 7,481 20,418 27,899 (3,643) 1972 - 2014 2014 - 2017 Consumer Goods Rental 28 11 (f) 10,222 24,075 - - 10,222 24,075 34,297 (5,965) 1920 - 2014 2013 - 2017 Colleges, Universities, and Professional Schools 4 2 - 3,165 24,070 766 4,161 3,931 28,231 32,162 (5,997) 1995 - 2015 2014 Colleges, Universities, and Professional Schools 1 1 14,695 4,528 22,213 - - 4,528 22,213 26,741 (3,892) 2008 2013 Machinery, Equipment, and Supplies Merchant Wholesalers 2 2 - 746 1,857 - - 746 1,857 2,603 (319) 1970 - 1988 2016 Machinery, Equipment, and Supplies Merchant Wholesalers 11 9 (f) 12,644 34,346 764 6,492 13,408 40,838 54,246 (8,625) 1974 - 2018 2013 - 2018 Psychiatric and Substance Abuse Hospitals 13 3 - 17,080 28,376 81 8,407 17,161 36,783 53,944 (2,715) 1951 - 2007 2016 - 2020 Amusement and Theme Parks 5 3 - 27,934 - 1,858 784 29,792 784 30,576 (1,881) 1950 - 2012 2015 - 2016 Amusement and Theme Parks 1 1 (f) 3,864 13,408 329 2,176 4,193 15,584 19,777 (3,971) 2009 2015 Bowling Centers 5 2 - 10,233 9,921 144 797 10,377 10,718 21,095 (1,823) 1957 - 2003 2015 - 2018 Bowling Centers 4 2 (f) 5,556 11,876 169 3,135 5,725 15,011 20,736 (1,384) 1994 - 2007 2018 - 2019 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2020 (b) (c) Tenant Industry Number of Properties Number of States Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Constructed Years Freight Transportation Arrangement 2 2 - 2,720 14,809 846 4,793 3,566 19,602 23,168 (3,361) 1997 - 2000 2014 Freight Transportation Arrangement 1 1 (f) 1,818 13,195 - - 1,818 13,195 15,013 (1,277) 2014 2017 Warehousing and Storage 1 1 - 9,634 27,475 - - 9,634 27,475 37,109 (4,685) 2000 2017 All Other Service 125 32 - 101,923 223,059 3,407 22,695 105,330 245,754 351,084 (30,954) 1860 - 2018 2014 - 2020 All Other Service 20 10 (f) 10,574 49,384 128 825 10,702 50,209 60,911 (8,496) 1920 - 2002 2014 - 2018 All Other Service 1 1 9,666 807 13,794 - 620 807 14,414 15,221 (2,739) 2008 2012 TOTAL SERVICE INDUSTRIES 2,041 80,886 1,812,640 3,224,581 97,713 458,622 1,910,353 3,683,203 5,593,556 (599,415) RETAIL INDUSTRIES: Furniture Stores 41 13 - 69,285 240,786 2,689 22,015 71,974 262,801 334,775 (23,738) 1924 - 2019 2014 - 2020 Furniture Stores 26 10 (f) 49,384 90,731 896 6,906 50,280 97,637 147,917 (21,481) 1946 - 2017 2011 - 2019 Furniture Stores 2 1 5,133 4,733 5,994 - - 4,733 5,994 10,727 (1,793) 2006 2012 Farm and Ranch Supply Stores 37 8 - 68,092 126,308 33,053 56,248 101,145 182,556 283,701 (23,852) 1967 - 2020 2015 - 2019 Farm and Ranch Supply Stores 5 3 60,409 32,348 67,758 - - 32,348 67,758 100,106 (14,797) 1966 - 2015 2016 Other Motor Vehicle Dealers 13 9 - 35,590 55,452 9,199 17,557 44,789 73,009 117,798 (7,701) 1995 - 2019 2013 - 2020 Other Motor Vehicle Dealers 14 11 (f) 31,335 54,213 10,122 11,829 41,457 66,042 107,499 (19,706) 1974 - 2013 2012 - 2018 Car Dealers 35 14 - 81,214 116,403 2,181 8,995 83,395 125,398 208,793 (10,969) 1963 - 2020 2015 - 2020 Car Dealers 2 2 (f) 4,114 6,700 - - 4,114 6,700 10,814 (936) 1946 - 1977 2017 All Other Retail 32 16 - 61,401 176,128 - 108 61,401 176,236 237,637 (18,877) 1960 - 2018 2012 - 2020 All Other Retail 28 12 (f) 60,775 134,561 61 482 60,836 135,043 195,879 (28,071) 1955 - 2019 2011 - 2019 TOTAL RETAIL INDUSTRIES 235 65,542 498,271 1,075,034 58,201 124,140 556,472 1,199,174 1,755,646 (171,921) MANUFACTURING INDUSTRIES: Plastics Product Manufacturing 12 8 - 18,641 75,575 - 1 18,641 75,576 94,217 (11,605) 1965 - 2001 2015 - 2020 Plastics Product Manufacturing 4 3 (f) 6,637 22,008 - - 6,637 22,008 28,645 (5,108) 1966 - 1999 2013 - 2018 Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing 24 9 - 25,889 82,649 - 1 25,889 82,650 108,539 (12,041) 1908 - 2002 2015 - 2020 Household and Institutional Furniture and Kitchen Cabinet Manufacturing 2 2 - 6,894 28,460 - - 6,894 28,460 35,354 (3,296) 1966 - 1995 2018 Household and Institutional Furniture and Kitchen Cabinet Manufacturing 6 1 41,690 15,385 48,917 - - 15,385 48,917 64,302 (4,514) 1989 - 2001 2018 Architectural and Structural Metals Manufacturing 12 9 - 10,360 44,628 115 1,841 10,475 46,469 56,944 (2,941) 1950 - 2007 2018 - 2020 Architectural and Structural Metals Manufacturing 11 10 (f) 6,019 31,816 - 603 6,019 32,419 38,438 (1,495) 1950 - 2005 2019 - 2020 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2020 (b) (c) Tenant Industry Number of Properties Number of States Encumbrances Land & Building & Land & Building & Land & Building & Total Accumulated Years Constructed Years Motor Vehicle Parts Manufacturing 10 6 - 13,024 51,680 - - 13,024 51,680 64,704 (3,685) 1950 - 1993 2018 - 2020 Motor Vehicle Parts Manufacturing 5 2 (f) 5,349 21,684 - - 5,349 21,684 27,033 (4,153) 1980 - 2003 2017 Forging and Stamping 9 7 - 19,508 54,628 - - 19,508 54,628 74,136 (7,621) 1906 - 1996 2017 - 2018 Forging and Stamping 2 2 (f) 1,960 4,588 - - 1,960 4,588 6,548 (1,436) 1958 - 1999 2014 Foundries 5 3 - 8,465 22,650 - 1 8,465 22,651 31,116 (955) 1909 - 1978 2019 - 2020 Foundries 13 8 (f) 8,452 22,031 2,064 12,984 10,516 35,015 45,531 (9,451) 1948 - 2005 2013 - 2019 Aerospace Product and Parts Manufacturing 10 7 - 12,390 41,283 1,393 9,203 13,783 50,486 64,269 (6,688) 1953 - 1995 2016 - 2019 Aerospace Product and Parts Manufacturing 2 2 (f) 2,279 4,469 - - 2,279 4,469 6,748 (615) 1985 - 2004 2017 Semiconductor and Other Electronic Component Manufacturing 4 4 - 16,932 22,924 - - 16,932 22,924 39,856 (2,753) 1967 - 1999 2016 - 2018 Semiconductor and Other Electronic Component Manufacturing 1 1 9,004 4,398 11,502 - - 4,398 11,502 15,900 (4,852) 1960 2013 Bakeries and Tortilla Manufacturing 1 1 - 1,372 25,557 - - 1,372 25,557 26,929 (880) 1993 2019 Bakeries and Tortilla Manufacturing 3 3 (f) 4,357 17,952 - - 4,357 17,952 22,309 (1,726) 1994 - 2004 2014 - 2019 Fruit and Vegetable Preserving and Specialty Food Manufacturing 5 5 - 11,546 37,267 - - 11,546 37,267 48,813 (1,587) 1870 - 1992 2020 Medical Equipment and Supplies Manufacturing 5 4 - 7,505 40,644 - - 7,505 40,644 48,149 (7,568) 1954 - 2001 2014 - 2016 Other Food Manufacturing 2 2 - 4,985 39,846 - - 4,985 39,846 44,831 (1,492) 1980 - 2001 2019 Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing 3 3 - 5,778 27,567 - 7,312 5,778 34,879 40,657 (2,203) 1960 - 1983 2018 - 2019 Navigational, Measuring, Electromedical, and Control Instruments Manufacturing 6 6 - 12,146 26,304 - - 12,146 26,304 38,450 (1,118) 1956 - 2004 2018 - 2020 Grain and Oilseed Milling 2 1 - 174 32,951 - - 174 32,951 33,125 - 1963 - 2001 2020 All Other Manufacturing 68 27 - 81,875 245,711 3,293 18,996 85,168 264,707 349,875 (33,200) 1924 - 2008 2014 - 2020 All Other Manufacturing 15 8 (f) 21,143 40,903 - - 21,143 40,903 62,046 (7,337) 1950 - 1997 2011 - 2019 TOTAL MANUFACTURING INDUSTRIES 242 50,694 333,463 1,126,194 6,865 50,942 340,328 1,177,136 1,517,464 (140,320) 2,518 $ 197,122 $ 2,644,374 $ 5,425,809 $ 162,779 $ 633,704 $ 2,807,153 $ 6,059,513 $ 8,866,666 $ (911,656) (a) As of December 31, 2020, we had investments in 2,604 single-tenant real estate property locations including 2,580 owned properties and 24 ground lease interests; 48 of our owned properties are accounted for as financing arrangements and 34 are accounted for as direct financing receivables and are excluded from the table above. In addition, four of the owned properties are considered to be held for sale at December 31, 2020 and are excluded from the table above. Initial costs exclude intangible lease assets totaling $61.6 million. (b) The aggregate cost for federal income tax purposes is approximately $9,119.8 million. (c) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2020, 2019 and 2018: Year ended December 31, 2020 2019 2018 Balance, beginning of year $ 8,175,034 $ 7,168,720 $ 5,856,345 Additions Acquisitions 834,023 1,293,793 1,314,129 Improvements 130,051 149,963 221,578 Deductions Provision for impairment of real estate (21,978) (18,201) (5,202) Other (11,184) (8,419) — Cost of real estate sold (212,818) (410,822) (218,130) Reclasses to held for sale (26,462) — — Balance, end of year $ 8,866,666 $ 8,175,034 $ 7,168,720 (d) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2020, 2019 and 2018: Year ended December 31, 2020 2019 2018 Balance, beginning of year $ (711,176) $ (556,690) $ (402,747) Additions Depreciation expense (238,853) (216,726) (175,545) Deductions Accumulated depreciation associated with real estate sold 23,031 53,821 21,602 Other 11,184 8,419 — Reclasses to held for sale 4,158 — — Balance, end of year $ (911,656) $ (711,176) $ (556,690) (e) The Company's real estate assets are depreciated using the straight-line method over the estimated useful lives of the properties, which generally ranges from 30 to 40 years for buildings and improvements and is 15 years for land improvements. (f) Property is collateral for non-recourse debt obligations totaling $2.0 billion issued under the Company’s STORE Master Funding debt program. See report of independent registered public accounting firm. |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Schedule IV - Mortgage Loans on Real Estate | |
Schedule IV - Mortgage Loans on Real Estate | STORE Capital Corporation Schedule IV - Mortgage Loans on Real Estate As of December 31, 2020 (Dollars in thousands) Final Periodic Final Outstanding Carrying Interest Maturity Payment Payment Prior face amount of amount of Description Rate Date Terms Terms Liens mortgages mortgages (c) First mortgage loans: Three movie theater properties located in North Carolina (a) 8.35 % (b) Interest only Balloon of $12.6 million None $ 12,610 $ 12,610 One movie theater property located in California (a) 7.50 % 5/1/2021 Principal & Interest Balloon of $7.0 million None 7,398 7,397 One restaurant property located in Nashville, TN 5.35 12/2/2021 Interest only Balloon of $3.2 million None 3,176 3,165 One health club property located in Washington (a) 7.91 % 6/1/2022 Interest only Balloon of $7.1 million None 7,079 7,085 Three restaurant properties located in Indiana and Ohio 10.00 % 12/31/2022 Interest only Balloon of $0.8 million None 755 753 Three elementary school properties in California and Virginia 8.00 12/31/2023 Interest only Balloon of $70.8 million None 70,775 70,566 Two restaurant properties located in Louisiana 8.36 % 7/1/2032 Principal & Interest Balloon of $1.9 million None 2,106 2,109 Five restaurant properties located in Mississippi 8.42 % 7/1/2032 Principal & Interest Balloon of $5.1 million None 5,571 5,577 Two restaurant properties located in Montana 9.02 % 11/1/2036 Principal & Interest Balloon of $3.5 million None 4,080 4,060 One used merchandise property in Maryland 7.90 % 9/1/2037 Principal & Interest Fully amortizing None 2,916 2,902 29 restaurant properties located in Florida, Illinois, Louisiana and Mississippi 8.75 % 12/2/2051 Principal & Interest Fully amortizing None 23,308 23,419 Five restaurant properties located in Tennessee 8.25 % 8/31/2053 Principal & Interest Fully amortizing None 3,593 3,592 One hunting and fishing property located in California 7.90 % 5/31/2054 Principal & Interest Balloon of $6.0 million None 17,030 16,860 Three floral/nursery merchant wholesaler properties located in California 8.35 % 11/30/2054 Principal & Interest Fully amortizing None 25,401 25,174 Three mortgage loans secured by one recreation property located in Colorado 8.50 % 2/28/2055 Principal & Interest Fully amortizing None 30,665 30,972 Two manufacturing properties in California 9.00 5/31/2055 Interest only Balloon of $32.4 million None 32,380 32,114 13 restaurant properties in Florida, Kansas and Missouri 7.60 8/31/2055 Principal & Interest Fully amortizing None 9,989 9,987 Three restaurant properties located in Ohio 8.12 % 12/31/2055 Principal & Interest Fully amortizing None 3,022 3,003 Leasehold interest in an amusement park property located in Ontario, Canada 9.56 % 8/1/2056 Principal & Interest Fully amortizing None 22,162 22,048 One family entertainment property located in Texas 8.25 % 6/30/2058 Principal & Interest Fully amortizing None 4,564 4,521 One family entertainment property located in Texas 10.00 6/30/2060 Principal & Interest Fully amortizing None 7,994 7,980 One recreation property located in Utah 9.25 12/11/2060 Principal & Interest Fully amortizing None 5,417 5,461 $ 301,991 $ 301,355 The following shows changes in the carrying amounts of mortgage loans receivable during the years ended December 31, 2020, 2019 and 2018 (in thousands): Year ended December 31, 2020 2019 2018 Balance, beginning of year $ 202,557 $ 156,603 $ 131,653 Additions: New mortgage loans 132,542 74,681 29,155 Other: Capitalized loan origination costs 155 54 53 Deductions: Collections of principal (d) (32,151) (28,701) (4,194) Other: Provisions for loan losses (1,670) — — Other: Amortization of loan origination costs (78) (80) (64) Balance, end of year $ 301,355 $ 202,557 $ 156,603 (a) Loan was on nonaccrual status as of December 31, 2020. (b) Loan matured prior to December 31, 2020 and the Company has been in negotiations with the borrower regarding a resolution. (c) The aggregate cost for federal income tax purposes is $303.0 million. (d) For the years ended December 31, 2020 and 2019, collections of principal include non-cash principal collections aggregating $23.4 million and $13.6 million, respectively, related to loan receivable transactions in which the Company acquired the underlying mortgaged property. See report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Principles | ||
Basis of Accounting and Principles of Consolidation | Basis of Accounting and Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These consolidated statements include the accounts of STORE Capital 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 December 31, 2020 and 2019, these special purpose entities held assets totaling $7.7 billion and $7.0 billion, respectively, and had third-party liabilities totaling $2.3 billion and $2.4 billion, respectively. These assets and liabilities are included in the accompanying consolidated balance sheets. | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. | |
Segment Reporting | Segment Reporting The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting | |
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 investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. | |
Impact of the COVID-19 Pandemic | Impact of the COVID-19 Pandemic During the novel coronavirus (COVID-19) pandemic, the Company provided certain tenants rent deferral arrangements in the form of both short-term notes and lease modifications. The FASB has provided accounting relief under which concessions provided to tenants in direct response to the COVID-19 pandemic are not required to be evaluated or accounted for as lease modifications in accordance with ASC Topic 842. The Company has elected to apply this accounting relief to the rent deferral arrangements it has entered into with its tenants, which primarily affected the timing (but not the amount) of lease and loan payments due to the Company under its contracts. For the year ended December 31, 2020, the Company recognized $57.1 million of net revenue associated with these deferral arrangements with a corresponding increase in receivables | |
Accounting for Real Estate Investments | Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, the Company will account for such an acquisition as a financing arrangement and record the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the 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 15 years | |
Revenue Recognition | Revenue Recognition STORE Capital leases real estate to its tenants under long- term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the consolidated balance sheets. The Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. As of December 31, 2020 and 2019, the Company had $34.6 million and $28.3 million, respectively, of straight-line operating lease receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (CPI) may adjust over a one-year period or over multiple-year periods. 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 4.6% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 1.0% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectability is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of 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. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, discount rates, 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 Measurement During the year ended December 31, 2020, the Company recognized an aggregate provision for impairment of real estate of $22.0 million; the estimated fair value of the impaired real estate assets at the time of impairment aggregated $80.7 million. The Company recognized aggregate provisions for the impairment of real estate of $18.8 million and $5.2 million during the years ended December 31, 2019 and 2018, respectively. | |
Accounting for Loans and Financing Receivables | Accounting for Loans and Financing Receivables Loans Receivable – Classification, Cost and Revenue Recognition STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2020 and 2019, the Company had loans receivable with an aggregate outstanding principal balance of $39.9 million and $15.6 million, respectively, on nonaccrual status. Direct Financing Receivables – Classification, Cost and Revenue Recognition Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. Impairment and Provision for Credit Losses Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC Topic 326) which changed how the Company measures credit losses for loans and financing receivables. In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. For the year ended December 31, 2020, the Company recognized an estimated $1.0 million of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of income. Prior to the adoption of ASC Topic 326, the Company periodically evaluated 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 was determined to be impaired when, in management’s judgment based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses were provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeded the estimated fair value of the underlying collateral less disposition costs. During the year ended December 31, 2018, the Company recognized a provision for loan losses of $2.6 million; the Company did not | |
