Store Capital (STOR) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		280,567,570
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001538990

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate investments:
Land and improvements	$ 3,239,050	$ 3,133,402
Buildings and improvements	7,096,841	6,802,918
Intangible lease assets	59,216	54,971
Total real estate investments	10,395,107	9,991,291
Less accumulated depreciation and amortization	(1,224,223)	(1,159,292)
Real estate investments, net	9,170,884	8,831,999
Real estate investments held for sale, net	33,234	25,154
Operating ground lease assets	32,960	33,318
Loans and financing receivables, net	736,410	697,269
Net investments	9,973,488	9,587,740
Cash and cash equivalents	39,340	64,269
Other assets, net	118,320	121,073
Total assets	10,131,148	9,773,082
Liabilities:
Credit facility	359,000	130,000
Unsecured notes payable, net	1,783,440	1,782,813
Non-recourse debt obligations of consolidated special purpose entities, net	2,410,834	2,425,708
Dividends payable	107,644	105,415
Operating lease liabilities	37,330	37,637
Accrued expenses, deferred revenue and other liabilities	145,909	147,380
Total liabilities	4,844,157	4,628,953
Stockholders' equity:
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 279,595,851 and 273,806,225 shares issued and outstanding, respectively	2,796	2,738
Capital in excess of par value	5,910,856	5,745,692
Distributions in excess of retained earnings	(624,558)	(602,137)
Accumulated other comprehensive loss	(2,103)	(2,164)
Total stockholders' equity	5,286,991	5,144,129
Total liabilities and stockholders' equity	$ 10,131,148	$ 9,773,082

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Common stock, par value per share	$ 0.01	$ 0.01
Common shares, authorized shares	375,000,000	375,000,000
Common shares, issued shares	279,595,851	273,806,225
Common shares, outstanding shares	279,595,851	273,806,225

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Rental revenues	$ 202,061	$ 169,328
Interest income on loans and financing receivables	14,930	12,563
Other income	5,125	370
Total revenues	222,116	182,261
Expenses:
Interest	43,999	41,828
Property costs	4,241	4,663
General and administrative	17,016	25,006
Depreciation and amortization	72,639	63,567
Provisions for impairment	912	7,350
Total expenses	138,807	142,414
Other income:
Net gain on dispositions of real estate	6,076	15,670
Loss from non-real estate, equity method investment	(2,157)	(363)
Income before income taxes	87,228	55,154
Income tax expense	206	194
Net income	$ 87,022	$ 54,960
Net income per share of common stock-basic	$ 0.32	$ 0.21
Net income per share of common stock-diluted	$ 0.32	$ 0.21
Weighted average common shares outstanding:
Basic (in shares)	275,003,273	266,366,698
Diluted (in shares)	275,003,273	266,366,698

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 87,022	$ 54,960
Other comprehensive income (loss):
Unrealized losses on cash flow hedges		(3)
Cash flow hedge losses reclassified to interest expense	61	365
Total other comprehensive income	61	362
Total comprehensive income	$ 87,083	$ 55,322

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2020	$ 2,661	$ 5,475,889	$ (459,977)	$ (2,795)	$ 5,015,778
Balance (in shares) at Dec. 31, 2020	266,112,676
Increase (Decrease) in Stockholders' Equity
Net income			54,960		54,960
Other comprehensive income (loss)				362	362
Issuance of common stock, net of costs	$ 35	114,068			114,103
Issuance of common stock, net of costs (shares)	3,483,051
Equity-based compensation	$ 4	12,901			12,905
Equity-based compensation (shares)	679,586
Shares repurchased under stock compensation plan		(5,579)	(3,227)		(8,806)
Shares repurchased under stock compensation plan (in shares)	(267,242)
Common dividends declared			(97,897)		(97,897)
Balance at Mar. 31, 2021	$ 2,700	5,597,279	(506,141)	(2,433)	5,091,405
Balance (in shares) at Mar. 31, 2021	270,008,071
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
Increase (Decrease) in Stockholders' Equity
Net income			87,022		87,022
Other comprehensive income (loss)				61	61
Issuance of common stock, net of costs	$ 55	166,107			166,162
Issuance of common stock, net of costs (shares)	5,539,138
Equity-based compensation	$ 3	3,065	81		3,149
Equity-based compensation (shares)	439,314
Shares repurchased under stock compensation plan		(4,008)	(1,880)		(5,888)
Shares repurchased under stock compensation plan (in shares)	(188,826)
Common dividends declared			(107,644)		(107,644)
Balance at Mar. 31, 2022	$ 2,796	$ 5,910,856	$ (624,558)	$ (2,103)	$ 5,286,991
Balance (in shares) at Mar. 31, 2022	279,595,851

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Stockholders' Equity
Stock issuance costs	$ 2,269	$ 1,961
Common dividends declared per common share (in dollars per share)	$ 0.385	$ 0.36

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Operating activities
Net income	$ 87,022	$ 54,960
Adjustments to net income:
Depreciation and amortization	72,639	63,567
Amortization of deferred financing costs and other noncash interest expense	2,161	2,100
Amortization of equity-based compensation	3,068	12,905
Provisions for impairment	912	7,350
Net gain on dispositions of real estate	(6,076)	(15,670)
Loss from non-real estate, equity method investment	2,157	363
Noncash revenue and other	(1,945)	(2,108)
Changes in operating assets and liabilities:
Other assets	1,798	5,350
Accrued expenses, deferred revenue and other liabilities	(849)	(4,928)
Net cash provided by operating activities	160,887	123,889
Investing activities
Acquisition of and additions to real estate	(467,495)	(246,195)
Investment in loans and financing receivables	(45,721)	(24,914)
Collections of principal on loans and financing receivables	5,090	2,460
Proceeds from dispositions of real estate	52,109	137,471
Net cash used in investing activities	(456,017)	(131,178)
Financing activities
Borrowings under credit facility	266,000
Repayments under credit facility	(37,000)
Repayments under non-recourse debt obligations of consolidated special purpose entities	(16,075)	(21,686)
Financing costs paid	(45)	(14)
Proceeds from the issuance of common stock	168,431	116,063
Stock issuance costs paid	(2,252)	(2,034)
Shares repurchased under stock compensation plans	(5,888)	(8,806)
Dividends paid	(106,686)	(98,193)
Net cash provided by (used in) financing activities	266,485	(14,670)
Net decrease in cash, cash equivalents and restricted cash	(28,645)	(21,959)
Cash, cash equivalents and restricted cash, beginning of period	70,049	176,576
Cash, cash equivalents and restricted cash, end of period	41,404	154,617
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	39,340	145,565
Restricted cash included in other assets	2,064	9,052
Total cash, cash equivalents and restricted cash	41,404	154,617
Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvements included in real estate investments	14,951	14,515
Accrued financing and stock issuance costs	17	17
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	40,084	40,765
Cash paid during the period for income and franchise taxes	$ 100	$ 60

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization
Organization	1. Organization STORE Capital Corporation (STORE Capital or the Company) was incorporated under the laws of Maryland on May 17, 2011 to acquire single-tenant operational real estate to be leased on a long-term, net basis to companies that operate across a wide variety of industries within the service, retail and manufacturing sectors of the United States economy. From time to time, it also provides mortgage financing to its customers. On November 21, 2014, the Company completed the initial public offering of its common stock. The shares began trading on the New York Stock Exchange on November 18, 2014 under the ticker symbol “STOR”. STORE Capital has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a real estate investment trust (REIT) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. As a REIT, it will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its stockholders and meets other specific requirements.

