Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
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 | $ 9.3 | ||
Entity Common Stock, Shares Outstanding | 274,775,929 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Phoenix, Arizona | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001538990 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real estate investments: | ||
Land and improvements | $ 3,133,402 | $ 2,807,153 |
Buildings and improvements | 6,802,918 | 6,059,513 |
Intangible lease assets | 54,971 | 61,634 |
Total real estate investments | 9,991,291 | 8,928,300 |
Less accumulated depreciation and amortization | (1,159,292) | (939,591) |
Real estate investments, net | 8,831,999 | 7,988,709 |
Real estate investments held for sale, net | 25,154 | 22,304 |
Operating ground lease assets | 33,318 | 34,683 |
Loans and financing receivables, net | 697,269 | 650,321 |
Net investments | 9,587,740 | 8,696,017 |
Cash and cash equivalents | 64,269 | 166,381 |
Other assets, net | 121,073 | 141,942 |
Total assets | 9,773,082 | 9,004,340 |
Liabilities: | ||
Credit facility | 130,000 | |
Unsecured notes and term loans payable, net | 1,782,813 | 1,509,612 |
Non-recourse debt obligations of consolidated special purpose entities, net | 2,425,708 | 2,212,634 |
Dividends payable | 105,415 | 95,801 |
Operating lease liabilities | 37,637 | 39,317 |
Accrued expenses, deferred revenue and other liabilities | 147,380 | 131,198 |
Total liabilities | 4,628,953 | 3,988,562 |
Stockholders' equity: | ||
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 273,806,225 and 266,112,676 shares issued and outstanding, respectively | 2,738 | 2,661 |
Capital in excess of par value | 5,745,692 | 5,475,889 |
Distributions in excess of retained earnings | (602,137) | (459,977) |
Accumulated other comprehensive loss | (2,164) | (2,795) |
Total stockholders' equity | 5,144,129 | 5,015,778 |
Total liabilities and stockholders' equity | $ 9,773,082 | $ 9,004,340 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 273,806,225 | 266,112,676 |
Common shares, outstanding shares | 273,806,225 | 266,112,676 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Rental revenues | $ 729,061 | $ 644,498 | $ 625,415 |
Interest income on loans and financing receivables | 50,821 | 45,288 | 33,826 |
Other income | 2,782 | 4,482 | 6,473 |
Total revenues | 782,664 | 694,268 | 665,714 |
Expenses: | |||
Interest | 170,974 | 169,706 | 158,381 |
Property costs | 18,244 | 22,025 | 10,793 |
General and administrative | 84,097 | 49,685 | 54,274 |
Depreciation and amortization | 265,813 | 242,925 | 221,975 |
Provisions for impairment | 24,979 | 23,003 | 18,751 |
Total expenses | 564,107 | 507,344 | 464,174 |
Other income: | |||
Net gain on dispositions of real estate | 46,655 | 22,774 | 84,142 |
Income from non-real estate, equity method investment | 3,949 | 3,500 | |
Income before income taxes | 269,161 | 213,198 | 285,682 |
Income tax expense | 813 | 584 | 707 |
Net income | $ 268,348 | $ 212,614 | $ 284,975 |
Net income per share of common stock-basic | $ 0.99 | $ 0.84 | $ 1.24 |
Net income per share of common stock-diluted | $ 0.99 | $ 0.84 | $ 1.24 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 270,105,269 | 252,534,580 | 229,734,497 |
Diluted (in shares) | 270,105,269 | 252,651,040 | 230,289,541 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 268,348 | $ 212,614 | $ 284,975 |
Other comprehensive income (loss): | |||
Unrealized losses on cash flow hedges | (3) | (1,437) | (1,142) |
Cash flow hedge losses (gains) reclassified to interest expense | 634 | 978 | (1,053) |
Total other comprehensive income (loss) | 631 | (459) | (2,195) |
Total comprehensive income | $ 268,979 | $ 212,155 | $ 282,780 |
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, 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 income (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 | $ 2,398 | 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 income (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 | $ (2,465) | $ (2,465) | $ 2,661 | 5,475,889 | (459,977) | (2,795) | 5,015,778 |
Balance (in shares) at Dec. 31, 2020 | 266,112,676 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 268,348 | 268,348 | |||||
Other comprehensive income (loss) | 631 | 631 | |||||
Issuance of common stock, net of costs | $ 73 | 243,598 | 243,671 | ||||
Issuance of common stock, net of costs (shares) | 7,322,471 | ||||||
Equity-based compensation | $ 7 | 32,223 | 172 | 32,402 | |||
Equity-based compensation (shares) | 659,210 | ||||||
Shares repurchased under stock compensation plan | $ (3) | (6,018) | (3,488) | $ (9,509) | |||
Shares repurchased under stock compensation plan (in shares) | (288,132) | (288,132) | |||||
Common dividends declared and dividend equivalents on restricted stock units | (407,192) | $ (407,192) | |||||
Balance at Dec. 31, 2021 | $ 2,738 | $ 5,745,692 | $ (602,137) | $ (2,164) | $ 5,144,129 | ||
Balance (in shares) at Dec. 31, 2021 | 273,806,225 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Stockholders' Equity | |||
Stock issuance costs | $ 4,109 | $ 9,558 | $ 9,422 |
Common dividends declared per common share (in dollars per share) | $ 1.49 | $ 1.42 | $ 1.36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 268,348 | $ 212,614 | $ 284,975 |
Adjustments to net income: | |||
Depreciation and amortization | 265,813 | 242,925 | 221,975 |
Amortization of deferred financing costs and other noncash interest expense | 10,120 | 8,827 | 9,689 |
Amortization of equity-based compensation | 32,228 | 4,665 | 11,703 |
Provisions for impairment | 24,979 | 23,003 | 18,751 |
Net gain on dispositions of real estate | (46,655) | (22,774) | (84,142) |
Income from non-real estate, equity method investment | (3,949) | (3,500) | |
Distributions received from equity method investment | 120 | ||
Gain on defeasance/extinguishment of debt | 735 | ||
Noncash revenue and other | (9,907) | (53,139) | (1,865) |
Payments made in settlement of cash flow hedges | (6,735) | ||
Changes in operating assets and liabilities: | |||
Other assets | 32,459 | (6,837) | (5,608) |
Accrued expenses, deferred revenue and other liabilities | 9,817 | 25,802 | 8,856 |
Net cash provided by operating activities | 583,373 | 431,586 | 458,334 |
Investing activities | |||
Acquisition of and additions to real estate | (1,379,902) | (917,038) | (1,451,269) |
Investment in loans and financing receivables | (125,049) | (153,545) | (253,552) |
Collections of principal on loans and financing receivables | 19,160 | 46,618 | 16,377 |
Proceeds from dispositions of real estate | 355,972 | 212,108 | 438,631 |
Net cash used in investing activities | (1,129,819) | (811,857) | (1,249,813) |
Financing activities | |||
Borrowings under credit facility | 665,000 | 600,000 | 822,100 |
Repayments under credit facility | (535,000) | (600,000) | (957,100) |
Borrowings under unsecured notes and term loans payable | 374,539 | 348,453 | 347,410 |
Repayments under unsecured notes and term loans payable | (100,000) | (100,000) | |
Borrowings under non-recourse debt obligations of consolidated special purpose entities | 514,785 | 549,596 | |
Repayments under non-recourse debt obligations of consolidated special purpose entities | (301,078) | (127,659) | (228,252) |
Financing costs paid | (14,433) | (3,330) | (12,206) |
Proceeds from the issuance of common stock | 247,780 | 695,944 | 659,943 |
Stock issuance costs paid | (4,162) | (9,540) | (9,459) |
Shares repurchased under stock compensation plans | (9,507) | (5,198) | (5,032) |
Dividends paid | (398,005) | (353,204) | (307,157) |
Net cash provided by financing activities | 439,919 | 445,466 | 859,843 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (106,527) | 65,195 | 68,364 |
Cash, cash equivalents and restricted cash, beginning of period | 176,576 | 111,381 | 43,017 |
Cash, cash equivalents and restricted cash, end of period | 70,049 | 176,576 | 111,381 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 64,269 | 166,381 | 99,753 |
Restricted cash included in other assets | 5,780 | 10,195 | 11,628 |
Total cash, cash equivalents and restricted cash | 70,049 | 176,576 | 111,381 |
Supplemental disclosure of noncash investing and financing activities: | |||
Accrued tenant improvements included in real estate investments | 25,077 | 22,087 | 17,464 |
Seller financing provided to purchaser of real estate sold | 3,176 | 9,000 | |
Acquisition of real estate assets from borrowers under loans and financing receivables | 42,782 | 30,585 | 13,574 |
Non-recourse debt obligation assumed in conjunction with acquisition of property | 6,215 | ||
Accrued financing and stock issuance costs | 79 | 138 | 80 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest, net of amounts capitalized | 159,805 | 160,091 | 142,933 |
Cash paid during the period for income and franchise taxes | $ 2,441 | $ 2,366 | $ 2,362 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | |
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, 2021 and 2020, these special purpose entities held assets totaling $8.5 billion and $7.7 billion, respectively, and had third-party liabilities totaling $2.6 billion and $2.3 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. At the beginning of 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 results 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 Since the beginning of the novel coronavirus (COVID-19) pandemic in early 2020, the Company has provided to certain tenants rent deferral arrangements in the form of both short-term notes and lease modifications. The FASB 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 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 years ended December 31, 2021 and 2020, the Company recognized $8.3 million and $57.1 million of net revenue associated with these deferral arrangements with a corresponding increase in receivables that are included in other assets, net on the consolidated balance sheet. During the years ended December 31, 2021 and 2020, the Company collected $33.4 million and $9.9 million of the receivables related to these deferral arrangements. 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 accounts for such an acquisition as a financing arrangement and records the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the 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 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, 2021 and 2020, the Company had $39.4 million and $34.6 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 3.5% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales (for most of these leases, the contingent rent payment is for a temporary period); historically, contingent rent recognized has been less than 2.0% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of 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, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement During the year ended December 31, 2021, the Company recognized an aggregate provision for impairment of real estate of $21.8 million. For the assets impaired in 2021, the estimated fair value of the impaired real estate assets at the time of impairment aggregated $78.2 million. The Company recognized aggregate provisions for the impairment of real estate of $22.0 million and $18.8 million during the years ended December 31, 2020 and 2019, 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, 2021 and 2020, the Company had loans receivable with an aggregate outstanding principal balance of $28.8 million and $39.9 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 years ended December 31, 2021 and 2020, the Company recognized an estimated $3.2 million and $1.0 million, respectively, 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. 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. 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 $5.8 million and $10.2 million of restricted cash at December 31, 2021 and 2020, 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 is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2021, the Company had no derivative instruments in place. Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the 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 through 2021 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, 2021 2020 2019 Numerator: Net income $ 268,348 $ 212,614 $ 284,975 Less: earnings attributable to unvested restricted shares (659) (776) (403) Net income used in basic and diluted income per share $ 267,689 $ 211,838 $ 284,572 Denominator: Weighted average common shares outstanding 270,693,243 253,055,331 230,030,535 Less: Weighted average number of shares of unvested restricted stock (587,974) (520,751) (296,038) Weighted average shares outstanding used in basic income per share 270,105,269 252,534,580 229,734,497 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — 116,460 555,044 Weighted average shares outstanding used in diluted income per share 270,105,269 252,651,040 230,289,541 (a) For the years ended December 31, 2021, 2020 and 2019, excludes 225,424 shares, 127,136 shares and 122,224 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 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, 2021 | |
Investments. | |
Investments | 3. Investments At December 31, 2021, STORE Capital had investments in 2,866 property locations representing 2,811 owned properties (of which 72 are accounted for as financing arrangements and 23 are accounted for as direct financing receivables), 24 properties where all the related land is subject to an operating ground lease and 31 properties which secure mortgage loans. The gross investment portfolio totaled $10.7 billion at December 31, 2021 and consisted of the gross acquisition cost of the real estate investments totaling $10.0 billion, loans and financing receivables with an aggregate carrying amount of $697.3 million and operating ground lease assets totaling $33.3 million. As of December 31, 2021, approximately 36% 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 2019, 2020 and 2021, the Company had the following gross real estate and other investment activity (dollars in thousands): Number of Dollar Investment Amount of Locations Investments Gross investments, December 31, 2018 2,255 7,605,070 Acquisition of and additions to real estate (a)(b)(c) 305 1,440,399 Investment in loans and direct financing receivables (d) 48 262,552 Sales of real estate (95) (415,736) Principal collections on loans and direct financing receivables (e) (9) (29,952) Operating ground lease assets, net (f) 24,254 Provisions for impairment (18,751) Other (c) (12,915) Gross investments, December 31, 2019 2,504 8,854,921 Acquisition of and additions to real estate (a)(g) 203 959,842 Investment in loans and direct financing receivables (d) 11 156,721 Sales of real estate (72) (222,556) Principal collections on loans and direct financing receivables (e) (12) (80,521) Net change in operating ground lease assets (f) 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 2,634 9,639,766 Acquisition of and additions to real estate (a)(e)(h) 307 1,427,278 Investment in loans and direct financing receivables (e) 29 125,049 Sales of real estate (103) (339,658) Principal collections on loans and direct financing receivables (e) (1) (61,942) Net change in operating ground lease assets (f) (1,365) Provisions for impairment (24,979) Other (15,212) Gross investments, December 31, 2021 (i) 10,748,937 Less accumulated depreciation and amortization (i) (1,161,197) Net investments, December 31, 2021 2,866 $ 9,587,740 (a) Includes $1.6 million during 2019, $0.8 million during 2020 and $0.8 million during 2021 of interest capitalized to properties under construction. (b) Excludes $36.5 million of tenant improvement advances disbursed in 2019 which were accrued as of December 31, 2018. (c) 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. (d) 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. (e) For the years ended December 31, 2019, 2020, and 2021 includes $13.6 million, $30.6 million, and $42.8 million, respectively of non-cash principal collection transactions in which the Company acquired the underlying collateral property (buildings and improvements) and leased them back to the borrowers. (f) 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 and during the year ended December 31, 2021, represents amortization. (g) Excludes $16.9 million of tenant improvement advances disbursed in 2020 which were accrued as of December 31, 2019. (h) Excludes $21.2 million of tenant improvement advances disbursed in 2021 which were accrued as of December 31, 2020. (i) Includes the dollar amount of investments ( $27.1 million) and the accumulated depreciation and amortization ( $1.9 million) related to real estate investments held for sale at December 31, 2021. The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Year Ended December 31, 2021 2020 2019 Rental revenues: Operating leases (a)(c) $ 728,477 $ 644,733 $ 625,477 Sublease income - operating ground leases (b) 2,809 2,096 2,227 Amortization of lease related intangibles and costs (2,225) (2,331) (2,289) Total rental revenues $ 729,061 $ 644,498 $ 625,415 Interest income on loans and financing receivables: Mortgage and other loans receivable (c) $ 24,959 $ 18,097 $ 13,866 Sale-leaseback transactions accounted for as financing arrangements 17,883 15,376 5,785 Direct financing receivables 7,979 11,815 14,175 Total interest income on loans and financing receivables $ 50,821 $ 45,288 $ 33,826 (a) For the years ended December 31, 2021, 2020 and 2019, includes $2.6 million, $2.5 million and $2.6 million, respectively, of property tax tenant reimbursement revenue and includes variable lease revenue of $11.2 million, $4.0 million and $123,000 for the years ended December 31, 2021, 2020 and 2019, 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 years ended December 31, 2021 and 2020, includes $8.3 million and $57.1 million, respectively, of revenue that has been recognized related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the consolidated balance sheet. The Company has elected to account for the lease and nonlease components in its lease contracts as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to 556 customers geographically dispersed throughout 49 states. Only one state, Texas (11%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at December 31, 2021. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at December 31, 2021, with the largest customer representing 2.9% of the total investment portfolio. On an annualized basis, as of December 31, 2021, the largest customer represented 3.0% of the Company’s total investment portfolio revenues and the Company’s customers operated their businesses across approximately 855 concepts; the largest of these concepts represented 2.2% 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, 2021 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments Investments Restaurants 745 $ 1,289,432 12 % Early childhood education centers 267 630,758 6 Metal fabrication 109 612,591 6 Automotive repair and maintenance 223 570,851 5 Health clubs 90 539,279 5 Furniture stores 59 403,899 4 Farm and ranch supply stores 41 377,293 3 All other service industries 994 3,834,493 36 All other retail industries 140 1,046,502 10 All other manufacturing industries 198 1,443,839 13 Total 2,866 $ 10,748,937 100 % Real Estate Investments The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at December 31, 2021 was approximately 13.4 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, 2021, 15 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, 2021 are as follows (in thousands): 2022 $ 806,925 2023 806,159 2024 797,889 2025 794,250 2026 787,264 Thereafter 6,808,984 Total future minimum rentals (a) $ 10,801,471 (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): 2021 2020 In-place leases $ 35,522 $ 37,440 Ground lease-related intangibles 19,449 19,449 Above-market leases — 4,745 Total intangible lease assets 54,971 61,634 Accumulated amortization (25,285) (27,935) Net intangible lease assets $ 29,686 $ 33,699 Aggregate lease intangible amortization included in expense was $3.5 million, $4.3 million and $5.4 million during the years ended December 31, 2021, 2020 and 2019, respectively. The amount amortized as a decrease to rental revenue for capitalized above-market lease intangibles was $0.2 million, $1.0 million and $1.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Based on the balance of the intangible assets as of December 31, 2021, the aggregate amortization expense is expected to be $3.2 million in 2022, $2.8 million in 2023, $2.3 million in 2024, $1.8 million in 2025 and $1.7 million in 2026. The weighted average remaining amortization period is approximately seven years for the in-place lease intangibles, and approximately 42 years for the amortizing ground lease-related intangibles. Operating Ground Lease Assets As of December 31, 2021, STORE Capital had operating ground lease assets aggregating $33.3 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $3.3 million, $2.4 million, and $2.3 million during the years ended December 31, 2021, 2020, and 2019, respectively. For the years ended December 31, 2021, 2020, and 2019 the Company also recognized in rental revenues $2.8 million, $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 90 years , some of which have one or more options to extend the lease for terms ranging from three years to ten years . The weighted average remaining non-cancelable lease term for the ground leases was 22 years at December 31, 2021. 