Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 20, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-36739 | ||
Entity Registrant Name | STORE CAPITAL LLC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 88-4051712 | ||
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 | None | ||
No Trading Symbol Flag | true | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Phoenix, Arizona | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001538990 | ||
Units of equity | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,125 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate investments: | ||
Land and improvements | $ 3,455,443 | $ 3,133,402 |
Buildings and improvements | 7,743,454 | 6,802,918 |
Intangible lease assets | 61,968 | 54,971 |
Total real estate investments | 11,260,865 | 9,991,291 |
Less accumulated depreciation and amortization | (1,438,107) | (1,159,292) |
Real estate investments, net | 9,822,758 | 8,831,999 |
Real estate investments held for sale, net | 25,154 | |
Operating ground lease assets | 31,872 | 33,318 |
Loans and financing receivables, net | 787,106 | 697,269 |
Net investments | 10,641,736 | 9,587,740 |
Cash and cash equivalents | 35,137 | 64,269 |
Other assets, net | 158,097 | 121,073 |
Total assets | 10,834,970 | 9,773,082 |
Liabilities: | ||
Credit facility | 555,000 | 130,000 |
Unsecured notes and term loans payable, net | 2,397,406 | 1,782,813 |
Non-recourse debt obligations of consolidated special purpose entities, net | 2,238,470 | 2,425,708 |
Dividends payable | 105,415 | |
Operating lease liabilities | 36,873 | 37,637 |
Accrued expenses, deferred revenue and other liabilities | 180,903 | 147,380 |
Total liabilities | 5,408,652 | 4,628,953 |
Stockholders' equity: | ||
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 282,684,998 and 273,806,225 shares issued and outstanding, respectively | 2,827 | 2,738 |
Capital in excess of par value | 6,003,331 | 5,745,692 |
Distributions in excess of retained earnings | (609,361) | (602,137) |
Accumulated other comprehensive income (loss) | 29,521 | (2,164) |
Total stockholders' equity | 5,426,318 | 5,144,129 |
Total liabilities and stockholders' equity | $ 10,834,970 | $ 9,773,082 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 282,684,998 | 273,806,225 |
Common shares, outstanding shares | 282,684,998 | 273,806,225 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Rental revenues | $ 846,420 | $ 729,061 | $ 644,498 |
Interest income on loans and financing receivables | 56,776 | 50,821 | 45,288 |
Other income | 6,976 | 2,782 | 4,482 |
Total revenues | 910,172 | 782,664 | 694,268 |
Expenses: | |||
Interest | 189,549 | 170,974 | 169,706 |
Property costs | 14,696 | 18,244 | 22,025 |
General and administrative | 62,555 | 84,097 | 49,685 |
Merger-related | 12,248 | ||
Depreciation and amortization | 308,084 | 265,813 | 242,925 |
Provisions for impairment | 16,428 | 24,979 | 23,003 |
Total expenses | 603,560 | 564,107 | 507,344 |
Other income: | |||
Gain on dispositions of real estate | 19,224 | 46,655 | 22,774 |
Income from non-real estate, equity method investments | 2,949 | 3,949 | 3,500 |
Income before income taxes | 328,785 | 269,161 | 213,198 |
Income tax expense | 884 | 813 | 584 |
Net income | $ 327,901 | $ 268,348 | $ 212,614 |
Net income per share of common stock-basic | $ 1.17 | $ 0.99 | $ 0.84 |
Net income per share of common stock-diluted | $ 1.17 | $ 0.99 | $ 0.84 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 280,105,477 | 270,105,269 | 252,534,580 |
Diluted (in shares) | 280,105,477 | 270,105,269 | 252,651,040 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 327,901 | $ 268,348 | $ 212,614 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on cash flow hedges | 30,393 | (3) | (1,437) |
Cash flow hedge losses reclassified to interest expense | 1,292 | 634 | 978 |
Total other comprehensive income (loss) | 31,685 | 631 | (459) |
Total comprehensive income | $ 359,586 | $ 268,979 | $ 212,155 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment Distributions in Excess of Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Capital in Excess of Par Value | Distributions in Excess of Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2019 | $ 2,398 | $ 4,787,932 | $ (302,609) | $ (2,336) | $ 4,485,385 | ||
Balance (in shares) at Dec. 31, 2019 | 239,822,900 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 212,614 | 212,614 | |||||
Other comprehensive income (loss) | (459) | (459) | |||||
Issuance of common stock, net of costs | $ 257 | 686,129 | 686,386 | ||||
Issuance of common stock, net of costs (shares) | 25,696,396 | ||||||
Equity-based compensation | $ 6 | 4,659 | 5 | 4,670 | |||
Equity-based compensation (shares) | 732,511 | ||||||
Shares repurchased under stock compensation plan | (2,831) | (2,366) | $ (5,197) | ||||
Shares repurchased under stock compensation plan (in shares) | (139,131) | (139,131) | |||||
Common dividends declared | (365,156) | $ (365,156) | |||||
Balance at Dec. 31, 2020 | $ (2,465) | $ (2,465) | $ 2,661 | 5,475,889 | (459,977) | (2,795) | 5,015,778 |
Balance (in shares) at Dec. 31, 2020 | 266,112,676 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 268,348 | 268,348 | |||||
Other comprehensive income (loss) | 631 | 631 | |||||
Issuance of common stock, net of costs | $ 73 | 243,598 | 243,671 | ||||
Issuance of common stock, net of costs (shares) | 7,322,471 | ||||||
Equity-based compensation | $ 7 | 32,223 | 172 | 32,402 | |||
Equity-based compensation (shares) | 659,210 | ||||||
Shares repurchased under stock compensation plan | $ (3) | (6,018) | (3,488) | $ (9,509) | |||
Shares repurchased under stock compensation plan (in shares) | (288,132) | (288,132) | |||||
Common dividends declared | (407,192) | $ (407,192) | |||||
Balance at Dec. 31, 2021 | $ 2,738 | 5,745,692 | (602,137) | (2,164) | 5,144,129 | ||
Balance (in shares) at Dec. 31, 2021 | 273,806,225 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 327,901 | 327,901 | |||||
Other comprehensive income (loss) | 31,685 | 31,685 | |||||
Issuance of common stock, net of costs | $ 86 | 249,520 | 249,606 | ||||
Issuance of common stock, net of costs (shares) | 8,607,771 | ||||||
Equity-based compensation | $ 3 | 12,426 | 112 | 12,541 | |||
Equity-based compensation (shares) | 473,798 | ||||||
Shares repurchased under stock compensation plan | (4,307) | (1,964) | $ (6,271) | ||||
Shares repurchased under stock compensation plan (in shares) | (202,796) | (202,796) | |||||
Common dividends declared | (333,273) | $ (333,273) | |||||
Balance at Dec. 31, 2022 | $ 2,827 | $ 6,003,331 | $ (609,361) | $ 29,521 | $ 5,426,318 | ||
Balance (in shares) at Dec. 31, 2022 | 282,684,998 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Stockholders' Equity | |||
Stock issuance costs | $ 3,268 | $ 4,109 | $ 9,558 |
Common dividends declared per common share (in dollars per share) | $ 1.18 | $ 1.49 | $ 1.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net income | $ 327,901 | $ 268,348 | $ 212,614 |
Adjustments to net income: | |||
Depreciation and amortization | 308,084 | 265,813 | 242,925 |
Amortization of deferred financing costs and other noncash interest expense | 9,509 | 10,120 | 8,827 |
Amortization of equity-based compensation | 12,430 | 32,228 | 4,665 |
Provisions for impairment | 16,428 | 24,979 | 23,003 |
Net gain on dispositions of real estate | (19,224) | (46,655) | (22,774) |
Income from non-real estate, equity method investments | (2,949) | (3,949) | (3,500) |
Distribution received from non-real estate, equity method investment | 468 | 120 | |
Noncash revenue and other | (4,423) | (9,907) | (53,139) |
Changes in operating assets and liabilities: | |||
Other assets | 4,455 | 32,459 | (6,837) |
Accrued expenses, deferred revenue and other liabilities | 21,736 | 9,817 | 25,802 |
Net cash provided by operating activities | 674,415 | 583,373 | 431,586 |
Investing activities | |||
Acquisition of and additions to real estate | (1,457,503) | (1,379,902) | (917,038) |
Investment in loans and financing receivables | (158,676) | (125,049) | (153,545) |
Collections of principal on loans and financing receivables | 67,922 | 19,160 | 46,618 |
Proceeds from dispositions of real estate | 195,629 | 355,972 | 212,108 |
Contribution made to non-real estate, equity method investment | (468) | ||
Net cash used in investing activities | (1,353,096) | (1,129,819) | (811,857) |
Financing activities | |||
Borrowings under credit facility | 1,183,000 | 665,000 | 600,000 |
Repayments under credit facility | (758,000) | (535,000) | (600,000) |
Borrowings under unsecured notes and term loans payable | 690,000 | 374,539 | 348,453 |
Repayments under unsecured notes and term loans payable | (75,000) | (100,000) | (100,000) |
Borrowings under non-recourse debt obligations of consolidated special purpose entities | 514,785 | ||
Repayments under non-recourse debt obligations of consolidated special purpose entities | (192,559) | (301,078) | (127,659) |
Financing costs paid | (3,272) | (14,433) | (3,330) |
Proceeds from the issuance of common stock | 252,873 | 247,780 | 695,944 |
Stock issuance costs paid | (3,268) | (4,162) | (9,540) |
Shares repurchased under stock compensation plans | (6,271) | (9,507) | (5,198) |
Dividends paid | (439,067) | (398,005) | (353,204) |