Summary of Significant Accounti

Summary of Significant Accounting Principles	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Principles
Summary of Significant Accounting Principles	2. Summary of Significant Accounting Principles Basis of Accounting and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements and, accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. These condensed consolidated statements include the accounts of STORE Capital and its subsidiaries, which are wholly owned and controlled by the Company through its voting interest. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all of the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s wholly owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At March 31, 2022 and December 31, 2021, these special purpose entities held assets totaling $8.9 billion and $8.5 billion, respectively, and had third-party liabilities totaling $2.6 billion and $2.6 billion, respectively. These assets and liabilities are included in the accompanying condensed consolidated balance sheets. ​ Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. ​ 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; net revenue recognized under these deferral arrangements results in a corresponding increase in receivables that are included in other assets, net on the condensed consolidated balance sheets. For the three months ended March 31, 2022, the Company recognized an additional $0.7 million of net revenue and collected $3.4 million of the receivables associated with these deferral arrangements . During the three months ended March 31, 2021, the Company recognized $2.0 million and collected $5.9 million in repayments of amounts deferred. 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 condensed 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 condensed 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 March 31, 2022 and December 31, 2021, the Company had $40.9 million and $39.4 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 3.8% 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 condensed consolidated statements of income. Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. 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 three months ended March 31, 2022, the Company recognized aggregate provisions for the impairment of real estate of $1.2 million. The estimated fair value of the impaired real estate assets at March 31, 2022 was $8.4 million. The Company recognized an aggregate provision for the impairment of real estate of $5.4 million during the three months ended March 31, 2021. 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 March 31, 2022 and December 31, 2021, the Company had loans receivable with an aggregate outstanding principal balance of $26.4 million and $28.8 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 The Company accounts for provision of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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 three months ended March 31, 2022, the Company recognized an estimated $0.3 million net reduction of prior provisions for credit losses related to its loans and financing receivables; the reduction of the provision for credit losses is included in provisions for impairment on the condensed consolidated statements of income. The Company recognized an estimated $2.0 million of provisions for credit losses for the three months ended March 31, 2021. 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 $2.1 million and $5.8 million of restricted cash at March 31, 2022 and December 31, 2021, respectively, which are included in other assets, net, on the condensed consolidated balance sheets. ​ Deferred Costs ​ Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the condensed consolidated balance sheets. Deferred financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the condensed consolidated balance sheets. ​ Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of March 31, 2022, the Company had no derivative instruments in place. In April 2022, the Company entered into several interest rate swap agreements. One of the interest rate swap agreements has a notional amount of $200 million and was designated as a cash flow hedge of the Company's $200 million floating-rate bank term loan issued in April 2022 and due in May 2029. The remaining interest rate swap agreements have an aggregate notional amount of $400 million and were designated as cash flow hedges of the Company's $400 million floating-rate bank term loan issued in April 2022 and due in May 2027 (Note 4). ​ Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. Share-based Compensation Directors and key employees of the Company have been granted long-term incentive awards, including restricted stock awards (RSAs) and restricted stock unit awards (RSUs), which provide such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight-line basis or the amount vested. During the three months ended March 31, 2022, the Company granted RSAs representing 177,311 shares of restricted common stock to its directors and employees. During the same period, RSAs representing 102,496 shares of restricted stock vested and RSAs representing 35,602 shares were forfeited. In connection with the vesting of RSAs, the Company repurchased 68,351 shares as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plans. As of March 31, 2022, the Company had 476,637 shares of restricted common stock outstanding. The Company’s RSUs granted in 2019 through 2022 contain both a market condition and a performance condition as well as a service condition. The Company values the RSUs with a market condition using a Monte Carlo simulation model and values the RSUs with a performance condition based on the fair value of the awards expected to be earned and recognizes those amounts in general and administrative expense on a tranche-by-tranche basis ratably over the vesting periods. During the three months ended March 31, 2022, the Company awarded 629,307 RSUs to its executive officers. In connection with the vesting of 297,605 RSUs, the Company repurchased 120,475 shares during the three months ended March 31, 2022 as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plan. As of March 31, 2022, there were 1,635,061 RSUs outstanding. ​ Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (TRS) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes. Management of the Company determines whether any tax positions taken or expected to be taken meet the “more-likely-than-not” threshold of being sustained by the applicable federal, state or local tax authority. Certain state tax returns filed for 2017 and tax returns filed for 2018 through 2021 are subject to examination by these jurisdictions. As of March 31, 2022, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as general and administrative expense. There was no accrual for interest or penalties at March 31, 2022 or December 31, 2021. ​ Net Income Per Common Share Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 ​ 2021 Numerator: ​ ​ ​ Net income ​ ​ $ 87,022 ​ $ 54,960 ​ Less: earnings attributable to unvested restricted shares ​ ​ (102) ​ (227) ​ Net income used in basic and diluted income per share ​ ​ $ 86,920 ​ $ 54,733 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 275,463,866 ​ 266,991,452 ​ Less: Weighted average number of shares of unvested restricted stock ​ ​ ​ (460,593) ​ (624,754) ​ Weighted average shares outstanding used in basic income per share ​ ​ 275,003,273 ​ 266,366,698 ​ Effects of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Add: Treasury stock method impact of potentially dilutive securities (a) ​ ​ — ​ — ​ Weighted average shares outstanding used in diluted income per share ​ ​ 275,003,273 ​ 266,366,698 ​ (a) For the three months ended March 31, 2022 and 2021, excludes 144,661 shares and 244,602 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 indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments.
Investments	3. Investments ​ At March 31, 2022, STORE Capital had investments in 2,965 property locations representing 2,911 owned properties (of which 86 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 30 properties which secure mortgage loans. The gross investment portfolio totaled $11.2 billion at March 31, 2022 and consisted of the gross acquisition cost of the real estate investments totaling $10.4 billion, loans and financing receivables with an aggregate carrying amount of $736.4 million and operating ground lease assets totaling $33.0 million. As of March 31, 2022, approximately 35% of these investments are assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities (Note 4). The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. During the three months ended March 31, 2022, 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, 2021 2,866 ​ $ 10,748,937 ​ Acquisition of and additions to real estate (a) 97 ​ ​ 466,817 ​ Investment in loans and financing receivables 14 ​ ​ 45,721 ​ Sales of real estate (11) ​ ​ (52,490) ​ Principal collections on loans and financing receivables ​ (1) ​ ​ (5,090) ​ Net change in operating ground lease assets (b) ​ ​ ​ ​ (358) ​ Provisions for impairment ​ ​ ​ ​ (912) ​ Other ​ ​ ​ ​ (4,607) ​ Gross investments, March 31, 2022 (c) ​ ​ ​ 11,198,018 ​ Less accumulated depreciation and amortization (c) ​ ​ ​ (1,224,530) ​ Net investments, March 31, 2022 2,965 ​ $ 9,973,488 ​ (a) Excludes $15.6 million of tenant improvement advances disbursed in 2022 which were accrued as of December 31, 2021. (b) Represents amortization recognized on operating ground lease assets during the three months ended March 31, 2022. (c) Includes the dollar amount of investments ( $33.5 million) and the accumulated depreciation ( $0.3 million) related to real estate investments held for sale at March 31, 2022. The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Rental revenues: ​ ​ ​ ​ Operating leases (a)(c) ​ $ 201,892 ​ $ 169,316 ​ Sublease income - operating ground leases (b) ​ ​ 703 ​ ​ 703 ​ Amortization of lease related intangibles and costs ​ (534) ​ (691) ​ Total rental revenues ​ $ 202,061 ​ $ 169,328 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income on loans and financing receivables: ​ ​ ​ ​ ​ ​ ​ Mortgage and other loans receivable (c) ​ $ 7,879 ​ $ 5,929 ​ Sale-leaseback transactions accounted for as financing arrangements ​ 5,327 ​ 4,096 ​ Direct financing receivables ​ 1,724 ​ 2,538 ​ Total interest income on loans and financing receivables ​ $ 14,930 ​ $ 12,563 ​ (a) For the three months ended March 31, 2022 and 2021, includes $654,000 and $621,000 , respectively, of property tax tenant reimbursement revenue and includes $0.4 million and $3.1 million, respectively, of variable lease revenue. (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 three months ended March 31, 2022 and 2021, includes $0.7 million and $2.0 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 condensed consolidated balance sheets. 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 573 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 March 31, 2022. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at March 31, 2022, with the largest customer representing 2.9% of the total investment portfolio. On an annualized basis, as of March 31, 2022, the largest customer also represented 3.0% of the Company’s total investment portfolio revenues and the Company’s customers operated their businesses across approximately 895 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 March 31, 2022 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ Number of ​ Dollar ​ Total Dollar ​ ​ Investment ​ Amount of ​ Amount of ​ ​ Locations ​ Investments ​ Investments Restaurants 763 ​ $ 1,350,702 12 % Early childhood education centers 277 ​ ​ 650,023 6 ​ Metal fabrication 112 ​ ​ 642,473 6 ​ Automotive repair and maintenance 241 ​ ​ 626,362 6 ​ Health clubs 91 ​ ​ 570,156 5 ​ Furniture stores ​ 64 ​ ​ 413,447 ​ 4 ​ Farm and ranch supply stores 41 ​ ​ 377,293 3 ​ All other service industries 1,019 ​ ​ 3,906,607 35 ​ All other retail industries 155 ​ ​ 1,138,141 10 ​ All other manufacturing industries 202 ​ ​ 1,522,814 13 ​ Total (a) 2,965 ​ $ 11,198,018 100 % (a) Includes the dollar amount of investments ( $33.5 million) related to real estate investments held for sale at March 31, 2022. ​ Real Estate Investments The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at March 31, 2022 was approximately 13.3 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 March 31, 2022, 16 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 March 31, 2022, are as follows (in thousands): ​ ​ ​ ​ ​ Remainder of 2022 ​ $ 628,535 ​ 2023 ​ ​ 838,444 ​ 2024 ​ 830,643 ​ 2025 ​ 827,634 ​ 2026 ​ 821,328 ​ 2027 ​ ​ 809,939 ​ Thereafter ​ 6,444,417 ​ Total future minimum rentals (a) ​ $ 11,200,940 ​ (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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 ​ In-place leases ​ $ 39,767 ​ $ 35,522 ​ Ground lease-related intangibles ​ 19,449 ​ 19,449 ​ Above-market leases ​ — ​ — ​ Total intangible lease assets ​ 59,216 ​ 54,971 ​ Accumulated amortization ​ (24,643) ​ (25,285) ​ Net intangible lease assets ​ $ 34,573 ​ $ 29,686 ​ ​ Aggregate lease intangible amortization included in expense was $0.9 million during both the three months ended March 31, 2022 and 2021. The amount amortized as a decrease to rental revenue for capitalized above-market lease intangibles was $0.2 million during the three months ended March 31, 2021. Based on the balance of the intangible assets at March 31, 2022, the aggregate amortization expense is expected to be $2.7 million for the remainder of 2022, $3.2 million in 2023, $2.7 million in 2024, $2.2 million in 2025, $2.1 million in 2026 and $1.9 million in 2027. The weighted average remaining amortization period is approximately 10 years for the in-place lease intangibles and approximately 42 years for the amortizing ground lease-related intangibles. Operating Ground Lease Assets As of March 31, 2022, STORE Capital had operating ground lease assets aggregating $33.0 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 $755,000 and $794,000 during the three months ended March 31, 2022 and 2021, respectively. The Company also recognized, in rental revenues, sublease revenue associated with its operating ground leases of $703,000 for both the three months ended March 31, 2022 and 2021, respectively. The future minimum lease payments to be paid under the operating ground leases as of March 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground ​ ​ ​ ​ Ground ​ Leases ​ ​ ​ ​ ​ ​ Leases ​ Paid by ​ ​ ​ ​ ​ ​ Paid by ​ STORE Capital's ​ ​ ​ ​ ​ ​ STORE Capital ​ Tenants (a) ​ Total Remainder of 2022 ​ $ 300 ​ $ 2,081 ​ $ 2,381 ​ 2023 ​ ​ 4,149 ​ ​ 2,629 ​ ​ 6,778 ​ 2024 ​ 55 ​ 2,711 ​ 2,766 ​ 2025 ​ 57 ​ 2,395 ​ 2,452 ​ 2026 ​ 57 ​ 2,233 ​ 2,290 ​ 2027 ​ ​ 57 ​ ​ 2,227 ​ ​ 2,284 ​ Thereafter ​ 3,014 ​ 42,282 ​ 45,296 ​ Total lease payments ​ ​ 7,689 ​ ​ 56,558 ​ ​ 64,247 ​ Less imputed interest ​ (2,855) ​ (27,897) ​ (30,752) ​ Total operating lease liabilities - ground leases ​ $ 4,834 ​ $ 28,661 ​ $ 33,495 ​ (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 $56.6 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 ​ March 31, ​ December 31, Type ​ Rate (a) ​ Date ​ 2022 ​ 2021 Six mortgage loans receivable ​ 7.98 % ​ 2022 - 2026 ​ $ 114,896 ​ $ 114,911 ​ Three mortgage loans receivable 8.75 % ​ 2032 - 2036 ​ 11,689 ​ 14,444 ​ Fifteen mortgage loans receivable (b) 8.72 % ​ 2051 - 2060 ​ 217,991 ​ 216,547 ​ Total mortgage loans receivable ​ ​ ​ ​ ​ ​ 344,576 ​ 345,902 ​ Equipment and other loans receivable ​ 7.95 % ​ 2022 - 2036 ​ ​ 21,744 ​ ​ 25,409 ​ Total principal amount outstanding—loans receivable ​ ​ ​ ​ ​ ​ 366,320 ​ 371,311 ​ Unamortized loan origination costs ​ ​ ​ ​ ​ ​ 1,025 ​ 1,046 ​ Sale-leaseback transactions accounted for as financing arrangements (c) ​ 7.55 % ​ 2034 - 2043 ​ ​ 298,772 ​ ​ 255,483 ​ Direct financing receivables ​ ​ ​ ​ ​ ​ 78,559 ​ 78,637 ​ Allowance for credit and loan losses (d) ​ ​ ​ ​ ​ ​ ​ (8,266) ​ ​ (9,208) ​ Total loans and financing receivables ​ ​ ​ ​ ​ ​ $ 736,410 ​ $ 697,269 ​ (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 2042. (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 an aggregate $3.3 million of credit losses recognized since the adoption of ASC Topic 326. Loans Receivable At March 31, 2022, the Company held 42 loans receivable with an aggregate carrying amount of $360.6 million. Twenty-four of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on 11 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 Remainder of 2022 ​ $ 2,230 ​ $ 28,930 ​ $ 31,160 ​ 2023 ​ ​ 3,099 ​ ​ 80,698 ​ ​ 83,797 ​ 2024 ​ 1,964 ​ — ​ 1,964 ​ 2025 ​ 1,902 ​ — ​ 1,902 ​ 2026 ​ 1,977 ​ 20,371 ​ 22,348 ​ 2027 ​ ​ 1,687 ​ ​ 548 ​ ​ 2,235 ​ Thereafter ​ 172,616 ​ 50,298 ​ 222,914 ​ Total principal payments ​ $ 185,475 ​ $ 180,845 ​ $ 366,320 ​ ​ Sale-Leaseback Transactions Accounted for as Financing Arrangements As of March 31, 2022 and December 31, 2021, the Company had $298.8 million and $255.5 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 March 31, 2022, were as follows (in thousands): ​ ​ ​ ​ ​ ​ Remainder of 2022 ​ $ 17,210 ​ 2023 ​ ​ 23,016 ​ 2024 ​ 23,151 ​ 2025 ​ 23,291 ​ 2026 ​ 23,385 ​ 2027 ​ ​ 23,485 ​ Thereafter ​ 280,926 ​ Total future scheduled payments ​ $ 414,464 ​ ​ Direct Financing Receivables As of both March 31, 2022 and December 31, 2021, the Company had $78.6 million of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2022 ​ 2021 ​ Minimum lease payments receivable ​ $ 157,409 $ 159,371 ​ Estimated residual value of leased assets ​ 8,938 ​ 8,938 ​ Unearned income ​ (87,788) ​ (89,672) ​ Net investment ​ $ 78,559 ​ $ 78,637 ​ ​ As of March 31, 2022, the future minimum lease payments to be received under the direct financing lease receivables are expected to be $5.9 million for the remainder 2022, 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 March 31, 2022, $161.9 million of loans and financing receivables were categorized as investment grade and $581.8 million were categorized as non-investment grade. During the three months ended March 31, 2022, there were $0.3 million of reductions of prior provisions for credit losses recognized, no write-offs charged against the allowance and no recoveries of amounts previously written off. As of March 31, 2022, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was $26.5 million in 2022, $17.0 million in 2021, none in 2020, $88.9 million in 2019, none in 2018, and $29.5 million prior to 2018. The year of origination for loans and financing receivables with a credit quality indicator of non-investment grade was $14.5 million in 2022, $103.3 million in 2021, $136.2 million in 2020, $146.5 million in 2019, $27.4 million in 2018 and $153.9 million prior to 2018.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt
Debt	4. Debt Credit Facility The Company has an unsecured revolving credit facility with a group of lenders that is used to partially fund real estate acquisitions pending the issuance of long-term, fixed-rate debt. The credit facility has immediate availability of $600 million and an accordion feature of $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 $7.3 billion at March 31, 2022. The facility is recourse to the Company and, as of March 31, 2022, the Company was in compliance with the covenants under the facility. At March 31, 2022 and December 31, 2021, unamortized financing costs related to the Company’s credit facility totaled $3.5 million and $3.7 million, respectively, and are included in other assets, net, on the condensed consolidated balance sheets. Unsecured Notes Payable, net 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 March 31, 2022, 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. In April 2022, the Company entered into an aggregate $600 million of floating-rate, unsecured term loans with a group of lenders; the loans consist of a $400 million five-year loan and a $200 million seven-year loan. In conjunction with entering into these floating-rate term loans, the Company also entered into interest rate swap agreements that effectively convert the floating rates to a weighted average fixed rate of 3.68 %. The financial covenants of the term loans match the covenants of the unsecured revolving credit facility. The term loans are senior unsecured obligations of the Company and may be prepaid at any time; the seven-year loan has a prepayment premium of 2% if repaid in year one and 1% if repaid in year two. 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 March 31, 2022, the Company was in compliance with its covenants under the NPAs. ​ The Company’s senior unsecured notes payable are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Interest ​ March 31, ​ December 31, ​ ​ Date ​ Rate ​ 2022 ​ 2021 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 ​ ​ 375,000 ​ Total notes payable ​ ​ ​ ​ ​ ​ ​ ​ 1,800,000 ​ ​ 1,800,000 ​ Unamortized discount ​ ​ ​ ​ ​ ​ ​ ​ (4,584) ​ ​ (4,740) ​ Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ (11,976) ​ ​ (12,447) ​ Total unsecured notes payable, net ​ ​ ​ ​ ​ ​ ​ $ 1,783,440 ​ $ 1,782,813 ​ ​ 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 March 31, 2022. 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 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 $301.4 million at March 31, 2022. The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non-recourse, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants. ​ The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Interest March 31, ​ December 31, ​ ​ Date ​ Rate 2022 ​ 2021 Non-recourse net-lease mortgage notes: ​ ​ ​ ​ ​ $140,000 Series 2014-1, Class A-2 Apr. 2024 (a) 5.00 % ​ $ 134,517 ​ $ 134,692 ​ $150,000 Series 2018-1, Class A-1 ​ Oct. 2024 (b) ​ 3.96 % ​ ​ 141,677 ​ ​ 142,051 ​ $50,000 Series 2018-1, Class A-3 ​ Oct. 2024 (b) ​ 4.40 % ​ ​ 48,792 ​ ​ 48,917 ​ $270,000 Series 2015-1, Class A-2 ​ Apr. 2025 (b) ​ 4.17 % ​ ​ 260,663 ​ ​ 260,999 ​ $200,000 Series 2016-1, Class A-1 (2016) ​ Oct. 2026 (b) ​ 3.96 % ​ ​ 179,124 ​ ​ 180,190 ​ $82,000 Series 2019-1, Class A-1 ​ Nov. 2026 (b) ​ 2.82 % ​ ​ 78,488 ​ ​ 78,590 ​ $46,000 Series 2019-1, Class A-3 ​ Nov. 2026 (b) ​ 3.32 % ​ ​ 45,463 ​ ​ 45,521 ​ $135,000 Series 2016-1, Class A-2 (2017) ​ Apr. 2027 (b) ​ 4.32 % ​ ​ 122,341 ​ ​ 123,046 ​ $228,000 Series 2018-1, Class A-2 ​ Oct. 2027 (c) ​ 4.29 % ​ ​ 215,348 ​ ​ 215,918 ​ $164,000 Series 2018-1, Class A-4 ​ Oct. 2027 (c) ​ 4.74 % ​ ​ 160,037 ​ ​ 160,447 ​ $168,500 Series 2021-1, Class A-1 ​ Jun. 2028 (b) ​ 2.12 % ​ ​ 167,868 ​ ​ 168,079 ​ $89,000 Series 2021-1, Class A-3 ​ Jun. 2028 (b) ​ 2.86 % ​ ​ 88,666 ​ ​ 88,778 ​ $168,500 Series 2021-1, Class A-2 ​ Jun. 2033 (c) ​ 2.96 % ​ ​ 167,868 ​ ​ 168,079 ​ $89,000 Series 2021-1, Class A-4 ​ Jun. 2033 (c) ​ 3.70 % ​ ​ 88,666 ​ ​ 88,778 ​ $244,000 Series 2019-1, Class A-2 ​ Nov. 2034 (c) ​ 3.65 % ​ ​ 233,549 ​ ​ 233,854 ​ $136,000 Series 2019-1, Class A-4 ​ Nov. 2034 (c) ​ 4.49 % ​ ​ 134,413 ​ ​ 134,583 ​ Total non-recourse net-lease mortgage notes ​ ​ ​ ​ ​ ​ ​ 2,267,480 ​ ​ 2,272,522 ​ Non-recourse mortgage notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $13,000 note issued May 2012 ​ 5.195 % ​ — ​ 9,961 ​ $26,000 note issued August 2012 Sept. 2022 5.05 % ​ 19,879 ​ 20,085 ​ $6,400 note issued November 2012 Dec. 2022 4.707 % ​ 4,887 ​ 4,938 ​ $11,895 note issued March 2013 Apr. 2023 4.7315 % ​ 9,216 ​ 9,309 ​ $17,500 note issued August 2013 Sept. 2023 5.46 % ​ 14,084 ​ 14,212 ​ $10,075 note issued March 2014 Apr. 2024 5.10 % ​ 8,756 ​ 8,808 ​ $65,000 note issued June 2016 ​ Jul. 2026 ​ 4.75 % ​ ​ 58,908 ​ ​ 59,223 ​ $41,690 note issued March 2019 ​ Mar. 2029 ​ 4.80 % ​ ​ 41,130 ​ ​ 41,291 ​ $6,944 notes issued March 2013 Apr. 2038 4.50 % (d) ​ 5,294 ​ 5,332 ​ $6,350 notes issued March 2019 (assumed in December 2020) ​ Apr. 2049 ​ 4.64 % ​ ​ 6,079 ​ ​ 6,106 ​ Total non-recourse mortgage notes ​ ​ ​ ​ ​ ​ ​ 168,233 ​ ​ 179,265 ​ Unamortized discount ​ ​ ​ ​ ​ ​ (473) ​ (496) ​ Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ (24,406) ​ (25,583) ​ Total non-recourse debt obligations of consolidated special purpose entities, net ​ ​ ​ ​ ​ ​ $ 2,410,834 ​ $ 2,425,708 ​ (a) Notes were repaid, without penalty, in April 2022 using a portion of the proceeds from the aggregate $600 million of term loans the Company entered into in April 2022. (b) Prepayable, without penalty, 24 months prior to maturity. (c) Prepayable, without penalty, 36 months prior to maturity. (d) 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 March 31, 2022, 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 Remainder of 2022 ​ $ 18,184 ​ $ 99,290 ​ $ 117,474 ​ 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 ​ 2027 ​ ​ 9,506 ​ ​ 460,472 ​ ​ 469,978 ​ Thereafter ​ 30,702 ​ 2,295,850 ​ 2,326,552 ​ ​ ​ $ 142,251 ​ $ 4,093,462 ​ $ 4,235,713 ​ ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity
Stockholders' Equity	5. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 Shares Sold ​ Weighted Average Price per Share ​ Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 5,539,138 ​ $ 30.41 ​ $ 168.4 ​ $ (2.1) ​ $ (0.1) ​ $ 166.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inception of Program Through March 31, 2022 Shares Sold ​ Weighted Average Price per Share ​ Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 16,380,669 ​ $ 32.31 ​ $ 529.2 ​ $ (7.6) ​ $ (0.7) ​ $ 520.9 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of March 31, 2022, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $156.6 million, of which $136.7 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 employment agreements with each of its executive officers that provide for minimum annual base salaries, and annual cash and equity incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives to be adopted by the Company’s Board of Directors each year. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for cash severance, continuation of healthcare benefits and, in some instances, accelerated vesting of equity awards that he or she has been awarded as part of the Company’s incentive compensation program.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments ​ The Company’s derivatives are required to be measured at fair value in the Company’s consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. The Company had no derivatives outstanding at either March 31, 2022 or December 31, 2021. 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022, these debt obligations had an aggregate carrying value of $4,194.3 million and an estimated fair value of $4,147.3 million. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Principles
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements and, accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. These condensed consolidated statements include the accounts of STORE Capital and its subsidiaries, which are wholly owned and controlled by the Company through its voting interest. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all of the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s wholly owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At March 31, 2022 and December 31, 2021, these special purpose entities held assets totaling $8.9 billion and $8.5 billion, respectively, and had third-party liabilities totaling $2.6 billion and $2.6 billion, respectively. These assets and liabilities are included in the accompanying condensed consolidated balance sheets.
Use of Estimates	Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Segment Reporting	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; net revenue recognized under these deferral arrangements results in a corresponding increase in receivables that are included in other assets, net on the condensed consolidated balance sheets. For the three months ended March 31, 2022, the Company recognized an additional $0.7 million of net revenue and collected $3.4 million of the receivables associated with these deferral arrangements . During the three months ended March 31, 2021, the Company recognized $2.0 million and collected $5.9 million in repayments of amounts deferred.
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 condensed 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 condensed 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 March 31, 2022 and December 31, 2021, the Company had $40.9 million and $39.4 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 3.8% 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 condensed consolidated statements of income.
Impairment	Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. 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 three months ended March 31, 2022, the Company recognized aggregate provisions for the impairment of real estate of $1.2 million. The estimated fair value of the impaired real estate assets at March 31, 2022 was $8.4 million. The Company recognized an aggregate provision for the impairment of real estate of $5.4 million during the three months ended March 31, 2021.
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 March 31, 2022 and December 31, 2021, the Company had loans receivable with an aggregate outstanding principal balance of $26.4 million and $28.8 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 The Company accounts for provision of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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 three months ended March 31, 2022, the Company recognized an estimated $0.3 million net reduction of prior provisions for credit losses related to its loans and financing receivables; the reduction of the provision for credit losses is included in provisions for impairment on the condensed consolidated statements of income. The Company recognized an estimated $2.0 million of provisions for credit losses for the three months ended March 31, 2021.
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 $2.1 million and $5.8 million of restricted cash at March 31, 2022 and December 31, 2021, respectively, which are included in other assets, net, on the condensed consolidated balance sheets.
Deferred Costs	​ Deferred Costs ​ Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the condensed consolidated balance sheets. Deferred financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the condensed consolidated balance sheets.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of March 31, 2022, the Company had no derivative instruments in place. In April 2022, the Company entered into several interest rate swap agreements. One of the interest rate swap agreements has a notional amount of $200 million and was designated as a cash flow hedge of the Company's $200 million floating-rate bank term loan issued in April 2022 and due in May 2029. The remaining interest rate swap agreements have an aggregate notional amount of $400 million and were designated as cash flow hedges of the Company's $400 million floating-rate bank term loan issued in April 2022 and due in May 2027 (Note 4).
Fair Value Measurement	Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions.
Share-based Compensation	Share-based Compensation Directors and key employees of the Company have been granted long-term incentive awards, including restricted stock awards (RSAs) and restricted stock unit awards (RSUs), which provide such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight-line basis or the amount vested. During the three months ended March 31, 2022, the Company granted RSAs representing 177,311 shares of restricted common stock to its directors and employees. During the same period, RSAs representing 102,496 shares of restricted stock vested and RSAs representing 35,602 shares were forfeited. In connection with the vesting of RSAs, the Company repurchased 68,351 shares as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plans. As of March 31, 2022, the Company had 476,637 shares of restricted common stock outstanding. The Company’s RSUs granted in 2019 through 2022 contain both a market condition and a performance condition as well as a service condition. The Company values the RSUs with a market condition using a Monte Carlo simulation model and values the RSUs with a performance condition based on the fair value of the awards expected to be earned and recognizes those amounts in general and administrative expense on a tranche-by-tranche basis ratably over the vesting periods. During the three months ended March 31, 2022, the Company awarded 629,307 RSUs to its executive officers. In connection with the vesting of 297,605 RSUs, the Company repurchased 120,475 shares during the three months ended March 31, 2022 as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plan. As of March 31, 2022, there were 1,635,061 RSUs outstanding.
Income Taxes	​ Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (TRS) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes. Management of the Company determines whether any tax positions taken or expected to be taken meet the “more-likely-than-not” threshold of being sustained by the applicable federal, state or local tax authority. Certain state tax returns filed for 2017 and tax returns filed for 2018 through 2021 are subject to examination by these jurisdictions. As of March 31, 2022, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as general and administrative expense. There was no accrual for interest or penalties at March 31, 2022 or December 31, 2021.
Net Income Per Common Share	Net Income Per Common Share Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 ​ 2021 Numerator: ​ ​ ​ Net income ​ ​ $ 87,022 ​ $ 54,960 ​ Less: earnings attributable to unvested restricted shares ​ ​ (102) ​ (227) ​ Net income used in basic and diluted income per share ​ ​ $ 86,920 ​ $ 54,733 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 275,463,866 ​ 266,991,452 ​ Less: Weighted average number of shares of unvested restricted stock ​ ​ ​ (460,593) ​ (624,754) ​ Weighted average shares outstanding used in basic income per share ​ ​ 275,003,273 ​ 266,366,698 ​ Effects of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Add: Treasury stock method impact of potentially dilutive securities (a) ​ ​ — ​ — ​ Weighted average shares outstanding used in diluted income per share ​ ​ 275,003,273 ​ 266,366,698 ​ (a) For the three months ended March 31, 2022 and 2021, excludes 144,661 shares and 244,602 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 indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Principles
Reconciliation of the numerator and denominator used in the computation of basic and diluted income per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 ​ 2021 Numerator: ​ ​ ​ Net income ​ ​ $ 87,022 ​ $ 54,960 ​ Less: earnings attributable to unvested restricted shares ​ ​ (102) ​ (227) ​ Net income used in basic and diluted income per share ​ ​ $ 86,920 ​ $ 54,733 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 275,463,866 ​ 266,991,452 ​ Less: Weighted average number of shares of unvested restricted stock ​ ​ ​ (460,593) ​ (624,754) ​ Weighted average shares outstanding used in basic income per share ​ ​ 275,003,273 ​ 266,366,698 ​ Effects of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ Add: Treasury stock method impact of potentially dilutive securities (a) ​ ​ — ​ — ​ Weighted average shares outstanding used in diluted income per share ​ ​ 275,003,273 ​ 266,366,698 ​ (a) For the three months ended March 31, 2022 and 2021, excludes 144,661 shares and 244,602 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments.