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, 2021 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total 2022 $ 401 $ 2,607 $ 3,008 2023 4,149 2,629 6,778 2024 55 2,711 2,766 2025 57 2,395 2,452 2026 57 2,232 2,289 Thereafter 3,071 44,509 47,580 Total lease payments 7,790 57,083 64,873 Less imputed interest (2,922) (28,293) (31,215) Total operating lease liabilities - ground leases $ 4,868 $ 28,790 $ 33,658 (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 $57.1 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 2021 2020 Six mortgage loans receivable 7.95 % 2022 - 2026 $ 114,911 $ 101,793 Four mortgage loans receivable 8.62 % 2032 - 2037 14,444 14,673 Fifteen mortgage loans receivable (b) 8.60 % 2051 - 2060 216,547 185,525 Total mortgage loans receivable 345,902 301,991 Equipment and other loans receivable 7.89 % 2022 - 2029 25,409 31,636 Total principal amount outstanding—loans receivable 371,311 333,627 Unamortized loan origination costs 1,046 1,206 Sale-leaseback transactions accounted for as financing arrangements (c) 7.71 % 2034 - 2043 255,483 204,469 Direct financing receivables 78,637 117,047 Allowance for credit and loan losses (d) (9,208) (6,028) Total loans and financing receivables $ 697,269 $ 650,321 (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 2041. (d) Balance includes $2.5 million of loan loss reserves recognized prior to December 31, 2019, $2.5 million credit loss reserves recognized upon the adoption of ASC Topic 326 on January 1, 2020, and $4.2 million of credit losses recognized since the adoption of ASC Topic 326. Loans Receivable At December 31, 2021, the Company held 44 loans receivable with an aggregate carrying amount of $364.8 million. Twenty-five 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 2027) 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 2022 $ 3,135 $ 30,680 $ 33,815 2023 3,290 81,631 84,921 2024 2,157 — 2,157 2025 2,042 510 2,552 2026 2,061 20,371 22,432 Thereafter 174,588 50,846 225,434 Total principal payments $ 187,273 $ 184,038 $ 371,311 Sale-Leaseback Transactions Accounted for as Financing Arrangements As of December 31, 2021 and 2020, the Company had $255.5 million and $204.5 million, respectively, of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future minimum rentals to be received under these agreements (which will be reflected in interest income) as of December 31, 2021, were as follows (in thousands): 2022 $ 19,939 2023 20,016 2024 20,150 2025 20,291 2026 20,384 Thereafter 259,114 Total future scheduled payments $ 359,894 Direct Financing Receivables As of December 31, 2021 and 2020, the Company had $78.6 million and $117.0 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): 2021 2020 Minimum lease payments receivable $ 159,371 $ 242,694 Estimated residual value of leased assets 8,938 14,800 Unearned income (89,672) (140,447) Net investment $ 78,637 $ 117,047 As of December 31, 2021, the future minimum lease payments to be received under the direct financing lease receivables are expected to average million 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, 2021, $102.4 million of loans and financing receivables were categorized as investment grade and $603.0 million were categorized as non-investment grade. During the year ended December 31, 2021, there were $3.2 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, 2021, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was none in 2021, $2.5 million in 2020, $55.5 million in 2019, none in 2018 and 2017 and $44.4 million prior to 2017. The year of origination for loans and financing receivables with a credit quality indicator of non-investment grade was $64.6 million in 2021, $174.4 million in 2020, $176.9 million in 2019, $25.4 million in 2018, $50.9 million in 2017 and $110.8 million prior to 2017. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
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. In June 2021, the Company amended the credit facility; the amended facility has immediate availability of $600 million and an accordion feature of $1.0 billion, which allows the size of the facility to be increased up to $1.6 billion. The facility matures in June 2025 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 0.70% to 1.40%, or (2) the Base Rate, as defined in the credit agreement, plus a credit spread ranging from 0.00% to 0.40%. 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 0.10% to 0.30%. Currently, the applicable credit spread for LIBOR-based borrowings is 0.85% 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 and secured borrowing ratios. Certain of these ratios are based on the Company’s pool of unencumbered assets, which aggregated approximately $6.8 billion at December 31, 2021. The facility is recourse to the Company and, as of December 31, 2021, the Company was in compliance with the covenants under the facility. At December 31, 2021 and 2020, unamortized financing costs related to the Company’s credit facility totaled $3.7 million and $1.1 million, respectively, and are included in other assets, net, on the consolidated balance sheets. Unsecured Notes and Term Loans Payable, net The Company has completed four public offerings of ten-year unsecured notes (Public Notes). In March 2018, February 2019 and November 2020, the Company completed public offerings of $350 million each in aggregate principal amount. In November 2021, the Company completed a public offering of $375 million in aggregate principal amount. The Public Notes have coupon rates of 4.50%, 4.625%, 2.75%, and 2.70%, respectively, and interest is payable semi-annually in arrears in March and September of each year for the 2018 and 2019 Public Notes, May and November of each year for the 2020 Public Notes, and June and December of each year for the 2021 Public Notes. The notes were issued at 99.515%, 99.260%, 99.558%, and 99.877%, 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, 2021, 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, 2021, 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. The Company repaid the term loan at maturity in April 2021 and the related swap agreements expired. The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): Maturity Interest December 31, Date Rate 2021 2020 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 % 350,000 350,000 Public Notes issued November 2021 Dec. 2031 2.70 % 375,000 — Total notes payable 1,800,000 1,425,000 Term Loans: Term Loan issued April 2016 — 100,000 Total term loans — 100,000 Unamortized discount (4,740) (4,867) Unamortized deferred financing costs (12,447) (10,521) Total unsecured notes and term loans payable, net $ 1,782,813 $ 1,509,612 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 $190.0 million at December 31, 2021. 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, 2021, 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 $3.6 billion. In conjunction with the June 2021 issuance of the STORE Master Funding Series 2021-1 notes, the Company prepaid, without penalty, the Series 2013-1, Class A-2 notes in May 2021 and the Series 2013-2, Class A-2 notes in July 2021; these notes had an aggregate outstanding balance of $170.0 million at the time of prepayment, were scheduled to mature in 2023, and bore interest rates of 4.65% and 5.33%, respectively. In conjunction with the issuance of the November 2021 Public Notes, the Company prepaid, without penalty, the Series 2013-3, Class A-2 notes in November 2021; this note had an aggregate outstanding balance of $86.0 million at the time of prepayment, was scheduled to mature in 2023, and bore an interest rate of 5.21%. At December 31, 2021, the Company recognized $1.7 million of accelerated amortization of deferred financing costs associated with the Series 2013-1, Series 2013-2, and Series 2013-3 debt prepayments. 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 $326.7 million at December 31, 2021. 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. Maturity Interest December 31, Date Rate 2021 2020 Non-recourse net-lease mortgage notes: $102,000 Series 2013-1, Class A-2 4.65 % — 87,607 $97,000 Series 2013-2, Class A-2 5.33 % — 84,473 $100,000 Series 2013-3, Class A-2 5.21 % — 87,775 $140,000 Series 2014-1, Class A-2 Apr. 2024 (a) 5.00 % 134,692 135,392 $150,000 Series 2018-1, Class A-1 Oct. 2024 (a) 3.96 % 142,051 143,552 $50,000 Series 2018-1, Class A-3 Oct. 2024 (a) 4.40 % 48,917 49,417 $270,000 Series 2015-1, Class A-2 Apr. 2025 (a) 4.17 % 260,999 262,350 $200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 (a) 3.96 % 180,190 184,350 $82,000 Series 2019-1, Class A-1 Nov. 2026 (a) 2.82 % 78,590 80,172 $46,000 Series 2019-1, Class A-3 Nov. 2026 (a) 3.32 % 45,521 45,751 $135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 (a) 4.32 % 123,046 125,798 $228,000 Series 2018-1, Class A-2 Oct. 2027 (b) 4.29 % 215,918 218,198 $164,000 Series 2018-1, Class A-4 Oct. 2027 (b) 4.74 % 160,447 162,087 $168,500 Series 2021-1, Class A-1 Jun. 2028 (a) 2.12 % 168,079 — $89,000 Series 2021-1, Class A-3 Jun. 2028 (a) 2.86 % 88,778 — $168,500 Series 2021-1, Class A-2 Jun. 2033 (b) 2.96 % 168,079 — $89,000 Series 2021-1, Class A-4 Jun. 2033 (b) 3.70 % 88,778 — $244,000 Series 2019-1, Class A-2 Nov. 2034 (b) 3.65 % 233,854 238,559 $136,000 Series 2019-1, Class A-4 Nov. 2034 (b) 4.49 % 134,583 135,263 Total non-recourse net-lease mortgage notes 2,272,522 2,040,744 Non-recourse mortgage notes: $16,100 note issued February 2014 4.83 % — 13,539 $13,000 note issued May 2012 May 2022 5.195 % 9,961 10,355 $26,000 note issued August 2012 Sept. 2022 5.05 % 20,085 20,867 $6,400 note issued November 2012 Dec. 2022 4.707 % 4,938 5,133 $11,895 note issued March 2013 Apr. 2023 4.7315 % 9,309 9,666 $17,500 note issued August 2013 Sept. 2023 5.46 % 14,212 14,695 $10,075 note issued March 2014 Apr. 2024 5.10 % 8,808 9,004 $65,000 note issued June 2016 Jul. 2026 4.75 % 59,223 60,409 $41,690 note issued March 2019 Mar. 2029 4.80 % 41,291 41,690 $6,944 notes issued March 2013 Apr. 2038 4.50 % (c) 5,332 5,549 $6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 4.64 % 6,106 6,215 Total non-recourse mortgage notes 179,265 197,122 Unamortized discount (496) (386) Unamortized deferred financing costs (25,583) (24,846) Total non-recourse debt obligations of consolidated special purpose entities, net $ 2,425,708 $ 2,212,634 (a) Prepayable, without penalty, 24 months prior to maturity. (b) Prepayable, without penalty, 36 months prior to maturity. (c) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate. Long-term Debt Maturity Schedule As of December 31, 2021, 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 2022 $ 24,434 $ 109,114 $ 133,548 2023 23,565 22,182 45,747 2024 22,331 426,914 449,245 2025 20,037 256,612 276,649 2026 17,926 532,142 550,068 Thereafter 40,208 2,756,322 2,796,530 $ 148,501 $ 4,103,286 $ 4,251,787 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Federal income tax $ — $ (4) $ 42 State income tax 813 588 665 Total current income tax expense $ 813 $ 584 $ 707 The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities were immaterial for 2021, 2020 and 2019. The Company files federal, state and local income tax returns. Certain state income tax returns filed for 2017 and tax returns filed for 2018 through 2021 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, 2021. 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, 2021 and 2020, 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, 2021 and 2020. The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share): Year ended December 31, 2021 2020 2019 Ordinary income dividends $ 1.1606 $ 1.0677 $ 1.2244 Capital gain dividends 0.0785 0.0180 0.0965 Return of capital 0.2259 0.3243 0.0034 Total $ 1.4650 $ 1.4100 $ 1.3243 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
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). The following tables outline the common stock issuances under the 2020 ATM Program (in millions except share and per share information): Year Ended December 31, 2021 ATM Program Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $900 million 2020 ATM Program 7,322,471 $ 33.84 $ 247.8 $ (3.7) $ (0.4) $ 243.7 Inception of Program Through December 31, 2021 ATM Program Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $900 million 2020 ATM Program 10,841,531 $ 33.28 $ 360.8 $ (5.4) $ (0.6) $ 354.8 The Company declared dividends payable to common stockholders totaling $405.2 million, $364.0 million, and $316.8 million during the years ended December 31, 2021, 2020 and 2019, respectively. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 3,117,839 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, 2021, 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: 2021 2020 2019 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 639,554 $ 23.69 285,238 $ 27.70 331,001 $ 24.10 Shares granted 195,278 $ 34.03 491,009 $ 22.63 131,158 $ 32.35 Shares vested (313,518) $ 26.58 (130,642) $ 28.15 (162,315) $ 24.24 Shares forfeited (83,890) $ 25.09 (6,051) $ 30.89 (14,606) $ 26.84 Outstanding non-vested shares, end of year 437,424 $ 25.96 639,554 $ 23.69 285,238 $ 27.70 (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 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 2021 2020 2019 Non-vested and outstanding, beginning of year 1,298,175 1,203,018 1,015,861 RSUs granted 846,896 534,141 628,909 RSUs vested (468,466) (376,961) (284,775) RSUs forfeited (338,839) (62,023) (156,977) RSUs not earned (332,012) — — Non-vested and outstanding, end of year 1,005,754 1,298,175 1,203,018 For the 2021 grants, 75% of the common shares to be earned is based on the Company’s total shareholder return (TSR) measured against a market index and 25% of shares to be earned is based on the growth in a key Company performance indicator over a three-year period. For the 2018 through 2020 grants, one one one one one 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 $7.8 million, $5.4 million and $5.6 million for the 2021, 2020 and 2019 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: 2021 2020 2019 Volatility 46.01 % 19.31 % 21.14 % Risk-free interest rate 0.25 % 1.42 % 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, 2021, 2020 and 2019, the Company repurchased an aggregate 288,132 shares, 139,131 shares and 167,143 shares, respectively, in connection with this tax withholding obligation. Compensation expense for equity-based payments totaled $32.2 million, $4.7 million, and $11.7 million for the years ended December 31, 2021, 2020 and 2019, respectively, and is included in general and administrative expenses. At December 31, 2021, STORE Capital had $16.0 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, 2021 | |
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, 2021, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $160.7 million, of which $143.5 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, 2021, 2020 and 2019, total rent expense was $735,000, $737,000, and $724,000, respectively, which is included in general and administrative expense on the consolidated statements of income. At December 31, 2021, the Company’s future minimum rental commitment under this noncancelable operating lease, excluding the renewal option period, was approximately $791,000 in 2022, $805,000 in 2023, $819,000 in 2024, $834,000 in 2025, $848,000 in 2026, and $500,000 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, 2021, the balance of the right-of-use asset was $3.5 million, which is included in other assets, net on the consolidated balance sheet, and the balance of the related lease liability was $4.0 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 $603,000 in 2021, $515,000 in 2020, and $478,000 in 2019. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
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; the Company had no derivatives outstanding at December 31, 2021. 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, 2021 and 2020. 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, 2021, these debt obligations had an aggregate carrying value of $4,208.5 million and an estimated fair value of $4,478.4 million. 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. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (b) (c) Tenant Industry Number of Properties Number of States Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired SERVICE INDUSTRIES: Restaurants -- Full Service 163 28 $ - $ 122,072 $ 204,090 $ 2,071 $ 17,049 $ 124,143 $ 221,139 $ 345,282 $ (40,324) 1892 - 2019 2011 - 2021 Restaurants -- Full Service 170 32 (f) 150,929 218,631 5,450 22,084 156,379 240,715 397,094 (75,367) 1880 - 2017 2011 - 2021 Restaurants -- Full Service 5 2 5,332 5,123 5,981 - - 5,123 5,981 11,104 (2,391) 1994 - 2006 2012 Restaurants -- Limited Service 195 24 - 125,502 170,646 2,321 13,325 127,823 183,971 311,794 (23,279) 1938 - 2019 2011 - 2021 Restaurants -- Limited Service 197 25 (f) 75,310 98,920 2,238 7,721 77,548 106,641 184,189 (40,271) 1929 - 2021 2011 - 2021 Child Day Care Services 85 19 - 68,498 150,354 2,778 9,503 71,276 159,857 231,133 (24,266) 1779 - 2018 2012 - 2021 Child Day Care Services 183 25 (f) 118,862 232,733 10,051 34,173 128,913 266,906 395,819 (55,359) 1910 - 2021 2011 - 2021 Health Clubs 32 13 - 48,174 109,758 10,298 36,178 58,472 145,936 204,408 (19,330) 1973 - 2021 2012 - 2021 Health Clubs 55 17 (f) 74,254 149,205 9,521 65,185 83,775 214,390 298,165 (35,357) 1961 - 2020 2011 - 2021 Health Clubs 1 1 6,106 2,770 5,454 - 1,761 2,770 7,215 9,985 (343) 1995 07/12/1905 Automotive Repair and Maintenance 157 21 - 123,321 192,066 9,541 29,232 132,862 221,298 354,160 (25,789) 1900 - 2021 2015 - 2021 Automotive Repair and Maintenance 56 14 (f) 45,551 96,397 294 2,456 45,845 98,853 144,698 (15,444) 1960 - 2020 2011 - 2021 Lumber and Other Construction Materials Merchant Wholesalers 149 21 - 137,539 173,782 - 1 137,539 173,783 311,322 (31,968) 1798 - 2009 2016 - 2021 Lumber and Other Construction Materials Merchant Wholesalers 15 3 (f) 27,616 15,997 - - 27,616 15,997 43,613 (5,811) 1940 - 2006 2013 - 2021 Movie Theaters 18 12 - 48,134 75,682 4,899 49,296 53,033 124,978 178,011 (24,858) 1972 - 2019 2014 - 2019 Movie Theaters 11 7 (f) 25,218 45,393 4,114 29,899 29,332 75,292 104,624 (17,854) 1989 - 2016 2011 - 2016 Movie Theaters 5 1 20,085 15,708 24,322 - - 15,708 24,322 40,030 (10,759) 1995 - 2010 2012 Elementary and Secondary Schools 6 2 - 40,985 72,203 5,774 36,539 46,759 108,742 155,501 (8,224) 1956 - 2018 2015 - 2020 Elementary and Secondary Schools 3 3 (f) 20,609 17,287 - - 20,609 17,287 37,896 (3,489) 1945 - 1991 2012 - 2021 Elementary and Secondary Schools 2 1 9,961 7,537 12,397 1,218 4,622 8,755 17,019 25,774 (5,522) 1987 - 1990 2012 Other Personal Services 40 12 - 33,543 34,959 11,902 41,235 45,445 76,194 121,639 (8,807) 1965 - 2021 2016 - 2021 Other Personal Services 38 17 (f) 24,134 45,559 2,346 2,105 26,480 47,664 74,144 (15,829) 1930 - 2012 2011 - 2018 Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities 16 8 - 51,533 124,315 - 7,058 51,533 131,373 182,906 (10,480) 1870 - 2019 2016 - 2021 Commercial and Industrial Machinery and Equipment Rental and Leasing 11 5 - 12,149 18,380 - - 12,149 18,380 30,529 (3,636) 1927 - 2017 2017 - 2020 Commercial and Industrial Machinery and Equipment Rental and Leasing 39 19 (f) 50,037 63,346 4,809 4,408 54,846 67,754 122,600 (8,306) 1955 - 2019 2013 - 2021 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2021 (b) (c) Tenant Industry Number of Properties Number of States Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired Other Professional, Scientific, and Technical Services 56 19 - 28,567 44,346 1,268 6,076 29,835 50,422 80,257 (7,465) 1910 - 2011 2016 - 2020 Other Professional, Scientific, and Technical Services 50 17 (f) 20,683 44,134 - - 20,683 44,134 64,817 (10,343) 1950 - 2014 2014 - 2019 Outpatient Care Centers 45 15 - 22,507 58,895 2,159 11,227 24,666 70,122 94,788 (10,394) 1930 - 2020 2013 - 2021 Outpatient Care Centers 15 5 (f) 7,211 20,308 3,579 18,675 10,790 38,983 49,773 (7,161) 1928 - 2006 2013 - 2020 Offices of Physicians 18 7 - 10,401 39,623 2,019 2,917 12,420 42,540 54,960 (4,537) 1885 - 2016 2015 - 2021 Offices of Physicians 29 5 (f) 17,033 60,989 22 327 17,055 61,316 78,371 (6,475) 1865 - 2017 2017 - 2021 Family Entertainment Centers 4 4 - 19,475 41,904 1,712 1,385 21,187 43,289 64,476 (5,881) 1913 - 2017 2015 - 2020 Family Entertainment Centers 8 3 (f) 16,688 32,880 1,872 6,294 18,560 39,174 57,734 (9,906) 1993 - 2015 2011 - 2018 Wholesale Automobile Auction 8 6 (f) 67,108 41,453 6,086 2,661 73,194 44,114 117,308 (16,058) 1972 - 2015 2012 - 2019 Warehousing and Storage 10 2 (f) 30,439 75,326 - - 30,439 75,326 105,765 (6,976) 1947 - 2000 2017 - 2021 Commercial and Industrial Machinery and Equipment Repair and Maintenance 2 1 - 1,331 8,578 - - 1,331 8,578 9,909 (79) 1971 - 1985 2021 Commercial and Industrial Machinery and Equipment Repair and Maintenance 20 12 (f) 23,793 55,500 - - 23,793 55,500 79,293 (1,870) 1965 - 1993 2020 - 2021 Metal and Mineral Merchant Wholesalers 13 9 - 18,407 40,540 - - 18,407 40,540 58,947 (4,298) 1962 - 2001 2015 - 2020 Metal and Mineral Merchant Wholesalers 8 4 (f) 5,382 15,270 - - 5,382 15,270 20,652 (5,295) 1957 - 1995 2013 Corporate Aircraft Repair and Maintenance Facilities 2 2 - 3,798 53,841 - - 3,798 53,841 57,639 (7,621) 1988 - 2018 2015 - 2018 Corporate Aircraft Repair and Maintenance Facilities 1 1 (f) 1,883 14,234 - - 1,883 14,234 16,117 (2,509) 1988 2014 Psychiatric and Substance Abuse Hospitals 3 3 - 3,226 17,623 81 11,530 3,307 29,153 32,460 (3,304) 1980 - 2007 2016 - 2021 Psychiatric and Substance Abuse Hospitals 14 1 - 18,919 16,161 39 931 18,958 17,092 36,050 (797) 1951 - 2020 2020 - 2021 Medical and Diagnostic Laboratories 3 3 - 4,026 13,055 - - 4,026 13,055 17,081 (2,075) 1959 - 1999 2016 - 2017 Medical and Diagnostic Laboratories 17 2 (f) 7,063 43,259 - - 7,063 43,259 50,322 (9,823) 1985 - 2011 2014 - 2018 Consumer Goods Rental 2 2 - 746 1,857 - - 746 1,857 2,603 (387) 1970 - 1988 07/08/1905 Consumer Goods Rental 12 9 (f) 14,187 40,414 764 6,492 14,951 46,906 61,857 (10,303) 1880 - 2018 2013 - 2021 Machinery, Equipment, and Supplies Merchant Wholesalers 15 11 - 6,989 19,778 - 6 6,989 19,784 26,773 (4,250) 1972 - 2014 2014 - 2017 Machinery, Equipment, and Supplies Merchant Wholesalers 28 11 (f) 10,222 24,075 - - 10,222 24,075 34,297 (6,925) 1920 - 2014 2013 - 2017 Colleges, Universities, and Professional Schools 4 2 - 3,165 24,070 766 4,161 3,931 28,231 32,162 (6,920) 1995 - 2015 2014 Colleges, Universities, and Professional Schools 1 1 14,212 4,528 22,213 - - 4,528 22,213 26,741 (4,394) 2008 2013 Offices of Dentists 41 10 - 15,223 36,168 36 522 15,259 36,690 51,949 (2,140) 1946 - 2014 2016 - 2021 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2021 (b) (c) Tenant Industry Number of Properties Number of States Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired Amusement and Theme Parks 5 3 - 27,934 - 1,858 392 29,792 392 30,184 (1,930) 1950 - 2012 2015 - 2016 Amusement and Theme Parks 1 1 (f) 3,864 13,408 329 2,176 4,193 15,584 19,777 (4,694) 2009 2015 All Other Service 97 30 - 115,876 204,653 5,855 29,311 121,731 233,964 355,695 (40,559) 1856 - 2018 2014 - 2021 All Other Service 28 13 (f) 22,718 105,850 444 4,427 23,162 110,277 133,439 (15,504) 1860 - 2014 2014 - 2021 All Other Service 1 1 9,309 807 13,794 - 620 807 14,414 15,221 (3,081) 2008 2012 TOTAL SERVICE INDUSTRIES 2,213 65,005 2,009,307 3,602,056 118,514 523,960 2,127,821 4,126,016 6,253,837 (737,017) RETAIL INDUSTRIES: Furniture Stores 35 12 - 54,426 202,881 2,660 20,205 57,086 223,086 280,172 (25,151) 1924 - 2019 2014 - 2020 Furniture Stores 26 10 (f) 49,132 87,607 896 6,906 50,028 94,513 144,541 (24,284) 1946 - 2017 2011 - 2019 Furniture Stores 2 1 4,938 4,733 5,995 - - 4,733 5,995 10,728 (2,010) 2006 2012 Farm and Ranch Supply Stores 37 8 - 68,910 126,308 33,053 56,248 101,963 182,556 284,519 (33,793) 1967 - 2020 2015 - 2019 Farm and Ranch Supply Stores 5 3 59,223 32,348 67,758 - - 32,348 67,758 100,106 (17,944) 1966 - 2015 2016 Car Dealers 38 15 - 94,324 164,743 797 3,250 95,121 167,993 263,114 (12,537) 1961 - 2021 2015 - 2021 Car Dealers 2 2 (f) 4,114 6,700 - - 4,114 6,700 10,814 (1,248) 1946 - 1977 2017 Other Motor Vehicle Dealers 13 11 - 32,485 40,883 9,199 17,966 41,684 58,849 100,533 (10,241) 1992 - 2019 2013 - 2021 Other Motor Vehicle Dealers 19 14 (f) 42,744 73,301 19,291 20,480 62,035 93,781 155,816 (23,799) 1974 - 2021 2012 - 2021 All Other Retail 30 15 - 54,819 153,114 29 1,111 54,848 154,225 209,073 (22,418) 1960 - 2016 2012 - 2019 All Other Retail 29 12 (f) 63,802 149,127 60 733 63,862 149,860 213,722 (34,128) 1955 - 2019 2011 - 2020 TOTAL RETAIL INDUSTRIES 236 64,161 501,837 1,078,417 65,985 126,899 567,822 1,205,316 1,773,138 (207,553) MANUFACTURING INDUSTRIES: Architectural and Structural Metals Manufacturing 19 10 - 38,800 113,432 114 1,670 38,914 115,102 154,016 (4,074) 1950 - 2005 2018 - 2021 Architectural and Structural Metals Manufacturing 16 12 (f) 9,778 47,695 - 664 9,778 48,359 58,137 (3,853) 1950 - 2007 2019 - 2020 Motor Vehicle Parts Manufacturing 17 7 - 30,140 106,776 - - 30,140 106,776 136,916 (6,550) 1950 - 1998 2018 - 2021 Motor Vehicle Parts Manufacturing 6 3 (f) 6,619 27,969 - - 6,619 27,969 34,588 (5,444) 1968 - 2003 2017 - 2020 Plastics Product Manufacturing 14 10 - 23,467 85,529 718 4,050 24,185 89,579 113,764 (15,453) 1965 - 2001 2015 - 2021 Plastics Product Manufacturing 4 3 (f) 6,637 22,008 - - 6,637 22,008 28,645 (6,471) 1966 - 1999 2013 - 2018 Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing 30 12 - 26,872 83,476 - - 26,872 83,476 110,348 (15,913) 1908 - 2008 2015 - 2021 Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing 2 2 (f) 3,663 9,878 - - 3,663 9,878 13,541 (481) 1950 2020 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2021 (b) (c) Tenant Industry Number of Properties Number of States Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired Household and Institutional Furniture and Kitchen Cabinet Manufacturing 2 2 - 6,894 28,460 - - 6,894 28,460 35,354 (4,595) 1966 - 1995 2018 Household and Institutional Furniture and Kitchen Cabinet Manufacturing 6 1 41,291 15,385 48,917 - - 15,385 48,917 64,302 (6,771) 1989 - 2001 2018 Aerospace Product and Parts Manufacturing 13 7 - 17,139 51,368 1,393 9,203 18,532 60,571 79,103 (9,338) 1953 - 2001 2016 - 2021 Aerospace Product and Parts Manufacturing 1 1 (f) 1,219 3,750 - - 1,219 3,750 4,969 (623) 2004 2017 Other Food Manufacturing 7 5 - 17,666 51,087 1 12,196 17,667 63,283 80,950 (2,686) 1908 - 2001 2019 - 2021 Forging and Stamping 9 7 - 19,508 54,628 - - 19,508 54,628 74,136 (10,363) 1906 - 1996 2017 - 2018 Forging and Stamping 2 2 (f) 1,959 4,588 - - 1,959 4,588 6,547 (1,654) 1958 - 1999 2014 Foundries 5 3 - 8,465 22,650 - 1 8,465 22,651 31,116 (2,088) 1909 - 1978 2019 - 2020 Foundries 11 7 (f) 8,496 20,486 2,064 12,701 10,560 33,187 43,747 (9,411) 1948 - 1998 2013 - 2021 Dairy Product Manufacturing 4 2 - 3,511 28,290 2,481 8,490 5,992 36,780 42,772 (4,934) 1976 - 2000 2016 - 2021 Dairy Product Manufacturing 1 1 (f) 5,631 8,561 - - 5,631 8,561 14,192 (155) 1960 2021 Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing 3 3 - 11,622 37,359 - 7,312 11,622 44,671 56,293 (3,206) 1954 - 1983 2018 - 2021 Semiconductor and Other Electronic Component Manufacturing 4 4 - 16,932 22,924 - - 16,932 22,924 39,856 (3,858) 1967 - 1999 2016 - 2018 Semiconductor and Other Electronic Component Manufacturing 1 1 8,808 4,398 11,502 - - 4,398 11,502 15,900 (5,545) 1960 2013 Bakeries and Tortilla Manufacturing 2 2 - 2,281 29,838 - - 2,281 29,838 32,119 (1,666) 1976 - 1993 2019 - 2021 Bakeries and Tortilla Manufacturing 2 2 (f) 3,455 14,126 - - 3,455 14,126 17,581 (1,012) 1994 - 2001 2019 Fruit and Vegetable Preserving and Specialty Food Manufacturing 5 5 - 11,546 37,267 - - 11,546 37,267 48,813 (3,490) 1870 - 1992 2020 Medical Equipment and Supplies Manufacturing 5 4 - 7,505 40,644 - - 7,505 40,644 48,149 (8,824) 1954 - 2001 2014 - 2016 Agricultural, Construction, and Mining Machinery Manufacturing 5 5 - 10,330 37,212 - - 10,330 37,212 47,542 (1,420) 1968 - 2001 2015 - 2021 All Other Manufacturing 74 25 - 75,914 290,933 841 14,982 76,755 305,915 382,670 (40,258) 1924 - 2008 2014 - 2021 All Other Manufacturing 19 13 (f) 34,315 58,964 - - 34,315 58,964 93,279 (9,301) 1950 - 2000 2011 - 2021 TOTAL MANUFACTURING INDUSTRIES 289 50,099 430,147 1,400,317 7,612 71,269 437,759 1,471,586 1,909,345 (189,437) 2,738 $ 179,265 $ 2,941,291 $ 6,080,790 $ 192,111 $ 722,128 $ 3,133,402 $ 6,802,918 $ 9,936,320 $ (1,134,007) (a) As of December 31, 2021, we had investments in 2,835 single-tenant real estate property locations including 2,811 owned properties and 24 ground lease interests; 72 of our owned properties are accounted for as financing arrangements and 23 are accounted for as direct financing receivables and are excluded from the table above. In addition, two 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 $55.0 million. (b) The aggregate cost for federal income tax purposes is approximately $10,235.6 million. (c) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2021, 2020 and 2019: Year ended December 31, 2021 2020 2019 Balance, beginning of year $ 8,866,666 $ 8,175,034 $ 7,168,720 Additions Acquisitions 1,300,142 834,023 1,293,793 Improvements 143,665 130,051 149,963 Deductions Provision for impairment of real estate (21,800) (21,978) (18,201) Other (12,876) (11,184) (8,419) Cost of real estate sold (312,418) (212,818) (410,822) Reclasses to held for sale (27,059) (26,462) — Balance, end of year $ 9,936,320 $ 8,866,666 $ 8,175,034 (d) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2021, 2020 and 2019: Year ended December 31, 2021 2020 2019 Balance, beginning of year $ (911,656) $ (711,176) $ (556,690) Additions Depreciation expense (262,566) (238,853) (216,726) Deductions Accumulated depreciation associated with real estate sold 25,434 23,031 53,821 Other 12,876 11,184 8,419 Reclasses to held for sale 1,905 4,158 — Balance, end of year $ (1,134,007) $ (911,656) $ (711,176) (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 $2.3 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, 2021 | |
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, 2021 (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 $12.4 million None $ 12,411 $ 9,994 One restaurant property located in Nashville, TN 6.35 % 12/2/2022 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 7,073 Two restaurant properties located in Indiana 10.00 % 12/31/2022 Principal & Interest Balloon of $0.5 million None 513 511 Three elementary school properties in California and Virginia 8.00 % 12/31/2023 Interest only Balloon of $70.8 million None 70,775 70,352 Three metal tank manufacturing properties located in Illinois, Tennessee and Texas 7.90 % 12/31/2026 Interest only Balloon of $21.0 million None 21,000 20,959 Two restaurant properties located in Louisiana 8.49 % 7/1/2032 Principal & Interest Balloon of $1.9 million None 2,095 2,098 Five restaurant properties located in Mississippi 8.55 % 7/1/2032 Principal & Interest Balloon of $5.1 million None 5,544 5,547 Two restaurant properties located in Montana 9.16 % 11/1/2036 Principal & Interest Balloon of $3.6 million None 4,064 4,042 One used merchandise property in Maryland 8.06 % 9/1/2037 Principal & Interest Fully amortizing None 2,741 2,727 Ten automotive repair and maintenance properties located in Nebraska, Pennsylvania and Texas 8.25 % 6/30/2051 30,170 30,219 Five restaurant properties located in Tennessee 8.25 % 8/31/2053 Principal & Interest Fully amortizing None 3,572 3,571 One hunting and fishing property located in California 7.90 % 5/31/2054 Principal & Interest Balloon of $6.0 million None 16,959 16,789 Three floral/nursery merchant wholesaler properties located in California 8.35 % 11/30/2054 Principal & Interest Fully amortizing None 25,263 25,035 Three mortgage loans secured by one recreation property located in Colorado 8.50 % 2/28/2055 Principal & Interest Fully amortizing None 30,537 30,830 Two manufacturing properties in California 9.00 % 5/31/2055 Interest only Balloon of $33.2 million None 33,200 32,933 13 restaurant properties in Florida, Kansas and Missouri 7.60 % 8/31/2055 Principal & Interest Fully amortizing None 9,928 9,926 Three restaurant properties located in Ohio 8.28 % 12/31/2055 Principal & Interest Fully amortizing None 3,056 3,036 Leasehold interest in an amusement park property located in Ontario, Canada 9.72 % 8/1/2056 Principal & Interest Fully amortizing None 22,162 22,045 One family entertainment property located in Texas 8.25 % 6/30/2058 Principal & Interest Fully amortizing None 4,547 4,503 Five family entertainment properties located in Texas 8.20 % 6/30/2058 Principal & Interest Fully amortizing None 22,847 22,670 One family entertainment property located in Texas 10.20 % 6/30/2060 Principal & Interest Fully amortizing None 7,977 7,963 One recreation property located in Utah 9.25 % 12/11/2060 Principal & Interest Fully amortizing None 6,286 6,329 $ 345,902 $ 342,317 The following shows changes in the carrying amounts of mortgage loans receivable during the years ended December 31, 2021, 2020 and 2019 (in thousands): Year ended December 31, 2021 2020 2019 Balance, beginning of year $ 301,355 $ 202,557 $ 156,603 Additions: New mortgage loans (d) 75,666 132,542 74,681 Other: Capitalized loan origination costs 98 155 54 Deductions: Collections of principal (e) (32,046) (32,151) (28,701) Other: Provisions for loan losses (2,704) (1,670) — Other: Amortization of loan origination costs (52) (78) (80) Balance, end of year $ 342,317 $ 301,355 $ 202,557 (a) Loan was on nonaccrual status as of December 31, 2021. (b) Loan matured prior to December 31, 2021 and the Company has been in negotiations with the borrower regarding a resolution. (c) The aggregate cost for federal income tax purposes is $346.8 million. (d) For the year ended December 31, 2021, new mortgage loans includes $19.8 million of mortgage loans previously classified as deferred financing receivables. (e) For the years ended December 31, 2021, 2020 and 2019, collections of principal include non-cash principal collections aggregating $30.8 million, $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 | |
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, 2021 and 2020, these special purpose entities held assets totaling $8.5 billion and $7.7 billion, respectively, and had third-party liabilities totaling $2.6 billion and $2.3 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. At the beginning of 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 results 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 Since the beginning of the novel coronavirus (COVID-19) pandemic in early 2020, the Company has provided to certain tenants rent deferral arrangements in the form of both short-term notes and lease modifications. The FASB 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 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 years ended December 31, 2021 and 2020, the Company recognized $8.3 million and $57.1 million of net revenue associated with these deferral arrangements with a corresponding increase in receivables that are included in other assets, net on the consolidated balance sheet. During the years ended December 31, 2021 and 2020, the Company collected $33.4 million and $9.9 million of the receivables related to these deferral arrangements. |
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 accounts for such an acquisition as a financing arrangement and records the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the 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 |
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, 2021 and 2020, the Company had $39.4 million and $34.6 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 3.5% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales (for most of these leases, the contingent rent payment is for a temporary period); historically, contingent rent recognized has been less than 2.0% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of 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, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement During the year ended December 31, 2021, the Company recognized an aggregate provision for impairment of real estate of $21.8 million. For the assets impaired in 2021, the estimated fair value of the impaired real estate assets at the time of impairment aggregated $78.2 million. The Company recognized aggregate provisions for the impairment of real estate of $22.0 million and $18.8 million during the years ended December 31, 2020 and 2019, 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, 2021 and 2020, the Company had loans receivable with an aggregate outstanding principal balance of $28.8 million and $39.9 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 years ended December 31, 2021 and 2020, the Company recognized an estimated $3.2 million and $1.0 million, respectively, 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. 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. |
Accounting for Operating Ground Lease Assets | Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. The Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term 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 $5.8 million and $10.2 million of restricted cash at December 31, 2021 and 2020, 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 is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2021, the Company had no derivative instruments in place. |
Fair Value Measurement | Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. |
Share-based Compensation | Share-based Compensation 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 through 2021 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, 2021 2020 2019 Numerator: Net income $ 268,348 $ 212,614 $ 284,975 Less: earnings attributable to unvested restricted shares (659) (776) (403) Net income used in basic and diluted income per share $ 267,689 $ 211,838 $ 284,572 Denominator: Weighted average common shares outstanding 270,693,243 253,055,331 230,030,535 Less: Weighted average number of shares of unvested restricted stock (587,974) (520,751) (296,038) Weighted average shares outstanding used in basic income per share 270,105,269 252,534,580 229,734,497 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — 116,460 555,044 Weighted average shares outstanding used in diluted income per share 270,105,269 252,651,040 230,289,541 (a) For the years ended December 31, 2021, 2020 and 2019, excludes 225,424 shares, 127,136 shares and 122,224 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 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, 2021 | |
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, 2021 2020 2019 Numerator: Net income $ 268,348 $ 212,614 $ 284,975 Less: earnings attributable to unvested restricted shares (659) (776) (403) Net income used in basic and diluted income per share $ 267,689 $ 211,838 $ 284,572 Denominator: Weighted average common shares outstanding 270,693,243 253,055,331 230,030,535 Less: Weighted average number of shares of unvested restricted stock (587,974) (520,751) (296,038) Weighted average shares outstanding used in basic income per share 270,105,269 252,534,580 229,734,497 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — 116,460 555,044 Weighted average shares outstanding used in diluted income per share 270,105,269 252,651,040 230,289,541 (a) For the years ended December 31, 2021, 2020 and 2019, excludes 225,424 shares, 127,136 shares and 122,224 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments. | |
Schedule of gross real estate and loan activity | Number of Dollar Investment Amount of Locations Investments Gross investments, December 31, 2018 2,255 7,605,070 Acquisition of and additions to real estate (a)(b)(c) 305 1,440,399 Investment in loans and direct financing receivables (d) 48 262,552 Sales of real estate (95) (415,736) Principal collections on loans and direct financing receivables (e) (9) (29,952) Operating ground lease assets, net (f) 24,254 Provisions for impairment (18,751) Other (c) (12,915) Gross investments, December 31, 2019 2,504 8,854,921 Acquisition of and additions to real estate (a)(g) 203 959,842 Investment in loans and direct financing receivables (d) 11 156,721 Sales of real estate (72) (222,556) Principal collections on loans and direct financing receivables (e) (12) (80,521) Net change in operating ground lease assets (f) 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 2,634 9,639,766 Acquisition of and additions to real estate (a)(e)(h) 307 1,427,278 Investment in loans and direct financing receivables (e) 29 125,049 Sales of real estate (103) (339,658) Principal collections on loans and direct financing receivables (e) (1) (61,942) Net change in operating ground lease assets (f) (1,365) Provisions for impairment (24,979) Other (15,212) Gross investments, December 31, 2021 (i) 10,748,937 Less accumulated depreciation and amortization (i) (1,161,197) Net investments, December 31, 2021 2,866 $ 9,587,740 (a) Includes $1.6 million during 2019, $0.8 million during 2020 and $0.8 million during 2021 of interest capitalized to properties under construction. (b) Excludes $36.5 million of tenant improvement advances disbursed in 2019 which were accrued as of December 31, 2018. (c) 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. (d) 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. (e) For the years ended December 31, 2019, 2020, and 2021 includes $13.6 million, $30.6 million, and $42.8 million, respectively of non-cash principal collection transactions in which the Company acquired the underlying collateral property (buildings and improvements) and leased them back to the borrowers. (f) 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 and during the year ended December 31, 2021, represents amortization. (g) Excludes $16.9 million of tenant improvement advances disbursed in 2020 which were accrued as of December 31, 2019. (h) Excludes $21.2 million of tenant improvement advances disbursed in 2021 which were accrued as of December 31, 2020. (i) Includes the dollar amount of investments ( $27.1 million) and the accumulated depreciation and amortization ( $1.9 million) related to real estate investments held for sale at December 31, 2021. |