Net cash provided by financing activities | 648,436 | 439,919 | 445,466 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (30,245) | (106,527) | 65,195 |
Cash, cash equivalents and restricted cash, beginning of period | 70,049 | 176,576 | 111,381 |
Cash, cash equivalents and restricted cash, end of period | 39,804 | 70,049 | 176,576 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 35,137 | 64,269 | 166,381 |
Restricted cash included in other assets | 4,667 | 5,780 | 10,195 |
Total cash, cash equivalents and restricted cash | 39,804 | 70,049 | 176,576 |
Supplemental disclosure of noncash investing and financing activities: | |||
Accrued tenant improvements included in real estate investments | 21,118 | 25,077 | 22,087 |
Seller financing provided to purchaser of real estate sold | 3,176 | ||
Tenant funded improvements to real estate investments | 10,550 | ||
Acquisition of real estate assets from borrowers under loans and financing receivables | 8,945 | 42,782 | 30,585 |
Non-recourse debt obligation assumed in conjunction with acquisition of property | 6,215 | ||
Accrued financing and stock issuance costs | 54 | 79 | 138 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest, net of amounts capitalized | 177,294 | 159,805 | 160,091 |
Cash paid during the period for income and franchise taxes | $ 2,937 | $ 2,441 | $ 2,366 |
Organization
Organization | 12 Months Ended |
Dec. 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, service-oriented retail and manufacturing sectors of the United States economy. From time to time, it also provides mortgage financing to its customers. On November 21, 2014, the Company completed the initial public offering (“IPO”) of its common stock. The shares began trading on the New York Stock Exchange (“NYSE”) on November 18, 2014 under the ticker symbol “STOR”. STORE Capital made an election to qualify, and believes it operated through the closing of the Merger (as defined below) 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. A REIT is generally not subject to federal income taxes to the extent that it distributes all of its taxable income to its members and meets other specific requirements. The Merger On September 15, 2022, STORE Capital Corporation, a Maryland corporation, Ivory Parent, LLC, a Delaware limited liability company (“Parent”) and Ivory REIT, LLC, a Delaware limited liability company (“Merger Sub” and, together with Parent, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Parent Parties are affiliates of GIC, a global institutional investor, and Oak Street Real Estate Capital, a division of Blue Owl Capital, Inc. On February 3, 2023 (the “Closing Date”), pursuant to the terms and subject to the conditions set forth in the Merger Agreement, STORE Capital Corporation merged with and into Merger Sub (the “Merger”) with Merger Sub surviving (the “Surviving Entity”), and the separate existence of STORE Capital Corporation ceased. Immediately following the completion of the Merger, the Surviving Entity changed its name to STORE Capital LLC. References herein to the “Company” or to “STORE Capital” are references to STORE Capital Corporation prior to the Merger and to STORE Capital LLC upon and following the Merger. As of the Closing Date of the Merger, the common equity of the Company is no longer publicly traded. See Note 10 for a description of events occurring subsequent to December 31, 2022 in connection with the completion of the Merger. |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 12 Months Ended |
Dec. 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 consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated statements include the accounts of STORE Capital and its subsidiaries which are wholly owned and controlled by the Company through its voting interest. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all of the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s wholly owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At December 31, 2022 and 2021, these special purpose entities held assets totaling $9.5 billion and $8.5 billion, respectively, and had third-party liabilities totaling $2.4 billion and $2.6 billion, respectively. These assets and liabilities are included in the accompanying consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) ● Real Estate Investments – investments are generally made through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them through long-term leases which are generally classified as operating leases; the operators become the Company’s long-term tenants (its customers). Certain of the lease contracts that are associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which results in the transaction being accounted for as a financing arrangement due to the adoption of ASC Topic 842 rather than as an investment in real estate subject to an operating lease. ● Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serve as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. ● Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. Impact of the COVID-19 Pandemic During the novel coronavirus (“COVID-19”) pandemic beginning in early 2020, the Company provided to certain tenants rent deferral arrangements in the form of both short-term notes and lease modifications. The FASB provided accounting relief under which concessions provided to tenants in direct response to the COVID-19 pandemic are not required to be evaluated or accounted for as lease modifications in accordance with ASC Topic 842. The Company elected to apply this accounting relief to the rent deferral arrangements it has entered into with its tenants, which primarily affected the timing (but not the amount) of lease and loan payments due to the Company under its contracts. For the years ended December 31, 2022, 2021 and 2020, the Company recognized $1.5 million, $8.3 million and $57.1 million of net revenue associated with these deferral arrangements with a corresponding increase in receivables that are included in other assets, net on the consolidated balance sheet. During the years ended December 31, 2022, 2021 and 2020, the Company collected $14.5 million, $33.4 million and $9.9 million of the receivables related to these deferral arrangements. Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, the Company accounts for such an acquisition as a financing arrangement and records the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the fixed-rate renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. The Company’s real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 30 Revenue Recognition STORE Capital leases real estate to its tenants under long- term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the consolidated balance sheets. The Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. As of December 31, 2022 and 2021, the Company had 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 3.2% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 2.0% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of income. Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement During the year ended December 31, 2022, the Company recognized an aggregate provision for impairment of real estate of $16.0 million. For the assets impaired in 2022, the estimated fair value of the impaired real estate assets at the time of impairment aggregated $65.3 million. The Company recognized aggregate provisions for the impairment of real estate of $21.8 million and $22.0 million during the years ended December 31, 2021 and 2020, respectively. Accounting for Loans and Financing Receivables Loans Receivable – Classification, Cost and Revenue Recognition STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2022 and 2021, the Company had loans receivable with an aggregate outstanding principal balance of $31.8 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 provisions of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments (“ASC Topic 326”) 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 $4.7 million and $5.8 million of restricted cash at December 31, 2022 and 2021, respectively, which are included in other assets, net, on the consolidated balance sheets. Deferred Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Deferred financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the consolidated balance sheets. Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2022, the Company had seven interest rate swap agreements in place. One of the interest rate swap agreements has a notional amount of $200.0 million and was designated as a cash flow hedge of the Company's $200.0 million floating-rate bank term loan due in April 2029. The remaining six interest rate swap agreements have an aggregate notional amount of $400.0 million and were designated as cash flow hedges of the Company's $400.0 million floating-rate bank term loan due in April 2027 (Note 4). As of December 31, 2021, the Company had no derivative instruments in place. Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. Share-based Compensation Directors and employees of the Company have historically been granted long-term incentive awards, including restricted stock awards (“RSAs”) and restricted stock unit awards (“RSUs’), which provided such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight-line basis or the amount vested. The Company’s RSUs granted 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. Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (“TRS”) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes. Net Income Per Common Share Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. Year Ended December 31, 2022 2021 2020 Numerator: Net income $ 327,901 $ 268,348 $ 212,614 Less: Earnings attributable to unvested restricted shares (558) (659) (776) Net income used in basic and diluted income per share $ 327,343 $ 267,689 $ 211,838 Denominator: Weighted average common shares outstanding 280,559,061 270,693,243 253,055,331 Less: Weighted average number of shares of unvested restricted stock (453,584) (587,974) (520,751) Weighted average shares outstanding used in basic income per share 280,105,477 270,105,269 252,534,580 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — — 116,460 Weighted average shares outstanding used in diluted income per share 280,105,477 270,105,269 252,651,040 (a) For the years ended December 31, 2022, 2021 and 2020, excludes 121,112 shares, 225,424 shares and 127,136 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 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments. | |