Schedule of gross real estate and loan activity	During the three months ended March 31, 2022, 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, 2021 2,866 ​ $ 10,748,937 ​ Acquisition of and additions to real estate (a) 97 ​ ​ 466,817 ​ Investment in loans and financing receivables 14 ​ ​ 45,721 ​ Sales of real estate (11) ​ ​ (52,490) ​ Principal collections on loans and financing receivables ​ (1) ​ ​ (5,090) ​ Net change in operating ground lease assets (b) ​ ​ ​ ​ (358) ​ Provisions for impairment ​ ​ ​ ​ (912) ​ Other ​ ​ ​ ​ (4,607) ​ Gross investments, March 31, 2022 (c) ​ ​ ​ 11,198,018 ​ Less accumulated depreciation and amortization (c) ​ ​ ​ (1,224,530) ​ Net investments, March 31, 2022 2,965 ​ $ 9,973,488 ​ (a) Excludes $15.6 million of tenant improvement advances disbursed in 2022 which were accrued as of December 31, 2021. (b) Represents amortization recognized on operating ground lease assets during the three months ended March 31, 2022. (c) Includes the dollar amount of investments ( $33.5 million) and the accumulated depreciation ( $0.3 million) related to real estate investments held for sale at March 31, 2022.
Schedule of revenue recognized from investment portfolio	The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Rental revenues: ​ ​ ​ ​ Operating leases (a)(c) ​ $ 201,892 ​ $ 169,316 ​ Sublease income - operating ground leases (b) ​ ​ 703 ​ ​ 703 ​ Amortization of lease related intangibles and costs ​ (534) ​ (691) ​ Total rental revenues ​ $ 202,061 ​ $ 169,328 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income on loans and financing receivables: ​ ​ ​ ​ ​ ​ ​ Mortgage and other loans receivable (c) ​ $ 7,879 ​ $ 5,929 ​ Sale-leaseback transactions accounted for as financing arrangements ​ 5,327 ​ 4,096 ​ Direct financing receivables ​ 1,724 ​ 2,538 ​ Total interest income on loans and financing receivables ​ $ 14,930 ​ $ 12,563 ​ (a) For the three months ended March 31, 2022 and 2021, includes $654,000 and $621,000 , respectively, of property tax tenant reimbursement revenue and includes $0.4 million and $3.1 million, respectively, of variable lease revenue. (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 three months ended March 31, 2022 and 2021, includes $0.7 million and $2.0 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 condensed consolidated balance sheets.
Schedule of investment portfolio diversification by industry	The following table shows information regarding the diversification of the Company’s total investment portfolio among the different industries in which its tenants and borrowers operate as of March 31, 2022 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ Number of ​ Dollar ​ Total Dollar ​ ​ Investment ​ Amount of ​ Amount of ​ ​ Locations ​ Investments ​ Investments Restaurants 763 ​ $ 1,350,702 12 % Early childhood education centers 277 ​ ​ 650,023 6 ​ Metal fabrication 112 ​ ​ 642,473 6 ​ Automotive repair and maintenance 241 ​ ​ 626,362 6 ​ Health clubs 91 ​ ​ 570,156 5 ​ Furniture stores ​ 64 ​ ​ 413,447 ​ 4 ​ Farm and ranch supply stores 41 ​ ​ 377,293 3 ​ All other service industries 1,019 ​ ​ 3,906,607 35 ​ All other retail industries 155 ​ ​ 1,138,141 10 ​ All other manufacturing industries 202 ​ ​ 1,522,814 13 ​ Total (a) 2,965 ​ $ 11,198,018 100 % (a) Includes the dollar amount of investments ( $33.5 million) related to real estate investments held for sale at March 31, 2022.
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 March 31, 2022, are as follows (in thousands): ​ ​ ​ ​ ​ Remainder of 2022 ​ $ 628,535 ​ 2023 ​ ​ 838,444 ​ 2024 ​ 830,643 ​ 2025 ​ 827,634 ​ 2026 ​ 821,328 ​ 2027 ​ ​ 809,939 ​ Thereafter ​ 6,444,417 ​ Total future minimum rentals (a) ​ $ 11,200,940 ​ (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 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 ​ In-place leases ​ $ 39,767 ​ $ 35,522 ​ Ground lease-related intangibles ​ 19,449 ​ 19,449 ​ Above-market leases ​ — ​ — ​ Total intangible lease assets ​ 59,216 ​ 54,971 ​ Accumulated amortization ​ (24,643) ​ (25,285) ​ Net intangible lease assets ​ $ 34,573 ​ $ 29,686 ​
Summary of future minimum lease payments	The future minimum lease payments to be paid under the operating ground leases as of March 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground ​ ​ ​ ​ Ground ​ Leases ​ ​ ​ ​ ​ ​ Leases ​ Paid by ​ ​ ​ ​ ​ ​ Paid by ​ STORE Capital's ​ ​ ​ ​ ​ ​ STORE Capital ​ Tenants (a) ​ Total Remainder of 2022 ​ $ 300 ​ $ 2,081 ​ $ 2,381 ​ 2023 ​ ​ 4,149 ​ ​ 2,629 ​ ​ 6,778 ​ 2024 ​ 55 ​ 2,711 ​ 2,766 ​ 2025 ​ 57 ​ 2,395 ​ 2,452 ​ 2026 ​ 57 ​ 2,233 ​ 2,290 ​ 2027 ​ ​ 57 ​ ​ 2,227 ​ ​ 2,284 ​ Thereafter ​ 3,014 ​ 42,282 ​ 45,296 ​ Total lease payments ​ ​ 7,689 ​ ​ 56,558 ​ ​ 64,247 ​ Less imputed interest ​ (2,855) ​ (27,897) ​ (30,752) ​ Total operating lease liabilities - ground leases ​ $ 4,834 ​ $ 28,661 ​ $ 33,495 ​ (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 $56.6 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 ​ March 31, ​ December 31, Type ​ Rate (a) ​ Date ​ 2022 ​ 2021 Six mortgage loans receivable ​ 7.98 % ​ 2022 - 2026 ​ $ 114,896 ​ $ 114,911 ​ Three mortgage loans receivable 8.75 % ​ 2032 - 2036 ​ 11,689 ​ 14,444 ​ Fifteen mortgage loans receivable (b) 8.72 % ​ 2051 - 2060 ​ 217,991 ​ 216,547 ​ Total mortgage loans receivable ​ ​ ​ ​ ​ ​ 344,576 ​ 345,902 ​ Equipment and other loans receivable ​ 7.95 % ​ 2022 - 2036 ​ ​ 21,744 ​ ​ 25,409 ​ Total principal amount outstanding—loans receivable ​ ​ ​ ​ ​ ​ 366,320 ​ 371,311 ​ Unamortized loan origination costs ​ ​ ​ ​ ​ ​ 1,025 ​ 1,046 ​ Sale-leaseback transactions accounted for as financing arrangements (c) ​ 7.55 % ​ 2034 - 2043 ​ ​ 298,772 ​ ​ 255,483 ​ Direct financing receivables ​ ​ ​ ​ ​ ​ 78,559 ​ 78,637 ​ Allowance for credit and loan losses (d) ​ ​ ​ ​ ​ ​ ​ (8,266) ​ ​ (9,208) ​ Total loans and financing receivables ​ ​ ​ ​ ​ ​ $ 736,410 ​ $ 697,269 ​ (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 2042. (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 an aggregate $3.3 million of credit losses recognized since the adoption of ASC Topic 326.
Schedule of maturities of loans receivable	Absent prepayments, scheduled maturities are expected to be as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Scheduled ​ ​ ​ ​ Principal ​ Balloon ​ Total ​ ​ ​ Payments ​ Payments ​ Payments Remainder of 2022 ​ $ 2,230 ​ $ 28,930 ​ $ 31,160 ​ 2023 ​ ​ 3,099 ​ ​ 80,698 ​ ​ 83,797 ​ 2024 ​ 1,964 ​ — ​ 1,964 ​ 2025 ​ 1,902 ​ — ​ 1,902 ​ 2026 ​ 1,977 ​ 20,371 ​ 22,348 ​ 2027 ​ ​ 1,687 ​ ​ 548 ​ ​ 2,235 ​ Thereafter ​ 172,616 ​ 50,298 ​ 222,914 ​ Total principal payments ​ $ 185,475 ​ $ 180,845 ​ $ 366,320 ​
Schedule of future payments to be received under sale-leaseback transactions accounted for as financing arrangements	The scheduled future minimum rentals to be received under these agreements (which will be reflected in interest income) as of March 31, 2022, were as follows (in thousands): ​ ​ ​ ​ ​ ​ Remainder of 2022 ​ $ 17,210 ​ 2023 ​ ​ 23,016 ​ 2024 ​ 23,151 ​ 2025 ​ 23,291 ​ 2026 ​ 23,385 ​ 2027 ​ ​ 23,485 ​ Thereafter ​ 280,926 ​ Total future scheduled payments ​ $ 414,464 ​
Schedule of the components of the investments accounted for as direct financing receivables	As of both March 31, 2022 and December 31, 2021, the Company had $78.6 million of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ ​ 2022 ​ 2021 ​ Minimum lease payments receivable ​ $ 157,409 $ 159,371 ​ Estimated residual value of leased assets ​ 8,938 ​ 8,938 ​ Unearned income ​ (87,788) ​ (89,672) ​ Net investment ​ $ 78,559 ​ $ 78,637 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule of maturities of long-term debt	As of March 31, 2022, 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 Remainder of 2022 ​ $ 18,184 ​ $ 99,290 ​ $ 117,474 ​ 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 ​ 2027 ​ ​ 9,506 ​ ​ 460,472 ​ ​ 469,978 ​ Thereafter ​ 30,702 ​ 2,295,850 ​ 2,326,552 ​ ​ ​ $ 142,251 ​ $ 4,093,462 ​ $ 4,235,713 ​
Senior Unsecured Notes And Term Loans Payable
Schedule of debt	​ The Company’s senior unsecured notes payable are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Interest ​ March 31, ​ December 31, ​ ​ Date ​ Rate ​ 2022 ​ 2021 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 ​ ​ 375,000 ​ Total notes payable ​ ​ ​ ​ ​ ​ ​ ​ 1,800,000 ​ ​ 1,800,000 ​ Unamortized discount ​ ​ ​ ​ ​ ​ ​ ​ (4,584) ​ ​ (4,740) ​ Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ (11,976) ​ ​ (12,447) ​ Total unsecured notes payable, net ​ ​ ​ ​ ​ ​ ​ $ 1,783,440 ​ $ 1,782,813 ​
Non-recourse debt obligations
Schedule of debt	​ The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ Interest March 31, ​ December 31, ​ ​ Date ​ Rate 2022 ​ 2021 Non-recourse net-lease mortgage notes: ​ ​ ​ ​ ​ $140,000 Series 2014-1, Class A-2 Apr. 2024 (a) 5.00 % ​ $ 134,517 ​ $ 134,692 ​ $150,000 Series 2018-1, Class A-1 ​ Oct. 2024 (b) ​ 3.96 % ​ ​ 141,677 ​ ​ 142,051 ​ $50,000 Series 2018-1, Class A-3 ​ Oct. 2024 (b) ​ 4.40 % ​ ​ 48,792 ​ ​ 48,917 ​ $270,000 Series 2015-1, Class A-2 ​ Apr. 2025 (b) ​ 4.17 % ​ ​ 260,663 ​ ​ 260,999 ​ $200,000 Series 2016-1, Class A-1 (2016) ​ Oct. 2026 (b) ​ 3.96 % ​ ​ 179,124 ​ ​ 180,190 ​ $82,000 Series 2019-1, Class A-1 ​ Nov. 2026 (b) ​ 2.82 % ​ ​ 78,488 ​ ​ 78,590 ​ $46,000 Series 2019-1, Class A-3 ​ Nov. 2026 (b) ​ 3.32 % ​ ​ 45,463 ​ ​ 45,521 ​ $135,000 Series 2016-1, Class A-2 (2017) ​ Apr. 2027 (b) ​ 4.32 % ​ ​ 122,341 ​ ​ 123,046 ​ $228,000 Series 2018-1, Class A-2 ​ Oct. 2027 (c) ​ 4.29 % ​ ​ 215,348 ​ ​ 215,918 ​ $164,000 Series 2018-1, Class A-4 ​ Oct. 2027 (c) ​ 4.74 % ​ ​ 160,037 ​ ​ 160,447 ​ $168,500 Series 2021-1, Class A-1 ​ Jun. 2028 (b) ​ 2.12 % ​ ​ 167,868 ​ ​ 168,079 ​ $89,000 Series 2021-1, Class A-3 ​ Jun. 2028 (b) ​ 2.86 % ​ ​ 88,666 ​ ​ 88,778 ​ $168,500 Series 2021-1, Class A-2 ​ Jun. 2033 (c) ​ 2.96 % ​ ​ 167,868 ​ ​ 168,079 ​ $89,000 Series 2021-1, Class A-4 ​ Jun. 2033 (c) ​ 3.70 % ​ ​ 88,666 ​ ​ 88,778 ​ $244,000 Series 2019-1, Class A-2 ​ Nov. 2034 (c) ​ 3.65 % ​ ​ 233,549 ​ ​ 233,854 ​ $136,000 Series 2019-1, Class A-4 ​ Nov. 2034 (c) ​ 4.49 % ​ ​ 134,413 ​ ​ 134,583 ​ Total non-recourse net-lease mortgage notes ​ ​ ​ ​ ​ ​ ​ 2,267,480 ​ ​ 2,272,522 ​ Non-recourse mortgage notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $13,000 note issued May 2012 ​ 5.195 % ​ — ​ 9,961 ​ $26,000 note issued August 2012 Sept. 2022 5.05 % ​ 19,879 ​ 20,085 ​ $6,400 note issued November 2012 Dec. 2022 4.707 % ​ 4,887 ​ 4,938 ​ $11,895 note issued March 2013 Apr. 2023 4.7315 % ​ 9,216 ​ 9,309 ​ $17,500 note issued August 2013 Sept. 2023 5.46 % ​ 14,084 ​ 14,212 ​ $10,075 note issued March 2014 Apr. 2024 5.10 % ​ 8,756 ​ 8,808 ​ $65,000 note issued June 2016 ​ Jul. 2026 ​ 4.75 % ​ ​ 58,908 ​ ​ 59,223 ​ $41,690 note issued March 2019 ​ Mar. 2029 ​ 4.80 % ​ ​ 41,130 ​ ​ 41,291 ​ $6,944 notes issued March 2013 Apr. 2038 4.50 % (d) ​ 5,294 ​ 5,332 ​ $6,350 notes issued March 2019 (assumed in December 2020) ​ Apr. 2049 ​ 4.64 % ​ ​ 6,079 ​ ​ 6,106 ​ Total non-recourse mortgage notes ​ ​ ​ ​ ​ ​ ​ 168,233 ​ ​ 179,265 ​ Unamortized discount ​ ​ ​ ​ ​ ​ (473) ​ (496) ​ Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ (24,406) ​ (25,583) ​ Total non-recourse debt obligations of consolidated special purpose entities, net ​ ​ ​ ​ ​ ​ $ 2,410,834 ​ $ 2,425,708 ​ (a) Notes were repaid, without penalty, in April 2022 using a portion of the proceeds from the aggregate $600 million of term loans the Company entered into in April 2022. (b) Prepayable, without penalty, 24 months prior to maturity. (c) Prepayable, without penalty, 36 months prior to maturity. (d) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 Shares Sold ​ Weighted Average Price per Share ​ Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 5,539,138 ​ $ 30.41 ​ $ 168.4 ​ $ (2.1) ​ $ (0.1) ​ $ 166.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inception of Program Through March 31, 2022 Shares Sold ​ Weighted Average Price per Share ​ Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 16,380,669 ​ $ 32.31 ​ $ 529.2 ​ $ (7.6) ​ $ (0.7) ​ $ 520.9