Direct Financing Receivables - Classification, Cost and Revenue Recognition | Direct Financing Receivables – Classification, Cost and Revenue Recognition Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. Impairment and Provision for Credit Losses Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC Topic 326) which changed how the Company measures credit losses for loans and financing receivables. In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. For the year ended December 31, 2020, the Company recognized an estimated $1.0 million of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of income. Prior to the adoption of ASC Topic 326, the Company periodically evaluated 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 was determined to be impaired when, in management’s judgment based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses were provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeded the estimated fair value of the underlying collateral less disposition costs. During the year ended December 31, 2018, the Company recognized a provision for loan losses of $2.6 million; the Company did not | |
Accounting for Operating Ground Lease Assets | Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. 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 may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and cash proceeds from the sale of assets held by a qualified intermediary to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code. The Company had $10.2 million and $11.6 million of restricted cash at December 31, 2020 and 2019, respectively, which are included in other assets, net, on the 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 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 consolidated balance sheets. | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2020, 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). | |
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. The Company’s RSUs granted in 2017 contain a market condition and a service condition and RSUs granted in 2018, 2019 and 2020 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. | |
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. | |
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. Year Ended December 31, 2020 2019 2018 Numerator: Net income $ 212,614 $ 284,975 $ 216,970 Less: earnings attributable to unvested restricted shares (776) (403) (398) Net income used in basic and diluted income per share $ 211,838 $ 284,572 $ 216,572 Denominator: Weighted average common shares outstanding 253,055,331 230,030,535 204,666,034 Less: Weighted average number of shares of unvested restricted stock (520,751) (296,038) (343,736) Weighted average shares outstanding used in basic income per share 252,534,580 229,734,497 204,322,298 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) 116,460 555,044 610,994 Weighted average shares outstanding used in diluted income per share 252,651,040 230,289,541 204,933,292 (a) For the years ended December 31, 2020, 2019 and 2018, excludes 127,136 shares, 122,224 shares and 113,895 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 June 2016, the FASB issued ASC Topic 326 which changes how entities measure credit losses for most financial assets. This guidance requires an entity, at each reporting date, to estimate the lifetime “expected credit loss” of a financial asset and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected. Under this new standard, the Company records allowances that were not previously required under legacy GAAP. The standard was effective for the Company on January 1, 2020 and was adopted retrospectively as of the beginning of the period of adoption. As a result, the Company’s investments in loans and certain leases that are accounted for as loans and financing receivables are directly impacted, requiring a cumulative-effect adjustment of $2.5 million to retained earnings upon adoption. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, which clarified that receivables arising from operating leases are within the scope of the leasing standard (ASC Topic 842). The adoption had no material impact on the Company’s internal controls. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question & Answer (“Q&A”) which was intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the COVID-19 pandemic. The Q&A allows both lessors and lessees to elect not to evaluate whether concessions provided in response to the COVID-19 pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. The Company, as lessor, has elected to apply such relief and will therefore not evaluate whether lease concessions that were granted in response to the COVID-19 pandemic meet the definition of a lease modification. The Company, as a lessee, has not received any concessions under its ground or other lease agreements resulting from the COVID-19 pandemic. |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Principles | |
Reconciliation of the numerator and denominator used in the computation of basic and diluted income per common share | Year Ended December 31, 2020 2019 2018 Numerator: Net income $ 212,614 $ 284,975 $ 216,970 Less: earnings attributable to unvested restricted shares (776) (403) (398) Net income used in basic and diluted income per share $ 211,838 $ 284,572 $ 216,572 Denominator: Weighted average common shares outstanding 253,055,331 230,030,535 204,666,034 Less: Weighted average number of shares of unvested restricted stock (520,751) (296,038) (343,736) Weighted average shares outstanding used in basic income per share 252,534,580 229,734,497 204,322,298 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) 116,460 555,044 610,994 Weighted average shares outstanding used in diluted income per share 252,651,040 230,289,541 204,933,292 (a) For the years ended December 31, 2020, 2019 and 2018, excludes 127,136 shares, 122,224 shares and 113,895 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments: | |
Schedule of gross real estate and loan activity | Number of Dollar Investment Amount of Locations Investments Gross investments, December 31, 2017 1,921 $ 6,233,910 Acquisition of and additions to real estate (a)(b) 389 1,538,015 Investment in loans and direct financing receivables 29 88,088 Sales of real estate (80) (227,135) Principal collections on loans and direct financing receivables (2) (5,205) Provisions for impairment (7,810) Other (c) (2) (14,793) Gross investments, December 31, 2018 2,255 7,605,070 Acquisition of and additions to real estate (a)(d)(e) 305 1,440,399 Investment in loans and direct financing receivables (f) 48 262,552 Sales of real estate (95) (415,736) Principal collections on loans and direct financing receivables (g) (9) (29,952) Operating ground lease assets, net (h) 24,254 Provisions for impairment (18,751) Other (e) (12,915) Gross investments, December 31, 2019 2,504 8,854,921 Acquisition of and additions to real estate (a)(i) 203 959,842 Investment in loans and direct financing receivables (f) 11 156,721 Sales of real estate (72) (222,556) Principal collections on loans and direct financing receivables (g) (12) (80,521) Net change in operating ground lease assets (h) 10,429 Provisions for impairment (23,003) Adoption of expected credit loss standard (ASC Topic 326) (2,465) Other (13,602) Gross investments, December 31, 2020 (j) 9,639,766 Less accumulated depreciation and amortization (j) (943,749) Net investments, December 31, 2020 2,634 $ 8,696,017 (a) Includes $2.6 million during 2018, $1.6 million during 2019 and $0.8 million during 2020 of interest capitalized to properties under construction. (b) Excludes $14.4 million of tenant improvement advances disbursed in 2018 which were accrued as of December 31, 2017. (c) Includes $14.3 million representing the gross carrying amount of two real estate properties surrendered to the lender in exchange for the release of the related indebtedness (Note 4). (d) Excludes $36.5 million of tenant improvement advances disbursed in 2019 which were accrued as of December 31, 2018. (e) During the year ended December 31, 2019, the Company completed a $21.2 million substitution transaction in which ten properties the Company owned and leased to a single tenant were substituted for ten other properties the tenant previously owned and are now leased to that same tenant; the Company recognized a $3.9 million non-cash gain on this transaction which is included in net gain on dispositions of real estate in the consolidated statement of income. (f) For the years ended December 31, 2019 and 2020, includes $9.0 million and $3.2 million, respectively, related to mortgage loans made to the purchasers of a real estate properties sold. (g) For the years ended December 31, 2019 and 2020, includes $13.6 million and $30.6 million of non-cash principal collection transactions in which the Company acquired the underlying collateral property and leased them back to the borrowers. (h) During the year ended December 31, 2019, includes $20.0 million of operating ground lease (or right-of-use) assets recognized upon initial adoption of ASC Topic 842 and $4.3 million of activity (new operating ground lease assets recognized net of amortization); during the year ended December 31, 2020, includes new operating ground lease assets recognized net of amortization. (i) Excludes $16.9 million of tenant improvement advances disbursed in 2020 which were accrued as of December 31, 2019. (j) Includes the dollar amount of investments ( $26.5 million) and the accumulated depreciation and amortization ( $4.2 million) related to real estate investments held for sale at December 31, 2020. |
Schedule of revenue recognized from investment portfolio | The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Year Ended December 31, 2020 2019 2018 Rental revenues: Operating leases (a)(c) $ 644,733 $ 625,477 $ 515,299 Sublease income - operating ground leases (b) 2,096 2,227 — Amortization of lease related intangibles and costs (2,331) (2,289) (1,997) Total rental revenues $ 644,498 $ 625,415 $ 513,302 Interest income on loans and financing receivables: Mortgage and other loans receivable (c) $ 18,097 $ 13,866 $ 12,339 Sale-leaseback transactions accounted for as financing arrangements (c) 15,376 5,785 — Direct financing receivables (c) 11,815 14,175 13,402 Total interest income on loans and financing receivables $ 45,288 $ 33,826 $ 25,741 (a) For the years ended December 31, 2020 and 2019, includes $2.5 million and $2.6 million, respectively, of property tax tenant reimbursement revenue and includes variable lease revenue of $4.0 million, $123,000 and $450,000 for the years ended December 31, 2020, 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. (c) For the year ended December 31, 2020, includes $54.3 million of operating lease rental revenue, $2.6 million of interest income from mortgage and other loans receivable, $0.1 million of interest income from sale-leaseback transactions accounted for as financing arrangements and $0.1 million of interest income from direct financing receivables that have been deferred related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the consolidated balance sheet. |
Schedule of 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 December 31, 2020 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments Investments Restaurants 750 $ 1,228,407 13 % Early childhood education centers 244 561,843 6 Health clubs 93 536,321 5 Furniture stores 69 504,185 5 Automotive repair and maintenance 176 453,719 5 Metal fabrication 91 450,008 5 Farm and ranch supply stores 42 383,807 4 All other service industries 877 3,403,339 35 All other retail industries 127 925,486 10 All other manufacturing industries 165 1,192,651 12 Total 2,634 $ 9,639,766 100 % |
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 December 31, 2020, are as follows (in thousands): 2021 $ 708,730 2022 726,080 2023 723,273 2024 718,743 2025 715,103 Thereafter 6,336,130 Total future minimum rentals (a) $ 9,928,059 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. |
Schedule detailing intangible lease assets and related accumulated amortization | The following details intangible lease assets and related accumulated amortization at December 31 (in thousands): 2020 2019 In-place leases $ 37,440 $ 44,425 Ground lease-related intangibles 19,449 19,449 Above-market leases 4,745 9,492 Total intangible lease assets 61,634 73,366 Accumulated amortization (27,935) (28,948) Net intangible lease assets $ 33,699 $ 44,418 |
Summary of future minimum lease payments | The future minimum lease payments to be paid under the operating ground leases as of December 31, 2020 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total 2021 $ 401 $ 2,651 $ 3,052 2022 401 2,606 3,007 2023 4,149 2,628 6,777 2024 55 2,709 2,764 2025 57 2,394 2,451 Thereafter 3,128 46,721 49,849 Total lease payments 8,191 59,709 67,900 Less imputed interest (3,188) (29,926) (33,114) Total operating lease liabilities - ground leases $ 5,003 $ 29,783 $ 34,786 (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 $59.7 million commitment, $19.0 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 December 31, Type Rate (a) Date 2020 2019 Six mortgage loans receivable 7.94 % 2021 - 2023 $ 101,793 $ 33,073 Four mortgage loans receivable 8.48 % 2032 - 2037 14,673 18,760 Fourteen mortgage loans receivable (b) 8.69 % 2051 - 2060 185,525 149,766 Total mortgage loans receivable 301,991 201,599 Equipment and other loans receivable 8.33 % 2021 - 2026 31,636 25,066 Total principal amount outstanding—loans receivable 333,627 226,665 Unamortized loan origination costs 1,206 1,197 Sale-leaseback transactions accounted for as financing arrangements (c) 7.87 % 2034 - 2043 204,469 186,614 Direct financing receivables 117,047 170,329 Allowance for credit and loan losses (d) (6,028) (2,538) Total loans and financing receivables $ 650,321 $ 582,267 (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 sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2043 and the purchase options expire between 2024 and 2039. (d) Balance includes $2.5 million of credit loss reserves recognized upon the adoption of ASC Topic 326 on January 1, 2020, $2.5 million of loan loss reserves recognized prior to December 31, 2019 and $1.0 million of credit losses recognized during the year ended December 31, 2020. |
Schedule of maturities of loans receivable | Scheduled Principal Balloon Total Payments Payments Payments 2021 $ 3,920 $ 37,621 $ 41,541 2022 2,487 9,331 11,818 2023 2,644 77,044 79,688 2024 2,777 — 2,777 2025 1,566 923 2,489 Thereafter 145,944 49,370 195,314 Total principal payments $ 159,338 $ 174,289 $ 333,627 |
Schedule of sale-leaseback transactions | 2021 $ 16,266 2022 16,390 2023 16,524 2024 16,719 2025 16,925 Thereafter 246,869 Total future scheduled payments $ 329,693 |
Schedule of the components of the investments accounted for as direct financing receivables | As of December 31, 2020 and 2019, the Company had $117.0 million and $170.3 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): 2020 2019 Minimum lease payments receivable $ 242,694 $ 378,659 Estimated residual value of leased assets 14,800 22,610 Unearned income (140,447) (230,940) Net investment $ 117,047 $ 170,329 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of maturities of long-term debt | As of December 31, 2020, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are as follows (in thousands): Scheduled Principal Balloon Payments Payments Total 2021 $ 32,945 $ 113,466 $ 146,411 2022 28,649 109,114 137,763 2023 24,458 265,357 289,815 2024 19,758 426,914 446,672 2025 17,464 256,613 274,077 Thereafter 45,484 2,422,644 2,468,128 $ 168,758 $ 3,594,108 $ 3,762,866 |
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 December 31, Date Rate 2020 2019 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 % 350,000 350,000 Public Notes issued November 2020 Nov. 2030 2.75 % 350,000 — Total notes payable 1,425,000 1,075,000 Term Loans: Term Loan issued March 2017 — 100,000 Term Loan issued April 2016 Apr. 2021 2.44 % 100,000 100,000 Total term loans 100,000 200,000 Unamortized discount (4,867) (3,766) Unamortized deferred financing costs (10,521) (8,681) Total unsecured notes and term loans payable, net $ 1,509,612 $ 1,262,553 |
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 December 31, Date Rate 2020 2019 Non-recourse net-lease mortgage notes: $95,000 Series 2015-1, Class A-1 $ — $ 92,783 $102,000 Series 2013-1, Class A-2 Mar. 2023 4.65 % 87,607 89,775 $97,000 Series 2013-2, Class A-2 Jul. 2023 5.33 % 84,473 86,445 $100,000 Series 2013-3, Class A-2 Nov. 2023 5.21 % 87,775 89,773 $140,000 Series 2014-1, Class A-2 Apr. 2024 5.00 % 135,392 136,092 $150,000 Series 2018-1, Class A-1 Oct. 2024 3.96 % 143,552 146,384 $50,000 Series 2018-1, Class A-3 Oct. 2024 4.40 % 49,417 49,708 $270,000 Series 2015-1, Class A-2 Apr. 2025 4.17 % 262,350 263,700 $200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 3.96 % 184,350 188,347 $82,000 Series 2019-1, Class A-1 Nov. 2026 2.82 % 80,172 81,859 $46,000 Series 2019-1, Class A-3 Nov. 2026 3.32 % 45,751 45,981 $135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 4.32 % 125,798 128,443 $228,000 Series 2018-1, Class A-2 Oct. 2027 4.29 % 218,198 222,504 $164,000 Series 2018-1, Class A-4 Oct. 2027 4.74 % 162,087 163,043 $244,000 Series 2019-1, Class A-2 Nov. 2034 3.65 % 238,559 243,582 $136,000 Series 2019-1, Class A-4 Nov. 2034 4.49 % 135,263 135,943 Total non-recourse net-lease mortgage notes 2,040,744 2,164,362 Non-recourse mortgage notes: $16,100 note issued February 2014 Mar. 2021 4.83 % 13,539 13,973 $13,000 note issued May 2012 May 2022 5.195 % 10,355 10,727 $26,000 note issued August 2012 Sept. 2022 5.05 % 20,867 21,608 $6,400 note issued November 2012 Dec. 2022 4.707 % 5,133 5,319 $11,895 note issued March 2013 Apr. 2023 4.7315 % 9,666 10,004 $17,500 note issued August 2013 Sept. 2023 5.46 % 14,695 15,150 $10,075 note issued March 2014 Apr. 2024 5.10 % 9,004 9,188 $65,000 note issued June 2016 Jul. 2026 4.75 % 60,409 61,531 $41,690 note issued March 2019 Mar. 2029 4.80 % 41,690 41,690 $6,944 notes issued March 2013 Apr. 2038 4.50 % (a) 5,549 5,758 $6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 4.64 % 6,215 — Total non-recourse mortgage notes 197,122 194,948 Unamortized discount (386) (471) Unamortized deferred financing costs (24,846) (30,350) Total non-recourse debt obligations of consolidated special purpose entities, net $ 2,212,634 $ 2,328,489 (a) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Total current income tax expense | The Company’s total current income tax expense (benefit) was as follows (in thousands): Year ended December 31, 2020 2019 2018 Federal income tax $ (4) $ 42 $ 106 State income tax 588 665 536 Total current income tax expense $ 584 $ 707 $ 642 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity | |
Common stock issuance | The following tables outline the common stock issuances under these programs (in millions except share and per share information): Year Ended December 31, 2020 ATM Program Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $900 million 2019 ATM Program 22,177,336 $ 26.28 $ 582.9 $ (7.3) $ (0.3) $ 575.3 $900 million 2020 ATM Program 3,519,060 $ 32.12 113.0 (1.7) (0.2) 111.1 Total 25,696,396 $ 27.08 $ 695.9 $ (9.0) $ (0.5) $ 686.4 Inception of Program Through December 31, 2020 ATM Program Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $900 million 2019 ATM Program 27,203,702 $ 28.78 $ 782.9 $ (9.2) $ (0.6) $ 773.1 $900 million 2020 ATM Program 3,519,060 $ 32.12 113.0 (1.7) (0.2) 111.1 Total 30,722,762 $ 29.16 $ 895.9 $ (10.9) $ (0.8) $ 884.2 |
Long-Term Incentive Plans (Tabl
Long-Term Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Incentive Plans | |
Restricted stock award activity | 2020 2019 2018 Weighted Weighted Weighted Number of Average Share Number of Average Share Number of Average Share Shares Price (1) Shares Price (1) Shares Price (1) Outstanding non-vested shares, beginning of year 285,238 $ 27.70 331,001 $ 24.10 403,751 $ 22.24 Shares granted 491,009 $ 22.63 131,158 $ 32.35 135,496 $ 24.14 Shares vested (130,642) $ 28.15 (162,315) $ 24.24 (192,011) $ 20.27 Shares forfeited (6,051) $ 30.89 (14,606) $ 26.84 (16,235) $ 23.33 Outstanding non-vested shares, end of year 639,554 $ 23.69 285,238 $ 27.70 331,001 $ 24.10 (1) Grant date fair value |
Schedule of share based compensation restricted stock units | Number of RSUs 2020 2019 2018 Non-vested and outstanding, beginning of year 1,203,018 1,015,861 919,041 RSUs granted 534,141 628,909 540,975 RSUs vested (376,961) (284,775) (289,556) RSUs forfeited (62,023) (156,977) (79,745) RSUs not earned — — (74,854) Non-vested and outstanding, end of year 1,298,175 1,203,018 1,015,861 |
Schedule of grant date fair value assumptions | 2020 2019 2018 Volatility 19.31 % 21.14 % 21.00 % Risk-free interest rate 1.42 % 2.38 % 2.38 % Dividend yield 0.00 % 0.00 % 0.00 % |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information (Unaudited) | |
Schedule of quarterly financial information | First Quarter Second Quarter Third Quarter Fourth Quarter Total 2020 Total revenues $ 177,897 $ 168,280 $ 175,223 $ 172,868 $ 694,268 Net income 62,660 40,600 54,630 54,724 212,614 Net income per share of common stock—basic and diluted 0.26 0.16 0.21 0.21 0.84 Dividends declared per common share 0.35 0.35 0.36 0.36 1.42 First Quarter Second Quarter Third Quarter Fourth Quarter Total 2019 Total revenues $ 156,638 $ 163,787 $ 171,834 $ 173,455 $ 665,714 Net income 45,556 67,964 111,618 59,837 284,975 Net income per share of common stock—basic and diluted 0.20 0.30 0.48 0.25 1.24 Dividends declared per common share 0.33 0.33 0.35 0.35 1.36 |
Summary of Significant Accoun_4
Summary of Significant Accounting Principles (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)agreementsegment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Basis of Accounting and Principles of Consolidation | |||
Assets owned | $ 9,004,340 | $ 8,296,526 | |
Liabilities owed | $ 3,988,562 | 3,811,141 | |
Segment Reporting | |||
Number of reportable segments | segment | 1 | ||
Revenue Recognition | |||
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) | 4.60% | ||
Contingent rent as a percentage of rental revenue, historical | 1.00% | ||
Accrued straight-line rental revenue, net of allowance | $ 34,600 | 28,300 | |
Impairments | |||
Provisions for impairment | 22,000 | 18,800 | $ 5,200 |
Estimate fair value of impaired real estate assets | 80,700 | ||
Loans Receivable | |||
Non accrual status loan receivables | 39,900 | 15,600 | |
Provision for loan losses | 0 | 2,600 | |
Restricted cash | |||
Restricted cash included in other assets | 10,195 | 11,628 | $ 15,506 |
Provision For Impairment | |||
Loans Receivable | |||
Provision for credit losses | 1,000 | ||
Payment deferral due to COVID-19 | |||
Revenue Recognition | |||
Revenue associated with deferral arrangements | $ 57,100 | ||
Receivable term | 36 months | ||
Receivables collections | $ 9,900 | ||
Loans receivable | |||
Loans Receivable | |||
Maximum past due period for loans payments causing nonaccrual status | 60 days | ||
Senior Unsecured Notes | |||
Derivative Instruments and Hedging Activities | |||
Principal amount | $ 375,000 | ||
Other assets | |||
Restricted cash | |||
Restricted cash included in other assets | 10,200 | 11,600 | |
Other assets | Payment deferral due to COVID-19 | |||
Revenue Recognition | |||
Increase (Decrease) in Accounts Receivable | (57,100) | ||
Two interest rate swaps and interest rate floor | Designated as hedging instrument | |||
Derivative Instruments and Hedging Activities | |||
Current notional amounts | $ 100,000 | ||
Interest rate swaps | |||
Derivative Instruments and Hedging Activities | |||
Number of agreements | agreement | 2 | ||
Interest rate floor | |||
Derivative Instruments and Hedging Activities | |||
Number of agreements | agreement | 1 | ||
Buildings | Maximum | |||
Accounting for Real Estate Investments | |||
Estimated useful life | 40 years | ||
Buildings | Minimum | |||
Accounting for Real Estate Investments | |||
Estimated useful life | 30 years | ||
Land improvements | |||
Accounting for Real Estate Investments | |||
Estimated useful life | 15 years | ||
Consolidated special purpose entities | |||
Basis of Accounting and Principles of Consolidation | |||
Assets owned | $ 7,700,000 | 7,000,000 | |
Liabilities owed | $ 2,300,000 | $ 2,400,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Share Based Compensation and Other (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sharebased Compensation | ||||||||||||
Shares repurchased in connection with tax withholding obligations (in shares) | 139,131 | 167,143 | 113,948 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||
Volatility rate (as a percent) | 19.31% | 21.14% | 21.00% | |||||||||
Risk free interest rate (as a percent) | 1.42% | 2.38% | 2.38% | |||||||||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | |||||||||
Income Tax Examination, Penalties and Interest Accrued | ||||||||||||
Uncertain income tax positions | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Numerator: | ||||||||||||
Net income | $ 54,724 | $ 54,630 | $ 40,600 | $ 62,660 | $ 59,837 | $ 111,618 | $ 67,964 | $ 45,556 | 212,614 | 284,975 | $ 216,970 | |
Less: earnings attributable to unvested restricted shares | (776) | (403) | (398) | |||||||||
Net income used in basic and diluted income per share | $ 211,838 | $ 284,572 | $ 216,572 | |||||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding | 253,055,331 | 230,030,535 | 204,666,034 | |||||||||
Less: Weighted average number of shares of unvested restricted stock (in shares) | (520,751) | (296,038) | (343,736) | |||||||||
Weighted average shares outstanding used in basic income per share (in shares) | 252,534,580 | 229,734,497 | 204,322,298 | |||||||||
Effects of dilutive securities: | ||||||||||||
Add: Treasury stock method impact of potentially dilutive securities (in shares) | 116,460 | 555,044 | 610,994 | |||||||||
Weighted average shares outstanding used in diluted income per share (in shares) | 252,651,040 | 230,289,541 | 204,933,292 | |||||||||
Antidilutive unvested restricted shares (in shares) | 127,136 | 122,224 | 113,895 | |||||||||
Restricted Stock | ||||||||||||
Sharebased Compensation | ||||||||||||
Granted in period (in shares) | 491,009 | 131,158 | 135,496 | |||||||||
Shares vestedn (shares) | 130,642 | 162,315 | 192,011 | |||||||||
Forfeited in period (in shares) | (6,051) | (14,606) | (16,235) | |||||||||
Outstanding (in shares) | 639,554 | 285,238 | 639,554 | 285,238 | 331,001 | 403,751 | ||||||
Vesting percentage (as a percent) | 25.00% | |||||||||||
Restricted Stock Units | ||||||||||||
Sharebased Compensation | ||||||||||||
Granted in period (in shares) | 534,141 | 628,909 | 540,975 | |||||||||
Shares vestedn (shares) | 376,961 | 284,775 | 289,556 | |||||||||
Forfeited in period (in shares) | (62,023) | (156,977) | (79,745) | |||||||||
Outstanding (in shares) | 1,298,175 | 1,203,018 | 1,298,175 | 1,203,018 | 1,015,861 | 919,041 |
Summary of Significant Accoun_6
Summary of Significant Accounting Principles - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ (459,977) | $ (302,609) | |
Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 2,500 |
Investments - Locations (Detail
Investments - Locations (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2020USD ($)property | Mar. 31, 2020property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | |
Number of property locations of investments (in locations) | property | 2,504 | 2,504 | 2,255 | 2,634 | 2,504 | 2,255 | 1,921 | |
Number of owned properties (in properties) | property | 2,580 | |||||||
Number of properties accounted as financing arrangements | property | 48 | 48 | ||||||
Number of properties owned as direct financing receivables | property | 34 | 34 | ||||||
Number of ground lease interests (in properties) | property | 24 | 24 | ||||||
Number of properties which secure certain mortgage loans (in properties) | property | 30 | |||||||
Gross acquisition cost of real estate investments | $ 8,950,000 | |||||||
Loans and financing receivables, net | 650,321 | $ 582,267 | ||||||
Operating ground lease assets | $ 34,683 | 24,254 | ||||||
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 | 2,504 | 2,255 | 1,921 | |||||
Acquisition of and additions to real estate | property | 203 | 305 | 389 | |||||
Investment in loans and financing receivables | property | 11 | 48 | 29 | |||||
Sales of real estate | property | (72) | (95) | (80) | |||||
Principal collections on loans and direct financing receivables | property | (12) | (9) | (2) | |||||
Operating ground lease assets capitalized, net | 34,700 | |||||||
Other | property | (2) | |||||||
Gross investments | property | 2,634 | 2,504 | 2,255 | |||||
Dollar Amount of Investments | ||||||||
Gross investments | $ 8,854,921 | $ 7,605,070 | $ 6,233,910 | |||||
Acquisition of and additions to real estate | 959,842 | 1,440,399 | 1,538,015 | |||||
Investment in loans and financing receivables | 156,721 | 262,552 | (88,088) | |||||
Sales of real estate | (222,556) | (415,736) | (227,135) | |||||
Right-of-use asset | $ 34,683 | 24,254 | ||||||
Proceeds From Collection Of Loans And Direct Financing Receivable | 80,521 | 29,952 | 5,205 | |||||
Provisions for impairment | (23,003) | (18,751) | (7,810) | |||||
Net change in operating ground lease assets (h) | 10,429 | |||||||
Adoption of expected credit loss standard (ASC Topic 326) | 5,015,778 | 4,485,385 | $ 3,863,501 | $ 3,170,942 | ||||
Other | (13,602) | (12,915) | (14,793) | |||||
Gross investments | 9,639,766 | 8,854,921 | 7,605,070 | |||||
Less accumulated depreciation and amortization | (943,749) | |||||||
Net investments | 8,696,017 | 8,114,797 | ||||||
Tenant improvement advances disbursed | 16,900 | 36,500 | 14,400 | |||||
Interest capitalized | 800 | 1,600 | 2,600 | |||||
Non-cash principal collections related to loans receivable | 30,600 | 13,600 | ||||||
Purchased of collateral property securing a mortgage note receivable | 30,585 | 13,574 | ||||||
Purchaser of real estate property sold | $ 3,176 | 9,000 | ||||||
Operating Lease, Right-of-Use Asset | 34,683 | 24,254 | ||||||
Investment in real estate held for sale | 26,500 | |||||||
Accumulated depreciation of real estate investments held for sale | 4,200 | |||||||
The gross carrying amount of real estate properties surrendered | $ 14,300 | |||||||
Number of real estate properties surrendered to lender | property | 2 | |||||||
Number of properties owned | property | 2,580 | |||||||
Mortgage loans made to purchasers of multiple real estate properties sold | $ 3,200 | 9,000 | ||||||
Number of real estate properties sold with seller financing | property | 1 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Dollar Amount of Investments | ||||||||
Adoption of expected credit loss standard (ASC Topic 326) | (2,465) | |||||||
Substitution transaction | ||||||||
Dollar Amount of Investments | ||||||||
Substitution transaction amount | $ 21,200 | |||||||
Number of properties the entity owned and leased to a single tenant | property | 10 | |||||||
Number of previously tenant owned and now leased to the same tenant | property | 10 | |||||||
Non-cash gain on substitute transaction | $ 3,900 | |||||||
Ground leases | ||||||||
Operating ground lease assets | 24,254 | |||||||
Dollar Amount of Investments | ||||||||
Right-of-use asset | 24,254 | |||||||
Operating Lease, Right-of-Use Asset | 24,254 | |||||||
Corporate office space | ||||||||
Operating ground lease assets | $ 4,000 | |||||||
Dollar Amount of Investments | ||||||||
Right-of-use asset | 4,000 | |||||||
Operating Lease, Right-of-Use Asset | 4,000 | |||||||
Ground leases | ||||||||
Operating ground lease assets | 34,700 | 20,000 | ||||||
New ground lease assets | $ 4,300 | |||||||
Dollar Amount of Investments | ||||||||
Right-of-use asset | 34,700 | 20,000 | ||||||
Operating Lease, Right-of-Use Asset | $ 34,700 | $ 20,000 |
Investments - Revenue Recognize
Investments - Revenue Recognized from Investment Portfolio (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Rental revenues: | |||
Operating leases (a)(c) | $ 644,733,000 | $ 625,477,000 | $ 515,299,000 |
Sublease income - operating ground lease assets | 2,096,000 | 2,227,000 | |
Amortization of lease related intangibles and costs | (2,331,000) | (2,289,000) | (1,997,000) |
Rental revenues ASC840 | 625,415,000 | 513,302,000 | |
Total rental revenues | 644,498,000 | ||
Interest income on loans and financing receivables: | |||
Mortgage and other loans receivable | 18,097,000 | 13,866,000 | 12,339,000 |
Sale-leaseback transactions accounted for as financng arrangements (c) | 15,376,000 | 5,785,000 | |
Direct financing receivables | 11,815,000 | 14,175,000 | 13,402,000 |
Total interest income on loans and financing receivables | 45,288,000 | 33,826,000 | 25,741,000 |
Property tax tenant reimbursement revenue | 2,500,000 | 2,600,000 | |
Variable lease revenue | 4,000,000 | $ 123,000 | $ 450,000 |
Payment deferral due to COVID-19 | |||
Interest income on loans and financing receivables: | |||
Deferred lease rental revenue | 54,300,000 | ||
Mortgage and other loans receivable | 2,600,000 | ||
Sale-leaseback transactions accounted for as financng arrangements (c) | 100,000 | ||
Direct financing receivables | $ 100,000 |
Investments - Significant Credi
Investments - Significant Credit and Revenue Concentration (Details) | 12 Months Ended |
Dec. 31, 2020customeritemstate | |
Real estate investment portfolio | Geographic concentration | |
Significant Credit and Revenue Concentration | |
Number of states over which real estate investments are dispersed (in states) | state | 49 |
Concentration Percentage for threshold | 10.00% |
Real estate investment portfolio | Geographic concentration | Minimum | |
Significant Credit and Revenue Concentration | |
Number of customers | customer | 520 |
Real estate investment portfolio | Geographic concentration | Texas | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 10.00% |
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% | item | 0 |
Real estate investment portfolio | Customer concentration | Largest customer, investment portfolio | Maximum | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 3.00% |
Real estate investment portfolio | Concept concentration | |
Significant Credit and Revenue Concentration | |
Number of concepts (in categories) | item | 760 |
Investment portfolio revenues | Customer concentration | Largest customer, investment portfolio revenues | Maximum | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 3.10% |
Investment portfolio revenues | Concept concentration | Maximum | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 2.40% |
Investments - Portfolio Diversi
Investments - Portfolio Diversification (Details) $ in Thousands | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property |
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 2,634 | 2,504 | 2,255 | 1,921 |
Dollar Amount of Investments | $ | $ 9,639,766 | $ 8,854,921 | $ 7,605,070 | $ 6,233,910 |
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 | 750 | |||
Dollar Amount of Investments | $ | $ 1,228,407 | |||
Percentage of Total Dollar Amount of Investments | 13.00% | |||
Early childhood education centers | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 244 | |||
Dollar Amount of Investments | $ | $ 561,843 | |||
Percentage of Total Dollar Amount of Investments | 6.00% | |||
Health clubs | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 93 | |||
Dollar Amount of Investments | $ | $ 536,321 | |||
Percentage of Total Dollar Amount of Investments | 5.00% | |||
Furniture stores | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 69 | |||
Dollar Amount of Investments | $ | $ 504,185 | |||
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 | 176 | |||
Dollar Amount of Investments | $ | $ 453,719 | |||
Percentage of Total Dollar Amount of Investments | 5.00% | |||
Metal fabrication | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 91 | |||
Dollar Amount of Investments | $ | $ 450,008 | |||
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 | 42 | |||
Dollar Amount of Investments | $ | $ 383,807 | |||
Percentage of Total Dollar Amount of Investments | 4.00% | |||
All other service industries | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 877 | |||
Dollar Amount of Investments | $ | $ 3,403,339 | |||
Percentage of Total Dollar Amount of Investments | 35.00% | |||
All other retail industries | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 127 | |||
Dollar Amount of Investments | $ | $ 925,486 | |||
Percentage of Total Dollar Amount of Investments | 10.00% | |||
All other manufacturing industries | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 165 | |||
Dollar Amount of Investments | $ | $ 1,192,651 | |||
Percentage of Total Dollar Amount of Investments | 12.00% |
Investments - Intangible Lease
Investments - Intangible Lease Assets and Real Estate Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)perioditempropertyOptions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounting for Real Estate Investments | |||
Remaining noncancelable lease term | 14 years | ||
Number of real estate properties vacant not subject to lease | property | 9 | ||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
2021 | $ 708,730 | ||
2022 | 726,080 | ||
2023 | 723,273 | ||
2024 | 718,743 | ||
2025 | 715,103 | ||
Thereafter | 6,336,130 | ||
Total future minimum rentals | $ 9,928,059 | ||
Option to extend | true | ||
Typical number of renewal options | item | 1 | ||
Number of renewal periods at the option of the Company | period | 1 | ||
Term of renewal options | 5 years | ||
Intangible lease assets | $ 61,634 | $ 73,366 | |
Accumulated amortization | (27,935) | (28,948) | |
Net intangible lease assets | 33,699 | 44,418 | |