Investments | 3. Investments At December 31, 2022, STORE Capital had investments in 3,084 property locations representing 3,034 owned properties (of which 100 are accounted for as financing arrangements and 22 are accounted for as direct financing receivables), 24 properties where all the related land is subject to an operating ground lease and 26 properties which secure mortgage loans. The gross investment portfolio totaled $12.08 billion at December 31, 2022 and consisted of the gross acquisition cost of the real estate investments totaling $11.3 billion, loans and financing receivables with an aggregate carrying amount of $787.1 million and operating ground lease assets totaling $31.9 million. As of December 31, 2022, approximately 32% 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 2020, 2021 and 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, 2019 2,504 8,854,921 Acquisition of and additions to real estate (a)(b) 203 959,842 Investment in loans and direct financing receivables (c) 11 156,721 Sales of real estate (72) (222,556) Principal collections on loans and direct financing receivables (d) (12) (80,521) Net change in operating ground lease assets (e) 10,429 Provisions for impairment (23,003) Adoption of expected credit loss standard (ASC Topic 326) (2,465) Other (13,602) Gross investments, December 31, 2020 2,634 9,639,766 Acquisition of and additions to real estate (a)(d)(f) 307 1,427,278 Investment in loans and direct financing receivables 29 125,049 Sales of real estate (103) (339,658) Principal collections on loans and direct financing receivables (d) (1) (61,942) Net change in operating ground lease assets (e) (1,365) Provisions for impairment (24,979) Other (15,212) Gross investments, December 31, 2021 2,866 10,748,937 Acquisition of and additions to real estate (a)(d)(g)(h) 256 1,475,499 Investment in loans and direct financing receivables 28 158,676 Sales of real estate (60) (197,530) Principal collections on loans and direct financing receivables (d) (6) (76,868) Net change in operating ground lease assets (e) (1,446) Provisions for impairment (16,428) Other (10,997) Gross investments, December 31, 2022 12,079,843 Less accumulated depreciation and amortization (1,438,107) Net investments, December 31, 2022 3,084 $ 10,641,736 (a) Includes $0.8 million during 2020, $0.8 million during 2021 and $2.3 million during 2022 of interest capitalized to properties under construction. (b) Excludes $16.9 million of tenant improvement advances disbursed in 2020 which were accrued as of December 31, 2019. (c) Includes $3.2 million related to mortgage loans made to the purchasers of a real estate properties sold during 2020. (d) For the years ended December 31, 2020, 2021, and 2022 includes $30.6 million, $42.8 million, and $8.9 million, respectively of non-cash principal collection transactions in which the Company acquired the underlying collateral property (buildings and improvements) and leased them back to a customer. (e) Includes new operating ground lease assets recognized net of amortization during the year ended December 30, 2020. During the years ended December 31, 2021 and 2022, represents amortization. (f) Excludes $21.2 million of tenant improvement advances disbursed in 2021 which were accrued as of December 31, 2020. (g) Excludes $22.6 million of tenant improvement advances disbursed in 2022 which were accrued as of December 31, 2021. (h) Incudes $10.6 million of tenant funded improvements during 2022. The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Year Ended December 31, 2022 2021 2020 Rental revenues: Operating leases (a)(c) $ 845,880 $ 728,477 $ 644,733 Sublease income - operating ground leases (b) 2,812 2,809 2,096 Amortization of lease related intangibles and costs (2,272) (2,225) (2,331) Total rental revenues $ 846,420 $ 729,061 $ 644,498 Interest income on loans and financing receivables: Mortgage and other loans receivable (c) $ 26,667 $ 24,959 $ 18,097 Sale-leaseback transactions accounted for as financing arrangements 24,140 17,883 15,376 Direct financing receivables 5,969 7,979 11,815 Total interest income on loans and financing receivables $ 56,776 $ 50,821 $ 45,288 (a) For the years ended December 31, 2022, 2021 and 2020, includes $3.1 million, $2.6 million and $2.5 million, respectively, of property tax tenant reimbursement revenue and includes variable lease revenue of $1.0 million, $11.2 million and $4.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. (c) For the years ended December 31, 2022, 2021 and 2020, includes $1.5 million, $8.3 million and $57.1 million, respectively, of revenue that has been recognized related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the consolidated balance sheet. The Company has elected to account for the lease and nonlease components in its lease contracts as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to 587 customers who operate their businesses across 126 industries geographically dispersed throughout 49 states. The primary sectors of the U.S. economy and their proportionate dollar amount of STORE Capital’s investment portfolio at December 31, 2022 are service at 62% , service-oriented retail at 16% and manufacturing at 22% . Only one industry group, restaurants ( 11% ), and only one state, Texas ( 11% ), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at December 31, 2022. None of the Company’s customers represented more than 10% of the Company’s investment portfolio at December 31, 2022, with the largest customer representing 2.7% . On an annualized basis, as of December 31, 2022, the largest customer represented 2.8% of the Company’s total investment portfolio revenues Real Estate Investments The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at December 31, 2022 was approximately 13.1 years. Substantially all the leases are triple net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At December 31, 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 December 31, 2022 are as follows (in thousands): 2023 $ 908,961 2024 902,039 2025 898,423 2026 892,006 2027 880,092 Thereafter 7,402,655 Total future minimum rentals (a) $ 11,884,176 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rentals such as lease escalations based on future changes in CPI. Intangible Lease Assets The following details intangible lease assets and related accumulated amortization at December 31 (in thousands): 2022 2021 In-place leases $ 42,519 $ 35,522 Ground lease-related intangibles 19,449 19,449 Total intangible lease assets 61,968 54,971 Accumulated amortization (27,278) (25,285) Net intangible lease assets $ 34,690 $ 29,686 Aggregate lease intangible amortization included in expense was $3.7 million, $3.5 million and $4.3 million during the years ended December 31, 2022, 2021 and 2020, respectively. The amount amortized as a decrease to rental revenue for capitalized above-market lease intangibles was $0.2 million and $1.0 million for the years ended December 31, 2021 and 2020, respectively. Based on the balance of the intangible assets as of December 31, 2022, the aggregate amortization expense is expected to be $3.5 million in 2023, $3.0 million in 2024, $2.5 million in 2025, $2.3 million in 2026 and $2.2 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 December 31, 2022, STORE Capital had operating ground lease assets aggregating $31.9 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $3.3 million, $3.3 million, and $2.4 million during the years ended December 31, 2022, 2021 and 2020, respectively. For the years ended December 31, 2022, 2021 and 2020 the Company also recognized in rental revenues $2.8 million, $2.8 million, and $2.1 million, respectively, of sublease revenue associated with its operating ground leases. The Company’s ground leases have remaining terms ranging from less than one year to 89 years, some of which have one or more options to extend the lease for terms ranging from three years to ten years. The weighted average remaining non-cancelable lease term for the ground leases was 22 years at December 31, 2022. The weighted average discount rate used in calculating the operating lease liabilities was 5.7%. The future minimum