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, 2021 2020 2019 Rental revenues: Operating leases (a)(c) $ 728,477 $ 644,733 $ 625,477 Sublease income - operating ground leases (b) 2,809 2,096 2,227 Amortization of lease related intangibles and costs (2,225) (2,331) (2,289) Total rental revenues $ 729,061 $ 644,498 $ 625,415 Interest income on loans and financing receivables: Mortgage and other loans receivable (c) $ 24,959 $ 18,097 $ 13,866 Sale-leaseback transactions accounted for as financing arrangements 17,883 15,376 5,785 Direct financing receivables 7,979 11,815 14,175 Total interest income on loans and financing receivables $ 50,821 $ 45,288 $ 33,826 (a) For the years ended December 31, 2021, 2020 and 2019, includes $2.6 million, $2.5 million and $2.6 million, respectively, of property tax tenant reimbursement revenue and includes variable lease revenue of $11.2 million, $4.0 million and $123,000 for the years ended December 31, 2021, 2020 and 2019, 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 years ended December 31, 2021 and 2020, includes $8.3 million and $57.1 million, respectively, of revenue that has been recognized related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the consolidated balance sheet. |
Schedule of 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, 2021 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments Investments Restaurants 745 $ 1,289,432 12 % Early childhood education centers 267 630,758 6 Metal fabrication 109 612,591 6 Automotive repair and maintenance 223 570,851 5 Health clubs 90 539,279 5 Furniture stores 59 403,899 4 Farm and ranch supply stores 41 377,293 3 All other service industries 994 3,834,493 36 All other retail industries 140 1,046,502 10 All other manufacturing industries 198 1,443,839 13 Total 2,866 $ 10,748,937 100 % |
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, 2021 are as follows (in thousands): 2022 $ 806,925 2023 806,159 2024 797,889 2025 794,250 2026 787,264 Thereafter 6,808,984 Total future minimum rentals (a) $ 10,801,471 (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): 2021 2020 In-place leases $ 35,522 $ 37,440 Ground lease-related intangibles 19,449 19,449 Above-market leases — 4,745 Total intangible lease assets 54,971 61,634 Accumulated amortization (25,285) (27,935) Net intangible lease assets $ 29,686 $ 33,699 |
Summary of future minimum lease payments | The future minimum lease payments to be paid under the operating ground leases as of December 31, 2021 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total 2022 $ 401 $ 2,607 $ 3,008 2023 4,149 2,629 6,778 2024 55 2,711 2,766 2025 57 2,395 2,452 2026 57 2,232 2,289 Thereafter 3,071 44,509 47,580 Total lease payments 7,790 57,083 64,873 Less imputed interest (2,922) (28,293) (31,215) Total operating lease liabilities - ground leases $ 4,868 $ 28,790 $ 33,658 (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 $57.1 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 2021 2020 Six mortgage loans receivable 7.95 % 2022 - 2026 $ 114,911 $ 101,793 Four mortgage loans receivable 8.62 % 2032 - 2037 14,444 14,673 Fifteen mortgage loans receivable (b) 8.60 % 2051 - 2060 216,547 185,525 Total mortgage loans receivable 345,902 301,991 Equipment and other loans receivable 7.89 % 2022 - 2029 25,409 31,636 Total principal amount outstanding—loans receivable 371,311 333,627 Unamortized loan origination costs 1,046 1,206 Sale-leaseback transactions accounted for as financing arrangements (c) 7.71 % 2034 - 2043 255,483 204,469 Direct financing receivables 78,637 117,047 Allowance for credit and loan losses (d) (9,208) (6,028) Total loans and financing receivables $ 697,269 $ 650,321 (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 2041. (d) Balance includes $2.5 million of loan loss reserves recognized prior to December 31, 2019, $2.5 million credit loss reserves recognized upon the adoption of ASC Topic 326 on January 1, 2020, and $4.2 million of credit losses recognized since the adoption of ASC Topic 326. |
Schedule of maturities of loans receivable | Scheduled Principal Balloon Total Payments Payments Payments 2022 $ 3,135 $ 30,680 $ 33,815 2023 3,290 81,631 84,921 2024 2,157 — 2,157 2025 2,042 510 2,552 2026 2,061 20,371 22,432 Thereafter 174,588 50,846 225,434 Total principal payments $ 187,273 $ 184,038 $ 371,311 |
Schedule of sale-leaseback transactions | 2022 $ 19,939 2023 20,016 2024 20,150 2025 20,291 2026 20,384 Thereafter 259,114 Total future scheduled payments $ 359,894 |
Schedule of the components of the investments accounted for as direct financing receivables | As of December 31, 2021 and 2020, the Company had $78.6 million and $117.0 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): 2021 2020 Minimum lease payments receivable $ 159,371 $ 242,694 Estimated residual value of leased assets 8,938 14,800 Unearned income (89,672) (140,447) Net investment $ 78,637 $ 117,047 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of maturities of long-term debt | As of December 31, 2021, 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 2022 $ 24,434 $ 109,114 $ 133,548 2023 23,565 22,182 45,747 2024 22,331 426,914 449,245 2025 20,037 256,612 276,649 2026 17,926 532,142 550,068 Thereafter 40,208 2,756,322 2,796,530 $ 148,501 $ 4,103,286 $ 4,251,787 |
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 2021 2020 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 % 350,000 350,000 Public Notes issued November 2021 Dec. 2031 2.70 % 375,000 — Total notes payable 1,800,000 1,425,000 Term Loans: Term Loan issued April 2016 — 100,000 Total term loans — 100,000 Unamortized discount (4,740) (4,867) Unamortized deferred financing costs (12,447) (10,521) Total unsecured notes and term loans payable, net $ 1,782,813 $ 1,509,612 |
Non-recourse debt obligations | |
Schedule of debt | Maturity Interest December 31, Date Rate 2021 2020 Non-recourse net-lease mortgage notes: $102,000 Series 2013-1, Class A-2 4.65 % — 87,607 $97,000 Series 2013-2, Class A-2 5.33 % — 84,473 $100,000 Series 2013-3, Class A-2 5.21 % — 87,775 $140,000 Series 2014-1, Class A-2 Apr. 2024 (a) 5.00 % 134,692 135,392 $150,000 Series 2018-1, Class A-1 Oct. 2024 (a) 3.96 % 142,051 143,552 $50,000 Series 2018-1, Class A-3 Oct. 2024 (a) 4.40 % 48,917 49,417 $270,000 Series 2015-1, Class A-2 Apr. 2025 (a) 4.17 % 260,999 262,350 $200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 (a) 3.96 % 180,190 184,350 $82,000 Series 2019-1, Class A-1 Nov. 2026 (a) 2.82 % 78,590 80,172 $46,000 Series 2019-1, Class A-3 Nov. 2026 (a) 3.32 % 45,521 45,751 $135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 (a) 4.32 % 123,046 125,798 $228,000 Series 2018-1, Class A-2 Oct. 2027 (b) 4.29 % 215,918 218,198 $164,000 Series 2018-1, Class A-4 Oct. 2027 (b) 4.74 % 160,447 162,087 $168,500 Series 2021-1, Class A-1 Jun. 2028 (a) 2.12 % 168,079 — $89,000 Series 2021-1, Class A-3 Jun. 2028 (a) 2.86 % 88,778 — $168,500 Series 2021-1, Class A-2 Jun. 2033 (b) 2.96 % 168,079 — $89,000 Series 2021-1, Class A-4 Jun. 2033 (b) 3.70 % 88,778 — $244,000 Series 2019-1, Class A-2 Nov. 2034 (b) 3.65 % 233,854 238,559 $136,000 Series 2019-1, Class A-4 Nov. 2034 (b) 4.49 % 134,583 135,263 Total non-recourse net-lease mortgage notes 2,272,522 2,040,744 Non-recourse mortgage notes: $16,100 note issued February 2014 4.83 % — 13,539 $13,000 note issued May 2012 May 2022 5.195 % 9,961 10,355 $26,000 note issued August 2012 Sept. 2022 5.05 % 20,085 20,867 $6,400 note issued November 2012 Dec. 2022 4.707 % 4,938 5,133 $11,895 note issued March 2013 Apr. 2023 4.7315 % 9,309 9,666 $17,500 note issued August 2013 Sept. 2023 5.46 % 14,212 14,695 $10,075 note issued March 2014 Apr. 2024 5.10 % 8,808 9,004 $65,000 note issued June 2016 Jul. 2026 4.75 % 59,223 60,409 $41,690 note issued March 2019 Mar. 2029 4.80 % 41,291 41,690 $6,944 notes issued March 2013 Apr. 2038 4.50 % (c) 5,332 5,549 $6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 4.64 % 6,106 6,215 Total non-recourse mortgage notes 179,265 197,122 Unamortized discount (496) (386) Unamortized deferred financing costs (25,583) (24,846) Total non-recourse debt obligations of consolidated special purpose entities, net $ 2,425,708 $ 2,212,634 (a) Prepayable, without penalty, 24 months prior to maturity. (b) Prepayable, without penalty, 36 months prior to maturity. (c) 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, 2021 | |
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, 2021 2020 2019 Federal income tax $ — $ (4) $ 42 State income tax 813 588 665 Total current income tax expense $ 813 $ 584 $ 707 |
Stock distributions declared characterized for tax | Year ended December 31, 2021 2020 2019 Ordinary income dividends $ 1.1606 $ 1.0677 $ 1.2244 Capital gain dividends 0.0785 0.0180 0.0965 Return of capital 0.2259 0.3243 0.0034 Total $ 1.4650 $ 1.4100 $ 1.3243 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity | |
Common stock issuance | The following tables outline the common stock issuances under the 2020 ATM Program (in millions except share and per share information): Year Ended December 31, 2021 ATM Program Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $900 million 2020 ATM Program 7,322,471 $ 33.84 $ 247.8 $ (3.7) $ (0.4) $ 243.7 Inception of Program Through December 31, 2021 ATM Program Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds $900 million 2020 ATM Program 10,841,531 $ 33.28 $ 360.8 $ (5.4) $ (0.6) $ 354.8 |
Long-Term Incentive Plans (Tabl
Long-Term Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Incentive Plans | |
Restricted stock award activity | 2021 2020 2019 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 639,554 $ 23.69 285,238 $ 27.70 331,001 $ 24.10 Shares granted 195,278 $ 34.03 491,009 $ 22.63 131,158 $ 32.35 Shares vested (313,518) $ 26.58 (130,642) $ 28.15 (162,315) $ 24.24 Shares forfeited (83,890) $ 25.09 (6,051) $ 30.89 (14,606) $ 26.84 Outstanding non-vested shares, end of year 437,424 $ 25.96 639,554 $ 23.69 285,238 $ 27.70 (1) Grant date fair value |
Schedule of share based compensation restricted stock units | Number of RSUs 2021 2020 2019 Non-vested and outstanding, beginning of year 1,298,175 1,203,018 1,015,861 RSUs granted 846,896 534,141 628,909 RSUs vested (468,466) (376,961) (284,775) RSUs forfeited (338,839) (62,023) (156,977) RSUs not earned (332,012) — — Non-vested and outstanding, end of year 1,005,754 1,298,175 1,203,018 |
Schedule of grant date fair value assumptions | 2021 2020 2019 Volatility 46.01 % 19.31 % 21.14 % Risk-free interest rate 0.25 % 1.42 % 2.38 % Dividend yield 0.00 % 0.00 % 0.00 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Principles (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)itemsegmentagreement | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Basis of Accounting and Principles of Consolidation | |||
Assets owned | $ 9,773,082,000 | $ 9,004,340,000 | |
Liabilities owed | $ 4,628,953,000 | 3,988,562,000 | |
Segment Reporting | |||
Number of reportable segments | segment | 1 | ||
Investment portfolio | |||
Number of transaction types | 3 | ||
Revenue Recognition | |||
Accrued straight-line rental revenue, net of allowance | $ 39,400,000 | 34,600,000 | |
Leases indexed to increases in the CPI, minimum adjustment period | 1 year | ||
Leases indexed to increases in the CPI, minimum multiplier increasing rent (in multipliers) | 1 | ||
Leases indexed to increases in the CPI, maximum multiplier increasing rent (in multipliers) | 1.25 | ||
Portion of investment portfolio subject to contingent rent based upon tenant sales (as a percent) | 3.50% | ||
Contingent rent as a percentage of rental revenue, historical | 2.00% | ||
Impairments | |||
Provisions for impairment | $ 21,800,000 | 22,000,000 | $ 18,800,000 |
Estimate fair value of impaired real estate assets | 78,200,000 | ||
Loans Receivable | |||
Non accrual status loan receivables | $ 28,800,000 | 39,900,000 | |
Number of classes in portfolio of loans and financing receivables | item | 2 | ||
Provision for loan losses | 0 | ||
Restricted cash | |||
Restricted cash included in other assets | $ 5,780,000 | 10,195,000 | $ 11,628,000 |
Derivative Instruments and Hedging Activities | |||
Number of agreements | agreement | 0 | ||
Provision For Impairment | |||
Loans Receivable | |||
Provision for credit losses | $ 3,200,000 | 1,000,000 | |
Payment deferral due to COVID-19 | |||
Revenue Recognition | |||
Revenue associated with deferral arrangements | 8,300,000 | 57,100,000 | |
Receivables collections | $ 33,400,000 | 9,900,000 | |
Loans receivable | |||
Loans Receivable | |||
Maximum past due period for loans payments causing nonaccrual status | 60 days | ||
Other assets | |||
Restricted cash | |||
Restricted cash included in other assets | $ 5,800,000 | 10,200,000 | |
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 | $ 8,500,000,000 | 7,700,000,000 | |
Liabilities owed | $ 2,600,000,000 | $ 2,300,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Net Income Per Common Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income | $ 268,348 | $ 212,614 | $ 284,975 |
Less: earnings attributable to unvested restricted shares | (659) | (776) | (403) |
Net income used in basic and diluted income per share | $ 267,689 | $ 211,838 | $ 284,572 |
Denominator: | |||
Weighted average common shares outstanding | 270,693,243 | 253,055,331 | 230,030,535 |
Less: Weighted average number of shares of unvested restricted stock (in shares) | 587,974 | 520,751 | 296,038 |
Weighted average shares outstanding used in basic income per share (in shares) | 270,105,269 | 252,534,580 | 229,734,497 |
Effects of dilutive securities: | |||
Add: Treasury stock method impact of potentially dilutive securities (in shares) | 116,460 | 555,044 | |
Weighted average shares outstanding used in diluted income per share (in shares) | 270,105,269 | 252,651,040 | 230,289,541 |
Antidilutive unvested restricted shares (in shares) | 225,424 | 127,136 | 122,224 |
Investments - Locations (Detail
Investments - Locations (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | |
Number of property locations of investments (in locations) | property | 2,866 | 2,634 | 2,504 | 2,255 |
Number of owned properties (in properties) | property | 2,811 | |||
Number of properties accounted as financing arrangements | property | 72 | 72 | ||
Number of properties owned as direct financing receivables | property | 23 | 23 | ||
Number of ground lease interests (in properties) | property | 24 | 24 | ||
Number of properties which secure certain mortgage loans (in properties) | property | 31 | |||
Gross acquisition cost of real estate investments | $ 10,000,000 | |||
Loans and financing receivables, net | 697,269 | $ 650,321 | ||
Operating ground lease assets | $ 33,318 | $ 34,683 | ||
Investments assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities | 36.00% | |||
Number of Investment Locations | ||||
Gross investments | property | 2,634 | 2,504 | 2,255 | |
Acquisition of and additions to real estate | property | 307 | 203 | 305 | |
Investment in loans and financing receivables | property | 29 | 11 | 48 | |
Sales of real estate | property | (103) | (72) | (95) | |
Principal collections on loans and direct financing receivables | property | (1) | (12) | (9) | |
Gross investments | property | 2,866 | 2,634 | 2,504 | |
Dollar Amount of Investments | ||||
Gross investments | $ 9,639,766 | $ 8,854,921 | $ 7,605,070 | |
Acquisition of and additions to real estate | 1,427,278 | 959,842 | 1,440,399 | |
Investment in loans and financing receivables | 125,049 | 156,721 | 262,552 | |
Sales of real estate | (339,658) | (222,556) | (415,736) | |
Principal collections on loans and direct financing receivables | 61,942 | 80,521 | 29,952 | |
Operating ground lease assets, net | 33,318 | 34,683 | ||
Provisions for impairment | (24,979) | (23,003) | (18,751) | |
Adoption of expected credit loss standard (ASC Topic 326) | 5,144,129 | 5,015,778 | 4,485,385 | $ 3,863,501 |
Other | (15,212) | (13,602) | (12,915) | |
Gross investments | 10,748,937 | 9,639,766 | 8,854,921 | |
Less accumulated depreciation and amortization | (1,161,197) | |||
Net investments | 9,587,740 | 8,696,017 | ||
Tenant improvement advances disbursed | 21,200 | 16,900 | 36,500 | |
Interest capitalized | 800 | 800 | 1,600 | |
Non-cash principal collections related to loans receivable | 42,800 | 30,600 | 13,600 | |
Acquisition of collateral property securing a mortgage note receivable | 42,782 | 30,585 | 13,574 | |
Sale-leaseback transactions accounted for as financing arrangements | 255,500 | $ 204,500 | ||
Investment in real estate held for sale | 27,100 | |||
Accumulated depreciation of real estate investments held for sale | 1,900 | |||
Number of properties owned | property | 2,811 | |||
Mortgage loans made to purchasers of multiple real estate properties sold | $ 3,200 | 9,000 | ||
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 | 33,300 | 24,254 | ||
New ground lease assets | 4,300 | |||
Dollar Amount of Investments | ||||
Operating ground lease assets, net | 33,300 | 24,254 | ||
Net change in operating ground lease assets | $ (1,365) | $ 10,429 | ||
Ground leases | ||||
Operating ground lease assets | 20,000 | |||
Dollar Amount of Investments | ||||
Operating ground lease assets, net | $ 20,000 |
Investments - Revenue Recognize
Investments - Revenue Recognized from Investment Portfolio (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rental revenues: | |||
Operating leases | $ 728,477,000 | $ 644,733,000 | $ 625,477,000 |
Sublease income - operating ground lease assets | 2,809,000 | 2,096,000 | 2,227,000 |
Amortization of lease related intangibles and costs | (2,225,000) | (2,331,000) | (2,289,000) |
Total rental revenues | 729,061,000 | 644,498,000 | 625,415,000 |
Interest income on loans and financing receivables: | |||
Mortgage and other loans receivable | 24,959,000 | 18,097,000 | 13,866,000 |
Sale-leaseback transactions accounted for as financing arrangements | 17,883,000 | 15,376,000 | 5,785,000 |
Direct financing receivables | 7,979,000 | 11,815,000 | 14,175,000 |
Total interest income on loans and financing receivables | 50,821,000 | 45,288,000 | 33,826,000 |
Property tax tenant reimbursement revenue | 2,600,000 | 2,500,000 | 2,600,000 |
Variable lease revenue | 11,200,000 | 4,000,000 | $ 123,000 |
Payment deferral due to COVID-19 | |||
Rental revenues: | |||
Total rental revenues | $ 8,300,000 | $ 57,100,000 |
Investments - Significant Credi
Investments - Significant Credit and Revenue Concentration (Details) | 12 Months Ended |
Dec. 31, 2021statecustomeritem | |
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 | 556 |
Real estate investment portfolio | Geographic concentration | Texas | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 11.00% |
Number of states accounting for 10% or more | state | 1 |
Real estate investment portfolio | Customer concentration | |
Significant Credit and Revenue Concentration | |
Concentration Percentage for threshold | 10.00% |
Number of customers representing more than 10% | item | 0 |
Real estate investment portfolio | Customer concentration | Largest customer, investment portfolio | Maximum | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 2.90% |
Real estate investment portfolio | Concept concentration | |
Significant Credit and Revenue Concentration | |
Number of concepts (in categories) | item | 855 |
Investment portfolio revenues | Customer concentration | Largest customer, investment portfolio revenues | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 3.00% |
Investment portfolio revenues | Concept concentration | Maximum | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 2.20% |
Investments - Portfolio Diversi
Investments - Portfolio Diversification (Details) $ in Thousands | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property |
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 2,866 | 2,634 | 2,504 | 2,255 |
Dollar Amount of Investments | $ 10,748,937 | $ 9,639,766 | $ 8,854,921 | $ 7,605,070 |
Percentage of Total Dollar Amount of Investments | 100.00% | |||
Investment in real estate held for sale | $ 27,100 | |||
Restaurants | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 745 | |||
Dollar Amount of Investments | $ 1,289,432 | |||
Percentage of Total Dollar Amount of Investments | 12.00% | |||
Early childhood education centers | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 267 | |||
Dollar Amount of Investments | $ 630,758 | |||
Percentage of Total Dollar Amount of Investments | 6.00% | |||
Metal fabrication | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 109 | |||
Dollar Amount of Investments | $ 612,591 | |||
Percentage of Total Dollar Amount of Investments | 6.00% | |||
Automotive Repair and Maintenance | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 223 | |||
Dollar Amount of Investments | $ 570,851 | |||
Percentage of Total Dollar Amount of Investments | 5.00% | |||
Health Clubs | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 90 | |||
Dollar Amount of Investments | $ 539,279 | |||
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 | 59 | |||
Dollar Amount of Investments | $ 403,899 | |||
Percentage of Total Dollar Amount of Investments | 4.00% | |||
Farm and Ranch Supply Stores | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 41 | |||
Dollar Amount of Investments | $ 377,293 | |||
Percentage of Total Dollar Amount of Investments | 3.00% | |||
All other service industries | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 994 | |||