Amortization in the next five years | |||
2021 | 3,500 | ||
2022 | 3,300 | ||
2023 | 2,900 | ||
2024 | 2,400 | ||
2025 | $ 1,800 | ||
Minimum | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Number of renewal periods at the option of the Company | Options | 2 | ||
Maximum | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Number of renewal periods at the option of the Company | Options | 4 | ||
Decrease to rental revenue | |||
Amortization in the next five years | |||
2021 | $ 200 | ||
Amortization expense | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Amount amortized | 4,300 | 5,400 | $ 5,800 |
In -place leases | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Intangible lease assets | $ 37,440 | 44,425 | |
Amortization in the next five years | |||
Weighted average remaining amortization period | 8 years | ||
Ground lease interests | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Intangible lease assets | $ 19,449 | 19,449 | |
Amortization in the next five years | |||
Weighted average remaining amortization period | 43 years | ||
Above-market leases | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Intangible lease assets | $ 4,745 | 9,492 | |
Amortization in the next five years | |||
Weighted average remaining amortization period | 3 months | ||
Above-market leases | Decrease to rental revenue | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Amount amortized | $ 1,000 | $ 1,100 | $ 1,100 |
Investments - Operating Lease A
Investments - Operating Lease Asset (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)propertyitem | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | $ 34,683,000 | $ 24,254,000 | |
Rental revenue | $ 2,096,000 | 2,227,000 | |
Typical number of renewal options | item | 1 | ||
Renewal period | 5 years | ||
Option to extend | true | ||
Future minimum lease payments | |||
2023 | $ 805,000 | ||
Total lease liabilities - ground leases | 39,317,000 | 29,347,000 | |
Ground leases | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | 24,254,000 | ||
Corporate office space | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | 4,000,000 | ||
Future minimum lease payments | |||
2021 | 776,000 | ||
2022 | 791,000 | ||
2024 | 819,000 | ||
2025 | 834,000 | ||
Thereafter | 1,300,000 | ||
Total lease liabilities - ground leases | 4,500,000 | ||
Ground Leases Paid by STORE Capital | |||
Future minimum lease payments | |||
2021 | 401,000 | ||
2022 | 401,000 | ||
2023 | 4,149,000 | ||
2024 | 55,000 | ||
2025 | 57,000 | ||
Thereafter | 3,128,000 | ||
Total lease payments | 8,191,000 | ||
Less imputed interest | (3,188,000) | ||
Total lease liabilities - ground leases | $ 5,003,000 | ||
Ground Leases Paid by STORE Capital's Tenants | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of ground lease contracts prepaid | property | 3 | ||
Future minimum lease payments | |||
2021 | $ 2,651,000 | ||
2022 | 2,606,000 | ||
2023 | 2,628,000 | ||
2024 | 2,709,000 | ||
2025 | 2,394,000 | ||
Thereafter | 46,721,000 | ||
Total lease payments | 59,709,000 | ||
Less imputed interest | (29,926,000) | ||
Total lease liabilities - ground leases | 29,783,000 | ||
Long-term lease commitment | 19,000,000 | ||
Ground leases | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | 34,700,000 | 20,000,000 | |
Lease costs | 2,400,000 | 2,300,000 | $ 29,000 |
Rental revenue | $ 2,100,000 | $ 2,200,000 | |
Option to extend | true | ||
Weighted average remaining non-cancelable lease term | 23 years | ||
Weighted average discount rate | 5.70% | ||
Future minimum lease payments | |||
2021 | $ 3,052,000 | ||
2022 | 3,007,000 | ||
2023 | 6,777,000 | ||
2024 | 2,764,000 | ||
2025 | 2,451,000 | ||
Thereafter | 49,849,000 | ||
Total lease payments | 67,900,000 | ||
Less imputed interest | (33,114,000) | ||
Total lease liabilities - ground leases | $ 34,786,000 | ||
Ground leases | Minimum | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Ground lease remaining terms | 1 year | ||
Renewal period | 3 years | ||
Ground leases | Maximum | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Ground lease remaining terms | 91 years | ||
Renewal period | 10 years |
Investments - Loans and Financi
Investments - Loans and Financing Receivables (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Jan. 01, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Loans and direct financing receivables | ||||||
Number of mortgage loans | loan | 24 | |||||
Mortgage loans receivable | $ 301,991 | |||||
Mortgage loans receivable | 301,355 | $ 301,355 | $ 202,557 | $ 156,603 | $ 131,653 | |
Credit loss reserves recognized | 1,000 | 2,500 | ||||
Total principal outstanding - loans receivable | 333,627 | |||||
Unamortized loan origination costs | 1,206 | 1,197 | ||||
Sale-leaseback transactions accounted for as financing arrangements | 204,500 | 186,600 | ||||
Direct financing receivables. | 117,047 | 170,329 | ||||
Allowance for credit and loan losses | (6,028) | (2,538) | ||||
Total loans and direct financing receivables | 650,321 | $ 582,267 | ||||
ASU 2016-13 | ||||||
Loans and direct financing receivables | ||||||
Provision for credit losses | $ 1,000 | |||||
Mortgage loans receivable with maturity range 2021 to 2023 | ||||||
Loans and direct financing receivables | ||||||
Number of mortgage loans | loan | 6 | 6 | ||||
Mortgage loans receivable with maturity range 2032 to 2037 | ||||||
Loans and direct financing receivables | ||||||
Number of mortgage loans | loan | 4 | 4 | ||||
Mortgage loans receivable with maturity range 2051 to 2060 | ||||||
Loans and direct financing receivables | ||||||
Number of mortgage loans | loan | 14 | 14 | ||||
Number of mortgage loans allowing for prepayment in whole | loan | 4 | |||||
Mortgage loans receivable with maturity range 2051 to 2060 | Minimum | ||||||
Loans and direct financing receivables | ||||||
Prepayment penalties (as a percent) | 20.00% | |||||
Mortgage loans receivable with maturity range 2051 to 2060 | Maximum | ||||||
Loans and direct financing receivables | ||||||
Prepayment penalties (as a percent) | 70.00% | |||||
Loans receivable | ||||||
Loans and direct financing receivables | ||||||
Total principal outstanding - loans receivable | $ 333,627 | $ 226,665 | ||||
Mortgage Loans Receivable [Member] | ||||||
Loans and direct financing receivables | ||||||
Mortgage loans receivable | $ 301,991 | 201,599 | ||||
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2021 to 2023 | ||||||
Loans and direct financing receivables | ||||||
Stated Interest Rate (as a percent) | 7.94% | |||||
Mortgage loans receivable | $ 101,793 | 33,073 | ||||
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2032 to 2037 | ||||||
Loans and direct financing receivables | ||||||
Stated Interest Rate (as a percent) | 8.48% | |||||
Mortgage loans receivable | $ 14,673 | 18,760 | ||||
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2051 to 2060 | ||||||
Loans and direct financing receivables | ||||||
Stated Interest Rate (as a percent) | 8.69% | |||||
Mortgage loans receivable | $ 185,525 | 149,766 | ||||
Equipment And Other Loans Receivable [Member] | Equipment and other loans receivable maturity range 2020 to 2026 | ||||||
Loans and direct financing receivables | ||||||
Stated Interest Rate (as a percent) | 8.33% | |||||
Equipment And Other Loans Receivable [Member] | Equipment and other loans receivable maturity range 2021 to 2026 | ||||||
Loans and direct financing receivables | ||||||
Equipment loans receivable | $ 31,636 | 25,066 | ||||
Sale Leaseback Financing Arrangements [Member] | Sale-leaseback transactions accounted for financing arrangements with maturities ranging from 2034 - 2043 | ||||||
Loans and direct financing receivables | ||||||
Stated Interest Rate (as a percent) | 7.87% | |||||
Sale-leaseback transactions accounted for as financing arrangements | $ 204,469 | 186,614 | ||||
Direct Financing Receivables [Member] | ||||||
Loans and direct financing receivables | ||||||
Direct financing receivables. | $ 117,047 | $ 170,329 | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Loans and direct financing receivables | ||||||
Credit loss reserves recognized | $ 2,500 |
Investments - Loans Receivable
Investments - Loans Receivable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | |
Scheduled loan receivable maturities | ||
Number of loans receivable | loan | 55 | |
Gross carrying amount of loans receivable | $ 330,600 | |
Number of mortgage loans | loan | 24 | |
Number of mortgage loans subject to interest rate increases | loan | 12 | |
Number of short-term mortgage loans | loan | 6 | |
Amortization period of long-term mortgage loans | 40 years | |
2021 | $ 41,541 | |
2022 | 11,818 | |
2023 | 79,688 | |
2024 | 2,777 | |
2025 | 2,489 | |
Thereafter | 195,314 | |
Total principal outstanding - loans receivable | 333,627 | |
Sale-Leaseback Transactions Accounted for as Financing Arrangements | ||
Sale-leaseback transactions accounted for as financing arrangements | 204,500 | $ 186,600 |
2021 | 16,266 | |
2022 | 16,390 | |
2023 | 16,524 | |
2024 | 16,719 | |
2025 | 16,925 | |
Thereafter | 246,869 | |
Total future scheduled payments | 329,693 | |
Components of investments accounted for as direct financing receivables | ||
Minimum lease payments receivable | 242,694 | 378,659 |
Estimated residual value of leased assets | 14,800 | 22,610 |
Unearned income. | (140,447) | (230,940) |
Net investment. | 117,047 | $ 170,329 |
Future minimum lease payments to be received under the direct financing lease receivables | ||
2021 | 11,700 | |
2022 | 11,700 | |
2023 | 11,700 | |
2024 | 11,700 | |
2025 | 11,700 | |
Thereafter | 184,000 | |
Scheduled Principal Payments | ||
Scheduled loan receivable maturities | ||
2021 | 3,920 | |
2022 | 2,487 | |
2023 | 2,644 | |
2024 | 2,777 | |
2025 | 1,566 | |
Thereafter | 145,944 | |
Total principal outstanding - loans receivable | 159,338 | |
Balloon Payments | ||
Scheduled loan receivable maturities | ||
2021 | 37,621 | |
2022 | 9,331 | |
2023 | 77,044 | |
2025 | 923 | |
Thereafter | 49,370 | |
Total principal outstanding - loans receivable | $ 174,289 | |
Minimum | ||
Scheduled loan receivable maturities | ||
Long-term mortgage loans receivable prepayment penalty rate (as a percent) | 1.00% | |
Maximum | ||
Scheduled loan receivable maturities | ||
Long-term mortgage loans receivable prepayment penalty rate (as a percent) | 20.00% |
Investments - Provision for Cre
Investments - Provision for Credit Losses (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Origination for gross loan and financing receivables in 2020 | $ 0 |
Origination for gross loan and financing receivables in 2019 | 41.8 |
Origination for gross loan and financing receivables in 2018 | 0 |
Origination for gross loan and financing receivables in 2017 | 0 |
Origination for gross loan and financing receivables in 2016 and prior | 27.1 |
Non Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Origination for gross loan and financing receivables in 2020 | 145.1 |
Origination for gross loan and financing receivables in 2019 | 206.1 |
Origination for gross loan and financing receivables in 2018 | 38.8 |
Origination for gross loan and financing receivables in 2017 | 13.2 |
Origination for gross loan and financing receivables in 2016 and prior | 183 |
ASU 2016-13 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Provision for credit losses | 1 |
Write-offs charged against allowance | 0 |
Recoveries of amounts previously written off | 0 |
ASU 2016-13 | Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans and financing receivables | 68.9 |
ASU 2016-13 | Non Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans and financing receivables | $ 586.2 |
Debt - Credit Facility (Details
Debt - Credit Facility (Details) $ in Thousands | Feb. 09, 2018item | Apr. 30, 2016USD ($) | Dec. 31, 2020USD ($)agreementloan | Dec. 31, 2019USD ($) | Mar. 31, 2017USD ($) |
Credit facilities | |||||
Unamortized financing costs related to all debt | $ 10,521 | $ 8,681 | |||
Revolving credit facility | |||||
Credit facilities | |||||
Unamortized financing costs related to all debt | $ 1,100 | $ 2,100 | |||
Term Loan Payable | |||||
Credit facilities | |||||
Initial term | 5 years | ||||
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) | 1.10% | ||||
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 | ||||
Number of loans | loan | 3 | ||||
Senior Unsecured Notes | Minimum | |||||
Unsecured Term Notes Payable | |||||
Prepayment threshold (as a percent) | 5.00% | ||||
Interest rate swaps | |||||
Credit facilities | |||||
Number of agreements | agreement | 2 | ||||
New unsecured credit facility | Revolving credit facility | |||||
Credit facilities | |||||
Borrowings outstanding (in dollars) | $ 0 | ||||
Eligible unencumbered assets (in dollars) | 6,100,000 | ||||
Amended unsecured revolving credit facility | Revolving credit facility | |||||
Credit facilities | |||||
Unsecured loan facility | 600,000 | ||||
Size of the facility with the accordion feature (in dollars) | 1,400,000 | ||||
Accordion feature | $ 800,000 | ||||
Number of extension options | item | 2 | ||||
Maturity date | Feb. 1, 2022 | ||||
Extension option term | 6 months | ||||
Extension fee (as a percent) | 0.075% | ||||
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% | ||||
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% | 0.55% | |||
Series A issued November 2015 | Senior Unsecured Notes | |||||
Unsecured Term Notes Payable | |||||
Stated interest rate (as a percent) | 4.95% | ||||
Series B issued November 2015 | Senior Unsecured Notes | |||||
Unsecured Term Notes Payable | |||||
Stated interest rate (as a percent) | 5.24% | ||||
Term Loan issued April 2016 | Term Loan Payable | |||||
Unsecured Term Notes Payable | |||||
Stated interest rate (as a percent) | 2.44% |
Debt - Carrying Amount (Details
Debt - Carrying Amount (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2016USD ($) | Dec. 31, 2020USD ($)agreement | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2020USD ($) | Feb. 28, 2019 | Mar. 31, 2018 | Jan. 31, 2018 | Mar. 31, 2017USD ($) | |
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Gain on extinguishment of debt | $ (735) | $ 814 | |||||||
Unamortized discount | $ (4,867) | (3,766) | |||||||
Unamortized deferred financing costs | (10,521) | (8,681) | |||||||
Total unsecured notes and term loans payable, net | 1,509,612 | 1,262,553 | |||||||
Interest rate swaps that were in a liability position | 500 | ||||||||
Credit Risk Related Contingent Features | |||||||||
Derivative liabilities | 500 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
2021 | 146,411 | ||||||||
2022 | 137,763 | ||||||||
2023 | 289,815 | ||||||||
2024 | 446,672 | ||||||||
2025 | 274,077 | ||||||||
Thereafter | 2,468,128 | ||||||||
Long-term Debt | $ 3,762,866 | ||||||||
Interest rate swaps | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Number of agreements | agreement | 2 | ||||||||
Designated as hedging instrument | Two interest rate swaps and interest rate floor | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 100,000 | ||||||||
Public Notes issued March 2018 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Note issue price | 99.515% | ||||||||
Stated interest rate (as a percent) | 4.50% | ||||||||
Public Notes Issued February 2019 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Note issue price | 99.26% | ||||||||
Stated interest rate (as a percent) | 4.625% | ||||||||
Public Notes Issued November 2020 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Note issue price | 99.558% | ||||||||
Stated interest rate (as a percent) | 2.75% | ||||||||
Scheduled Principal Payments | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
2021 | 32,945 | ||||||||
2022 | 28,649 | ||||||||
2023 | 24,458 | ||||||||
2024 | 19,758 | ||||||||
2025 | 17,464 | ||||||||
Thereafter | 45,484 | ||||||||
Long-term Debt | 168,758 | ||||||||
Balloon Payments | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
2021 | 113,466 | ||||||||
2022 | 109,114 | ||||||||
2023 | 265,357 | ||||||||
2024 | 426,914 | ||||||||
2025 | 256,613 | ||||||||
Thereafter | 2,422,644 | ||||||||
Long-term Debt | 3,594,108 | ||||||||
Senior Unsecured Notes | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | 375,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 1,425,000 | 1,075,000 | |||||||
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% | ||||||||
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% | ||||||||
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% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 200,000 | 200,000 | |||||||
Public notes | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 350,000 | ||||||||
Public notes | Public Notes issued March 2018 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Stated interest rate (as a percent) | 4.50% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 350,000 | 350,000 | |||||||
Public notes | Public Notes Issued February 2019 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Stated interest rate (as a percent) | 4.625% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 350,000 | 350,000 | |||||||
Public notes | Public Notes Issued November 2020 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Stated interest rate (as a percent) | 2.75% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 350,000 | ||||||||
Term Loan Payable | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 100,000 | $ 100,000 | |||||||
Expected repayment term of receivables | 5 years | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 100,000 | 200,000 | |||||||
Term Loan Payable | Term Loan Issued March 2017 | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | 100,000 | ||||||||
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% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 100,000 | 100,000 | |||||||
Non-recourse net-lease mortgage notes: | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Retained non-amortizing notes | 155,000 | ||||||||
Consolidated special purpose entities | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Aggregate investment amount | 3,200,000 | ||||||||
Unamortized discount | (386) | (471) | |||||||
Unamortized deferred financing costs | (24,846) | (30,350) | |||||||
Total unsecured notes and term loans payable, net | 2,212,634 | 2,328,489 | |||||||
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | 2,040,744 | 2,164,362 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | 92,783 | ||||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 87,607 | 89,775 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 84,473 | 86,445 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 87,775 | 89,773 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 135,392 | 136,092 | |||||||