lease payments to be paid under the operating ground leases as of December 31, 2022 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total 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 7,389 54,477 61,866 Less imputed interest (2,663) (26,711) (29,374) Total operating lease liabilities - ground leases $ 4,726 $ 27,766 $ 32,492 (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 $54.5 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 tenants’ sales. Loans and Financing Receivables The Company’s loans and financing receivables are summarized below (dollars in thousands): Interest Maturity December 31, Type Rate (a) Date 2022 2021 Four mortgage loans receivable 8.03 % 2023 - 2026 $ 104,069 $ 114,911 Three mortgage loans receivable 8.81 % 2032 - 2036 9,967 14,444 Sixteen mortgage loans receivable (b) 8.45 % 2042 - 2062 231,639 216,547 Total mortgage loans receivable 345,675 345,902 Equipment and other loans receivable 7.32 % 2023 - 2036 15,842 25,409 Total principal amount outstanding—loans receivable 361,517 371,311 Unamortized loan origination costs 1,011 1,046 Sale-leaseback transactions accounted for as financing arrangements (c) 7.52 % 2034 - 2043 369,604 255,483 Direct financing receivables 60,899 78,637 Allowance for credit and loan losses (d) (5,925) (9,208) Total loans and financing receivables $ 787,106 $ 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 $4.6 million of credit losses recognized since the adoption of ASC Topic 326 net of $3.7 million of loans that were written-off against previously established reserves. Loans Receivable At December 31, 2022, the Company held 38 loans receivable with an aggregate carrying amount of $358.3 million. Twenty-three 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. Four 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 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 2023 $ 2,452 $ 92,832 $ 95,284 2024 2,224 — 2,224 2025 2,028 — 2,028 2026 1,999 20,371 22,370 2027 1,716 548 2,264 Thereafter 207,495 29,852 237,347 Total principal payments $ 217,914 $ 143,603 $ 361,517 Sale-Leaseback Transactions Accounted for as Financing Arrangements As of December 31, 2022 and 2021, the Company had $369.6 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 December 31, 2022, were as follows (in thousands): 2023 $ 28,486 2024 28,622 2025 28,762 2026 28,855 2027 28,956 Thereafter 343,194 Total future scheduled payments $ 486,875 Direct Financing Receivables As of December 31, 2022 and 2021, the Company had $60.9 million and $78.6 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): 2022 2021 Minimum lease payments receivable $ 119,839 $ 159,371 Estimated residual value of leased assets 6,889 8,938 Unearned income (65,829) (89,672) Net investment $ 60,899 $ 78,637 As of December 31, 2022, the future minimum lease payments to be received under the direct financing lease receivables are expected to average Provision for Credit Losses In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The Company groups individual loans and financing receivables based on the implied credit rating associated with each borrower. Based on credit quality indicators as of December 31, 2022, $171.8 million of loans and financing receivables were categorized as investment grade and $620.2 million were categorized as non-investment grade. During the year ended December 31, 2022, there were $0.4 million of provisions for credit losses recognized, $3.7 million of write-offs charged against the allowance and no recoveries of amounts previously written off. As of December 31, 2022, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was $14.5 million in 2022, $35.7 million in 2021, none million in 2020, $109.2 million in 2019, none in 2018 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt | |
Debt | 4. Debt Credit Facility As of December 31, 2022, the Company had an unsecured revolving credit facility with a group of lenders that was used to partially fund real estate acquisitions pending the issuance of long-term, fixed-rate debt. The credit facility had immediate availability of $600.0 million and an accordion feature of $1.0 billion, which allowed the size of the facility to be increased up to $1.6 billion. At December 31, 2022, the Company had $555.0 million of borrowings outstanding on the facility. Borrowings under the facility required 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 was based on the Company’s credit rating as defined in the credit agreement. The Company was required to pay a facility fee on the total commitment amount ranging from 0.10% to 0.30%. As of December 31, 2022, the applicable credit spread for LIBOR-based borrowings is 0.85% and the facility fee was 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 $8.2 billion at December 31, 2022. The facility is recourse to the Company and, as of December 31, 2022, the Company was in compliance with the covenants under the facility. At December 31, 2022 and 2021, unamortized financing costs related to the Company’s credit facility totaled $2.6 million and $3.7 million, respectively, and are included in other assets, net, on the consolidated balance sheets. Unsecured Notes and Term Loans Payable, net The Company has completed four public offerings of ten-year unsecured notes (“Public Notes”). In March 2018, February 2019 and November 2020, the Company completed public offerings of $350.0 million each in aggregate principal amount. In November 2021, the Company completed a public offering of $375.0 million in aggregate principal amount. The Public Notes have coupon rates of 4.50%, 4.625%, 2.75%, and 2.70%, respectively, and interest is payable semi-annually in arrears in March and September of each year for the 2018 and 2019 Public Notes, May and November of each year for the 2020 Public Notes, and June and December of each year for the 2021 Public Notes. The notes were issued at 99.515%, 99.260%, 99.558%, and 99.877%, respectively, of their principal amounts. The supplemental indentures governing the Public Notes contain various restrictive covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. As of December 31, 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 a term loan agreement under which the Company borrowed an aggregate $600.0 million of floating-rate, unsecured term loans; the loans consisted of a $400.0 million five-year loan and a $200.0 million seven-year loan (the “Term Loans”). The interest rate on each of the Term Loans reset daily at Daily Simple SOFR plus an adjustment of 0.10% plus a credit rating-based credit spread ranging from 0.75% to 1.60% on the five-year loan and 1.25% to 2.20% on the seven-year loan. As of December 31, 2022, the credit spread applicable to the Company was 0.95% for the five-year loan and 1.25% for the seven-year loan. The Company has entered into interest rate swap agreements that effectively convert the floating rates on the Term Loans to a weighted average fixed rate of 3.68%. The Term Loans were arranged with a group of lenders that also participated in the Company’s unsecured revolving credit facility. The financial covenants of the Term Loans matched the covenants of the unsecured revolving credit facility. As of December 31, 2022, the Company was in compliance with these covenants. The Term Loans were senior unsecured obligations of the Company which require monthly interest payments and may be prepaid at any time; the seven-year loan had a prepayment premium of 2% if repaid in year one and 1% if repaid in year two. In December 2022, the Company entered into a term loan agreement with an initial commitment of $100.0 million of unsecured, floating-rate, short-term term borrowings (the “December 2022 Term Loan”). The December 2022 Term Loan matured at the earlier of March 31, 2023 or the consummation of the Merger and the interest rate reset daily at Daily Simple SOFR plus an adjustment of 0.10% plus a credit rating-based credit spread ranging from 0.75% to 1.60%. The credit spread applicable to the Company as of December 31, 2022 was 0.95%. The term loan agreement included an incremental borrowing feature that allows the Company to request up to an additional $100.0 million of term borrowings after December 31, 2022. The December 2022 Term Loan was arranged with a lender that also participated in the Company’s unsecured revolving credit facility. The financial covenants of the December 2022 Term Loan matched the covenants of the unsecured revolving credit facility. As of December 31, 2022, the Company was in compliance with these covenants. The December 2022 Term Loan was a senior unsecured obligation of the Company and required monthly interest payments. As of December 31, 2022 the Company had borrowings of $90.0 million bearing an interest rate of 5.35%. 