Dollar Amount of Investments | $ 3,834,493 | |||
Percentage of Total Dollar Amount of Investments | 36.00% | |||
All other retail industries | ||||
Information regarding the diversification of Company's investment portfolio among different industries [Line items] | ||||
Number of Investment Locations | property | 140 | |||
Dollar Amount of Investments | $ 1,046,502 | |||
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 | 198 | |||
Dollar Amount of Investments | $ 1,443,839 | |||
Percentage of Total Dollar Amount of Investments | 13.00% |
Investments - Intangible Lease
Investments - Intangible Lease Assets and Real Estate Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Optionsitemperiodproperty | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounting for Real Estate Investments | |||
Remaining noncancelable lease term | 13 years 4 months 24 days | ||
Number of real estate properties vacant not subject to lease | property | 15 | ||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
2022 | $ 806,925 | ||
2023 | 806,159 | ||
2024 | 797,889 | ||
2025 | 794,250 | ||
2026 | 787,264 | ||
Thereafter | 6,808,984 | ||
Total future minimum rentals | $ 10,801,471 | ||
Option to extend | true | ||
Number of renewal periods at the option of the Company | period | 1 | ||
Term of renewal options | 5 years | ||
Intangible lease assets | $ 54,971 | $ 61,634 | |
Accumulated amortization | (25,285) | (27,935) | |
Net intangible lease assets | 29,686 | 33,699 | |
Amortization in the next five years | |||
2022 | 3,200 | ||
2023 | 2,800 | ||
2024 | 2,300 | ||
2025 | 1,800 | ||
2026 | $ 1,700 | ||
Minimum | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Typical number of renewal options | item | 1 | ||
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 | ||
Amortization expense | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Amount amortized | $ 3,500 | 4,300 | $ 5,400 |
In -place leases | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Intangible lease assets | $ 35,522 | 37,440 | |
Amortization in the next five years | |||
Weighted average remaining amortization period | 7 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 | 42 years | ||
Above-market leases | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Intangible lease assets | 4,745 | ||
Above-market leases | Decrease to rental revenue | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Amount amortized | $ 200 | $ 1,000 | $ 1,100 |
Investments - Operating Lease A
Investments - Operating Lease Asset (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | $ 33,318 | $ 34,683 | |
Rental revenue | $ 2,809 | 2,096 | $ 2,227 |
Renewal period | 5 years | ||
Option to extend | true | ||
Future minimum lease payments | |||
Total operating lease liabilities - ground leases | $ 37,637 | 39,317 | |
Ground lease by STORE capital | |||
Future minimum lease payments | |||
Long-term lease commitment | $ 19,000 | ||
Ground lease by STORE capital tenants | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Number of ground lease payments based on level of tenant's sales | property | 3 | ||
Ground leases | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | $ 33,300 | 24,254 | |
Lease costs | 3,300 | 2,400 | 2,300 |
Rental revenue | $ 2,800 | $ 2,100 | 2,200 |
Option to extend | true | ||
Weighted average remaining non-cancelable lease term | 22 years | ||
Weighted average discount rate | 5.70% | ||
Future minimum lease payments | |||
2022 | $ 3,008 | ||
2023 | 6,778 | ||
2024 | 2,766 | ||
2025 | 2,452 | ||
2026 | 2,289 | ||
Thereafter | 47,580 | ||
Total lease payments | 64,873 | ||
Less imputed interest | (31,215) | ||
Total operating lease liabilities - ground leases | 33,658 | ||
Ground leases | Ground lease by STORE capital | |||
Future minimum lease payments | |||
2022 | 401 | ||
2023 | 4,149 | ||
2024 | 55 | ||
2025 | 57 | ||
2026 | 57 | ||
Thereafter | 3,071 | ||
Total lease payments | 7,790 | ||
Less imputed interest | (2,922) | ||
Total operating lease liabilities - ground leases | 4,868 | ||
Ground leases | Ground lease by STORE capital tenants | |||
Future minimum lease payments | |||
2022 | 2,607 | ||
2023 | 2,629 | ||
2024 | 2,711 | ||
2025 | 2,395 | ||
2026 | 2,232 | ||
Thereafter | 44,509 | ||
Total lease payments | 57,083 | ||
Less imputed interest | (28,293) | ||
Total operating lease liabilities - ground leases | $ 28,790 | ||
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 | 90 years | ||
Renewal period | 10 years | ||
Ground leases | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | $ 20,000 |
Investments - Loans and Financi
Investments - Loans and Financing Receivables (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Loans and direct financing receivables | |||||
Number of mortgage loans | loan | 25 | ||||
Mortgage loans receivable | $ 342,317 | $ 301,355 | $ 202,557 | $ 156,603 | |
Total principal payments | 371,311 | ||||
Unamortized loan origination costs | 1,046 | 1,206 | |||
Sale-leaseback transactions accounted for as financing arrangements | 255,500 | 204,500 | |||
Direct financing receivables | 78,637 | 117,047 | |||
Allowance for credit and loan losses | (9,208) | (6,028) | |||
Total loans and direct financing receivables | 697,269 | $ 650,321 | |||
Credit loss reserves recognized | $ 4,200 | $ 2,500 | |||
ASU 2016-13 | |||||
Loans and direct financing receivables | |||||
Credit loss reserve | $ 2,500 | ||||
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 | 15 | 15 | |||
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 payments | $ 371,311 | $ 333,627 | |||
Mortgage Loans Receivable [Member] | |||||
Loans and direct financing receivables | |||||
Mortgage loans receivable | 345,902 | 301,991 | |||
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2021 to 2026 | |||||
Loans and direct financing receivables | |||||
Mortgage loans receivable | $ 114,911 | 101,793 | |||
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2021 to 2023 | |||||
Loans and direct financing receivables | |||||
Stated Interest Rate (as a percent) | 7.95% | ||||
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2032 to 2037 | |||||
Loans and direct financing receivables | |||||
Stated Interest Rate (as a percent) | 8.62% | ||||
Mortgage loans receivable | $ 14,444 | 14,673 | |||
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2051 to 2060 | |||||
Loans and direct financing receivables | |||||
Stated Interest Rate (as a percent) | 8.60% | ||||
Mortgage loans receivable | $ 216,547 | 185,525 | |||
Equipment And Other Loans Receivable [Member] | Equipment and other loans receivable maturity range 2022 to 2029 | |||||
Loans and direct financing receivables | |||||
Equipment and other loans receivable | $ 25,409 | 31,636 | |||
Equipment And Other Loans Receivable [Member] | Equipment and other loans receivable maturity range 2021 to 2027 | |||||
Loans and direct financing receivables | |||||
Interest rate of equipment and other loans | 7.89 | ||||
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) | 7.71% | ||||
Sale-leaseback transactions accounted for as financing arrangements | $ 255,483 | 204,469 | |||
Direct Financing Receivables [Member] | |||||
Loans and direct financing receivables | |||||
Direct financing receivables | $ 78,637 | $ 117,047 |
Investments - Loans Receivable
Investments - Loans Receivable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | |
Scheduled loan receivable maturities | ||
Number of loans receivable | loan | 44 | |
Gross carrying amount of loans receivable | $ 364,800 | |
Number of mortgage loans | loan | 25 | |
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 | |
2022 | $ 33,815 | |
2023 | 84,921 | |
2024 | 2,157 | |
2025 | 2,552 | |
2026 | 22,432 | |
Thereafter | 225,434 | |
Total principal payments | 371,311 | |
Sale-Leaseback Transactions Accounted for as Financing Arrangements | ||
Sale-leaseback transactions accounted for as financing arrangements | 255,500 | $ 204,500 |
2022 | 19,939 | |
2023 | 20,016 | |
2024 | 20,150 | |
2025 | 20,291 | |
2026 | 20,384 | |
Thereafter | 259,114 | |
Total future scheduled payments | 359,894 | |
Components of investments accounted for as direct financing receivables | ||
Minimum lease payments receivable | 159,371 | 242,694 |
Estimated residual value of leased assets | 8,938 | 14,800 |
Unearned income | (89,672) | (140,447) |
Net investment | 78,637 | $ 117,047 |
Future minimum lease payments to be received under the direct financing lease receivables | ||
2022 | 8,000 | |
2023 | 8,000 | |
2024 | 8,000 | |
2025 | 8,000 | |
2026 | 8,000 | |
Thereafter | 111,700 | |
Scheduled Principal Payments | ||
Scheduled loan receivable maturities | ||
2022 | 3,135 | |
2023 | 3,290 | |
2024 | 2,157 | |
2025 | 2,042 | |
2026 | 2,061 | |
Thereafter | 174,588 | |
Total principal payments | 187,273 | |
Balloon Payments | ||
Scheduled loan receivable maturities | ||
2022 | 30,680 | |
2023 | 81,631 | |
2025 | 510 | |
2026 | 20,371 | |
Thereafter | 50,846 | |
Total principal payments | $ 184,038 | |
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, 2021USD ($) | |
Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Origination for gross loan and financing receivables in 2021 | $ 0 |
Origination for gross loan and financing receivables in 2020 | 2.5 |
Origination for gross loan and financing receivables in 2019 | 55.5 |
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 prior to 2017 | 44.4 |
Non Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Origination for gross loan and financing receivables in 2021 | 64.6 |
Origination for gross loan and financing receivables in 2020 | 174.4 |
Origination for gross loan and financing receivables in 2019 | 176.9 |
Origination for gross loan and financing receivables in 2018 | 25.4 |
Origination for gross loan and financing receivables in 2017 | 50.9 |
Origination for gross loan and financing receivables in prior to 2017 | 110.8 |
ASU 2016-13 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Provision for credit losses | 3.2 |
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 | 102.4 |
ASU 2016-13 | Non Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans and financing receivables | $ 603 |
Debt - Credit Facility (Details
Debt - Credit Facility (Details) $ in Thousands | Feb. 09, 2018 | Jun. 30, 2021USD ($)item | Apr. 30, 2016USD ($) | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) |
Credit facilities | |||||
Borrowings outstanding (in dollars) | $ 130,000 | ||||
Unamortized financing costs related to all debt | 12,447 | $ 10,521 | |||
Consolidated special purpose entities | |||||
Credit facilities | |||||
Unamortized financing costs related to all debt | 25,583 | 24,846 | |||
Revolving credit facility | |||||
Credit facilities | |||||
Unamortized financing costs related to all debt | 3,700 | $ 1,100 | |||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | |||||
Unsecured Term Notes Payable | |||||
Principal amount | $ 65,000 | ||||
Term Loan Payable | |||||
Credit facilities | |||||
Initial term | 5 years | ||||
Unsecured Term Notes Payable | |||||
Principal amount | $ 100,000 | ||||
Senior Unsecured Notes | |||||
Credit facilities | |||||
Number of facilities | loan | 4 | ||||
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% | ||||
New unsecured credit facility | Revolving credit facility | |||||
Credit facilities | |||||
Borrowings outstanding (in dollars) | $ 130,000 | ||||
Eligible unencumbered assets (in dollars) | $ 6,800,000 | ||||
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) | 1,600,000 | ||||
Accordion feature | $ 1,000,000 | ||||
Number of extension options | item | 2 | ||||
Maturity date | Jun. 1, 2025 | ||||
Extension option term | 6 months | ||||
Extension fee (as a percent) | 0.0625% | ||||
Amended unsecured revolving credit facility | Revolving credit facility | Minimum | |||||
Credit facilities | |||||
Facility fee (as a percent) | 0.10% | ||||
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) | 0.85% | ||||
Facility fee (as a percent) | 0.20% | ||||
Amended unsecured revolving credit facility | Revolving credit facility | LIBOR | Minimum | |||||
Credit facilities | |||||
Credit spread (as a percent) | 0.70% | ||||
Amended unsecured revolving credit facility | Revolving credit facility | LIBOR | Maximum | |||||
Credit facilities | |||||
Credit spread (as a percent) | 1.40% | ||||
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) | 0.40% | 0.40% |
Debt - Carrying Amount (Details
Debt - Carrying Amount (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2021 | May 31, 2021 | Apr. 30, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Feb. 28, 2019 | Mar. 31, 2018 | |
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Gain on extinguishment of debt | $ (735) | |||||||||
Unamortized discount | $ (4,740) | $ (4,867) | ||||||||
Unamortized deferred financing costs | (12,447) | (10,521) | ||||||||
Total unsecured notes and term loans payable, net | 1,782,813 | $ 1,509,612 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
2022 | 133,548 | |||||||||
2023 | 45,747 | |||||||||
2024 | 449,245 | |||||||||
2025 | 276,649 | |||||||||
2026 | 550,068 | |||||||||
Thereafter | 2,796,530 | |||||||||
Long-term Debt | 4,251,787 | |||||||||
Series 2013.1, Class A.2 Notes Due May 2021 and Series 2013.2, Class A.2 Notes Due July 2021 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 170,000 | |||||||||
Series 2013 -1 Class A-2 Notes Due May 2021, Series 2013-2 Class A-2 Notes Due July 2021 And Series 2013-3 Class A-2 Due November 2021 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Amortization of deferred financing costs | $ 1,700 | |||||||||
Series 2013.3, Class A.2 Due November 2021 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 86,000 | |||||||||
Various Debt, Prepayable Twenty-Four Months Prior to Maturity [Member] | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Number of months prior to maturity that a debt instrument can be prepaid without penalty | 24 months | 24 months | ||||||||
Various Debt, Prepayable Thirty-Six Months Prior to Maturity [Member] | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Number of months prior to maturity that a debt instrument can be prepaid without penalty | 36 months | 36 months | ||||||||
Consolidated special purpose entities | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Aggregate investment amount | $ 3,600,000 | |||||||||
Unamortized discount | (496) | $ (386) | ||||||||
Unamortized deferred financing costs | (25,583) | (24,846) | ||||||||
Total unsecured notes and term loans payable, net | 2,425,708 | 2,212,634 | ||||||||
Scheduled Principal Payments | ||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
2022 | 24,434 | |||||||||
2023 | 23,565 | |||||||||
2024 | 22,331 | |||||||||
2025 | 20,037 | |||||||||
2026 | 17,926 | |||||||||
Thereafter | 40,208 | |||||||||
Long-term Debt | 148,501 | |||||||||
Balloon Payments | ||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
2022 | 109,114 | |||||||||
2023 | 22,182 | |||||||||
2024 | 426,914 | |||||||||
2025 | 256,612 | |||||||||
2026 | 532,142 | |||||||||
Thereafter | 2,756,322 | |||||||||
Long-term Debt | 4,103,286 | |||||||||
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 | $ 1,800,000 | 1,425,000 | ||||||||
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 | ||||||||
Senior Unsecured Notes | Public Notes issued March 2018 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Stated interest rate (as a percent) | 4.50% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 350,000 | 350,000 | ||||||||
Senior Unsecured Notes | Public Notes Issued February 2019 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Stated interest rate (as a percent) | 4.625% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 350,000 | 350,000 | ||||||||
Senior Unsecured Notes | Public Notes Issued November 2020 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Stated interest rate (as a percent) | 2.75% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 350,000 | 350,000 | ||||||||
Senior Unsecured Notes | Public Notes Issued November 2021 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Stated interest rate (as a percent) | 2.70% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 375,000 | |||||||||
Senior Unsecured Notes | Notes Issued March 2018 99.515 Percent Of Par | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Note issue price | 99.515% | |||||||||
Stated interest rate (as a percent) | 4.50% | |||||||||
Senior Unsecured Notes | Notes Issued February 2019 99.260 Percent Of Par | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Note issue price | 99.26% | |||||||||
Stated interest rate (as a percent) | 4.625% | |||||||||
Senior Unsecured Notes | Notes Issued November 2020 99.558 Percent Of Par | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Note issue price | 99.558% | |||||||||
Stated interest rate (as a percent) | 2.75% | |||||||||
Senior Unsecured Notes | Notes Issued November 2021 99.877 Percent Of Par | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Note issue price | 99.877% | |||||||||
Stated interest rate (as a percent) | 2.70% | |||||||||
Public notes | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 375,000 | $ 350,000 | ||||||||
Expected repayment term of receivables | 10 years | |||||||||
Term Loan Payable | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 100,000 | |||||||||
Expected repayment term of receivables | 5 years | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 100,000 | |||||||||
Term Loan Payable | Term Loan issued April 2016 | ||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 100,000 | |||||||||
Non-recourse net-lease mortgage notes: | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Retained non-amortizing notes | $ 190,000 | |||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | ||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 2,272,522 | 2,040,744 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2013-1, Class A-2 Due March 2023 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 102,000 | |||||||||
Interest rate | 4.65% | |||||||||
Interest Rate | 4.65% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 87,607 | |||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2013-2, Class A-2 Due July 2023 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 97,000 | |||||||||
Interest rate | 5.33% | |||||||||
Interest Rate | 5.33% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 84,473 | |||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2013-3, Class A-2 Due November 2023 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 100,000 | |||||||||
Interest Rate | 5.21% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 87,775 | |||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2013.3, Class A.2 Due November 2021 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Interest Rate | 5.21% | |||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 20141, Class A2 Due April 2024 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 140,000 | |||||||||
Interest Rate | 5.00% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 134,692 | 135,392 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2018-1 Class A-1 Due October 2024 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Interest Rate | 3.96% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 142,051 | 143,552 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2018-1 Class A-3 Due October 2024 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Interest Rate | 4.40% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 48,917 | 49,417 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2015-1, Class A-2 Due April 2025 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 270,000 | |||||||||
Interest Rate | 4.17% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 260,999 | 262,350 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | 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 | |||||||||
Interest Rate | 3.96% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 180,190 | 184,350 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | 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 | |||||||||
Interest Rate | 4.32% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 123,046 | 125,798 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-1 November 2026 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 82,000 | |||||||||
Interest Rate | 2.82% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 78,590 | 80,172 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-3 November 2026 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 46,000 | |||||||||
Interest Rate | 3.32% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 45,521 | 45,751 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-2 November 2034 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 244,000 | |||||||||
Interest Rate | 3.65% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 233,854 | 238,559 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-4 November 2034 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 136,000 | |||||||||
Interest Rate | 4.49% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 134,583 | 135,263 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2021.1, Class A.1 Notes Due June 2028 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 168,500 | |||||||||