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 | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 143,552 | 146,384 | |||||||
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 | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 49,417 | 49,708 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 4.40% | ||||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 262,350 | 263,700 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 184,350 | 188,347 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 125,798 | 128,443 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 4.32% | ||||||||
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2019-1, Class A-1 November 2026 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 82,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 80,172 | 81,859 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 2.82% | ||||||||
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2019-1, Class A-3 November 2026 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 46,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 45,751 | 45,981 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 3.32% | ||||||||
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2019-1, Class A-2 November 2034 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 244,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 238,559 | 243,582 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 3.65% | ||||||||
Consolidated special purpose entities | Non-recourse net-lease mortgage notes: | Series 2019-1, Class A-4 November 2034 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 136,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 135,263 | 135,943 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 4.49% | ||||||||
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Aggregate investment amount | $ 351,400 | ||||||||
Principal amount | 65,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | 197,122 | 194,948 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 13,539 | 13,973 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 10,355 | 10,727 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 20,867 | 21,608 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 5,133 | 5,319 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 9,666 | 10,004 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 14,695 | 15,150 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 9,004 | 9,188 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 5.10% | ||||||||
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $65,000 note issued June 2016 | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 60,409 | 61,531 | |||||||
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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 41,690 | 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 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 5,549 | 5,758 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 4.50% | ||||||||
Consolidated special purpose entities | Nonrecourse mortgage notes payable: | $6,350 notes issued March 2019 (assumed in December 2020) | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 6,350 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 6,215 | ||||||||
Mortgage Loans on Real Estate, Interest Rate | 4.64% | ||||||||
Consolidated special purpose entities | Non-recourse debt obligations | Series 2018-1 Class A-1 Due October 2024 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 150,000 | ||||||||
Consolidated special purpose entities | Non-recourse debt obligations | 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 debt obligations | Series 2018-1 Class A-2 Due October 2027 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | 228,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 218,198 | 222,504 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 4.29% | ||||||||
Consolidated special purpose entities | Non-recourse debt obligations | Series 2018-1 Class A-4 Due October 2027 | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Principal amount | $ 164,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | |||||||||
Long-term Debt | $ 162,087 | $ 163,043 | |||||||
Mortgage Loans on Real Estate, Interest Rate | 4.74% | ||||||||
Minimum | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Maximum number of months | 24 months | ||||||||
Maximum | |||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | |||||||||
Maximum number of months | 36 months |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2011 | |
Current income tax expense from continuing operations | ||||
Federal income tax | $ (4) | $ 42 | $ 106 | |
State income tax | 588 | 665 | 536 | |
Total current income tax expense | 584 | 707 | $ 642 | |
Net operating loss carryforwards | $ 1,500 | |||
Liability relating to uncertain income tax positions | 0 | 0 | ||
Accrual for interest or penalties | $ 0 | $ 0 | ||
Ordinary income dividends | $ 1.0677 | $ 1.2244 | $ 1.1125 | |
Capital gain dividends | 0.0180 | 0.0965 | 0.1632 | |
Return of capital | 0.3243 | 0.0034 | ||
Total | $ 1.4100 | $ 1.3243 | $ 1.2757 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | 15 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Nov. 30, 2020 | |
Common stock. | ||||||
Gross Proceeds | $ 695,944 | $ 659,943 | $ 753,918 | |||
Declared dividends payable to common stockholders (in dollars) | $ 364,000 | $ 316,800 | $ 267,900 | |||
At the market | ||||||
Common stock. | ||||||
Shares Sold | 25,696,396 | 30,722,762 | ||||
Weighted Average Price per Share | $ 27.08 | $ 29.16 | ||||
Gross Proceeds | $ 695,900 | $ 895,900 | ||||
Sales Agents' Commissions | (9,000) | (10,900) | ||||
Other Offering Expenses | (500) | (800) | ||||
Net Proceeds | $ 686,400 | 884,200 | ||||
2020 ATM Program | ||||||
Common stock. | ||||||
Shares Sold | 3,519,060 | 3,519,060 | ||||
Weighted Average Price per Share | $ 32.12 | $ 32.12 | ||||
Gross Proceeds | $ 113,000 | $ 113,000 | ||||
Sales Agents' Commissions | (1,700) | (1,700) | ||||
Other Offering Expenses | (200) | (200) | ||||
Net Proceeds | 111,100 | 111,100 | ||||
Maximum value of shares that can be offered and sold | 900,000 | $ 900,000 | $ 900,000 | $ 900,000 | ||
2019 ATM Program | ||||||
Common stock. | ||||||
Shares Sold | 22,177,336 | 27,203,702 | ||||
Weighted Average Price per Share | $ 26.28 | $ 28.78 | ||||
Gross Proceeds | $ 582,900 | $ 782,900 | ||||
Sales Agents' Commissions | (7,300) | (9,200) | ||||
Other Offering Expenses | (300) | (600) | ||||
Net Proceeds | 575,300 | 773,100 | ||||
Maximum value of shares that can be offered and sold | $ 900,000 | $ 900,000 | $ 900,000 |
Long-Term Incentive Plans (Deta
Long-Term Incentive Plans (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 36 Months Ended | |||
Nov. 30, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares repurchased in connection with tax withholding obligations (in shares) | 139,131 | 167,143 | 113,948 | |||
Weighted Average Price | ||||||
Volatility rate (as a percent) | 19.31% | 21.14% | 21.00% | |||
Risk free interest rate (as a percent) | 1.42% | 2.38% | 2.38% | |||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | |||
Compensation expense for share based payments | $ 4,700,000 | $ 11,700,000 | $ 8,600,000 | |||
Unrecognized compensation cost | $ 16,600,000 | $ 16,600,000 | ||||
2012 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for issuance under plan | 1,035,400 | |||||
Number of shares available for grant | 252,907 | 252,907 | ||||
2015 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized for issuance under plan | 6,903,076 | |||||
Number of shares available for grant | 3,405,272 | 3,405,272 | ||||
Weighted Average Price | ||||||
Equivalent percentage of shares that can be issued under 2015 plan | 6.00% | |||||
2017 Grants | ||||||
Weighted Average Price | ||||||
Number of additional years | 1 year | |||||
Restricted Stock | ||||||
Number of shares | ||||||
Outstanding nonvested shares, beginning of year | 285,238 | 331,001 | 403,751 | 403,751 | ||
Granted in period (in shares) | 491,009 | 131,158 | 135,496 | |||
Vested in period (in shares) | (130,642) | (162,315) | (192,011) | |||
Forfeited in period (in shares) | (6,051) | (14,606) | (16,235) | |||
Outstanding nonvested shares, end of year | 639,554 | 285,238 | 331,001 | 639,554 | ||
Weighted Average Price | ||||||
Outstanding nonvested shares, beginning of year | $ 27.70 | $ 24.10 | $ 22.24 | $ 22.24 | ||
Shares granted | 22.63 | 32.35 | 24.14 | |||
Shares vested | 28.15 | 24.24 | 20.27 | |||
Shares forfeited | 30.89 | 26.84 | 23.33 | |||
Outstanding nonvested shares, end of year | $ 23.69 | $ 27.70 | $ 24.10 | $ 23.69 | ||
Vesting (as a percent) | 25.00% | |||||
Accrued dividend equivalents | $ 1,200,000 | $ 1,300,000 | $ 1,200,000 | |||
Restricted Stock | Grants 2018 and 2019 | ||||||
Number of shares | ||||||
Percentage of shares based on benchmark one (as a percent) | 50.00% | |||||
Restricted Stock Units | ||||||
Number of shares | ||||||
Outstanding nonvested shares, beginning of year | 1,203,018 | 1,015,861 | 919,041 | 919,041 | ||
Granted in period (in shares) | 534,141 | 628,909 | 540,975 | |||
Vested in period (in shares) | (376,961) | (284,775) | (289,556) | |||
Forfeited in period (in shares) | (62,023) | (156,977) | (79,745) | |||
Not earned in period (in shares) | (74,854) | |||||
Outstanding nonvested shares, end of year | 1,298,175 | 1,203,018 | 1,015,861 | 1,298,175 | ||
Weighted Average Price | ||||||
Accrued dividend equivalents | $ 1,100,000 | |||||
Number of years in performance period | 3 years | |||||
Restricted Stock Units | Executive Officer | ||||||
Weighted Average Price | ||||||
Accrued dividend paid | $ 1,100,000 | $ 1,300,000 | 585,000 | |||
Restricted Stock Units | 2017 Grants | ||||||
Number of shares | ||||||
Percentage of shares based on benchmark one (as a percent) | 50.00% | |||||
Percentage of shares based on benchmark two (as a percent) | 50.00% | |||||
Weighted Average Price | ||||||
Performance period (in years) | 3 years | |||||
Restricted Stock Units | 2017 Grants | Three Year Performance Period | ||||||
Weighted Average Price | ||||||
Vesting (as a percent) | 50.00% | |||||
Restricted Stock Units | 2017 Grants | One Additional Year Performance Vesting Period | ||||||
Weighted Average Price | ||||||
Vesting (as a percent) | 50.00% | |||||
Restricted Stock Units | 2015 Grant | ||||||
Weighted Average Price | ||||||
Performance period (in years) | 3 years | |||||
Restricted Stock Units | 2015 Grant | Minimum | ||||||
Weighted Average Price | ||||||
Common shares received at vesting related to total RSUs granted (as a percent) | 0.00% | |||||
Restricted Stock Units | 2015 Grant | Maximum | ||||||
Weighted Average Price | ||||||
Common shares received at vesting related to total RSUs granted (as a percent) | 100.00% | |||||
Restricted Stock Units | 2016 Grant | ||||||
Weighted Average Price | ||||||
Grant date fair value | $ 5,400,000 | $ 5,600,000 | $ 3,100,000 | $ 5,400,000 | ||
Restricted Stock Units | Grants 2018 and 2019 | ||||||
Number of shares | ||||||
Percentage of shares based on benchmark two (as a percent) | 50.00% | |||||
Weighted Average Price | ||||||
Number of years in performance period | 3 years | |||||
Restricted Stock Units | Grants 2018 and 2019 | Three Year Performance Period | ||||||
Weighted Average Price | ||||||
Vesting (as a percent) | 100.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)period | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Commitments and Contingencies | |||
Number of renewal periods at the option of the Company | period | 1 | ||
Renewal period | 5 years | ||
Rent expense | $ 737,000 | $ 724,000 | $ 721,000 |
2023 | 805,000 | ||
Future minimum rental commitment | |||
Right-of-use asset | 34,683,000 | 24,254,000 | |
Operating lease liabilities | $ 39,317,000 | 29,347,000 | |
Matching contribution (in percentage) | 4.00% | ||
Matching contribution made by the company (in value) | $ 515,000 | 478,000 | $ 406,000 |
Commitments to fund improvements to real estate properties | |||
Commitments and Contingencies | |||
Real estate property improvement commitments | 119,100,000 | ||
Real estate property improvement commitments, in Next Twelve Months | 106,900,000 | ||
Ground leases | |||
Future minimum rental commitment | |||
Right-of-use asset | $ 24,254,000 | ||
Corporate office space | |||
Commitments and Contingencies | |||
2021 | 776,000 | ||
2022 | 791,000 | ||
2024 | 819,000 | ||
2025 | 834,000 | ||
Thereafter | 1,300,000 | ||
Future minimum rental commitment | |||
Right-of-use asset | 4,000,000 | ||
Operating lease liabilities | $ 4,500,000 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Level 2 Fair Value | Carrying value | ||
Derivatives [Line items] | ||
Long-term debt obligations | $ 3,722.2 | $ 3,591 |
Level 2 Fair Value | Fair value | ||
Derivatives [Line items] | ||
Long-term debt obligations | 4,047.6 | 3,812.7 |
Other assets | ||
Derivatives [Line items] | ||
Fair value of derivative assets | $ 0.3 | |
Fair value of derivative liability | $ 0.4 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information (Unaudited) | |||||||||||
Total revenues | $ 172,868 | $ 175,223 | $ 168,280 | $ 177,897 | $ 173,455 | $ 171,834 | $ 163,787 | $ 156,638 | $ 694,268 | $ 665,714 | $ 540,756 |
Net income | $ 54,724 | $ 54,630 | $ 40,600 | $ 62,660 | $ 59,837 | $ 111,618 | $ 67,964 | $ 45,556 | $ 212,614 | $ 284,975 | $ 216,970 |
Net income per share of common stock-basic and diluted | $ 0.21 | $ 0.21 | $ 0.16 | $ 0.26 | $ 0.25 | $ 0.48 | $ 0.30 | $ 0.20 | $ 0.84 | $ 1.24 | $ 1.06 |
Dividends declared per common share | $ 0.36 | $ 0.36 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.33 | $ 0.33 | $ 1.42 | $ 1.36 | $ 1.28 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)stateproperty | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 2,518 | |||
Encumbrances | $ 197,122,000 | |||
Land & Improvements, Initial Cost to Company | 2,644,374,000 | |||
Building & improvements, Initial Cost to Company | 5,425,809,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 162,779,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 633,704,000 | |||
Land & Improvements, Gross | 2,807,153,000 | |||
Building & Improvements, Gross | 6,059,513,000 | |||
Total real estate investments | 8,866,666,000 | $ 8,175,034,000 | $ 7,168,720,000 | $ 5,856,345,000 |
Accumulated Depreciation | $ (911,656,000) | $ (711,176,000) | $ (556,690,000) | $ (402,747,000) |
Number of single-tenant properties | property | 2,604 | |||
Number of properties owned | property | 2,580 | |||
Number of owned properties are considered to be held for sale | property | 4 | |||
Number of ground lease interests (in properties) | property | 24 | 24 | ||
Number Of Real Estate Properties Direct Financing Receivables | property | 34 | 34 | ||
Aggregate cost for federal income tax purposes | $ 9,119,800,000 | |||
Non Recourse Debt Obligations Collateral | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Nonrecourse debt obligations of consolidated special purpose entities, net | $ 2,000,000,000 | |||
SERVICE INDUSTRIES | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2,041 | |||
Encumbrances | $ 80,886,000 | |||
Land & Improvements, Initial Cost to Company | 1,812,640,000 | |||
Building & improvements, Initial Cost to Company | 3,224,581,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 97,713,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 458,622,000 | |||
Land & Improvements, Gross | 1,910,353,000 | |||
Building & Improvements, Gross | 3,683,203,000 | |||
Total real estate investments | 5,593,556,000 | |||
Accumulated Depreciation | $ (599,415,000) | |||
Restaurants Full Service | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 161 | |||
Number Of States | state | 28 | |||
Land & Improvements, Initial Cost to Company | $ 117,938,000 | |||
Building & improvements, Initial Cost to Company | 198,994,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,961,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 17,250,000 | |||
Land & Improvements, Gross | 119,899,000 | |||
Building & Improvements, Gross | 216,244,000 | |||
Total real estate investments | 336,143,000 | |||
Accumulated Depreciation | $ (32,567,000) | |||
Restaurants Full Service | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 197 | |||
Number Of States | state | 33 | |||
Land & Improvements, Initial Cost to Company | $ 167,204,000 | |||
Building & improvements, Initial Cost to Company | 236,134,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,111,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 25,604,000 | |||
Land & Improvements, Gross | 173,315,000 | |||
Building & Improvements, Gross | 261,738,000 | |||
Total real estate investments | 435,053,000 | |||
Accumulated Depreciation | $ (69,988,000) | |||
Restaurants Full Service | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Number Of States | state | 2 | |||
Encumbrances | $ 5,549,000 | |||
Land & Improvements, Initial Cost to Company | 5,123,000 | |||
Building & improvements, Initial Cost to Company | 5,981,000 | |||
Land & Improvements, Gross | 5,123,000 | |||
Building & Improvements, Gross | 5,981,000 | |||
Total real estate investments | 11,104,000 | |||
Accumulated Depreciation | $ (2,125,000) | |||
Restaurants Limited Service | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 115 | |||
Number Of States | state | 20 | |||
Land & Improvements, Initial Cost to Company | $ 49,840,000 | |||
Building & improvements, Initial Cost to Company | 68,285,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,215,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,221,000 | |||
Land & Improvements, Gross | 52,055,000 | |||
Building & Improvements, Gross | 78,506,000 | |||
Total real estate investments | 130,561,000 | |||
Accumulated Depreciation | $ (12,636,000) | |||
Restaurants Limited Service | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 247 | |||
Number Of States | state | 26 | |||
Land & Improvements, Initial Cost to Company | $ 105,477,000 | |||
Building & improvements, Initial Cost to Company | 114,027,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,961,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,391,000 | |||
Land & Improvements, Gross | 107,438,000 | |||
Building & Improvements, Gross | 121,418,000 | |||
Total real estate investments | 228,856,000 | |||
Accumulated Depreciation | $ (40,595,000) | |||
Child Day Care Services | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 81 | |||
Number Of States | state | 20 | |||
Land & Improvements, Initial Cost to Company | $ 64,349,000 | |||
Building & improvements, Initial Cost to Company | 135,520,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,276,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,532,000 | |||