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. In November 2022, the Company repaid its $75.0 million Series A senior unsecured notes at maturity which bore an interest rate of 4.95%. As of December 31, 2022, the Company had $300.0 million of senior unsecured notes outstanding. The NPAs contain a number of financial covenants that are similar to the Company’s unsecured credit facility as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes will become due and payable at the option of the purchasers. As of December 31, 2022, the Company was in compliance with its covenants under the NPAs. The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): Maturity Interest December 31, December 31, Date Rate 2022 2021 Notes Payable: Series A issued November 2015 $ — $ 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 1,725,000 1,800,000 Term Loans: Term Loan issued December 2022 Mar. 2023 (a) 5.35 % (b) 90,000 — Term Loan issued April 2022 Apr. 2027 3.58 % (c) 400,000 — Term Loan issued April 2022 Apr. 2029 3.88 % (d) 200,000 — Total term loans 690,000 — Unamortized discount (4,113) (4,740) Unamortized deferred financing costs (13,481) (12,447) Total unsecured notes and term loans payable, net $ 2,397,406 $ 1,782,813 (a) Loan matures at the earlier of March 31, 2023 or the consummation of the Merger. (b) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10% + the applicable credit spread which was 0.95% at December 31, 2022. (c) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10% + the applicable credit spread which was 0.95% at December 31, 2022. The Company has entered into six interest rate swap agreements that effectively convert the floating rate to the fixed rate noted as of December 31, 2022. (d) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10% + the applicable credit spread which was 1.25% at December 31, 2022. The Company has entered into one interest rate swap agreement that effectively converts the floating rate to the fixed rate noted as of December 31, 2022. Non-recourse Debt Obligations of Consolidated Special Purpose Entities, net During 2012, the Company implemented its STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non-recourse net-lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes issued under this program are generally segregated into Class A amortizing notes and Class B non-amortizing notes. The Company has retained the Class B notes which aggregate $190.0 million at December 31, 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 or 36 months prior to maturity. As of December 31, 2022, the aggregate collateral pool securing the net-lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $3.6 billion. In connection with obtaining the Term Loans in April 2022, the Company prepaid, without penalty, $134.5 million of STORE Master Funding Series 2014-1, Class A-2 notes, which bore an interest rate of 5.0% and were scheduled to mature in 2024; and the Company recognized $0.8 million of accelerated amortization of deferred financing costs associated with the prepayment. 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 $250.7 million at December 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): Outstanding Balance Maturity Interest December 31, Date Rate 2022 2021 Non-recourse net-lease mortgage notes: $140,000 Series 2014-1, Class A-2 (a) 5.00 % — 134,692 $150,000 Series 2018-1, Class A-1 Oct. 2024 (b) 3.96 % 140,552 142,051 $50,000 Series 2018-1, Class A-3 Oct. 2024 (b) 4.40 % 48,417 48,917 $270,000 Series 2015-1, Class A-2 Apr. 2025 (b) 4.17 % 259,650 260,999 $200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 (b) 3.96 % 175,861 180,190 $82,000 Series 2019-1, Class A-1 Nov. 2026 (b) 2.82 % 78,180 78,590 $46,000 Series 2019-1, Class A-3 Nov. 2026 (b) 3.32 % 45,291 45,521 $135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 (b) 4.32 % 120,182 123,046 $228,000 Series 2018-1, Class A-2 Oct. 2027 (c) 4.29 % 213,638 215,918 $164,000 Series 2018-1, Class A-4 Oct. 2027 (c) 4.74 % 158,807 160,447 $168,500 Series 2021-1, Class A-1 Jun. 2028 (b) 2.12 % 167,236 168,079 $89,000 Series 2021-1, Class A-3 Jun. 2028 (b) 2.86 % 88,333 88,778 $168,500 Series 2021-1, Class A-2 Jun. 2033 (c) 2.96 % 167,236 168,079 $89,000 Series 2021-1, Class A-4 Jun. 2033 (c) 3.70 % 88,333 88,778 $244,000 Series 2019-1, Class A-2 Nov. 2034 (c) 3.65 % 232,634 233,854 $136,000 Series 2019-1, Class A-4 Nov. 2034 (c) 4.49 % 133,903 134,583 Total non-recourse net-lease mortgage notes 2,118,253 2,272,522 Non-recourse mortgage notes: $13,000 note issued May 2012 5.195 % — 9,961 $26,000 note issued August 2012 5.05 % — 20,085 $6,400 note issued November 2012 4.707 % — 4,938 $6,944 notes issued March 2013 Apr. 2038 4.50 % (d) 5,103 5,332 $11,895 note issued March 2013 Apr. 2023 4.7315 % (d) 8,935 9,309 $17,500 note issued August 2013 Sept. 2023 5.46 % 13,701 14,212 $10,075 note issued March 2014 Apr. 2024 5.10 % 8,602 8,808 $65,000 note issued June 2016 Jul. 2026 4.75 % 57,980 59,223 $41,690 note issued March 2019 Mar. 2029 4.80 % 40,662 41,291 $6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 4.64 % 5,993 6,106 Total non-recourse mortgage notes 140,976 179,265 Unamortized discount (395) (496) Unamortized deferred financing costs (20,364) (25,583) Total non-recourse debt obligations of consolidated special purpose entities, net $ 2,238,470 $ 2,425,708 (a) Notes were repaid, without penalty, in April 2022 using a portion of the proceeds from the aggregate $600.0 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) Mortgage note was repaid, without penalty, in January 2023. Credit Risk Related Contingent Features The Company has agreements with derivative counterparties, which provide generally that the Company could be declared in default on its derivative obligations if the Company defaults on the underlying indebtedness. Debt Maturity Schedule As of December 31, 2022, the scheduled maturities, including balloon payments, on the Company’s aggregate debt obligations are as follows (in thousands): Scheduled Principal Balloon Payments Payments Total 2023 $ 22,628 $ 117,285 $ 139,913 2024 21,908 293,798 315,706 2025 19,777 256,612 276,389 2026 17,654 532,142 549,796 2027 9,221 860,472 869,693 Thereafter 26,882 2,495,850 2,522,732 $ 118,070 $ 4,556,159 $ 4,674,229 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | 5. Income Taxes The Company’s total current income tax expense (benefit) was as follows (in thousands): Year ended December 31, 2022 2021 2020 Federal income tax $ — $ — $ (4) State income tax 884 813 588 Total current income tax expense $ 884 $ 813 $ 584 The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities were immaterial for 2022, 2021 and 2020. The Company files federal, state and local income tax returns. Certain state income tax returns filed for 2018 and tax returns filed for 2019 through 2022 remain subject to examination. Prior to the Merger, the Company had a net operating loss carryforward (“NOL”) for income tax purposes of $1.5 million that was generated during the year ended December 31, 2011 and, therefore, has no impact on income tax expense for the three years ended December 31, 2022. This loss is no longer available following the Merger. Management of the Company determines whether any tax positions taken or expected to be taken meet the “more-likely-than-not” threshold of being sustained by the applicable federal, state or local tax authority. As of December 31, 2022 and 2021, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2022 and 2021. The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share): Year ended December 31, 2022 2021 2020 Ordinary income dividends $ 1.1550 $ 1.1606 $ 1.0677 Capital gain dividends — 0.0785 0.0180 Return of capital — 0.2259 0.3243 Cash liquidation distributions 0.4100 — — Total $ 1.5650 $ 1.4650 $ 1.4100 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity | |
Stockholders' Equity | 6. Stockholders’ Equity In November 2020, the Company established its fifth “at the market” equity distribution program, or ATM program, pursuant to which, from time to time, it may offer and sell up to $900.0 million of registered shares of common stock through a group of banks acting as its sales agents (the “2020 ATM Program”). The following tables outline the common stock issuances under the 2020 ATM Program (in millions except share and per share information): Year Ended December 31, 2022 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 8,607,771 $ 29.38 $ 252.9 $ (3.1) $ (0.2) $ 249.6 Inception of Program Through December 31, 2022 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 19,449,302 $ 31.55 $ 613.7 $ (8.5) $ (0.8) $ 604.4 The Company declared dividends payable to common stockholders totaling $332.4 million, $405.2 million, and $364.0 million during the years ended December 31, 2022, 2021 and 2020, respectively. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Incentive Plans | |