Interest Rate | 2.12% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 168,079 | |||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2021.1, Class A.3 Notes Due June 2028 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 89,000 | |||||||||
Interest Rate | 2.86% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 88,778 | |||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2021.1, Class A.2 Notes Due June 2033 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 168,500 | |||||||||
Interest Rate | 2.96% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 168,079 | |||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2021.1, Class A.4 Notes Due June 2033 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 89,000 | |||||||||
Interest Rate | 3.70% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 88,778 | |||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Aggregate investment amount | 326,700 | |||||||||
Principal amount | 65,000 | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 179,265 | 197,122 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $16,100 note issued February 2014 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 16,100 | |||||||||
Interest Rate | 4.83% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 13,539 | |||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $13,000 note issued May 2012 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 13,000 | |||||||||
Interest Rate | 5.195% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 9,961 | 10,355 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $26,000 note issued August 2012 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 26,000 | |||||||||
Interest Rate | 5.05% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 20,085 | 20,867 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $6,400 note issued November 2012 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 6,400 | |||||||||
Interest Rate | 4.707% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 4,938 | 5,133 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $11,895 note issued March 2013 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 11,895 | |||||||||
Interest Rate | 4.7315% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 9,309 | 9,666 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $17,500 note issued August 2013 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 17,500 | |||||||||
Interest Rate | 5.46% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 14,212 | 14,695 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $10,075 note issued March 2014 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 10,075 | |||||||||
Interest Rate | 5.10% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 8,808 | 9,004 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $65,000 note issued June 2016 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Interest Rate | 4.75% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 59,223 | 60,409 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $41,690 note issued March 2019 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 41,690 | |||||||||
Interest Rate | 4.80% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 41,291 | 41,690 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $6,944 notes issued March 2013 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 6,944 | |||||||||
Interest Rate | 4.50% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 5,332 | 5,549 | ||||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $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 | |||||||||
Interest Rate | 4.64% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 6,106 | 6,215 | ||||||||
Non-recourse debt obligations | Consolidated special purpose entities | Series 2018-1 Class A-1 Due October 2024 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | 150,000 | |||||||||
Non-recourse debt obligations | Consolidated special purpose entities | Series 2018-1 Class A-3 Due October 2024 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | 50,000 | |||||||||
Non-recourse debt obligations | Consolidated special purpose entities | Series 2018-1 Class A-2 Due October 2027 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 228,000 | |||||||||
Interest Rate | 4.29% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 215,918 | 218,198 | ||||||||
Non-recourse debt obligations | Consolidated special purpose entities | Series 2018-1 Class A-4 Due October 2027 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 164,000 | |||||||||
Interest Rate | 4.74% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 160,447 | $ 162,087 | ||||||||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2011 | |
Current income tax expense from continuing operations | ||||
Federal income tax | $ (4) | $ 42 | ||
State income tax | $ 813 | 588 | 665 | |
Total current income tax expense | 813 | 584 | $ 707 | |
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 | $ 1.1606 | $ 1.0677 | $ 1.2244 | |
Capital gain dividends | 0.0785 | 0.0180 | 0.0965 | |
Return of capital | 0.2259 | 0.3243 | 0.0034 | |
Total | $ 1.4650 | $ 1.4100 | $ 1.3243 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 14 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Nov. 30, 2020 | |
Common stock. | |||||
Gross Proceeds | $ 247,780 | $ 695,944 | $ 659,943 | ||
Declared dividends payable to common stockholders (in dollars) | $ 405,200 | $ 364,000 | $ 316,800 | ||
2020 ATM Program | |||||
Common stock. | |||||
Shares Sold | 7,322,471 | 10,841,531 | |||
Weighted Average Price per Share | $ 33.84 | $ 33.28 | |||
Gross Proceeds | $ 247,800 | $ 360,800 | |||
Sales Agents' Commissions | (3,700) | (5,400) | |||
Other Offering Expenses | (400) | (600) | |||
Net Proceeds | 243,700 | 354,800 | |||
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 ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares repurchased in connection with tax withholding obligations (in shares) | 288,132 | 139,131 | 167,143 | ||
Weighted Average Price | |||||
Volatility rate (as a percent) | 46.01% | 19.31% | 21.14% | ||
Risk free interest rate (as a percent) | 0.25% | 1.42% | 2.38% | ||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | ||
Compensation expense for share based payments | $ 32.2 | $ 4.7 | $ 11.7 | ||
Unrecognized compensation cost | $ 16 | ||||
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 | ||||
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 | 3,117,839 | ||||
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 | 639,554 | 285,238 | 331,001 | ||
Granted in period (in shares) | 195,278 | 491,009 | 131,158 | ||
Vested in period (in shares) | (313,518) | (130,642) | (162,315) | ||
Forfeited in period (in shares) | (83,890) | (6,051) | (14,606) | ||
Outstanding nonvested shares, end of year | 437,424 | 639,554 | 285,238 | ||
Weighted Average Price | |||||
Outstanding nonvested shares, beginning of year | $ 23.69 | $ 27.70 | $ 24.10 | ||
Shares granted | 34.03 | 22.63 | 32.35 | ||
Shares vested | 26.58 | 28.15 | 24.24 | ||
Shares forfeited | 25.09 | 30.89 | 26.84 | ||
Outstanding nonvested shares, end of year | $ 25.96 | $ 23.69 | $ 27.70 | ||
Vesting (as a percent) | 25.00% | ||||
Accrued dividend equivalents | $ 1.3 | $ 1.2 | |||
Restricted stock units | |||||
Number of shares | |||||
Outstanding nonvested shares, beginning of year | 1,298,175 | 1,203,018 | 1,015,861 | ||
Granted in period (in shares) | 846,896 | 534,141 | 628,909 | ||
Vested in period (in shares) | (468,466) | (376,961) | (284,775) | ||
Forfeited in period (in shares) | (338,839) | (62,023) | (156,977) | ||
Not earned in period (in shares) | 332,012 | ||||
Outstanding nonvested shares, end of year | 1,005,754 | 1,298,175 | 1,203,018 | ||
Weighted Average Price | |||||
Accrued dividend equivalents | $ 1.3 | ||||
Number of years in performance period | 3 years | ||||
Restricted stock units | Executive Officer | |||||
Weighted Average Price | |||||
Accrued dividend paid | $ 2.4 | $ 1.1 | 1.3 | ||
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 | $ 7.8 | $ 5.4 | $ 5.6 | ||
Restricted stock units | Grants 2018 and 2019 | Three Year Performance Period | |||||
Weighted Average Price | |||||
Vesting (as a percent) | 100.00% | ||||
Restricted stock units | Grants 2018, 2019 and 2020 | |||||
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 | |||||
Number of years in performance period | 3 years | ||||
Restricted stock units | Grants 2021 | |||||
Number of shares | |||||
Percentage of shares based on benchmark one (as a percent) | 75.00% | ||||
Percentage of shares based on benchmark two (as a percent) | 25.00% | ||||
Weighted Average Price | |||||
Number of years in performance period | 3 years |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)period | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Commitments and Contingencies | |||
Number of renewal periods at the option of the Company | period | 1 | ||
Renewal period | 5 years | ||
Rent expense | $ 735,000 | $ 737,000 | $ 724,000 |
Future minimum rental commitment | |||
Operating ground lease assets | 33,318,000 | 34,683,000 | |
Operating lease liabilities | $ 37,637,000 | 39,317,000 | |
Matching contribution (in percentage) | 4.00% | ||
Matching contribution made by the company (in value) | $ 603,000 | $ 515,000 | $ 478,000 |
Commitments to fund improvements to real estate properties | |||
Commitments and Contingencies | |||
Real estate property improvement commitments | 160,700,000 | ||
Real estate property improvement commitments, in Next Twelve Months | 143,500,000 | ||
Corporate office space | |||
Commitments and Contingencies | |||
2022 | 791,000 | ||
2023 | 805,000 | ||
2024 | 819,000 | ||
2025 | 834,000 | ||
2026 | 848,000 | ||
Thereafter | 500,000 | ||
Future minimum rental commitment | |||
Operating ground lease assets | 3,500,000 | ||
Operating lease liabilities | $ 4,000,000 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Level 2 Fair Value | Carrying value | ||
Derivatives [Line items] | ||
Long-term debt obligations | $ 4,208.5 | $ 3,722.2 |
Level 2 Fair Value | Fair value | ||
Derivatives [Line items] | ||
Long-term debt obligations | 4,478.4 | 4,047.6 |
Accrued expenses deferred revenue and other liabilities | ||
Derivatives [Line items] | ||
Fair value of derivative liability | $ 0 | $ 0.4 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)propertystate | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2,738 | |||
Encumbrances | $ 179,265 | |||
Land & Improvements, Initial Cost to Company | 2,941,291 | |||
Building & improvements, Initial Cost to Company | 6,080,790 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 192,111 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 722,128 | |||
Land & Improvements, Gross | 3,133,402 | |||
Building & Improvements, Gross | 6,802,918 | |||
Total real estate investments | 9,936,320 | $ 8,866,666 | $ 8,175,034 | $ 7,168,720 |
Accumulated Depreciation | $ (1,134,007) | $ (911,656) | $ (711,176) | $ (556,690) |
Number of single-tenant properties | property | 2,835 | |||
Number of properties owned | property | 2,811 | |||
Number of owned properties are considered to be held for sale | property | 2 | |||
Number of ground lease interests (in properties) | property | 24 | 24 | ||
Number Of Real Estate Properties Direct Financing Receivables | property | 23 | 23 | ||
Aggregate cost for federal income tax purposes | $ 10,235,600 | |||
Non recourse debt obligations collateral | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Nonrecourse debt obligations of consolidated special purpose entities, net | $ 2,300,000 | |||
SERVICE INDUSTRIES | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2,213 | |||
Encumbrances | $ 65,005 | |||
Land & Improvements, Initial Cost to Company | 2,009,307 | |||
Building & improvements, Initial Cost to Company | 3,602,056 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 118,514 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 523,960 | |||
Land & Improvements, Gross | 2,127,821 | |||
Building & Improvements, Gross | 4,126,016 | |||
Total real estate investments | 6,253,837 | |||
Accumulated Depreciation | $ (737,017) | |||
Restaurants - Full Service | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 163 | |||
Number Of States | state | 28 | |||
Land & Improvements, Initial Cost to Company | $ 122,072 | |||
Building & improvements, Initial Cost to Company | 204,090 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,071 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 17,049 | |||
Land & Improvements, Gross | 124,143 | |||
Building & Improvements, Gross | 221,139 | |||
Total real estate investments | 345,282 | |||
Accumulated Depreciation | $ (40,324) | |||
Restaurants - Full Service | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 170 | |||
Number Of States | state | 32 | |||
Land & Improvements, Initial Cost to Company | $ 150,929 | |||
Building & improvements, Initial Cost to Company | 218,631 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,450 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 22,084 | |||
Land & Improvements, Gross | 156,379 | |||
Building & Improvements, Gross | 240,715 | |||
Total real estate investments | 397,094 | |||
Accumulated Depreciation | $ (75,367) | |||
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 | $ 5,332 | |||
Land & Improvements, Initial Cost to Company | 5,123 | |||
Building & improvements, Initial Cost to Company | 5,981 | |||
Land & Improvements, Gross | 5,123 | |||
Building & Improvements, Gross | 5,981 | |||
Total real estate investments | 11,104 | |||
Accumulated Depreciation | $ (2,391) | |||
Restaurants - Limited Service | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 195 | |||
Number Of States | state | 24 | |||
Land & Improvements, Initial Cost to Company | $ 125,502 | |||
Building & improvements, Initial Cost to Company | 170,646 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,321 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 13,325 | |||
Land & Improvements, Gross | 127,823 | |||
Building & Improvements, Gross | 183,971 | |||
Total real estate investments | 311,794 | |||
Accumulated Depreciation | $ (23,279) | |||
Restaurants - Limited Service | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 197 | |||
Number Of States | state | 25 | |||
Land & Improvements, Initial Cost to Company | $ 75,310 | |||
Building & improvements, Initial Cost to Company | 98,920 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,238 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,721 | |||
Land & Improvements, Gross | 77,548 | |||
Building & Improvements, Gross | 106,641 | |||
Total real estate investments | 184,189 | |||
Accumulated Depreciation | $ (40,271) | |||
Child Day Care Services | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 85 | |||
Number Of States | state | 19 | |||
Land & Improvements, Initial Cost to Company | $ 68,498 | |||
Building & improvements, Initial Cost to Company | 150,354 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,778 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,503 | |||
Land & Improvements, Gross | 71,276 | |||
Building & Improvements, Gross | 159,857 | |||
Total real estate investments | 231,133 | |||
Accumulated Depreciation | $ (24,266) | |||
Child Day Care Services | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 183 | |||
Number Of States | state | 25 | |||
Land & Improvements, Initial Cost to Company | $ 118,862 | |||
Building & improvements, Initial Cost to Company | 232,733 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,051 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 34,173 | |||
Land & Improvements, Gross | 128,913 | |||
Building & Improvements, Gross | 266,906 | |||
Total real estate investments | 395,819 | |||
Accumulated Depreciation | $ (55,359) | |||
Health Clubs | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 32 | |||
Number Of States | state | 13 | |||
Land & Improvements, Initial Cost to Company | $ 48,174 | |||
Building & improvements, Initial Cost to Company | 109,758 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,298 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 36,178 | |||
Land & Improvements, Gross | 58,472 | |||
Building & Improvements, Gross | 145,936 | |||
Total real estate investments | 204,408 | |||
Accumulated Depreciation | $ (19,330) | |||
Health Clubs | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 55 | |||
Number Of States | state | 17 | |||
Land & Improvements, Initial Cost to Company | $ 74,254 | |||
Building & improvements, Initial Cost to Company | 149,205 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,521 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 65,185 | |||
Land & Improvements, Gross | 83,775 | |||
Building & Improvements, Gross | 214,390 | |||
Total real estate investments | 298,165 | |||
Accumulated Depreciation | $ (35,357) | |||
Health Clubs | 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 | $ 6,106 | |||
Land & Improvements, Initial Cost to Company | 2,770 | |||
Building & improvements, Initial Cost to Company | 5,454 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,761 | |||
Land & Improvements, Gross | 2,770 | |||
Building & Improvements, Gross | 7,215 | |||
Total real estate investments | 9,985 | |||
Accumulated Depreciation | $ (343) | |||
Automotive Repair and Maintenance | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 157 | |||
Number Of States | state | 21 | |||
Land & Improvements, Initial Cost to Company | $ 123,321 | |||
Building & improvements, Initial Cost to Company | 192,066 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,541 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 29,232 | |||
Land & Improvements, Gross | 132,862 | |||
Building & Improvements, Gross | 221,298 | |||
Total real estate investments | 354,160 | |||
Accumulated Depreciation | $ (25,789) | |||
Automotive Repair and Maintenance | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 56 | |||
Number Of States | state | 14 | |||
Land & Improvements, Initial Cost to Company | $ 45,551 | |||
Building & improvements, Initial Cost to Company | 96,397 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 294 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,456 | |||
Land & Improvements, Gross | 45,845 | |||
Building & Improvements, Gross | 98,853 | |||
Total real estate investments | 144,698 | |||
Accumulated Depreciation | $ (15,444) | |||
Lumber and Other Construction Materials Merchant Wholesalers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 149 | |||
Number Of States | state | 21 | |||
Land & Improvements, Initial Cost to Company | $ 137,539 | |||
Building & improvements, Initial Cost to Company | 173,782 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1 | |||
Land & Improvements, Gross | 137,539 | |||
Building & Improvements, Gross | 173,783 | |||
Total real estate investments | 311,322 | |||
Accumulated Depreciation | $ (31,968) | |||
Lumber and Other Construction Materials Merchant Wholesalers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 15 | |||
Number Of States | state | 3 | |||
Land & Improvements, Initial Cost to Company | $ 27,616 | |||
Building & improvements, Initial Cost to Company | 15,997 | |||
Land & Improvements, Gross | 27,616 | |||
Building & Improvements, Gross | 15,997 | |||
Total real estate investments | 43,613 | |||
Accumulated Depreciation | $ (5,811) | |||
Movie Theaters | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 18 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 48,134 | |||
Building & improvements, Initial Cost to Company | 75,682 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,899 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 49,296 | |||
Land & Improvements, Gross | 53,033 | |||
Building & Improvements, Gross | 124,978 | |||
Total real estate investments | 178,011 | |||
Accumulated Depreciation | $ (24,858) | |||
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 | |||
Building & improvements, Initial Cost to Company | 45,393 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,114 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 29,899 | |||
Land & Improvements, Gross | 29,332 | |||
Building & Improvements, Gross | 75,292 | |||
Total real estate investments | 104,624 | |||
Accumulated Depreciation | $ (17,854) | |||
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 | $ 20,085 | |||
Land & Improvements, Initial Cost to Company | 15,708 | |||
Building & improvements, Initial Cost to Company | 24,322 | |||
Land & Improvements, Gross | 15,708 | |||
Building & Improvements, Gross | 24,322 | |||
Total real estate investments | 40,030 | |||
Accumulated Depreciation | $ (10,759) | |||
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 | |||
Building & improvements, Initial Cost to Company | 72,203 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,774 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 36,539 | |||
Land & Improvements, Gross | 46,759 | |||
Building & Improvements, Gross | 108,742 | |||
Total real estate investments | 155,501 | |||
Accumulated Depreciation | $ (8,224) | |||
Elementary and Secondary Schools | (f) | ||||
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 | $ 20,609 | |||
Building & improvements, Initial Cost to Company | 17,287 | |||
Land & Improvements, Gross | 20,609 | |||
Building & Improvements, Gross | 17,287 | |||
Total real estate investments | 37,896 | |||