Land & Improvements, Gross | 66,625,000 | |||
Building & Improvements, Gross | 143,052,000 | |||
Total real estate investments | 209,677,000 | |||
Accumulated Depreciation | $ (19,272,000) | |||
Child Day Care Services | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 164 | |||
Number Of States | state | 23 | |||
Land & Improvements, Initial Cost to Company | $ 107,744,000 | |||
Building & improvements, Initial Cost to Company | 201,841,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,972,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 33,207,000 | |||
Land & Improvements, Gross | 112,716,000 | |||
Building & Improvements, Gross | 235,048,000 | |||
Total real estate investments | 347,764,000 | |||
Accumulated Depreciation | $ (45,436,000) | |||
Health clubs | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 36 | |||
Number Of States | state | 17 | |||
Land & Improvements, Initial Cost to Company | $ 59,658,000 | |||
Building & improvements, Initial Cost to Company | 122,058,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,154,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 27,482,000 | |||
Land & Improvements, Gross | 63,812,000 | |||
Building & Improvements, Gross | 149,540,000 | |||
Total real estate investments | 213,352,000 | |||
Accumulated Depreciation | $ (13,294,000) | |||
Health clubs | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 52 | |||
Number Of States | state | 16 | |||
Land & Improvements, Initial Cost to Company | $ 68,243,000 | |||
Building & improvements, Initial Cost to Company | 138,570,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,521,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 53,807,000 | |||
Land & Improvements, Gross | 77,764,000 | |||
Building & Improvements, Gross | 192,377,000 | |||
Total real estate investments | 270,141,000 | |||
Accumulated Depreciation | $ (29,275,000) | |||
Health clubs | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Number Of States | state | 3 | |||
Encumbrances | $ 19,754,000 | |||
Land & Improvements, Initial Cost to Company | 6,584,000 | |||
Building & improvements, Initial Cost to Company | 25,461,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 51,000 | |||
Land & Improvements, Gross | 6,635,000 | |||
Building & Improvements, Gross | 25,461,000 | |||
Total real estate investments | 32,096,000 | |||
Accumulated Depreciation | $ (4,035,000) | |||
Automotive repair and maintenance | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 118 | |||
Number Of States | state | 16 | |||
Land & Improvements, Initial Cost to Company | $ 98,928,000 | |||
Building & improvements, Initial Cost to Company | 165,558,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,393,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 28,719,000 | |||
Land & Improvements, Gross | 108,321,000 | |||
Building & Improvements, Gross | 194,277,000 | |||
Total real estate investments | 302,598,000 | |||
Accumulated Depreciation | $ (18,770,000) | |||
Automotive repair and maintenance | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 48 | |||
Number Of States | state | 14 | |||
Land & Improvements, Initial Cost to Company | $ 42,003,000 | |||
Building & improvements, Initial Cost to Company | 69,422,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 294,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,210,000 | |||
Land & Improvements, Gross | 42,297,000 | |||
Building & Improvements, Gross | 71,632,000 | |||
Total real estate investments | 113,929,000 | |||
Accumulated Depreciation | $ (12,896,000) | |||
Movie theaters | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 17 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 47,359,000 | |||
Building & improvements, Initial Cost to Company | 71,033,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,899,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 49,296,000 | |||
Land & Improvements, Gross | 52,258,000 | |||
Building & Improvements, Gross | 120,329,000 | |||
Total real estate investments | 172,587,000 | |||
Accumulated Depreciation | $ (19,992,000) | |||
Movie theaters | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 11 | |||
Number Of States | state | 7 | |||
Land & Improvements, Initial Cost to Company | $ 25,218,000 | |||
Building & improvements, Initial Cost to Company | 45,394,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,114,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 27,556,000 | |||
Land & Improvements, Gross | 29,332,000 | |||
Building & Improvements, Gross | 72,950,000 | |||
Total real estate investments | 102,282,000 | |||
Accumulated Depreciation | $ (15,123,000) | |||
Movie theaters | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Number Of States | state | 1 | |||
Encumbrances | $ 20,867,000 | |||
Land & Improvements, Initial Cost to Company | 15,708,000 | |||
Building & improvements, Initial Cost to Company | 24,322,000 | |||
Land & Improvements, Gross | 15,708,000 | |||
Building & Improvements, Gross | 24,322,000 | |||
Total real estate investments | 40,030,000 | |||
Accumulated Depreciation | $ (9,606,000) | |||
Lumber and Other Construction Materials Merchant Wholesalers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 110 | |||
Number Of States | state | 19 | |||
Land & Improvements, Initial Cost to Company | $ 121,532,000 | |||
Building & improvements, Initial Cost to Company | 134,031,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,000 | |||
Land & Improvements, Gross | 121,532,000 | |||
Building & Improvements, Gross | 134,032,000 | |||
Total real estate investments | 255,564,000 | |||
Accumulated Depreciation | $ (23,039,000) | |||
Lumber and Other Construction Materials Merchant Wholesalers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 14 | |||
Number Of States | state | 3 | |||
Land & Improvements, Initial Cost to Company | $ 25,697,000 | |||
Building & improvements, Initial Cost to Company | 15,449,000 | |||
Land & Improvements, Gross | 25,697,000 | |||
Building & Improvements, Gross | 15,449,000 | |||
Total real estate investments | 41,146,000 | |||
Accumulated Depreciation | $ (4,218,000) | |||
Elementary and Secondary Schools | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 40,985,000 | |||
Building & improvements, Initial Cost to Company | 72,203,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,576,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 27,806,000 | |||
Land & Improvements, Gross | 46,561,000 | |||
Building & Improvements, Gross | 100,009,000 | |||
Total real estate investments | 146,570,000 | |||
Accumulated Depreciation | $ (5,323,000) | |||
Elementary and Secondary Schools | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 4,473,000 | |||
Building & improvements, Initial Cost to Company | 12,071,000 | |||
Land & Improvements, Gross | 4,473,000 | |||
Building & Improvements, Gross | 12,071,000 | |||
Total real estate investments | 16,544,000 | |||
Accumulated Depreciation | $ (3,094,000) | |||
Elementary and Secondary Schools | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 1 | |||
Encumbrances | $ 10,355,000 | |||
Land & Improvements, Initial Cost to Company | 7,537,000 | |||
Building & improvements, Initial Cost to Company | 12,397,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,218,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,646,000 | |||
Land & Improvements, Gross | 8,755,000 | |||
Building & Improvements, Gross | 17,043,000 | |||
Total real estate investments | 25,798,000 | |||
Accumulated Depreciation | $ (4,872,000) | |||
Other Personal Services | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 38 | |||
Number Of States | state | 11 | |||
Land & Improvements, Initial Cost to Company | $ 31,428,000 | |||
Building & improvements, Initial Cost to Company | 37,141,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,732,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 27,258,000 | |||
Land & Improvements, Gross | 39,160,000 | |||
Building & Improvements, Gross | 64,399,000 | |||
Total real estate investments | 103,559,000 | |||
Accumulated Depreciation | $ (6,906,000) | |||
Other Personal Services | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 38 | |||
Number Of States | state | 17 | |||
Land & Improvements, Initial Cost to Company | $ 24,134,000 | |||
Building & improvements, Initial Cost to Company | 45,560,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,346,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,105,000 | |||
Land & Improvements, Gross | 26,480,000 | |||
Building & Improvements, Gross | 47,665,000 | |||
Total real estate investments | 74,145,000 | |||
Accumulated Depreciation | $ (13,598,000) | |||
Residential Intellectual and Developmental Disability Mental Health and Substance Abuse Facilities | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 12 | |||
Number Of States | state | 5 | |||
Land & Improvements, Initial Cost to Company | $ 39,403,000 | |||
Building & improvements, Initial Cost to Company | 107,386,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,000 | |||
Land & Improvements, Gross | 39,403,000 | |||
Building & Improvements, Gross | 107,387,000 | |||
Total real estate investments | 146,790,000 | |||
Accumulated Depreciation | $ (6,325,000) | |||
Other Professional Scientific and Technical Services | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 56 | |||
Number Of States | state | 19 | |||
Land & Improvements, Initial Cost to Company | $ 28,567,000 | |||
Building & improvements, Initial Cost to Company | 44,346,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 451,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,073,000 | |||
Land & Improvements, Gross | 29,018,000 | |||
Building & Improvements, Gross | 49,419,000 | |||
Total real estate investments | 78,437,000 | |||
Accumulated Depreciation | $ (5,286,000) | |||
Other Professional Scientific and Technical Services | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 50 | |||
Number Of States | state | 17 | |||
Land & Improvements, Initial Cost to Company | $ 20,683,000 | |||
Building & improvements, Initial Cost to Company | 44,134,000 | |||
Land & Improvements, Gross | 20,683,000 | |||
Building & Improvements, Gross | 44,134,000 | |||
Total real estate investments | 64,817,000 | |||
Accumulated Depreciation | $ (8,462,000) | |||
Outpatient Care Centers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 42 | |||
Number Of States | state | 13 | |||
Land & Improvements, Initial Cost to Company | $ 21,118,000 | |||
Building & improvements, Initial Cost to Company | 57,390,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,885,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,039,000 | |||
Land & Improvements, Gross | 23,003,000 | |||
Building & Improvements, Gross | 67,429,000 | |||
Total real estate investments | 90,432,000 | |||
Accumulated Depreciation | $ (8,092,000) | |||
Outpatient Care Centers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 15 | |||
Number Of States | state | 5 | |||
Land & Improvements, Initial Cost to Company | $ 7,211,000 | |||
Building & improvements, Initial Cost to Company | 20,308,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,579,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 18,675,000 | |||
Land & Improvements, Gross | 10,790,000 | |||
Building & Improvements, Gross | 38,983,000 | |||
Total real estate investments | 49,773,000 | |||
Accumulated Depreciation | $ (5,875,000) | |||
Commercial and Industrial Machinery and Equipment Rental and Leasing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 23 | |||
Number Of States | state | 8 | |||
Land & Improvements, Initial Cost to Company | $ 20,859,000 | |||
Building & improvements, Initial Cost to Company | 34,232,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,000 | |||
Land & Improvements, Gross | 20,859,000 | |||
Building & Improvements, Gross | 34,235,000 | |||
Total real estate investments | 55,094,000 | |||
Accumulated Depreciation | $ (3,377,000) | |||
Commercial and Industrial Machinery and Equipment Rental and Leasing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 22 | |||
Number Of States | state | 11 | |||
Land & Improvements, Initial Cost to Company | $ 34,637,000 | |||
Building & improvements, Initial Cost to Company | 37,542,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,809,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,379,000 | |||
Land & Improvements, Gross | 39,446,000 | |||
Building & Improvements, Gross | 42,921,000 | |||
Total real estate investments | 82,367,000 | |||
Accumulated Depreciation | $ (5,203,000) | |||
Family entertainment centers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Number Of States | state | 4 | |||
Land & Improvements, Initial Cost to Company | $ 20,829,000 | |||
Building & improvements, Initial Cost to Company | 44,955,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,712,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,385,000 | |||
Land & Improvements, Gross | 22,541,000 | |||
Building & Improvements, Gross | 46,340,000 | |||
Total real estate investments | 68,881,000 | |||
Accumulated Depreciation | $ (4,616,000) | |||
Family entertainment centers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Number Of States | state | 3 | |||
Land & Improvements, Initial Cost to Company | $ 16,688,000 | |||
Building & improvements, Initial Cost to Company | 32,880,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,883,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,378,000 | |||
Land & Improvements, Gross | 18,571,000 | |||
Building & Improvements, Gross | 39,258,000 | |||
Total real estate investments | 57,829,000 | |||
Accumulated Depreciation | $ (8,398,000) | |||
Offices of Physicians | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 29 | |||
Number Of States | state | 7 | |||
Land & Improvements, Initial Cost to Company | $ 14,611,000 | |||
Building & improvements, Initial Cost to Company | 53,626,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,719,000 | |||
Land & Improvements, Gross | 14,611,000 | |||
Building & Improvements, Gross | 55,345,000 | |||
Total real estate investments | 69,956,000 | |||
Accumulated Depreciation | $ (3,595,000) | |||
Offices of Physicians | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 16 | |||
Number Of States | state | 4 | |||
Land & Improvements, Initial Cost to Company | $ 12,276,000 | |||
Building & improvements, Initial Cost to Company | 42,408,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 22,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 327,000 | |||
Land & Improvements, Gross | 12,298,000 | |||
Building & Improvements, Gross | 42,735,000 | |||
Total real estate investments | 55,033,000 | |||
Accumulated Depreciation | $ (4,576,000) | |||
Wholesale Automobile Auction | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Number Of States | state | 6 | |||
Land & Improvements, Initial Cost to Company | $ 67,108,000 | |||
Building & improvements, Initial Cost to Company | 41,453,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,086,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,661,000 | |||
Land & Improvements, Gross | 73,194,000 | |||
Building & Improvements, Gross | 44,114,000 | |||
Total real estate investments | 117,308,000 | |||
Accumulated Depreciation | $ (12,520,000) | |||
Metal and Mineral Merchant Wholesalers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 13 | |||
Number Of States | state | 9 | |||
Land & Improvements, Initial Cost to Company | $ 18,407,000 | |||
Building & improvements, Initial Cost to Company | 40,540,000 | |||
Land & Improvements, Gross | 18,407,000 | |||
Building & Improvements, Gross | 40,540,000 | |||
Total real estate investments | 58,947,000 | |||
Accumulated Depreciation | $ (2,622,000) | |||
Metal and Mineral Merchant Wholesalers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 8 | |||
Number Of States | state | 4 | |||
Land & Improvements, Initial Cost to Company | $ 5,382,000 | |||
Building & improvements, Initial Cost to Company | 15,270,000 | |||
Land & Improvements, Gross | 5,382,000 | |||
Building & Improvements, Gross | 15,270,000 | |||
Total real estate investments | 20,652,000 | |||
Accumulated Depreciation | $ (4,647,000) | |||
Corporate Aircraft Repair and Maintenance Facilities | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 3,798,000 | |||
Building & improvements, Initial Cost to Company | 53,841,000 | |||
Land & Improvements, Gross | 3,798,000 | |||
Building & Improvements, Gross | 53,841,000 | |||
Total real estate investments | 57,639,000 | |||
Accumulated Depreciation | $ (5,351,000) | |||
Corporate Aircraft Repair and Maintenance Facilities | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Number Of States | state | 1 | |||
Land & Improvements, Initial Cost to Company | $ 1,883,000 | |||
Building & improvements, Initial Cost to Company | 14,234,000 | |||
Land & Improvements, Gross | 1,883,000 | |||
Building & Improvements, Gross | 14,234,000 | |||
Total real estate investments | 16,117,000 | |||
Accumulated Depreciation | $ (2,055,000) | |||
Medical and Diagnostic Laboratories | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 3 | |||
Number Of States | state | 3 | |||
Land & Improvements, Initial Cost to Company | $ 4,026,000 | |||
Building & improvements, Initial Cost to Company | 13,055,000 | |||
Land & Improvements, Gross | 4,026,000 | |||
Building & Improvements, Gross | 13,055,000 | |||
Total real estate investments | 17,081,000 | |||
Accumulated Depreciation | $ (1,682,000) | |||
Medical and Diagnostic Laboratories | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 17 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 7,063,000 | |||
Building & improvements, Initial Cost to Company | 43,259,000 | |||
Land & Improvements, Gross | 7,063,000 | |||
Building & Improvements, Gross | 43,259,000 | |||
Total real estate investments | 50,322,000 | |||
Accumulated Depreciation | $ (8,346,000) | |||
Consumer Goods Rental | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 16 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 7,481,000 | |||
Building & improvements, Initial Cost to Company | 20,412,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,000 | |||
Land & Improvements, Gross | 7,481,000 | |||
Building & Improvements, Gross | 20,418,000 | |||
Total real estate investments | 27,899,000 | |||
Accumulated Depreciation | $ (3,643,000) | |||
Consumer Goods Rental | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 28 | |||
Number Of States | state | 11 | |||
Land & Improvements, Initial Cost to Company | $ 10,222,000 | |||
Building & improvements, Initial Cost to Company | 24,075,000 | |||