Long-Term Incentive Plans | 7. Long-Term Incentive Plans In November 2014, the Company’s Board of Directors approved the adoption of the STORE Capital Corporation 2015 Omnibus Equity Incentive Plan (the “2015 Plan”), which permits the issuance of up to 6,903,076 shares of common stock, which represented 6% of the number of issued and outstanding shares of the Company’s common stock upon the completion of the IPO. As of December 31, 2022, 2,507,375 shares are available for grant under the 2015 Plan. In 2012, the Company’s Board of Directors established the STORE Capital Corporation 2012 Long-Term Incentive Plan (the “2012 Plan”) which permits the issuance of up to 1,035,400 shares of common stock. During 2022, the plan expired and as of December 31, 2022, no shares remain available for grant under the 2012 Plan. Both the 2015 and 2012 Plans allow for awards to officers, directors and employees of the Company in the form of restricted shares of the Company’s common stock and other equity-based awards including performance-based grants. The following table summarizes the restricted stock award (“RSA”) activity: 2022 2021 2020 Weighted Weighted Weighted Number of Average Share Number of Average Share Number of Average Share Shares Price (1) Shares Price (1) Shares Price (1) Outstanding non-vested shares, beginning of year 437,424 $ 25.96 639,554 $ 23.69 285,238 $ 27.70 Shares granted 233,147 $ 29.47 195,278 $ 34.03 491,009 $ 22.63 Shares vested (166,770) $ 26.32 (313,518) $ 26.58 (130,642) $ 28.15 Shares forfeited (56,954) $ 24.93 (83,890) $ 25.09 (6,051) $ 30.89 Outstanding non-vested shares, end of year 446,847 $ 27.79 437,424 $ 25.96 639,554 $ 23.69 (1) Grant date fair value The Company grants RSAs to its officers, directors and employees. Generally, restricted shares granted to the Company’s employees vest in 25% increments in February or May of each year. The independent directors receive annual grants that vest at the end of each term served. As permitted, the Company does not estimate a forfeiture rate for non-vested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of the 2015 and 2012 Plans, the Company pays non-refundable dividends to the holders of non-vested shares. Applicable accounting guidance requires that the dividends paid to holders of these non-vested shares be charged as compensation expense to the extent that they relate to non-vested shares that do not or are not expected to vest. The Company estimates the fair value of RSAs at the date of grant and recognizes that amount in expense over the vesting period as the greater of the amount amortized on a straight-line basis or the amount vested. The fair value of the RSAs is based on the closing price per share of the Company’s common stock on the date of the grant. The Company has granted restricted stock unit awards (“RSUs”) with (a) both a market and a performance condition or (b) a market condition to its executive officers; these awards also contain a service condition. The number of common shares to be earned from each grant range from zero to 100% of the total RSUs granted over a three-year performance period. The following table summarizes the RSU activity: Number of RSUs 2022 (1) 2021 2020 Non-vested and outstanding, beginning of year 1,005,754 1,298,175 1,203,018 RSUs granted 629,307 846,896 534,141 RSUs vested (217,987) (468,466) (376,961) RSUs forfeited — (338,839) (62,023) RSUs not earned (195,036) (332,012) — Non-vested and outstanding, end of year 1,222,038 1,005,754 1,298,175 (1) In connection with the completion of the Merger on February 3, 2023, outstanding performance-based RSUs became earned and vested in accordance with the actual level of performance of STORE or a minimum of target in as of the date of execution of the Merger Agreement. For the 2021 and 2022 grants, 75% of the common shares to be earned is based on the Company’s total shareholder return (“TSR”) measured against a market index and 25% of shares to be earned is based on the growth in a key Company performance indicator over a three-year period. For the 2018 through 2020 grants, one one The Company valued the RSUs with a performance condition based on the closing price per share of the Company’s common stock on the date of the grant multiplied by the number of awards expected to be earned. The Company valued the RSUs with a market condition using a Monte Carlo simulation model on the date of grant which resulted in grant date fair values of $6.7 million, $7.8 million and $5.4 million for the 2022, 2021 and 2020 and, respectively. The estimated fair value is amortized to expense on a tranche-by-tranche basis ratably over the vesting periods. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the RSUs with a market condition for each grant year: 2022 2021 2020 Volatility 45.79 % 46.01 % 19.31 % Risk-free interest rate 1.77 % 0.25 % 1.42 % Dividend yield 0.00 % 0.00 % 0.00 % The 2015 and 2012 Plans each allow the Company’s employees to elect to satisfy the minimum statutory tax withholding obligation due upon vesting of RSAs and RSUs by allowing the Company to repurchase an amount of shares otherwise deliverable on the vesting date having a fair market value equal to the withholding obligation. During the years ended December 31, 2022, 2021 and 2020, the Company repurchased an aggregate 202,796 shares, 288,132 shares and 139,131 shares, respectively, in connection with this tax withholding obligation. Compensation expense for equity-based payments totaled $12.4 million, $32.2 million, and $4.7 million for the years ended December 31, 2022, 2021 and 2020, respectively, and is included in general and administrative expenses. At December 31, 2022, STORE Capital had $17.4 million of unrecognized compensation cost related to non-vested equity- based compensation arrangements which was to be recognized through February 2024. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 8. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. In connection with the Merger, six lawsuits were filed by purported stockholders against the Company and previous members of the Company Board. The complaints generally alleged, among other things, that the preliminary proxy statement filed by the Company in connection with the Merger failed to disclose allegedly material information in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 14a-9 thereunder. Plaintiffs in each pending lawsuit sought, among other things, an injunction barring the Merger or, in the alternative, rescission of the Merger to the extent it was already implemented, and an award of damages. Prior to the Closing Date of the Merger, all six lawsuits were dismissed. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of December 31, 2022, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $150.8 million, of which $129.1 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. The Company has entered into lease agreements with an unrelated third party for its corporate office space that will expire in July 2027 and July 2029; the leases each allow for one five-year renewal period at the option of the Company. During the years ended December 31, 2022, 2021 and 2020, total rent expense was $829,000, $735,000, and $737,000, respectively, which is included in general and administrative expense on the consolidated statements of income. At December 31, 2022, the Company’s future minimum rental commitment under this noncancelable operating lease, excluding the renewal option period, was approximately $977,000 in 2023, $994,000 in 2024, $1.0 million in 2025, $1.0 million in 2026, $701,000 in 2027, and $292,000 thereafter. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and lease liability related to this lease; at December 31, 2022, the balance of the right-of-use asset was $3.9 million, which is included in other assets, net on the consolidated balance sheet, and the balance of the related lease liability was $4.4 million. The Company has employment agreements with each of its executive officers that provide for minimum annual base salaries, and annual cash and equity incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives to be adopted by the Company’s Board of Directors each year. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for cash severance, continuation of healthcare benefits and, in some instances, accelerated vesting of equity awards that he or she has been awarded as part of the Company’s incentive compensation program. The Company has a defined contribution retirement savings plan qualified under Section 401(a) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan is available to employees who have completed 30 days of service with the Company. STORE Capital provides a matching contribution in cash, up to a maximum of 4% of compensation, which vests immediately. The matching contributions made by the Company totaled approximately $614,000 in 2022, $603,000 in 2021, and $515,000 in 2020. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 9. Fair Value of Financial Instruments The Company’s derivatives are required to be measured at fair value in the Company’s consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. The aggregate fair value of the Company’s derivative instruments was an asset of $31.4 million at December 31, 2022; the Company had no derivatives outstanding at December 31, 2021. Derivative assets are included in other assets, net on the consolidated balance sheets. In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks at December 31, 2022 and 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 December 31, 2022, these debt obligations had an aggregate carrying value of $4.6 billion and an estimated fair value of $4.1 billion. At December 31, 2021, these debt obligations had an aggregate carrying value of $4.2 billion and an estimated fair value of $4.5 billion. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events | |