Accumulated Depreciation | $ (3,489) | |||
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 | $ 9,961 | |||
Land & Improvements, Initial Cost to Company | 7,537 | |||
Building & improvements, Initial Cost to Company | 12,397 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,218 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,622 | |||
Land & Improvements, Gross | 8,755 | |||
Building & Improvements, Gross | 17,019 | |||
Total real estate investments | 25,774 | |||
Accumulated Depreciation | $ (5,522) | |||
Other Personal Services | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 40 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 33,543 | |||
Building & improvements, Initial Cost to Company | 34,959 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11,902 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 41,235 | |||
Land & Improvements, Gross | 45,445 | |||
Building & Improvements, Gross | 76,194 | |||
Total real estate investments | 121,639 | |||
Accumulated Depreciation | $ (8,807) | |||
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 | |||
Building & improvements, Initial Cost to Company | 45,559 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,346 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,105 | |||
Land & Improvements, Gross | 26,480 | |||
Building & Improvements, Gross | 47,664 | |||
Total real estate investments | 74,144 | |||
Accumulated Depreciation | $ (15,829) | |||
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 | 16 | |||
Number Of States | state | 8 | |||
Land & Improvements, Initial Cost to Company | $ 51,533 | |||
Building & improvements, Initial Cost to Company | 124,315 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,058 | |||
Land & Improvements, Gross | 51,533 | |||
Building & Improvements, Gross | 131,373 | |||
Total real estate investments | 182,906 | |||
Accumulated Depreciation | $ (10,480) | |||
Commercial and Industrial Machinery and Equipment Rental and Leasing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 11 | |||
Number Of States | state | 5 | |||
Land & Improvements, Initial Cost to Company | $ 12,149 | |||
Building & improvements, Initial Cost to Company | 18,380 | |||
Land & Improvements, Gross | 12,149 | |||
Building & Improvements, Gross | 18,380 | |||
Total real estate investments | 30,529 | |||
Accumulated Depreciation | $ (3,636) | |||
Commercial and Industrial Machinery and Equipment Rental and Leasing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 39 | |||
Number Of States | state | 19 | |||
Land & Improvements, Initial Cost to Company | $ 50,037 | |||
Building & improvements, Initial Cost to Company | 63,346 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,809 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,408 | |||
Land & Improvements, Gross | 54,846 | |||
Building & Improvements, Gross | 67,754 | |||
Total real estate investments | 122,600 | |||
Accumulated Depreciation | $ (8,306) | |||
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 | |||
Building & improvements, Initial Cost to Company | 44,346 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,268 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,076 | |||
Land & Improvements, Gross | 29,835 | |||
Building & Improvements, Gross | 50,422 | |||
Total real estate investments | 80,257 | |||
Accumulated Depreciation | $ (7,465) | |||
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 | |||
Building & improvements, Initial Cost to Company | 44,134 | |||
Land & Improvements, Gross | 20,683 | |||
Building & Improvements, Gross | 44,134 | |||
Total real estate investments | 64,817 | |||
Accumulated Depreciation | $ (10,343) | |||
Outpatient Care Centers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 45 | |||
Number Of States | state | 15 | |||
Land & Improvements, Initial Cost to Company | $ 22,507 | |||
Building & improvements, Initial Cost to Company | 58,895 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,159 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11,227 | |||
Land & Improvements, Gross | 24,666 | |||
Building & Improvements, Gross | 70,122 | |||
Total real estate investments | 94,788 | |||
Accumulated Depreciation | $ (10,394) | |||
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 | |||
Building & improvements, Initial Cost to Company | 20,308 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,579 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 18,675 | |||
Land & Improvements, Gross | 10,790 | |||
Building & Improvements, Gross | 38,983 | |||
Total real estate investments | 49,773 | |||
Accumulated Depreciation | $ (7,161) | |||
Offices of Physicians | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 18 | |||
Number Of States | state | 7 | |||
Land & Improvements, Initial Cost to Company | $ 10,401 | |||
Building & improvements, Initial Cost to Company | 39,623 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,019 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,917 | |||
Land & Improvements, Gross | 12,420 | |||
Building & Improvements, Gross | 42,540 | |||
Total real estate investments | 54,960 | |||
Accumulated Depreciation | $ (4,537) | |||
Offices of Physicians | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 29 | |||
Number Of States | state | 5 | |||
Land & Improvements, Initial Cost to Company | $ 17,033 | |||
Building & improvements, Initial Cost to Company | 60,989 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 22 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 327 | |||
Land & Improvements, Gross | 17,055 | |||
Building & Improvements, Gross | 61,316 | |||
Total real estate investments | 78,371 | |||
Accumulated Depreciation | $ (6,475) | |||
Family Entertainment Centers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Number Of States | state | 4 | |||
Land & Improvements, Initial Cost to Company | $ 19,475 | |||
Building & improvements, Initial Cost to Company | 41,904 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,712 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,385 | |||
Land & Improvements, Gross | 21,187 | |||
Building & Improvements, Gross | 43,289 | |||
Total real estate investments | 64,476 | |||
Accumulated Depreciation | $ (5,881) | |||
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 | |||
Building & improvements, Initial Cost to Company | 32,880 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,872 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,294 | |||
Land & Improvements, Gross | 18,560 | |||
Building & Improvements, Gross | 39,174 | |||
Total real estate investments | 57,734 | |||
Accumulated Depreciation | $ (9,906) | |||
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 | |||
Building & improvements, Initial Cost to Company | 41,453 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,086 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,661 | |||
Land & Improvements, Gross | 73,194 | |||
Building & Improvements, Gross | 44,114 | |||
Total real estate investments | 117,308 | |||
Accumulated Depreciation | $ (16,058) | |||
Warehousing and Storage | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 10 | |||
Number Of States | state | 2 | |||
Land & Improvements, Initial Cost to Company | $ 30,439 | |||
Building & improvements, Initial Cost to Company | 75,326 | |||
Land & Improvements, Gross | 30,439 | |||
Building & Improvements, Gross | 75,326 | |||
Total real estate investments | 105,765 | |||
Accumulated Depreciation | $ (6,976) | |||
Commercial and Industrial Machinery and Equipment Repair and Maintenance | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 2 | |||
Number Of States | state | 1 | |||
Land & Improvements, Initial Cost to Company | $ 1,331 | |||
Building & improvements, Initial Cost to Company | 8,578 | |||
Land & Improvements, Gross | 1,331 | |||
Building & Improvements, Gross | 8,578 | |||
Total real estate investments | 9,909 | |||
Accumulated Depreciation | $ (79) | |||
Commercial and Industrial Machinery and Equipment Repair and Maintenance | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 20 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 23,793 | |||
Building & improvements, Initial Cost to Company | 55,500 | |||
Land & Improvements, Gross | 23,793 | |||
Building & Improvements, Gross | 55,500 | |||
Total real estate investments | 79,293 | |||
Accumulated Depreciation | $ (1,870) | |||
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 | |||
Building & improvements, Initial Cost to Company | 40,540 | |||
Land & Improvements, Gross | 18,407 | |||
Building & Improvements, Gross | 40,540 | |||
Total real estate investments | 58,947 | |||
Accumulated Depreciation | $ (4,298) | |||
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 | |||
Building & improvements, Initial Cost to Company | 15,270 | |||
Land & Improvements, Gross | 5,382 | |||
Building & Improvements, Gross | 15,270 | |||
Total real estate investments | 20,652 | |||
Accumulated Depreciation | $ (5,295) | |||
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 | |||
Building & improvements, Initial Cost to Company | 53,841 | |||
Land & Improvements, Gross | 3,798 | |||
Building & Improvements, Gross | 53,841 | |||
Total real estate investments | 57,639 | |||
Accumulated Depreciation | $ (7,621) | |||
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 | |||
Building & improvements, Initial Cost to Company | 14,234 | |||
Land & Improvements, Gross | 1,883 | |||
Building & Improvements, Gross | 14,234 | |||
Total real estate investments | 16,117 | |||
Accumulated Depreciation | $ (2,509) | |||
Psychiatric and Substance Abuse Hospitals | 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 | $ 3,226 | |||
Building & improvements, Initial Cost to Company | 17,623 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 81 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11,530 | |||
Land & Improvements, Gross | 3,307 | |||
Building & Improvements, Gross | 29,153 | |||
Total real estate investments | 32,460 | |||
Accumulated Depreciation | $ (3,304) | |||
Psychiatric and Substance Abuse Hospitals. | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 14 | |||
Number Of States | state | 1 | |||
Land & Improvements, Initial Cost to Company | $ 18,919 | |||
Building & improvements, Initial Cost to Company | 16,161 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 39 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 931 | |||
Land & Improvements, Gross | 18,958 | |||
Building & Improvements, Gross | 17,092 | |||
Total real estate investments | 36,050 | |||
Accumulated Depreciation | $ (797) | |||
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 | |||
Building & improvements, Initial Cost to Company | 13,055 | |||
Land & Improvements, Gross | 4,026 | |||
Building & Improvements, Gross | 13,055 | |||
Total real estate investments | 17,081 | |||
Accumulated Depreciation | $ (2,075) | |||
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 | |||
Building & improvements, Initial Cost to Company | 43,259 | |||
Land & Improvements, Gross | 7,063 | |||
Building & Improvements, Gross | 43,259 | |||
Total real estate investments | 50,322 | |||
Accumulated Depreciation | $ (9,823) | |||
Consumer Goods Rental | 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 | |||
Building & improvements, Initial Cost to Company | 1,857 | |||
Land & Improvements, Gross | 746 | |||
Building & Improvements, Gross | 1,857 | |||
Total real estate investments | 2,603 | |||
Accumulated Depreciation | $ (387) | |||
Consumer Goods Rental | (f) | ||||
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 | $ 14,187 | |||
Building & improvements, Initial Cost to Company | 40,414 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 764 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,492 | |||
Land & Improvements, Gross | 14,951 | |||
Building & Improvements, Gross | 46,906 | |||
Total real estate investments | 61,857 | |||
Accumulated Depreciation | $ (10,303) | |||
Machinery, Equipment, and Supplies Merchant Wholesalers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 15 | |||
Number Of States | state | 11 | |||
Land & Improvements, Initial Cost to Company | $ 6,989 | |||
Building & improvements, Initial Cost to Company | 19,778 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6 | |||
Land & Improvements, Gross | 6,989 | |||
Building & Improvements, Gross | 19,784 | |||
Total real estate investments | 26,773 | |||
Accumulated Depreciation | $ (4,250) | |||
Machinery, Equipment, and Supplies Merchant Wholesalers | (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 | |||
Building & improvements, Initial Cost to Company | 24,075 | |||
Land & Improvements, Gross | 10,222 | |||
Building & Improvements, Gross | 24,075 | |||
Total real estate investments | 34,297 | |||
Accumulated Depreciation | $ (6,925) | |||
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 | |||
Building & improvements, Initial Cost to Company | 24,070 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 766 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,161 | |||
Land & Improvements, Gross | 3,931 | |||
Building & Improvements, Gross | 28,231 | |||
Total real estate investments | 32,162 | |||
Accumulated Depreciation | $ (6,920) | |||
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 | $ 14,212 | |||
Land & Improvements, Initial Cost to Company | 4,528 | |||
Building & improvements, Initial Cost to Company | 22,213 | |||
Land & Improvements, Gross | 4,528 | |||
Building & Improvements, Gross | 22,213 | |||
Total real estate investments | 26,741 | |||
Accumulated Depreciation | $ (4,394) | |||
Offices of Dentists | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 41 | |||
Number Of States | state | 10 | |||
Land & Improvements, Initial Cost to Company | $ 15,223 | |||
Building & improvements, Initial Cost to Company | 36,168 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 36 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 522 | |||
Land & Improvements, Gross | 15,259 | |||
Building & Improvements, Gross | 36,690 | |||
Total real estate investments | 51,949 | |||
Accumulated Depreciation | $ (2,140) | |||
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 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,858 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 392 | |||
Land & Improvements, Gross | 29,792 | |||
Building & Improvements, Gross | 392 | |||
Total real estate investments | 30,184 | |||
Accumulated Depreciation | $ (1,930) | |||
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 | |||
Building & improvements, Initial Cost to Company | 13,408 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 329 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,176 | |||
Land & Improvements, Gross | 4,193 | |||
Building & Improvements, Gross | 15,584 | |||
Total real estate investments | 19,777 | |||
Accumulated Depreciation | $ (4,694) | |||
All Other Service | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 97 | |||
Number Of States | state | 30 | |||
Land & Improvements, Initial Cost to Company | $ 115,876 | |||
Building & improvements, Initial Cost to Company | 204,653 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,855 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 29,311 | |||
Land & Improvements, Gross | 121,731 | |||
Building & Improvements, Gross | 233,964 | |||
Total real estate investments | 355,695 | |||
Accumulated Depreciation | $ (40,559) | |||
All Other Service | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 28 | |||
Number Of States | state | 13 | |||
Land & Improvements, Initial Cost to Company | $ 22,718 | |||
Building & improvements, Initial Cost to Company | 105,850 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 444 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,427 | |||
Land & Improvements, Gross | 23,162 | |||
Building & Improvements, Gross | 110,277 | |||
Total real estate investments | 133,439 | |||
Accumulated Depreciation | $ (15,504) | |||
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 | $ 9,309 | |||
Land & Improvements, Initial Cost to Company | 807 | |||
Building & improvements, Initial Cost to Company | 13,794 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 620 | |||
Land & Improvements, Gross | 807 | |||
Building & Improvements, Gross | 14,414 | |||
Total real estate investments | 15,221 | |||
Accumulated Depreciation | $ (3,081) | |||
RETAIL INDUSTRIES | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 236 | |||
Encumbrances | $ 64,161 | |||
Land & Improvements, Initial Cost to Company | 501,837 | |||
Building & improvements, Initial Cost to Company | 1,078,417 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 65,985 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 126,899 | |||
Land & Improvements, Gross | 567,822 | |||
Building & Improvements, Gross | 1,205,316 | |||
Total real estate investments | 1,773,138 | |||
Accumulated Depreciation | $ (207,553) | |||
Furniture Stores | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 35 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 54,426 | |||
Building & improvements, Initial Cost to Company | 202,881 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,660 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 20,205 | |||
Land & Improvements, Gross | 57,086 | |||
Building & Improvements, Gross | 223,086 | |||
Total real estate investments | 280,172 | |||
Accumulated Depreciation | $ (25,151) | |||
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 | $ 49,132 | |||
Building & improvements, Initial Cost to Company | 87,607 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 896 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,906 | |||
Land & Improvements, Gross | 50,028 | |||
Building & Improvements, Gross | 94,513 | |||
Total real estate investments | 144,541 | |||
Accumulated Depreciation | $ (24,284) | |||
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 | $ 4,938 | |||
Land & Improvements, Initial Cost to Company | 4,733 | |||
Building & improvements, Initial Cost to Company | 5,995 | |||
Land & Improvements, Gross | 4,733 | |||
Building & Improvements, Gross | 5,995 | |||
Total real estate investments | 10,728 | |||
Accumulated Depreciation | $ (2,010) | |||
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 | $ 68,910 | |||
Building & improvements, Initial Cost to Company | 126,308 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 33,053 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 56,248 | |||
Land & Improvements, Gross | 101,963 | |||
Building & Improvements, Gross | 182,556 | |||
Total real estate investments | 284,519 | |||
Accumulated Depreciation | $ (33,793) | |||
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 | $ 59,223 | |||
Land & Improvements, Initial Cost to Company | 32,348 | |||
Building & improvements, Initial Cost to Company | 67,758 | |||
Land & Improvements, Gross | 32,348 | |||
Building & Improvements, Gross | 67,758 | |||
Total real estate investments | 100,106 | |||
Accumulated Depreciation | $ (17,944) | |||
Car Dealers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 38 | |||
Number Of States | state | 15 | |||
Land & Improvements, Initial Cost to Company | $ 94,324 | |||
Building & improvements, Initial Cost to Company | 164,743 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 797 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,250 | |||
Land & Improvements, Gross | 95,121 | |||
Building & Improvements, Gross | 167,993 | |||
Total real estate investments | 263,114 | |||
Accumulated Depreciation | $ (12,537) | |||
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 | |||
Building & improvements, Initial Cost to Company | 6,700 | |||
Land & Improvements, Gross | 4,114 | |||
Building & Improvements, Gross | 6,700 | |||
Total real estate investments | 10,814 | |||
Accumulated Depreciation | $ (1,248) | |||
Other Motor Vehicle Dealers | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 13 | |||
Number Of States | state | 11 | |||
Land & Improvements, Initial Cost to Company | $ 32,485 | |||
Building & improvements, Initial Cost to Company | 40,883 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,199 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 17,966 | |||
Land & Improvements, Gross | 41,684 | |||
Building & Improvements, Gross | 58,849 | |||
Total real estate investments | 100,533 | |||
Accumulated Depreciation | $ (10,241) | |||
Other Motor Vehicle Dealers | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 19 | |||
Number Of States | state | 14 | |||
Land & Improvements, Initial Cost to Company | $ 42,744 | |||
Building & improvements, Initial Cost to Company | 73,301 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 19,291 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 20,480 | |||
Land & Improvements, Gross | 62,035 | |||
Building & Improvements, Gross | 93,781 | |||
Total real estate investments | 155,816 | |||
Accumulated Depreciation | $ (23,799) | |||
All Other Retail | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 30 | |||
Number Of States | state | 15 | |||
Land & Improvements, Initial Cost to Company | $ 54,819 | |||
Building & improvements, Initial Cost to Company | 153,114 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 29 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,111 | |||
Land & Improvements, Gross | 54,848 | |||