Summary of Significant Accoun_4

Summary of Significant Accounting Principles (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segmentitem	Mar. 31, 2021USD ($)	Apr. 30, 2022USD ($)instrument	Dec. 31, 2021USD ($)
Basis of Accounting and Principles of Consolidation
Assets owned	$ 10,131,148			$ 9,773,082
Liabilities owed	$ 4,844,157			4,628,953
Segment Reporting
Number of reportable segments | segment	1
Investment portfolio
Number of transaction types | item	3
Revenue Recognition
Accrued straight-line rental revenue, net of allowance	$ 40,900			39,400
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)	3.80%
Contingent rent as a percentage of rental revenue, historical	2.00%
Impairments
Provisions for impairment	$ 1,200	$ 5,400
Estimate fair value of impaired real estate assets	8,400
Loans Receivable
Non accrual status loan receivables	$ 26,400			28,800
Number of classes in portfolio of loans and financing receivables | item	2
Restricted cash
Restricted cash included in other assets	$ 2,064	9,052		5,800
Derivative Instruments and Hedging Activities
Number of agreements | segment	0
Carrying amount	$ 4,235,713
Provision For Impairment
Loans Receivable
Provision for loan losses	(300)	2,000
Payment deferral due to COVID-19
Revenue Recognition
Revenue associated with deferral arrangements	700	2,000
Receivables collections	$ 3,400	$ 5,900
Loans receivable
Loans Receivable
Maximum past due period for loans payments causing nonaccrual status	60 days
Interest rate swap, due in 2029
Derivative Instruments and Hedging Activities
Number of agreements | instrument			1
Interest rate swap, due in 2029 | Designated as hedging instrument
Derivative Instruments and Hedging Activities
Current notional amounts			$ 200,000
Carrying amount			200,000
Interest rate swap, due in 2027 | Designated as hedging instrument
Derivative Instruments and Hedging Activities
Current notional amounts			400,000
Carrying amount			$ 400,000
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	$ 8,900,000			8,500,000
Liabilities owed	$ 2,600,000			$ 2,600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Share Based Compensation and Other (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Examination, Penalties and Interest Accrued
Uncertain income tax positions	$ 0
Accrual for interest or penalties	0		$ 0
Numerator:
Net income	87,022,000	$ 54,960,000
Less: earnings attributable to unvested restricted shares	(102,000)	(227,000)
Net income used in basic and diluted income per share	$ 86,920,000	$ 54,733,000
Denominator:
Weighted average common shares outstanding	275,463,866	266,991,452
Less: Weighted average number of shares of unvested restricted stock (in shares)	(460,593)	(624,754)
Weighted average shares outstanding used in basic income per share (in shares)	275,003,273	266,366,698
Effects of dilutive securities:
Weighted average shares outstanding used in diluted income per share (in shares)	275,003,273	266,366,698
Antidilutive unvested restricted shares (in shares)	144,661	244,602
Restricted Stock
Sharebased Compensation
Granted in period (in shares)	177,311
Shares vested (shares)	102,496
Forfeited in period (in shares)	35,602
Shares repurchased in connection with tax withholding obligations (in shares)	68,351
Outstanding (in shares)	476,637
Restricted stock units
Sharebased Compensation
Shares vested (shares)	297,605
Shares repurchased in connection with tax withholding obligations (in shares)	120,475
Restricted stock units | Executive Officer | Vesting Based On Service And Market Conditions
Sharebased Compensation
Granted in period (in shares)	629,307
Outstanding (in shares)	1,635,061