Subsequent Events | 10. Subsequent Events Completion of Merger Pursuant to the terms and conditions of the Merger Agreement, at or immediately prior to, as applicable, the effective time of the Merger (the “Merger Effective Time”), among other things: ● Common Stock – Each share of common stock of the Company, par value $0.01 per share (“Common Stock”), other than shares of Common Stock held by STORE Capital, the Parent Parties or any of their respective wholly-owned subsidiaries, issued and outstanding immediately prior to the Merger Effective Time, was automatically cancelled and converted into the right to receive an amount in cash equal to $32.25 per share (the “Merger Consideration”), without interest. ● Restricted Stock Awards – Each outstanding RSA automatically became fully vested and all restrictions and repurchase rights thereon lapsed, and thereafter all shares of Common Stock represented thereby were considered outstanding for all purposes under the Merger Agreement and subject to the right to receive an amount in cash equal to the Merger Consideration, less required withholding taxes. ● Performance-based Restricted Stock Unit Awards – Outstanding performance-based RSUs became earned and vested in accordance with the actual level of performance of STORE or a minimum of target in accordance with the underlying agreements as of the date of execution of the Merger Agreement, and thereafter were cancelled and, in exchange therefor, each holder of any such cancelled vested RSUs ceased to have any rights with respect thereto, except the right to receive as of the Merger Effective Time, in consideration for the cancellation of such vested RSUs and in settlement therefor, an amount in cash equal to (1) the product of (a) the Merger Consideration and (b) the number of so-determined earned performance shares subject to such vested RSUs, without interest, less required withholding taxes and (2) an amount equivalent to all accrued and unpaid cash dividends that would have been paid on the number of so-determined earned shares of Common Stock subject to such vested RSUs as if they had been issued and outstanding from the date of grant up to, and including, the Merger Effective Time, less required withholding taxes. Debt Repayments and Termination of Agreements In connection with the completion of the Merger, on February 3, 2023, STORE repaid in full all indebtedness, liabilities and other obligations outstanding under, and terminated, the Second Amended and Restated Credit Agreement, dated June 2021, which provided for the Company’s senior unsecured revolving credit facility and the Term Loan Agreement, dated April 2022, which provided for floating-rate, unsecured term loans. At the time of repayment, the outstanding balance on the unsecured revolving credit facility was $600.0 million and the aggregate borrowings under the Term Loan Agreement were $600.0 million. Additionally, in connection with the completion of the Merger, on February 3, 2023, the Company repaid $130.0 million of outstanding borrowings on the December 2022 Term Loan at maturity. Upon completion of the Merger and pursuant to the Company’s Note Purchase Agreements (Note 4), the Company was required to offer to prepay the $300.0 million of outstanding aggregate principal amounts of Notes. Following the closing of the repurchase offer period, the Company repurchased $185.6 million in aggregate principal amounts of such Notes. Unsecured Revolving Credit Facility and Term Loan In connection with the completion of the Merger, on February 3, 2023, the Company entered into a credit agreement (the “Unsecured Credit Agreement”) which provides for a senior unsecured revolving credit facility of up to $500.0 million (the “Unsecured Revolving Credit Facility”) and an unsecured, variable-rate term loan of $600.0 million (the “Unsecured Term Loan”). The Unsecured Revolving Credit Facility matures in February 2027 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. Borrowings under the Unsecured Revolving Credit Facility require monthly payments of interest at a rate selected by the Company of either (1) SOFR plus an adjustment of 0.10% plus a credit spread ranging from 1.00% to 1.45%, or (2) a Base Rate, as defined in the Unsecured Credit Agreement, plus a credit spread ranging from 0.00% to 0.45%. The credit spread used is based on the Company’s consolidated total leverage ratio as defined in the Unsecured Credit Agreement. The Company is also required to pay a facility fee on the total commitment amount of the Unsecured Revolving Credit Facility ranging from 0.15% to 0.30%. The Unsecured Term Loan matures in April 2027 and the interest rate resets daily at Daily Simple SOFR plus an adjustment of 0.10% plus a credit spread ranging from 1.10% to 1.70% based on the Company’s consolidated total leverage ratio as defined in the Unsecured Revolving Credit Agreement. The Company’s existing cash flow hedges effectively convert the variable-rate on the Unsecured Term Loan to a fixed rate of 3.88% . The Unsecured Credit Agreement also includes capacity for uncommitted incremental term loans and revolving commitments, whether in the form of additional facilities or an increase to the existing facilities, up to an aggregate amount for all revolving commitments and term loans under the Unsecured Credit Agreement of $2.5 billion. The Unsecured Credit Agreement contains 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. In March 2023, the Company entered into an incremental amendment to the Unsecured Credit Agreement which provides for increases to the outstanding Unsecured Revolving Credit Facility and Unsecured Term Loan in an aggregate principal amount of $350.0 million, consisting of (i) increases to the commitments under the Unsecured Revolving Credit Facility in an amount of $150.0 million and (ii) increases to the Unsecured Term Loan in an amount of $200.0 million. In connection with the amendment to the Unsecured Credit Agreement, the Company entered into one interest rate swap agreement with a notional amount of $200.0 million that effectively converts the incremental borrowings on the Unsecured Term Loan to a fixed interest rate of 5.17% for the remaining term of the loan. Secured Term Loan Facility In connection with the completion of the Merger, on February 3, 2023, the Company and certain of its consolidated special purpose entities entered into a credit agreement (the “Credit Agreement”) which provides for a secured term loan of $2.0 billion (the “Secured Term Loan Facility”). Borrowings outstanding under the Secured Term Loan Facility require monthly payments of interest at a floating-rate equal to one-month SOFR, plus a spread of 2.75%; provided that, if the amount outstanding three months following the Closing Date is greater than $1.5 billion, the spread will automatically increase to 3.00%. In conjunction with entering into the Secured Term Loan Facility, the Company entered into three interest rate swap agreements with an aggregate notional amount of $750.0 million that effectively convert a portion of the borrowings to a fixed interest rate of 7.60%. As of February 3, 2023, the effective weighted average interest rate on the Secured Term Loan Facility was 7.42%. The Secured Term Loan Facility is secured by a collateral pool of properties owned by consolidated special purpose entities of the Company and is generally non-recourse to the Company, subject to certain customary limited exceptions. The consolidated special purpose entities are subject to certain restrictive covenants under the Credit Agreement, including with respect to the type of business they may conduct and other customary covenants for a bankruptcy-remote special purpose entity. The Credit Agreement permits substitution of real estate collateral from time to time for assets securing the Secured Term Loan Facility, subject to certain conditions and limitations. In March 2023, the Company paid down $515.0 million in aggregate principal amount of indebtedness under the Credit Agreement. Notice of Delisting On February 3, 2023, in connection with the completion of the Merger, the Company requested that the NYSE suspend trading in the shares of Common Stock and filed with the SEC a notification of removal from listing and registration on Form 25 to effect the delisting of the Common Stock from the NYSE and deregistration of the Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended. Unregistered Sales of Equity Securities On February 3, 2023, the Company issued 125 Series A Preferred Units (the “Series A Preferred Units”) for an aggregate cash amount of $125,000. The issuance of the Series A Preferred Units was made through a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