Land & Improvements, Gross | 10,222,000 | |||
Building & Improvements, Gross | 24,075,000 | |||
Total real estate investments | 34,297,000 | |||
Accumulated Depreciation | $ (5,965,000) | |||
Colleges Universities and Professional Schools | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 3,165,000 | |||
Building & improvements, Initial Cost to Company | 24,070,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 766,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,161,000 | |||
Land & Improvements, Gross | 3,931,000 | |||
Building & Improvements, Gross | 28,231,000 | |||
Total real estate investments | 32,162,000 | |||
Accumulated Depreciation | $ (5,997,000) | |||
Colleges Universities and Professional Schools | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Number Of States | state | 1 | |||
Encumbrances | $ 14,695,000 | |||
Land & Improvements, Initial Cost to Company | 4,528,000 | |||
Building & improvements, Initial Cost to Company | 22,213,000 | |||
Land & Improvements, Gross | 4,528,000 | |||
Building & Improvements, Gross | 22,213,000 | |||
Total real estate investments | 26,741,000 | |||
Accumulated Depreciation | $ (3,892,000) | |||
Machinery, Equipment, and Supplies Merchant Wholesalers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 746,000 | |||
Building & improvements, Initial Cost to Company | 1,857,000 | |||
Land & Improvements, Gross | 746,000 | |||
Building & Improvements, Gross | 1,857,000 | |||
Total real estate investments | 2,603,000 | |||
Accumulated Depreciation | $ (319,000) | |||
Machinery, Equipment, and Supplies Merchant Wholesalers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 11 | |||
Number Of States | state | 9 | |||
Land & Improvements, Initial Cost to Company | $ 12,644,000 | |||
Building & improvements, Initial Cost to Company | 34,346,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 764,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,492,000 | |||
Land & Improvements, Gross | 13,408,000 | |||
Building & Improvements, Gross | 40,838,000 | |||
Total real estate investments | 54,246,000 | |||
Accumulated Depreciation | $ (8,625,000) | |||
Psychiatric and Substance Abuse Hospitals | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 13 | |||
Number Of States | state | 3 | |||
Land & Improvements, Initial Cost to Company | $ 17,080,000 | |||
Building & improvements, Initial Cost to Company | 28,376,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 81,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,407,000 | |||
Land & Improvements, Gross | 17,161,000 | |||
Building & Improvements, Gross | 36,783,000 | |||
Total real estate investments | 53,944,000 | |||
Accumulated Depreciation | $ (2,715,000) | |||
Amusement and Theme Parks | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Number Of States | state | 3 | |||
Land & Improvements, Initial Cost to Company | $ 27,934,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,858,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 784,000 | |||
Land & Improvements, Gross | 29,792,000 | |||
Building & Improvements, Gross | 784,000 | |||
Total real estate investments | 30,576,000 | |||
Accumulated Depreciation | $ (1,881,000) | |||
Amusement and Theme Parks | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Number Of States | state | 1 | |||
Land & Improvements, Initial Cost to Company | $ 3,864,000 | |||
Building & improvements, Initial Cost to Company | 13,408,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 329,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,176,000 | |||
Land & Improvements, Gross | 4,193,000 | |||
Building & Improvements, Gross | 15,584,000 | |||
Total real estate investments | 19,777,000 | |||
Accumulated Depreciation | $ (3,971,000) | |||
Bowling Centers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 10,233,000 | |||
Building & improvements, Initial Cost to Company | 9,921,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 144,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 797,000 | |||
Land & Improvements, Gross | 10,377,000 | |||
Building & Improvements, Gross | 10,718,000 | |||
Total real estate investments | 21,095,000 | |||
Accumulated Depreciation | $ (1,823,000) | |||
Bowling Centers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 5,556,000 | |||
Building & improvements, Initial Cost to Company | 11,876,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 169,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,135,000 | |||
Land & Improvements, Gross | 5,725,000 | |||
Building & Improvements, Gross | 15,011,000 | |||
Total real estate investments | 20,736,000 | |||
Accumulated Depreciation | $ (1,384,000) | |||
Freight Transportation Arrangement | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 2,720,000 | |||
Building & improvements, Initial Cost to Company | 14,809,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 846,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,793,000 | |||
Land & Improvements, Gross | 3,566,000 | |||
Building & Improvements, Gross | 19,602,000 | |||
Total real estate investments | 23,168,000 | |||
Accumulated Depreciation | $ (3,361,000) | |||
Freight Transportation Arrangement | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Number Of States | state | 1 | |||
Land & Improvements, Initial Cost to Company | $ 1,818,000 | |||
Building & improvements, Initial Cost to Company | 13,195,000 | |||
Land & Improvements, Gross | 1,818,000 | |||
Building & Improvements, Gross | 13,195,000 | |||
Total real estate investments | 15,013,000 | |||
Accumulated Depreciation | $ (1,277,000) | |||
Warehousing and Storage | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Number Of States | state | 1 | |||
Land & Improvements, Initial Cost to Company | $ 9,634,000 | |||
Building & improvements, Initial Cost to Company | 27,475,000 | |||
Land & Improvements, Gross | 9,634,000 | |||
Building & Improvements, Gross | 27,475,000 | |||
Total real estate investments | 37,109,000 | |||
Accumulated Depreciation | $ (4,685,000) | |||
All Other Service | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 125 | |||
Number Of States | state | 32 | |||
Land & Improvements, Initial Cost to Company | $ 101,923,000 | |||
Building & improvements, Initial Cost to Company | 223,059,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,407,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 22,695,000 | |||
Land & Improvements, Gross | 105,330,000 | |||
Building & Improvements, Gross | 245,754,000 | |||
Total real estate investments | 351,084,000 | |||
Accumulated Depreciation | $ (30,954,000) | |||
All Other Service | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 20 | |||
Number Of States | state | 10 | |||
Land & Improvements, Initial Cost to Company | $ 10,574,000 | |||
Building & improvements, Initial Cost to Company | 49,384,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 128,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 825,000 | |||
Land & Improvements, Gross | 10,702,000 | |||
Building & Improvements, Gross | 50,209,000 | |||
Total real estate investments | 60,911,000 | |||
Accumulated Depreciation | $ (8,496,000) | |||
All Other Service | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 1 | |||
Number Of States | state | 1 | |||
Encumbrances | $ 9,666,000 | |||
Land & Improvements, Initial Cost to Company | 807,000 | |||
Building & improvements, Initial Cost to Company | 13,794,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 620,000 | |||
Land & Improvements, Gross | 807,000 | |||
Building & Improvements, Gross | 14,414,000 | |||
Total real estate investments | 15,221,000 | |||
Accumulated Depreciation | $ (2,739,000) | |||
RETAIL INDUSTRIES | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 235 | |||
Encumbrances | $ 65,542,000 | |||
Land & Improvements, Initial Cost to Company | 498,271,000 | |||
Building & improvements, Initial Cost to Company | 1,075,034,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 58,201,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 124,140,000 | |||
Land & Improvements, Gross | 556,472,000 | |||
Building & Improvements, Gross | 1,199,174,000 | |||
Total real estate investments | 1,755,646,000 | |||
Accumulated Depreciation | $ (171,921,000) | |||
Furniture stores | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 41 | |||
Number Of States | state | 13 | |||
Land & Improvements, Initial Cost to Company | $ 69,285,000 | |||
Building & improvements, Initial Cost to Company | 240,786,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,689,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 22,015,000 | |||
Land & Improvements, Gross | 71,974,000 | |||
Building & Improvements, Gross | 262,801,000 | |||
Total real estate investments | 334,775,000 | |||
Accumulated Depreciation | $ (23,738,000) | |||
Furniture stores | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 26 | |||
Number Of States | state | 10 | |||
Land & Improvements, Initial Cost to Company | $ 49,384,000 | |||
Building & improvements, Initial Cost to Company | 90,731,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 896,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,906,000 | |||
Land & Improvements, Gross | 50,280,000 | |||
Building & Improvements, Gross | 97,637,000 | |||
Total real estate investments | 147,917,000 | |||
Accumulated Depreciation | $ (21,481,000) | |||
Furniture stores | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 1 | |||
Encumbrances | $ 5,133,000 | |||
Land & Improvements, Initial Cost to Company | 4,733,000 | |||
Building & improvements, Initial Cost to Company | 5,994,000 | |||
Land & Improvements, Gross | 4,733,000 | |||
Building & Improvements, Gross | 5,994,000 | |||
Total real estate investments | 10,727,000 | |||
Accumulated Depreciation | $ (1,793,000) | |||
Farm and ranch supply stores | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 37 | |||
Number Of States | state | 8 | |||
Land & Improvements, Initial Cost to Company | $ 68,092,000 | |||
Building & improvements, Initial Cost to Company | 126,308,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 33,053,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 56,248,000 | |||
Land & Improvements, Gross | 101,145,000 | |||
Building & Improvements, Gross | 182,556,000 | |||
Total real estate investments | 283,701,000 | |||
Accumulated Depreciation | $ (23,852,000) | |||
Farm and ranch supply stores | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Number Of States | state | 3 | |||
Encumbrances | $ 60,409,000 | |||
Land & Improvements, Initial Cost to Company | 32,348,000 | |||
Building & improvements, Initial Cost to Company | 67,758,000 | |||
Land & Improvements, Gross | 32,348,000 | |||
Building & Improvements, Gross | 67,758,000 | |||
Total real estate investments | 100,106,000 | |||
Accumulated Depreciation | $ (14,797,000) | |||
Other Motor Vehicle Dealers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 13 | |||
Number Of States | state | 9 | |||
Land & Improvements, Initial Cost to Company | $ 35,590,000 | |||
Building & improvements, Initial Cost to Company | 55,452,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,199,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 17,557,000 | |||
Land & Improvements, Gross | 44,789,000 | |||
Building & Improvements, Gross | 73,009,000 | |||
Total real estate investments | 117,798,000 | |||
Accumulated Depreciation | $ (7,701,000) | |||
Other Motor Vehicle Dealers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 14 | |||
Number Of States | state | 11 | |||
Land & Improvements, Initial Cost to Company | $ 31,335,000 | |||
Building & improvements, Initial Cost to Company | 54,213,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,122,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11,829,000 | |||
Land & Improvements, Gross | 41,457,000 | |||
Building & Improvements, Gross | 66,042,000 | |||
Total real estate investments | 107,499,000 | |||
Accumulated Depreciation | $ (19,706,000) | |||
Car Dealers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 35 | |||
Number Of States | state | 14 | |||
Land & Improvements, Initial Cost to Company | $ 81,214,000 | |||
Building & improvements, Initial Cost to Company | 116,403,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,181,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,995,000 | |||
Land & Improvements, Gross | 83,395,000 | |||
Building & Improvements, Gross | 125,398,000 | |||
Total real estate investments | 208,793,000 | |||
Accumulated Depreciation | $ (10,969,000) | |||
Car Dealers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 4,114,000 | |||
Building & improvements, Initial Cost to Company | 6,700,000 | |||
Land & Improvements, Gross | 4,114,000 | |||
Building & Improvements, Gross | 6,700,000 | |||
Total real estate investments | 10,814,000 | |||
Accumulated Depreciation | $ (936,000) | |||
All Other Retail | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 32 | |||
Number Of States | state | 16 | |||
Land & Improvements, Initial Cost to Company | $ 61,401,000 | |||
Building & improvements, Initial Cost to Company | 176,128,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 108,000 | |||
Land & Improvements, Gross | 61,401,000 | |||
Building & Improvements, Gross | 176,236,000 | |||
Total real estate investments | 237,637,000 | |||
Accumulated Depreciation | $ (18,877,000) | |||
All Other Retail | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 28 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 60,775,000 | |||
Building & improvements, Initial Cost to Company | 134,561,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 61,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 482,000 | |||
Land & Improvements, Gross | 60,836,000 | |||
Building & Improvements, Gross | 135,043,000 | |||
Total real estate investments | 195,879,000 | |||
Accumulated Depreciation | $ (28,071,000) | |||
MANUFACTURING INDUSTRIES | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 242 | |||
Encumbrances | $ 50,694,000 | |||
Land & Improvements, Initial Cost to Company | 333,463,000 | |||
Building & improvements, Initial Cost to Company | 1,126,194,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,865,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 50,942,000 | |||
Land & Improvements, Gross | 340,328,000 | |||
Building & Improvements, Gross | 1,177,136,000 | |||
Total real estate investments | 1,517,464,000 | |||
Accumulated Depreciation | $ (140,320,000) | |||
Plastics Product Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 12 | |||
Number Of States | state | 8 | |||
Land & Improvements, Initial Cost to Company | $ 18,641,000 | |||
Building & improvements, Initial Cost to Company | 75,575,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,000 | |||
Land & Improvements, Gross | 18,641,000 | |||
Building & Improvements, Gross | 75,576,000 | |||
Total real estate investments | 94,217,000 | |||
Accumulated Depreciation | $ (11,605,000) | |||
Plastics Product Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Number Of States | state | 3 | |||
Land & Improvements, Initial Cost to Company | $ 6,637,000 | |||
Building & improvements, Initial Cost to Company | 22,008,000 | |||
Land & Improvements, Gross | 6,637,000 | |||
Building & Improvements, Gross | 22,008,000 | |||
Total real estate investments | 28,645,000 | |||
Accumulated Depreciation | $ (5,108,000) | |||
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 24 | |||
Number Of States | state | 9 | |||
Land & Improvements, Initial Cost to Company | $ 25,889,000 | |||
Building & improvements, Initial Cost to Company | 82,649,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,000 | |||
Land & Improvements, Gross | 25,889,000 | |||
Building & Improvements, Gross | 82,650,000 | |||
Total real estate investments | 108,539,000 | |||
Accumulated Depreciation | $ (12,041,000) | |||
Household and Institutional Furniture and Kitchen Cabinet Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 6,894,000 | |||
Building & improvements, Initial Cost to Company | 28,460,000 | |||
Land & Improvements, Gross | 6,894,000 | |||
Building & Improvements, Gross | 28,460,000 | |||
Total real estate investments | 35,354,000 | |||
Accumulated Depreciation | $ (3,296,000) | |||
Household and Institutional Furniture and Kitchen Cabinet Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Number Of States | state | 1 | |||
Encumbrances | $ 41,690,000 | |||
Land & Improvements, Initial Cost to Company | 15,385,000 | |||
Building & improvements, Initial Cost to Company | 48,917,000 | |||
Land & Improvements, Gross | 15,385,000 | |||
Building & Improvements, Gross | 48,917,000 | |||
Total real estate investments | 64,302,000 | |||
Accumulated Depreciation | $ (4,514,000) | |||
Architectural and Structural Metals Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 12 | |||
Number Of States | state | 9 | |||
Land & Improvements, Initial Cost to Company | $ 10,360,000 | |||
Building & improvements, Initial Cost to Company | 44,628,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 115,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,841,000 | |||
Land & Improvements, Gross | 10,475,000 | |||
Building & Improvements, Gross | 46,469,000 | |||
Total real estate investments | 56,944,000 | |||
Accumulated Depreciation | $ (2,941,000) | |||
Architectural and Structural Metals Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 11 | |||
Number Of States | state | 10 | |||
Land & Improvements, Initial Cost to Company | $ 6,019,000 | |||
Building & improvements, Initial Cost to Company | 31,816,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 603,000 | |||
Land & Improvements, Gross | 6,019,000 | |||
Building & Improvements, Gross | 32,419,000 | |||
Total real estate investments | 38,438,000 | |||
Accumulated Depreciation | $ (1,495,000) | |||
Motor Vehicle Parts Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 10 | |||
Number Of States | 6 | |||
Land & Improvements, Initial Cost to Company | $ 13,024,000 | |||
Building & improvements, Initial Cost to Company | 51,680,000 | |||
Land & Improvements, Gross | 13,024,000 | |||
Building & Improvements, Gross | 51,680,000 | |||
Total real estate investments | 64,704,000 | |||
Accumulated Depreciation | $ (3,685,000) | |||
Motor Vehicle Parts Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 5 | |||
Number Of States | 2 | |||
Land & Improvements, Initial Cost to Company | $ 5,349,000 | |||
Building & improvements, Initial Cost to Company | 21,684,000 | |||
Land & Improvements, Gross | 5,349,000 | |||
Building & Improvements, Gross | 21,684,000 | |||
Total real estate investments | 27,033,000 | |||
Accumulated Depreciation | $ (4,153,000) | |||