Investments - Locations (Detail

Investments - Locations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)property
Number of property locations of investments (in locations) | property	2,965		2,866
Number of owned properties (in properties) | property	2,911
Number of properties accounted as financing arrangements | property	86
Number of properties owned as direct financing receivables | property	23
Number of ground lease interests (in properties) | property	24
Number of properties which secure certain mortgage loans (in properties) | property	30
Gross acquisition cost of real estate investments	$ 10,400,000
Loans and financing receivables, net	736,410		$ 697,269
Operating ground lease assets	$ 32,960		33,318
Investments assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities	35.00%
Number of Investment Locations
Gross investments | property	2,866
Acquisition of and additions to real estate | property	97
Investment in loans and financing receivables | property	14
Sales of real estate | property	(11)
Principal collections on loans and direct financing receivables | property	(1)
Gross investments | property	2,965
Dollar Amount of Investments
Gross investments	$ 10,748,937
Acquisition of and additions to real estate	466,817
Investment in loans and financing receivables	45,721
Sales of real estate	(52,490)
Principal collections on loans and direct financing receivables	5,090
Operating ground lease assets, net	32,960		33,318
Provisions for impairment	(912)	$ (7,350)
Other	(4,607)
Gross investments	11,198,018
Less accumulated depreciation and amortization	(1,224,530)
Net investments	9,973,488		9,587,740
Tenant improvement advances disbursed	15,600
Sale-leaseback transactions accounted for as financing arrangements	298,800		$ 255,500
Investment in real estate held for sale	33,500
Accumulated depreciation of real estate investments held for sale	300
Ground leases
Operating ground lease assets	33,000
Dollar Amount of Investments
Operating ground lease assets, net	33,000
Net change in operating ground lease assets	$ (358)

Investments - Revenue Recognize

Investments - Revenue Recognized from Investment Portfolio (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Rental revenues:
Operating leases	$ 201,892,000	$ 169,316,000
Sublease income - operating ground lease assets	703,000	703,000
Amortization of lease related intangibles and costs	(534,000)	(691,000)
Total rental revenues	202,061,000	169,328,000
Interest income on loans and financing receivables:
Mortgage and other loans receivable	7,879,000	5,929,000
Sale-leaseback transactions accounted for as financing arrangements	5,327,000	4,096,000
Direct financing receivables	1,724,000	2,538,000
Total interest income on loans and financing receivables	14,930,000	12,563,000
Property tax tenant reimbursement revenue	654,000	621,000
Variable lease revenue	400,000	3,100,000
Payment deferral due to COVID-19
Rental revenues:
Total rental revenues	$ 700,000	$ 2,000,000

Investments - Significant Credi

Investments - Significant Credit and Revenue Concentration (Details)	3 Months Ended
	Mar. 31, 2022itemstate
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	573
Real estate investment portfolio | Geographic concentration | Texas
Significant Credit and Revenue Concentration
Concentration Percentage	11.00%
Number of states accounting for 10% or more | state	1
Real estate investment portfolio | Customer concentration
Significant Credit and Revenue Concentration
Concentration Percentage for threshold	10.00%
Number of customers representing more than 10%	0
Real estate investment portfolio | Customer concentration | Largest customer, investment portfolio
Significant Credit and Revenue Concentration
Concentration Percentage	2.90%
Real estate investment portfolio | Concept concentration
Significant Credit and Revenue Concentration
Number of concepts (in categories)	895
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	Mar. 31, 2022USD ($)property	Dec. 31, 2021USD ($)property
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	2,965	2,866
Dollar Amount of Investments	$ 11,198,018	$ 10,748,937
Percentage of Total Dollar Amount of Investments	100.00%
Investment in real estate held for sale	$ 33,500
Restaurants
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	763
Dollar Amount of Investments	$ 1,350,702
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	277
Dollar Amount of Investments	$ 650,023
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	112
Dollar Amount of Investments	$ 642,473
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	241
Dollar Amount of Investments	$ 626,362
Percentage of Total Dollar Amount of Investments	6.00%
Health Clubs
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	91
Dollar Amount of Investments	$ 570,156
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	64
Dollar Amount of Investments	$ 413,447
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	1,019
Dollar Amount of Investments	$ 3,906,607
Percentage of Total Dollar Amount of Investments	35.00%
All other retail industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations | property	155
Dollar Amount of Investments	$ 1,138,141
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	202
Dollar Amount of Investments	$ 1,522,814
Percentage of Total Dollar Amount of Investments	13.00%

Investments - Intangible Lease

Investments - Intangible Lease Assets and Real Estate Investments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Optionspropertyitem	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Accounting for Real Estate Investments
Remaining noncancelable lease term	13 years 3 months 18 days
Number of real estate properties vacant not subject to lease | property	16
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Remainder of 2022	$ 628,535
2023	838,444
2024	830,643
2025	827,634
2026	821,328
2027	809,939
Thereafter	6,444,417
Total future minimum rentals	$ 11,200,940
Term of renewal options	5 years
Intangible lease assets	$ 59,216		$ 54,971
Accumulated amortization	(24,643)		(25,285)
Net intangible lease assets	34,573		29,686
Amortization in the next five years
Remainder of 2022	2,700
2023	3,200
2024	2,700
2025	2,200
2026	2,100
2027	$ 1,900
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	$ 900	$ 900
In -place leases
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Intangible lease assets	$ 39,767		35,522
Amortization in the next five years
Weighted average remaining amortization period	10 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 | Decrease to rental revenue
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Amount amortized		$ 200

Investments - Operating Lease A

Investments - Operating Lease Asset (Details)	3 Months Ended
	Mar. 31, 2022USD ($)lease	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating ground lease assets	$ 32,960,000		$ 33,318,000
Rental revenue	703,000	$ 703,000
Future minimum lease payments
Total operating lease liabilities - ground leases	37,330,000		$ 37,637,000
Ground lease by STORE capital
Future minimum lease payments
Long-term lease commitment	$ 19,000,000
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 | lease	3
Ground leases
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating ground lease assets	$ 33,000,000
Lease costs	755,000	794,000
Rental revenue	703,000	$ 703,000
Future minimum lease payments
Remainder of 2022	2,381,000
2023	6,778,000
2024	2,766,000
2025	2,452,000
2026	2,290,000
2027	2,284,000
Thereafter	45,296,000
Total lease payments	64,247,000
Less imputed interest	(30,752,000)
Total operating lease liabilities - ground leases	33,495,000
Ground leases | Ground lease by STORE capital
Future minimum lease payments
Remainder of 2022	300,000
2023	4,149,000
2024	55,000
2025	57,000
2026	57,000
2027	57,000
Thereafter	3,014,000
Total lease payments	7,689,000
Less imputed interest	(2,855,000)
Total operating lease liabilities - ground leases	4,834,000
Ground leases | Ground lease by STORE capital tenants
Future minimum lease payments
Remainder of 2022	2,081,000
2023	2,629,000
2024	2,711,000
2025	2,395,000
2026	2,233,000
2027	2,227,000
Thereafter	42,282,000
Total lease payments	56,558,000
Less imputed interest	(27,897,000)
Total operating lease liabilities - ground leases	$ 28,661,000

Investments - Loans and Financi

Investments - Loans and Financing Receivables (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)loan	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 01, 2020USD ($)
Loans and direct financing receivables
Number of mortgage loans | loan	24
Total principal payments	$ 366,320
Unamortized loan origination costs	1,025	$ 1,046
Sale-leaseback transactions accounted for as financing arrangements	298,800	255,500
Direct financing receivables	78,559	78,637
Allowance for credit and loan losses	(8,266)	(9,208)
Total loans and direct financing receivables	$ 736,410	$ 697,269
Credit loss reserves recognized			$ 3,300	$ 2,500
ASU 2016-13
Loans and direct financing receivables
Credit loss reserve					$ 2,500
Mortgage loans receivable with maturity range 2022 to 2026
Loans and direct financing receivables
Number of mortgage loans | loan	6	6
Mortgage loans receivable with maturity range 2032 to 2036
Loans and direct financing receivables
Number of mortgage loans | loan	3	3
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	$ 366,320	$ 371,311
Mortgage Loans Receivable [Member]
Loans and direct financing receivables
Mortgage loans receivable	$ 344,576	345,902
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2022 to 2026
Loans and direct financing receivables
Stated Interest Rate (as a percent)	7.98%
Mortgage loans receivable	$ 114,896	114,911
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2032 to 2036
Loans and direct financing receivables
Stated Interest Rate (as a percent)	8.75%
Mortgage loans receivable	$ 11,689	14,444
Mortgage Loans Receivable [Member] | Mortgage loans receivable with maturity range 2051 to 2060
Loans and direct financing receivables
Stated Interest Rate (as a percent)	8.72%
Mortgage loans receivable	$ 217,991	216,547
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	$ 21,744	25,409
Interest rate of equipment and other loans	7.95
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)	7.55%
Sale-leaseback transactions accounted for as financing arrangements	$ 298,772	255,483
Direct Financing Receivables [Member]
Loans and direct financing receivables
Direct financing receivables	$ 78,559	$ 78,637