Building & Improvements, Gross | 154,225 | |||
Total real estate investments | 209,073 | |||
Accumulated Depreciation | $ (22,418) | |||
All Other Retail | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 29 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 63,802 | |||
Building & improvements, Initial Cost to Company | 149,127 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 60 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 733 | |||
Land & Improvements, Gross | 63,862 | |||
Building & Improvements, Gross | 149,860 | |||
Total real estate investments | 213,722 | |||
Accumulated Depreciation | $ (34,128) | |||
MANUFACTURING INDUSTRIES | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 289 | |||
Encumbrances | $ 50,099 | |||
Land & Improvements, Initial Cost to Company | 430,147 | |||
Building & improvements, Initial Cost to Company | 1,400,317 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,612 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 71,269 | |||
Land & Improvements, Gross | 437,759 | |||
Building & Improvements, Gross | 1,471,586 | |||
Total real estate investments | 1,909,345 | |||
Accumulated Depreciation | $ (189,437) | |||
Architectural and Structural Metals Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 19 | |||
Number Of States | state | 10 | |||
Land & Improvements, Initial Cost to Company | $ 38,800 | |||
Building & improvements, Initial Cost to Company | 113,432 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 114 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,670 | |||
Land & Improvements, Gross | 38,914 | |||
Building & Improvements, Gross | 115,102 | |||
Total real estate investments | 154,016 | |||
Accumulated Depreciation | $ (4,074) | |||
Architectural and Structural Metals Manufacturing | (f) | ||||
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 | $ 9,778 | |||
Building & improvements, Initial Cost to Company | 47,695 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 664 | |||
Land & Improvements, Gross | 9,778 | |||
Building & Improvements, Gross | 48,359 | |||
Total real estate investments | 58,137 | |||
Accumulated Depreciation | $ (3,853) | |||
Motor Vehicle Parts Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 17 | |||
Number Of States | state | 7 | |||
Land & Improvements, Initial Cost to Company | $ 30,140 | |||
Building & improvements, Initial Cost to Company | 106,776 | |||
Land & Improvements, Gross | 30,140 | |||
Building & Improvements, Gross | 106,776 | |||
Total real estate investments | 136,916 | |||
Accumulated Depreciation | $ (6,550) | |||
Motor Vehicle Parts Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Number Of States | state | 3 | |||
Land & Improvements, Initial Cost to Company | $ 6,619 | |||
Building & improvements, Initial Cost to Company | 27,969 | |||
Land & Improvements, Gross | 6,619 | |||
Building & Improvements, Gross | 27,969 | |||
Total real estate investments | 34,588 | |||
Accumulated Depreciation | $ (5,444) | |||
Plastics Product Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 14 | |||
Number Of States | state | 10 | |||
Land & Improvements, Initial Cost to Company | $ 23,467 | |||
Building & improvements, Initial Cost to Company | 85,529 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 718 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,050 | |||
Land & Improvements, Gross | 24,185 | |||
Building & Improvements, Gross | 89,579 | |||
Total real estate investments | 113,764 | |||
Accumulated Depreciation | $ (15,453) | |||
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 | |||
Building & improvements, Initial Cost to Company | 22,008 | |||
Land & Improvements, Gross | 6,637 | |||
Building & Improvements, Gross | 22,008 | |||
Total real estate investments | 28,645 | |||
Accumulated Depreciation | $ (6,471) | |||
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 | 30 | |||
Number Of States | state | 12 | |||
Land & Improvements, Initial Cost to Company | $ 26,872 | |||
Building & improvements, Initial Cost to Company | 83,476 | |||
Land & Improvements, Gross | 26,872 | |||
Building & Improvements, Gross | 83,476 | |||
Total real estate investments | 110,348 | |||
Accumulated Depreciation | $ (15,913) | |||
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing | (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 | $ 3,663 | |||
Building & improvements, Initial Cost to Company | 9,878 | |||
Land & Improvements, Gross | 3,663 | |||
Building & Improvements, Gross | 9,878 | |||
Total real estate investments | 13,541 | |||
Accumulated Depreciation | $ (481) | |||
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 | |||
Building & improvements, Initial Cost to Company | 28,460 | |||
Land & Improvements, Gross | 6,894 | |||
Building & Improvements, Gross | 28,460 | |||
Total real estate investments | 35,354 | |||
Accumulated Depreciation | $ (4,595) | |||
Household and Institutional Furniture and Kitchen Cabinet Manufacturing | Collateral For CMBS Debt Dollar value | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 6 | |||
Number Of States | state | 1 | |||
Encumbrances | $ 41,291 | |||
Land & Improvements, Initial Cost to Company | 15,385 | |||
Building & improvements, Initial Cost to Company | 48,917 | |||
Land & Improvements, Gross | 15,385 | |||
Building & Improvements, Gross | 48,917 | |||
Total real estate investments | 64,302 | |||
Accumulated Depreciation | $ (6,771) | |||
Aerospace Product and Parts Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 13 | |||
Number Of States | state | 7 | |||
Land & Improvements, Initial Cost to Company | $ 17,139 | |||
Building & improvements, Initial Cost to Company | 51,368 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,393 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,203 | |||
Land & Improvements, Gross | 18,532 | |||
Building & Improvements, Gross | 60,571 | |||
Total real estate investments | 79,103 | |||
Accumulated Depreciation | $ (9,338) | |||
Aerospace Product and Parts Manufacturing | (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 | $ 1,219 | |||
Building & improvements, Initial Cost to Company | 3,750 | |||
Land & Improvements, Gross | 1,219 | |||
Building & Improvements, Gross | 3,750 | |||
Total real estate investments | 4,969 | |||
Accumulated Depreciation | $ (623) | |||
Other Food Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 7 | |||
Number Of States | state | 5 | |||
Land & Improvements, Initial Cost to Company | $ 17,666 | |||
Building & improvements, Initial Cost to Company | 51,087 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 12,196 | |||
Land & Improvements, Gross | 17,667 | |||
Building & Improvements, Gross | 63,283 | |||
Total real estate investments | 80,950 | |||
Accumulated Depreciation | $ (2,686) | |||
Forging and Stamping | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 9 | |||
Number Of States | state | 7 | |||
Land & Improvements, Initial Cost to Company | $ 19,508 | |||
Building & improvements, Initial Cost to Company | 54,628 | |||
Land & Improvements, Gross | 19,508 | |||
Building & Improvements, Gross | 54,628 | |||
Total real estate investments | 74,136 | |||
Accumulated Depreciation | $ (10,363) | |||
Forging and Stamping | (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 | $ 1,959 | |||
Building & improvements, Initial Cost to Company | 4,588 | |||
Land & Improvements, Gross | 1,959 | |||
Building & Improvements, Gross | 4,588 | |||
Total real estate investments | 6,547 | |||
Accumulated Depreciation | $ (1,654) | |||
Foundries | 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 | $ 8,465 | |||
Building & improvements, Initial Cost to Company | 22,650 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1 | |||
Land & Improvements, Gross | 8,465 | |||
Building & Improvements, Gross | 22,651 | |||
Total real estate investments | 31,116 | |||
Accumulated Depreciation | $ (2,088) | |||
Foundries | (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 | $ 8,496 | |||
Building & improvements, Initial Cost to Company | 20,486 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,064 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 12,701 | |||
Land & Improvements, Gross | 10,560 | |||
Building & Improvements, Gross | 33,187 | |||
Total real estate investments | 43,747 | |||
Accumulated Depreciation | $ (9,411) | |||
Dairy Product Manufacturing | 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 | $ 3,511 | |||
Building & improvements, Initial Cost to Company | 28,290 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,481 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,490 | |||
Land & Improvements, Gross | 5,992 | |||
Building & Improvements, Gross | 36,780 | |||
Total real estate investments | 42,772 | |||
Accumulated Depreciation | $ (4,934) | |||
Dairy Product Manufacturing | (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 | $ 5,631 | |||
Building & improvements, Initial Cost to Company | 8,561 | |||
Land & Improvements, Gross | 5,631 | |||
Building & Improvements, Gross | 8,561 | |||
Total real estate investments | 14,192 | |||
Accumulated Depreciation | $ (155) | |||
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing | 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 | $ 11,622 | |||
Building & improvements, Initial Cost to Company | 37,359 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,312 | |||
Land & Improvements, Gross | 11,622 | |||
Building & Improvements, Gross | 44,671 | |||
Total real estate investments | 56,293 | |||
Accumulated Depreciation | $ (3,206) | |||
Semiconductor and Other Electronic Component Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 4 | |||
Number Of States | state | 4 | |||
Land & Improvements, Initial Cost to Company | $ 16,932 | |||
Building & improvements, Initial Cost to Company | 22,924 | |||
Land & Improvements, Gross | 16,932 | |||
Building & Improvements, Gross | 22,924 | |||
Total real estate investments | 39,856 | |||
Accumulated Depreciation | $ (3,858) | |||
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 | property | 1 | |||
Number Of States | state | 1 | |||
Encumbrances | $ 8,808 | |||
Land & Improvements, Initial Cost to Company | 4,398 | |||
Building & improvements, Initial Cost to Company | 11,502 | |||
Land & Improvements, Gross | 4,398 | |||
Building & Improvements, Gross | 11,502 | |||
Total real estate investments | 15,900 | |||
Accumulated Depreciation | $ (5,545) | |||
Bakeries and Tortilla 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 | $ 2,281 | |||
Building & improvements, Initial Cost to Company | 29,838 | |||
Land & Improvements, Gross | 2,281 | |||
Building & Improvements, Gross | 29,838 | |||
Total real estate investments | 32,119 | |||
Accumulated Depreciation | $ (1,666) | |||
Bakeries and Tortilla Manufacturing | (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 | $ 3,455 | |||
Building & improvements, Initial Cost to Company | 14,126 | |||
Land & Improvements, Gross | 3,455 | |||
Building & Improvements, Gross | 14,126 | |||
Total real estate investments | 17,581 | |||
Accumulated Depreciation | $ (1,012) | |||
Fruit and Vegetable Preserving and Specialty Food Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Number Of States | state | 5 | |||
Land & Improvements, Initial Cost to Company | $ 11,546 | |||
Building & improvements, Initial Cost to Company | 37,267 | |||
Land & Improvements, Gross | 11,546 | |||
Building & Improvements, Gross | 37,267 | |||
Total real estate investments | 48,813 | |||
Accumulated Depreciation | $ (3,490) | |||
Medical Equipment and Supplies Manufacturing | 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 | $ 7,505 | |||
Building & improvements, Initial Cost to Company | 40,644 | |||
Land & Improvements, Gross | 7,505 | |||
Building & Improvements, Gross | 40,644 | |||
Total real estate investments | 48,149 | |||
Accumulated Depreciation | $ (8,824) | |||
Agricultural, Construction, and Mining Machinery Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 5 | |||
Number Of States | state | 5 | |||
Land & Improvements, Initial Cost to Company | $ 10,330 | |||
Building & improvements, Initial Cost to Company | 37,212 | |||
Land & Improvements, Gross | 10,330 | |||
Building & Improvements, Gross | 37,212 | |||
Total real estate investments | 47,542 | |||
Accumulated Depreciation | $ (1,420) | |||
All Other Manufacturing | Unencumbered | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 74 | |||
Number Of States | state | 25 | |||
Land & Improvements, Initial Cost to Company | $ 75,914 | |||
Building & improvements, Initial Cost to Company | 290,933 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 841 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 14,982 | |||
Land & Improvements, Gross | 76,755 | |||
Building & Improvements, Gross | 305,915 | |||
Total real estate investments | 382,670 | |||
Accumulated Depreciation | $ (40,258) | |||
All Other Manufacturing | (f) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Properties | property | 19 | |||
Number Of States | state | 13 | |||
Land & Improvements, Initial Cost to Company | $ 34,315 | |||
Building & improvements, Initial Cost to Company | 58,964 | |||
Land & Improvements, Gross | 34,315 | |||
Building & Improvements, Gross | 58,964 | |||
Total real estate investments | 93,279 | |||
Accumulated Depreciation | $ (9,301) |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of total real estate carrying value | |||
Balance, beginning of year | $ 8,866,666 | $ 8,175,034 | $ 7,168,720 |
Acquisitions | 1,300,142 | 834,023 | 1,293,793 |
Improvements | 143,665 | 130,051 | 149,963 |
Provision for impairment of real estate | 21,800 | 21,978 | 18,201 |
Cost of real estate sold | (312,418) | (212,818) | (410,822) |
Reclasses to held for sale | (27,059) | (26,462) | |
Balance, end of year | 9,936,320 | 8,866,666 | 8,175,034 |
Reconciliation of accumulated depreciation for the years ended: | |||
Balance, beginning of year | (911,656) | (711,176) | (556,690) |
Depreciation expense | (262,566) | (238,853) | (216,726) |
Accumulated depreciation associated with real estate sold | (25,434) | (23,031) | (53,821) |
Other | 12,876 | 11,184 | 8,419 |
Reclasses to held for sale | 1,905 | 4,158 | |
Balance, end of year | $ (1,134,007) | $ (911,656) | $ (711,176) |
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, 2021USD ($)propertyloan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Mortgage Loans on Real Estate | |||
Outstanding face amount of mortgages | $ 345,902 | ||
Carrying amount of mortgages | 342,317 | $ 301,355 | $ 202,557 |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, beginning of year | 301,355 | 202,557 | 156,603 |
New mortgage loans | 75,666 | 132,542 | 74,681 |
Other capitalized loan origination costs | 98 | 155 | 54 |
Collections of principal | (32,046) | (32,151) | (28,701) |
Other: Provision for loan losses | (2,704) | (1,670) | |
Other: Amortization of loan origination costs | (52) | (78) | (80) |
Balance, end of year | 342,317 | 301,355 | 202,557 |
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Mortgages held for federal income tax purposes | 346,800 | ||
Mortgage loans previously classified as deferred financing receivables | 19,800 | ||
Non-cash transaction | $ 30,800 | $ 23,400 | $ 13,600 |
Movie Theater Properties, North Carolina | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.35% | ||
Final Payment Terms, Balloon payment | $ 12,400 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 12,411 | ||
Carrying amount of mortgages | 9,994 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 9,994 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 3 | ||
Restaurant Secured By Property Nashville TN | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 6.35% | ||
Final Payment Terms, Balloon payment | $ 3,200 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 3,176 | ||
Carrying amount of mortgages | 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 | 7,073 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 7,073 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Restaurant, Indiana | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 10.00% | ||
Final Payment Terms, Balloon payment | $ 500 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 513 | ||
Carrying amount of mortgages | 511 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 511 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 2 | ||
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 | 70,352 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 70,352 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 3 | ||
Metal Tank Manufacturing Properties Located in Illinois, Tennessee and Texas | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 7.90% | ||
Final Payment Terms, Balloon payment | $ 21,000 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 21,000 | ||
Carrying amount of mortgages | 20,959 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 20,959 | ||
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 | 8.49% | ||
Final Payment Terms, Balloon payment | $ 1,900 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 2,095 | ||
Carrying amount of mortgages | 2,098 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 2,098 | ||
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 | 8.55% | ||
Final Payment Terms, Balloon payment | $ 5,100 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 5,544 | ||
Carrying amount of mortgages | 5,547 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 5,547 | ||
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 | 9.16% | ||
Final Payment Terms, Balloon payment | $ 3,600 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 4,064 | ||
Carrying amount of mortgages | 4,042 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 4,042 | ||
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 | 8.06% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 2,741 | ||
Carrying amount of mortgages | 2,727 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 2,727 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Automotive Repair and Maintenance Properties, Nebraska, Pennsylvania and Texas | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.25% | ||
Outstanding face amount of mortgages | $ 30,170 | ||
Carrying amount of mortgages | 30,219 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 30,219 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 10 | ||
Restaurant, Tennessee | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.25% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 3,572 | ||
Carrying amount of mortgages | 3,571 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 3,571 | ||
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 | 16,959 | ||
Carrying amount of mortgages | 16,789 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 16,789 | ||
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 | 25,263 | ||
Carrying amount of mortgages | 25,035 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 25,035 | ||
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 | 30,537 | ||
Carrying amount of mortgages | 30,830 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 30,830 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Number of mortgage loans | loan | 3 | ||
Manufacturing Properties, California | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 9.00% | ||
Final Payment Terms, Balloon payment | $ 33,200 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 33,200 | ||
Carrying amount of mortgages | 32,933 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 32,933 | ||
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 | 9,928 | ||
Carrying amount of mortgages | 9,926 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 9,926 | ||
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 | 8.28% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 3,056 | ||
Carrying amount of mortgages | 3,036 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 3,036 | ||
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 in Ontario, Canada | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 9.72% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 22,162 | ||
Carrying amount of mortgages | 22,045 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 22,045 | ||
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 | 4,547 | ||
Carrying amount of mortgages | 4,503 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 4,503 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Five Family Entertainment Secured By Properties Located In Texas | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.20% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 22,847 | ||
Carrying amount of mortgages | 22,670 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 22,670 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 5 | ||
Family Entertainment Properties Secured By Properties Located In Texas | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 10.20% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 7,977 | ||
Carrying amount of mortgages | 7,963 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 7,963 | ||
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 | 6,286 | ||
Carrying amount of mortgages | 6,329 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 6,329 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 |