Forging and Stamping | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 9 | |||
Number Of States | 7 | |||
Land & Improvements, Initial Cost to Company | $ 19,508,000 | |||
Building & improvements, Initial Cost to Company | 54,628,000 | |||
Land & Improvements, Gross | 19,508,000 | |||
Building & Improvements, Gross | 54,628,000 | |||
Total real estate investments | 74,136,000 | |||
Accumulated Depreciation | $ (7,621,000) | |||
Forging and Stamping | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 2 | |||
Number Of States | 2 | |||
Land & Improvements, Initial Cost to Company | $ 1,960,000 | |||
Building & improvements, Initial Cost to Company | 4,588,000 | |||
Land & Improvements, Gross | 1,960,000 | |||
Building & Improvements, Gross | 4,588,000 | |||
Total real estate investments | 6,548,000 | |||
Accumulated Depreciation | $ (1,436,000) | |||
Foundries | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 5 | |||
Number Of States | 3 | |||
Land & Improvements, Initial Cost to Company | $ 8,465,000 | |||
Building & improvements, Initial Cost to Company | 22,650,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,000 | |||
Land & Improvements, Gross | 8,465,000 | |||
Building & Improvements, Gross | 22,651,000 | |||
Total real estate investments | 31,116,000 | |||
Accumulated Depreciation | $ (955,000) | |||
Foundries | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 13 | |||
Number Of States | 8 | |||
Land & Improvements, Initial Cost to Company | $ 8,452,000 | |||
Building & improvements, Initial Cost to Company | 22,031,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,064,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 12,984,000 | |||
Land & Improvements, Gross | 10,516,000 | |||
Building & Improvements, Gross | 35,015,000 | |||
Total real estate investments | 45,531,000 | |||
Accumulated Depreciation | $ (9,451,000) | |||
Aerospace Product and Parts Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 10 | |||
Number Of States | 7 | |||
Land & Improvements, Initial Cost to Company | $ 12,390,000 | |||
Building & improvements, Initial Cost to Company | 41,283,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,393,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,203,000 | |||
Land & Improvements, Gross | 13,783,000 | |||
Building & Improvements, Gross | 50,486,000 | |||
Total real estate investments | 64,269,000 | |||
Accumulated Depreciation | $ (6,688,000) | |||
Aerospace Product and Parts Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 2 | |||
Number Of States | 2 | |||
Land & Improvements, Initial Cost to Company | $ 2,279,000 | |||
Building & improvements, Initial Cost to Company | 4,469,000 | |||
Land & Improvements, Gross | 2,279,000 | |||
Building & Improvements, Gross | 4,469,000 | |||
Total real estate investments | 6,748,000 | |||
Accumulated Depreciation | $ (615,000) | |||
Semiconductor and Other Electronic Component Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 4 | |||
Number Of States | 4 | |||
Land & Improvements, Initial Cost to Company | $ 16,932,000 | |||
Building & improvements, Initial Cost to Company | 22,924,000 | |||
Land & Improvements, Gross | 16,932,000 | |||
Building & Improvements, Gross | 22,924,000 | |||
Total real estate investments | 39,856,000 | |||
Accumulated Depreciation | $ (2,753,000) | |||
Semiconductor and Other Electronic Component Manufacturing | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 1 | |||
Number Of States | 1 | |||
Encumbrances | $ 9,004,000 | |||
Land & Improvements, Initial Cost to Company | 4,398,000 | |||
Building & improvements, Initial Cost to Company | 11,502,000 | |||
Land & Improvements, Gross | 4,398,000 | |||
Building & Improvements, Gross | 11,502,000 | |||
Total real estate investments | 15,900,000 | |||
Accumulated Depreciation | $ (4,852,000) | |||
Bakeries and Tortilla Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 1 | |||
Number Of States | 1 | |||
Land & Improvements, Initial Cost to Company | $ 1,372,000 | |||
Building & improvements, Initial Cost to Company | 25,557,000 | |||
Land & Improvements, Gross | 1,372,000 | |||
Building & Improvements, Gross | 25,557,000 | |||
Total real estate investments | 26,929,000 | |||
Accumulated Depreciation | $ (880,000) | |||
Bakeries and Tortilla Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 3 | |||
Number Of States | 3 | |||
Land & Improvements, Initial Cost to Company | $ 4,357,000 | |||
Building & improvements, Initial Cost to Company | 17,952,000 | |||
Land & Improvements, Gross | 4,357,000 | |||
Building & Improvements, Gross | 17,952,000 | |||
Total real estate investments | 22,309,000 | |||
Accumulated Depreciation | $ (1,726,000) | |||
Fruit and Vegetable Preserving and Specialty Food Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 5 | |||
Number Of States | 5 | |||
Land & Improvements, Initial Cost to Company | $ 11,546,000 | |||
Building & improvements, Initial Cost to Company | 37,267,000 | |||
Land & Improvements, Gross | 11,546,000 | |||
Building & Improvements, Gross | 37,267,000 | |||
Total real estate investments | 48,813,000 | |||
Accumulated Depreciation | $ (1,587,000) | |||
Medical Equipment and Supplies Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 5 | |||
Number Of States | 4 | |||
Land & Improvements, Initial Cost to Company | $ 7,505,000 | |||
Building & improvements, Initial Cost to Company | 40,644,000 | |||
Land & Improvements, Gross | 7,505,000 | |||
Building & Improvements, Gross | 40,644,000 | |||
Total real estate investments | 48,149,000 | |||
Accumulated Depreciation | $ (7,568,000) | |||
Other Food Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 2 | |||
Number Of States | 2 | |||
Land & Improvements, Initial Cost to Company | $ 4,985,000 | |||
Building & improvements, Initial Cost to Company | 39,846,000 | |||
Land & Improvements, Gross | 4,985,000 | |||
Building & Improvements, Gross | 39,846,000 | |||
Total real estate investments | 44,831,000 | |||
Accumulated Depreciation | $ (1,492,000) | |||
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 3 | |||
Number Of States | 3 | |||
Land & Improvements, Initial Cost to Company | $ 5,778,000 | |||
Building & improvements, Initial Cost to Company | 27,567,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,312,000 | |||
Land & Improvements, Gross | 5,778,000 | |||
Building & Improvements, Gross | 34,879,000 | |||
Total real estate investments | 40,657,000 | |||
Accumulated Depreciation | $ (2,203,000) | |||
Navigational, Measuring, Electromedical, and Control Instruments Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 6 | |||
Number Of States | 6 | |||
Land & Improvements, Initial Cost to Company | $ 12,146,000 | |||
Building & improvements, Initial Cost to Company | 26,304,000 | |||
Land & Improvements, Gross | 12,146,000 | |||
Building & Improvements, Gross | 26,304,000 | |||
Total real estate investments | 38,450,000 | |||
Accumulated Depreciation | $ (1,118,000) | |||
Grain and Oilseed Milling | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 2 | |||
Number Of States | 1 | |||
Land & Improvements, Initial Cost to Company | $ 174,000 | |||
Building & improvements, Initial Cost to Company | 32,951,000 | |||
Land & Improvements, Gross | 174,000 | |||
Building & Improvements, Gross | 32,951,000 | |||
Total real estate investments | $ 33,125,000 | |||
All Other Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 68 | |||
Number Of States | 27 | |||
Land & Improvements, Initial Cost to Company | $ 81,875,000 | |||
Building & improvements, Initial Cost to Company | 245,711,000 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,293,000 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 18,996,000 | |||
Land & Improvements, Gross | 85,168,000 | |||
Building & Improvements, Gross | 264,707,000 | |||
Total real estate investments | 349,875,000 | |||
Accumulated Depreciation | $ (33,200,000) | |||
All Other Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | 15 | |||
Number Of States | 8 | |||
Land & Improvements, Initial Cost to Company | $ 21,143,000 | |||
Building & improvements, Initial Cost to Company | 40,903,000 | |||
Land & Improvements, Gross | 21,143,000 | |||
Building & Improvements, Gross | 40,903,000 | |||
Total real estate investments | 62,046,000 | |||
Accumulated Depreciation | $ (7,337,000) |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of total real estate carrying value | |||
Balance, beginning of year | $ 8,175,034 | $ 7,168,720 | $ 5,856,345 |
Acquisitions | 834,023 | 1,293,793 | 1,314,129 |
Improvements | 130,051 | 149,963 | 221,578 |
Provision for impairment of real estate | 21,978 | 18,201 | 5,202 |
Cost of real estate sold | (212,818) | (410,822) | (218,130) |
Reclasses to held for sale | (26,462) | ||
Balance, end of year | 8,866,666 | 8,175,034 | 7,168,720 |
Reconciliation of accumulated depreciation for the years ended: | |||
Balance, beginning of year | (711,176) | (556,690) | (402,747) |
Depreciation expense | (238,853) | (216,726) | (175,545) |
Accumulated depreciation associated with real estate sold | (23,031) | (53,821) | (21,602) |
Other | 11,184 | 8,419 | |
Reclasses to held for sale | 4,158 | ||
Balance, end of year | $ (911,656) | $ (711,176) | $ (556,690) |
Buildings | Minimum | |||
Reconciliation of accumulated depreciation for the years ended: | |||
Estimated useful life | 30 years | ||
Buildings | Maximum | |||
Reconciliation of accumulated depreciation for the years ended: | |||
Estimated useful life | 40 years | ||
Land improvements | |||
Reconciliation of accumulated depreciation for the years ended: | |||
Estimated useful life | 15 years |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2020USD ($)property | |
Mortgage Loans on Real Estate | |||||
Outstanding face amount of mortgages | $ 301,991 | ||||
Carrying amount of mortgages | $ 301,355 | $ 301,355 | $ 156,603 | $ 131,653 | 301,355 |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, beginning of year | 301,355 | 202,557 | 156,603 | 131,653 | |
New mortgage loans | 132,542 | 74,681 | 29,155 | ||
Other capitalized loan origination costs | 155 | 54 | 53 | ||
Collections of principal | (32,151) | (28,701) | (4,194) | ||
Other: Provision for loan losses | (1,670) | ||||
Other: Amortization of loan origination costs | (78) | (80) | (64) | ||
Balance, end of year | 301,355 | 301,355 | $ 202,557 | $ 156,603 | |
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Mortgages held for federal income tax purposes | 303,000 | ||||
Non-cash transaction | $ 23,400 | $ 13,600 | |||
Movie Theater Properties, North Carolina | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.35% | ||||
Final Payment Terms, Balloon payment | 12,600 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 12,610 | ||||
Carrying amount of mortgages | $ 12,610 | $ 12,610 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 12,610 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 3 | ||||
Restaurant, Indiana and Ohio | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 10.00% | ||||
Final Payment Terms, Balloon payment | $ 800 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 755 | ||||
Carrying amount of mortgages | $ 753 | $ 753 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 753 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 3 | ||||
Movie Theater Secured By Properties In California | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.50% | ||||
Final Payment Terms, Balloon payment | $ 7,000 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 7,398 | ||||
Carrying amount of mortgages | $ 7,397 | $ 7,397 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 7,397 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 | ||||
Restaurant Secured By Property Nashville TN | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 5.35% | ||||
Final Payment Terms, Balloon payment | $ 3,200 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 3,176 | ||||
Carrying amount of mortgages | $ 3,165 | $ 3,165 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 3,165 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 | ||||
Health Club, Washington | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.91% | ||||
Final Payment Terms, Balloon payment | $ 7,100 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 7,079 | ||||
Carrying amount of mortgages | $ 7,085 | $ 7,085 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 7,085 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 | ||||
Elementary School Secured By Properties California And Virginia | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.00% | ||||
Final Payment Terms, Balloon payment | $ 70,800 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 70,775 | ||||
Carrying amount of mortgages | $ 70,566 | $ 70,566 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 70,566 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 3 | ||||
Restaurant Secured By Properties, Louisiana | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.36% | ||||
Final Payment Terms, Balloon payment | $ 1,900 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 2,106 | ||||
Carrying amount of mortgages | $ 2,109 | $ 2,109 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 2,109 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 2 | ||||
Restaurant Secured By Properties, Mississippi | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.42% | ||||
Final Payment Terms, Balloon payment | $ 5,100 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 5,571 | ||||
Carrying amount of mortgages | $ 5,577 | $ 5,577 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 5,577 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 5 | ||||
Restaurant Secured By Properties In Montana | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 9.02% | ||||
Final Payment Terms, Balloon payment | $ 3,500 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 4,080 | ||||
Carrying amount of mortgages | $ 4,060 | $ 4,060 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 4,060 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 2 | ||||
Used merchandise property in Maryland | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.90% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 2,916 | ||||
Carrying amount of mortgages | $ 2,902 | $ 2,902 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 2,902 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 | ||||
Restaurant Florida Illinois Louisiana and Mississippi | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.75% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 23,308 | ||||
Carrying amount of mortgages | $ 23,419 | $ 23,419 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 23,419 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 29 | ||||
Restaurant, Tennessee | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.25% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 3,593 | ||||
Carrying amount of mortgages | $ 3,592 | $ 3,592 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 3,592 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 5 | ||||
Sporting goods property located in California | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.90% | ||||
Final Payment Terms, Balloon payment | $ 6,000 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 17,030 | ||||
Carrying amount of mortgages | $ 16,860 | $ 16,860 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 16,860 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 | ||||
Floral merchant wholesaler properties located in California | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.35% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 25,401 | ||||
Carrying amount of mortgages | $ 25,174 | $ 25,174 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 25,174 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 3 | ||||
Recreation Property, Colorado | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.50% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 30,665 | ||||
Carrying amount of mortgages | $ 30,972 | $ 30,972 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 30,972 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 | ||||
Number of mortgage loans | property | 3 | ||||
Manufacturing Properties, California | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 9.00% | ||||
Final Payment Terms, Balloon payment | $ 32,400 | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 32,380 | ||||
Carrying amount of mortgages | $ 32,114 | $ 32,114 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 32,114 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 2 | ||||
Restaurant Properties, Florida, Kansas And Missouri | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 7.60% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 9,989 | ||||
Carrying amount of mortgages | $ 9,987 | $ 9,987 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 9,987 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 13 | ||||
Restaurant, Ohio | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.12% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 3,022 | ||||
Carrying amount of mortgages | $ 3,003 | $ 3,003 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 3,003 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 3 | ||||
Leasehold interest in an amusement park, Canada | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 9.56% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 22,162 | ||||
Carrying amount of mortgages | $ 22,048 | 22,048 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 22,048 | ||||
Family Entertainment Secured By Properties Located in Texas | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 8.25% | ||||
Prior Liens | 0 | ||||
Outstanding face amount of mortgages | 4,564 | ||||
Carrying amount of mortgages | $ 4,521 | $ 4,521 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 4,521 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 | ||||
Family Entertainment Properties Secured By Properties Located In Texas] | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 10.00% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 7,994 | ||||
Carrying amount of mortgages | $ 7,980 | $ 7,980 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 7,980 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 | ||||
Recreation Property, Utah | |||||
Mortgage Loans on Real Estate | |||||
Interest Rate | 9.25% | ||||
Prior Liens | $ 0 | ||||
Outstanding face amount of mortgages | 5,417 | ||||
Carrying amount of mortgages | $ 5,461 | $ 5,461 | |||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance, end of year | $ 5,461 | ||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Number of property locations of investments (in properties) | property | 1 |