Investments - Loans Receivable

Investments - Loans Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)
Scheduled loan receivable maturities
Number of loans receivable | loan	42
Gross carrying amount of loans receivable	$ 360,600
Number of mortgage loans | loan	24
Number of mortgage loans subject to interest rate increases | loan	11
Number of short-term mortgage loans | loan	6
Amortization period of long-term mortgage loans	40 years
Remainder of 2022	$ 31,160
2023	83,797
2024	1,964
2025	1,902
2026	22,348
2027	2,235
Thereafter	222,914
Total principal payments	366,320
Sale-Leaseback Transactions Accounted for as Financing Arrangements
Sale-leaseback transactions accounted for as financing arrangements	298,800	$ 255,500
Remainder of 2022	17,210
2023	23,016
2024	23,151
2025	23,291
2026	23,385
2027	23,485
Thereafter	280,926
Total future scheduled payments	414,464
Components of investments accounted for as direct financing receivables
Minimum lease payments receivable	157,409	159,371
Estimated residual value of leased assets	8,938	8,938
Unearned income	(87,788)	(89,672)
Net investment	78,559	$ 78,637
Future minimum lease payments to be received under the direct financing lease receivables
Remainder of 2022	5,900
2023	8,000
2024	8,000
2025	8,000
2026	8,000
2027	8,000
Thereafter	111,700
Scheduled Principal Payments
Scheduled loan receivable maturities
Remainder of 2022	2,230
2023	3,099
2024	1,964
2025	1,902
2026	1,977
2027	1,687
Thereafter	172,616
Total principal payments	185,475
Balloon Payments
Scheduled loan receivable maturities
Remainder of 2022	28,930
2023	80,698
2026	20,371
2027	548
Thereafter	50,298
Total principal payments	$ 180,845
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	3 Months Ended
	Mar. 31, 2022USD ($)
Investment Grade
Financing Receivable, Allowance for Credit Loss [Line Items]
Origination for gross loan and financing receivables in 2022	$ 26.5
Origination for gross loan and financing receivables in 2021	17
Origination for gross loan and financing receivables in 2020	0
Origination for gross loan and financing receivables in 2019	88.9
Origination for gross loan and financing receivables in 2018	0
Origination for gross loan and financing receivables in prior to 2018	29.5
Non Investment Grade
Financing Receivable, Allowance for Credit Loss [Line Items]
Origination for gross loan and financing receivables in 2022	14.5
Origination for gross loan and financing receivables in 2021	103.3
Origination for gross loan and financing receivables in 2020	136.2
Origination for gross loan and financing receivables in 2019	146.5
Origination for gross loan and financing receivables in 2018	27.4
Origination for gross loan and financing receivables in prior to 2018	153.9
ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for credit losses	0.3
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	161.9
ASU 2016-13 | Non Investment Grade
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and financing receivables	$ 581.8

Debt - Credit Facility (Details

Debt - Credit Facility (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2022USD ($)	Jun. 30, 2021USD ($)Options	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)
Credit facilities
Borrowings outstanding (in dollars)			$ 359,000	$ 130,000
Unamortized financing costs related to all debt			11,976	12,447
Consolidated special purpose entities
Credit facilities
Unamortized financing costs related to all debt			24,406	25,583
Revolving credit facility
Credit facilities
Unamortized financing costs related to all debt			$ 3,500	$ 3,700
Senior Unsecured Notes
Unsecured Term Notes Payable
Contingent periodic interest rate increase for failure to maintain investment grade credit rating			1.00%
Prepayment applied to principal plus make-whole amount (as a percent)			100.00%
Principal amount			$ 375,000
Number of loans | loan			3
Senior Unsecured Notes | Minimum
Unsecured Term Notes Payable
Prepayment threshold (as a percent)			5.00%
New unsecured credit facility | Revolving credit facility
Credit facilities
Eligible unencumbered assets (in dollars)			$ 7,300,000
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
Number of extension options | Options		2
Maturity date		Jun. 1, 2025
Extension option term		6 months
Extension fee (as a percent)		0.0625%
Borrowings outstanding (in dollars)			$ 359,000
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%
Amended unsecured revolving credit facility | Senior Unsecured Notes
Credit facilities
Accordion feature		$ 1,000,000
Unsecured Term Loan | Subsequent Event
Unsecured Term Notes Payable
Principal amount	$ 600,000
Fixed rate	3.68%
Unsecured Five Year Term Loan | Subsequent Event
Unsecured Term Notes Payable
Principal amount	$ 400,000
Initial term	5 years
Unsecured Seven Year Term Loan | Subsequent Event
Unsecured Term Notes Payable
Principal amount	$ 200,000
Initial term	7 years
Prepayment premium, percentage, year one	2.00%
Payment premium, percentage, year two	1.00%

Debt - Carrying Amount (Details

Debt - Carrying Amount (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)	Apr. 30, 2022USD ($)	Nov. 30, 2021USD ($)	Nov. 30, 2020USD ($)	Feb. 28, 2019USD ($)	Mar. 31, 2018USD ($)
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Unamortized discount	$ (4,584)	$ (4,740)
Unamortized deferred financing costs	(11,976)	(12,447)
Total unsecured notes payable, net	1,783,440	$ 1,782,813
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2022	117,474
2023	45,747
2024	449,245
2025	276,649
2026	550,068
2027	469,978
Thereafter	2,326,552
Long-term Debt	$ 4,235,713
Various Debt, Prepayable Twenty-Four Months Prior to Maturity [Member]
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Debt prepayment period 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
Debt prepayment period without penalty	36 months	36 months
Unsecured Term Loan | Subsequent Event
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 600,000
Fixed rate			3.68%
Consolidated special purpose entities
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount	$ 3,600,000
Unamortized discount	(473)	$ (496)
Unamortized deferred financing costs	(24,406)	(25,583)
Total unsecured notes payable, net	2,410,834	2,425,708
Scheduled Principal Payments
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2022	18,184
2023	23,565
2024	22,331
2025	20,037
2026	17,926
2027	9,506
Thereafter	30,702
Long-term Debt	142,251
Balloon Payments
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2022	99,290
2023	22,182
2024	426,914
2025	256,612
2026	532,142
2027	460,472
Thereafter	2,295,850
Long-term Debt	4,093,462
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	1,800,000
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	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
Stated interest rate (as a percent)							4.50%
Note issue price (as a percent)							99.515%
Senior Unsecured Notes | Notes Issued February 2019 99.260 Percent Of Par
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)						4.625%
Note issue price (as a percent)						99.26%
Senior Unsecured Notes | Notes Issued November 2020 99.558 Percent Of Par
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)					2.75%
Note issue price (as a percent)					99.558%
Senior Unsecured Notes | Notes Issued November 2021 99.877 Percent Of Par
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)				2.70%
Note issue price (as a percent)				99.877%
Public notes
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Number of facilities | loan	4
Expected repayment term of receivables	10 years
Principal amount				$ 375,000	$ 350,000	$ 350,000	$ 350,000
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	2,267,480	2,272,522
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	$ 134,517	134,692
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
Principal amount	$ 150,000
Interest Rate	3.96%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt	$ 141,677	142,051
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
Principal amount	$ 50,000
Interest Rate	4.40%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt	$ 48,792	48,917
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	$ 260,663	260,999
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	$ 179,124	180,190
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-1 Due Nov 2026 [Member]
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	$ 78,488	78,590
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-3 Due Nov 2026 [Member]
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	$ 45,463	45,521
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	$ 122,341	123,046
Non-recourse net-lease mortgage notes: | 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	$ 215,348	215,918
Non-recourse net-lease mortgage notes: | 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	$ 160,037	160,447
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-2 Due Nov 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	$ 233,549	233,854
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-4 Due Nov 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	$ 134,413	134,583
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	$ 167,868	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	$ 88,666	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	$ 167,868	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	$ 88,666	88,778
Nonrecourse mortgage notes payable: | Consolidated special purpose entities
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount	301,400
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt	168,233	179,265
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
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	$ 19,879	20,085
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	$ 4,887	4,938
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	$ 9,216	9,309
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	$ 14,084	14,212
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	$ 8,756	8,808
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
Principal amount	$ 65,000
Interest Rate	4.75%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt	$ 58,908	59,223
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	$ 41,130	41,291
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	$ 5,294	5,332
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
Interest Rate	4.64%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt	$ 6,079	$ 6,106
Non-recourse debt obligations | 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
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

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		17 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Nov. 30, 2020
Common stock.
Gross Proceeds	$ 168,431	$ 116,063
2020 ATM Program
Common stock.
Shares Sold	5,539,138		16,380,669
Weighted Average Price per Share	$ 30.41		$ 32.31
Gross Proceeds	$ 168,400		$ 529,200
Sales Agents' Commissions	(2,100)		(7,600)
Other Offering Expenses	(100)		(700)
Net Proceeds	$ 166,200		$ 520,900
Maximum value of shares that can be offered and sold				$ 900,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Commitments to fund improvements to real estate properties $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies
Real estate property improvement commitments	$ 156.6
Real estate property improvement commitments, in Next Twelve Months	$ 136.7

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivatives [Line items]
Fair value of derivative assets	$ 0	$ 0
Fair value of derivative liability	0	0
Level 2 Fair Value | Carrying value
Derivatives [Line items]
Long-term debt obligations	4,194.3	4,208.5
Level 2 Fair Value | Fair value
Derivatives [Line items]
Long-term debt obligations	$ 4,147.3	$ 4,478.4