Schedule III - Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate and Accumulated Depreciation | STORE Capital Corporation Schedule III - Real Estate and Accumulated Depreciation (Dollars in Thousands) Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2022 (b) (c) Property Location Number of Properties Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired Alabama 32 $ - $ 29,876 $ 79,440 $ - $ 1,858 $ 29,876 $ 81,298 $ 111,174 $ (18,141) 1950 - 2017 2012 - 2022 Alabama 20 (f) 14,994 26,005 297 4,605 15,291 30,610 45,901 (6,600) 1964 - 2014 2011 - 2021 Alaska 9 - 9,716 25,224 - - 9,716 25,224 34,940 (2,014) 1953 - 2005 2019 - 2020 Alaska 1 (f) 828 702 - - 828 702 1,530 (281) 2005 2016 Arizona 49 - 65,400 119,938 9,458 34,553 74,858 154,491 229,349 (23,871) 1946 - 2021 2012 - 2022 Arizona 42 (f) 63,589 127,075 6,575 40,634 70,164 167,709 237,873 (33,963) 1976 - 2019 2011 - 2022 Arkansas 28 - 26,817 44,844 17 507 26,834 45,351 72,185 (11,285) 1966 - 2011 2015 - 2019 Arkansas 20 (f) 12,781 24,140 14 4,087 12,795 28,227 41,022 (8,342) 1950 - 2012 2013 - 2022 California 41 - 141,429 201,820 8,270 48,732 149,699 250,552 400,251 (38,511) 1930 - 2022 2012 - 2022 California 38 (f) 57,008 52,238 1,454 4,463 58,462 56,701 115,163 (13,912) 1940 - 2020 2012 - 2022 California 1 13,701 4,528 22,213 - - 4,528 22,213 26,741 (4,896) 2008 2013 Colorado 28 - 37,170 137,747 3,703 13,223 40,873 150,970 191,843 (27,869) 1967 - 2016 2014 - 2022 Colorado 14 (f) 14,413 19,900 1,602 9,446 16,015 29,346 45,361 (5,793) 1953 - 2021 2013 - 2022 Connecticut 21 - 14,672 45,044 1,207 2,785 15,879 47,829 63,708 (5,788) 1779 - 2022 2015 - 2021 Connecticut 9 (f) 5,657 16,179 - - 5,657 16,179 21,836 (5,043) 1860 - 1998 2013 - 2020 Delaware 1 - 3,554 5,541 - - 3,554 5,541 9,095 (927) 1973 2019 District of Columbia 1 - 1,108 805 - - 1,108 805 1,913 (75) 1930 2021 Florida Jacksonville, Florida 9 - 6,943 13,612 313 975 7,256 14,587 21,843 (3,062) 1980 - 2018 2012 - 2018 Jacksonville, Florida 8 (f) 6,902 15,628 4,039 21,050 10,941 36,678 47,619 (9,047) 1972 - 2014 2011 - 2018 All Other Florida 96 - 139,897 181,506 12,044 43,403 151,941 224,909 376,850 (32,705) 1950 - 2022 2011 - 2022 All Other Florida 49 (f) 34,917 104,728 5,501 13,213 40,418 117,941 158,359 (28,444) 1950 - 2014 2012 - 2021 Georgia Macon, Georgia 6 - 8,487 28,165 - - 8,487 28,165 36,652 (2,001) 1947 - 1982 2021 - 2021 Macon, Georgia 2 (f) 1,150 1,208 19 101 1,169 1,309 2,478 (492) 1975 - 2008 2012 - 2022 All Other Georgia 54 - 79,278 212,117 9,286 14,595 88,564 226,712 315,276 (35,152) 1939 - 2022 2011 - 2022 All Other Georgia 97 (f) 82,017 139,077 2,617 20,252 84,634 159,329 243,963 (42,173) 1960 - 2021 2011 - 2021 Idaho 14 - 21,338 52,049 - 5,842 21,338 57,891 79,229 (4,467) 1946 - 2006 2014 - 2022 Idaho 6 (f) 10,979 26,678 9,169 3,013 20,148 29,691 49,839 (3,850) 2007 - 2021 2014 - 2020 Illinois Chicago, Illinois 6 - 16,337 22,122 36 456 16,373 22,578 38,951 (2,760) 1920 - 2015 2015 - 2021 Chicago, Illinois 7 (f) 9,902 14,881 1,575 6,850 11,477 21,731 33,208 (4,456) 1886 - 2021 2012 - 2022 Albion, Illinois 5 - 9,986 33,298 - - 9,986 33,298 43,284 (2,519) 1950 - 1998 2021 All Other Illinois 133 - 95,134 234,320 2,453 21,026 97,587 255,346 352,933 (41,610) 1870 - 2019 2012 - 2022 All Other Illinois 40 (f) 57,775 111,569 1,834 8,938 59,609 120,507 180,116 (30,896) 1880 - 2015 2011 - 2021 Indiana 53 - 78,539 144,348 1,019 4,920 79,558 149,268 228,826 (22,644) 1927 - 2019 2014 - 2022 Indiana 38 (f) 28,244 70,246 205 992 28,449 71,238 99,687 (14,927) 1959 - 2013 2011 - 2021 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2022 (b) (c) Property Location Number of Properties Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired Iowa 16 - 23,092 29,382 - 20 23,092 29,402 52,494 (4,044) 1950 - 2009 2014 - 2022 Iowa 17 (f) 9,716 22,153 947 6,003 10,663 28,156 38,819 (8,867) 1960 - 2013 2011 - 2018 Kansas 28 - 16,222 34,814 6,525 18,316 22,747 53,130 75,877 (9,771) 1969 - 2019 2015 - 2019 Kansas 4 (f) 3,640 5,071 226 1,892 3,866 6,963 10,829 (1,778) 1987 - 2018 2012 - 2021 Kentucky 31 - 31,963 75,004 775 16,098 32,738 91,102 123,840 (16,945) 1907 - 2020 2013 - 2022 Kentucky 37 (f) 22,863 44,502 - 250 22,863 44,752 67,615 (12,413) 1972 - 2018 2011 - 2021 Louisiana 7 - 4,310 10,101 - 1 4,310 10,102 14,412 (1,225) 1968 - 2020 2012 - 2022 Louisiana 26 (f) 27,567 30,940 822 519 28,389 31,459 59,848 (9,326) 1981 - 2015 2012 - 2020 Maine 17 - 16,696 60,392 - - 16,696 60,392 77,088 (4,878) 1798 - 2011 2015 - 2022 Maine 4 (f) 1,059 2,229 82 163 1,141 2,392 3,533 (1,031) 1979 - 1993 2014 - 2016 Maryland 7 - 10,828 12,881 - 75 10,828 12,956 23,784 (2,344) 1963 - 2007 2017 - 2021 Maryland 5 (f) 7,377 14,463 - - 7,377 14,463 21,840 (2,612) 1950 - 2007 2012 - 2020 Massachusetts 31 - 44,283 121,669 - - 44,283 121,669 165,952 (20,628) 1850 - 2009 2014 - 2022 Massachusetts 8 (f) 20,105 25,687 - 363 20,105 26,050 46,155 (5,612) 1955 - 1988 2013 - 2021 Michigan 87 - 106,589 324,817 5,043 24,296 111,632 349,113 460,745 (52,422) 1862 - 2020 2015 - 2022 Michigan 37 (f) 24,017 40,775 96 5,167 24,113 45,942 70,055 (18,221) 1880 - 2012 2012 - 2022 Minnesota 48 - 77,176 152,297 2,136 8,629 79,312 160,926 240,238 (22,073) 1905 - 2018 2015 - 2022 Minnesota 37 (f) 34,077 58,302 5,787 27,053 39,864 85,355 125,219 (25,114) 1951 - 2021 2011 - 2020 Minnesota 1 11,744 7,639 11,328 - - 7,639 11,328 18,967 (4,036) 2015 - 2015 2016 - 2016 Mississippi 29 - 23,926 63,965 120 1,374 24,046 65,339 89,385 (11,481) 1974 - 2010 2012 - 2022 Mississippi 12 (f) 12,068 33,833 - - 12,068 33,833 45,901 (6,177) 1965 - 2009 2011 - 2020 Mississippi 6 40,662 15,385 48,917 - - 15,385 48,917 64,302 (9,029) 1989 - 2001 2018 Missouri 71 - 55,797 111,758 3,318 13,914 59,115 125,672 184,787 (21,328) 1928 - 2019 2013 - 2022 Missouri 21 (f) 27,850 34,181 1,308 4,842 29,158 39,023 68,181 (8,751) 1971 - 2022 2011 - 2022 Missouri 1 8,935 807 13,794 - 620 807 14,414 15,221 (3,424) 2008 2012 - 2012 Montana 1 - 2,753 14,468 - - 2,753 14,468 17,221 (2,340) 2009 2017 Montana 3 (f) 3,080 1,509 2,360 8,189 5,440 9,698 15,138 (475) 1920 - 2020 2014 - 2021 Nebraska 10 - 10,507 5,694 504 7,175 11,011 12,869 23,880 (2,590) 1961 - 2022 2014 - 2021 Nebraska 14 (f) 7,005 23,344 - 2,745 7,005 26,089 33,094 (2,888) 1910 - 2015 2012 - 2021 Nevada 8 - 11,909 16,545 - 1,006 11,909 17,551 29,460 (2,073) 1980 - 2021 2016 - 2021 Nevada 5 (f) 7,809 16,402 - 1,029 7,809 17,431 25,240 (3,597) 1960 - 2009 2013 - 2021 Nevada 1 5,993 2,770 5,454 25 2,259 2,795 7,713 10,508 (754) 1995 2020 New Hampshire 8 - 9,233 16,269 877 4,718 10,110 20,987 31,097 (2,510) 1960 - 2001 2017 - 2022 New Hampshire 4 (f) 1,837 7,914 - - 1,837 7,914 9,751 (1,365) 1973 - 2003 2014 - 2018 New Jersey 4 - 3,303 5,965 - - 3,303 5,965 9,268 (693) 1970 - 2015 2019 - 2022 New Jersey 7 (f) 7,004 29,971 329 2,176 7,333 32,147 39,480 (9,802) 1930 - 2009 2013 - 2018 New Mexico 6 - 8,562 19,175 81 8,486 8,643 27,661 36,304 (4,367) 1946 - 2009 2015 - 2022 New Mexico 4 (f) 4,243 6,084 - - 4,243 6,084 10,327 (1,747) 1955 - 2019 2013 - 2019 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2022 (b) (c) Property Location Number of Properties Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired New York 25 - 49,841 157,415 1,729 3,411 51,570 160,826 212,396 (20,055) 1892 - 2016 2013 - 2022 New York 15 (f) 13,340 32,426 - 32 13,340 32,458 45,798 (4,867) 1950 - 2014 2016 - 2020 North Carolina 71 - 51,284 88,801 3,161 10,591 54,445 99,392 153,837 (16,033) 1942 - 2022 2013 - 2022 North Carolina 63 (f) 41,023 66,597 2,071 4,522 43,094 71,119 114,213 (19,456) 1950 - 2018 2012 - 2020 North Dakota 1 - 1,405 25,557 371 1,740 1,776 27,297 29,073 (2,306) 1993 2019 North Dakota 3 (f) 2,642 7,843 172 278 2,814 8,121 10,935 (2,755) 1984 - 2013 2011 - 2016 North Dakota 1 13,933 7,219 16,872 - - 7,219 16,872 24,091 (5,463) 1995 2016 Ohio Columbus, Ohio 11 - 13,975 39,693 1,272 8,168 15,247 47,861 63,108 (5,728) 1961 - 2019 2016 - 2022 Columbus, Ohio 8 (f) 5,580 10,911 - 250 5,580 11,161 16,741 (4,353) 1970 - 2014 2012 - 2020 All Other Ohio 76 - 93,808 242,103 1,630 11,981 95,438 254,084 349,522 (34,418) 1856 - 2018 2011 - 2022 All Other Ohio 62 (f) 45,156 135,854 21 1,009 45,177 136,863 182,040 (37,169) 1915 - 2020 2011 - 2021 Oklahoma 25 - 23,292 34,801 1,721 7,549 25,013 42,350 67,363 (11,595) 1965 - 2020 2014 - 2021 Oklahoma 31 (f) 31,372 46,137 459 2,052 31,831 48,189 80,020 (22,176) 1946 - 2011 2011 - 2019 Oklahoma 3 3,140 2,907 3,843 - - 2,907 3,843 6,750 (1,627) 1996 - 2006 2012 Oregon 5 - 2,827 7,447 - - 2,827 7,447 10,274 (1,314) 1924 - 2010 2016 - 2019 Oregon 5 (f) 8,147 4,648 460 159 8,607 4,807 13,414 (1,566) 1965 - 1985 2011 - 2019 Pennsylvania 68 - 66,881 208,806 290 3,720 67,171 212,526 279,697 (18,427) 1885 - 2018 2015 - 2022 Pennsylvania 33 (f) 35,711 56,440 1,439 4,487 37,150 60,927 98,077 (17,300) 1865 - 2020 2011 - 2021 Pennsylvania 1 8,602 4,398 11,502 - - 4,398 11,502 15,900 (6,238) 1960 2013 Rhode Island 7 - 6,318 15,049 - - 6,318 15,049 21,367 (1,161) 1930 - 2015 2018 - 2022 Rhode Island 6 (f) 4,854 12,253 - - 4,854 12,253 17,107 (1,052) 1968 - 1995 2019 - 2022 South Carolina 52 - 33,905 127,234 3,187 13,136 37,092 140,370 177,462 (23,488) 1912 - 2019 2014 - 2022 South Carolina 38 (f) 28,501 52,408 1,310 9,940 29,811 62,348 92,159 (15,465) 1973 - 2019 2012 - 2021 South Dakota 14 - 18,662 50,338 6,737 20,437 25,399 70,775 96,174 (9,409) 1948 - 2020 2016 - 2021 South Dakota 3 (f) 3,573 9,662 - 719 3,573 10,381 13,954 (3,721) 1992 - 2014 2011 - 2014 Tennessee 47 - 60,502 163,699 441 7,228 60,943 170,927 231,870 (22,529) 1889 - 2019 2011 - 2022 Tennessee 68 (f) 59,849 94,037 3,049 8,503 62,898 102,540 165,438 (30,596) 1971 - 2019 2011 - 2021 Texas Abilene, Texas 1 - 3,831 44,208 - - 3,831 44,208 48,039 - 2009 2022 Abilene, Texas 1 (f) 593 2,023 - - 593 2,023 2,616 (832) 1961 2012 Amarillo, Texas 4 - 4,002 11,473 - 3,164 4,002 14,637 18,639 (1,604) 1977 - 2016 2013 - 2019 Amarillo, Texas 1 (f) 269 457 - - 269 457 726 (104) 1954 2014 Amarillo, Texas 1 1,018 927 1,330 - - 927 1,330 2,257 (637) 1995 2012 Arlington, Texas 2 - 1,595 4,761 - - 1,595 4,761 6,356 (979) 1964 - 1997 2017 - 2018 Arlington, Texas 4 (f) 3,353 10,077 129 1,521 3,482 11,598 15,080 (2,546) 1945 - 2010 2012 - 2018 Austin, Texas 4 - 6,058 11,115 - - 6,058 11,115 17,173 (2,273) 1991 - 2017 2014 - 2021 Austin, Texas 1 (f) 2,212 3,600 - - 2,212 3,600 5,812 (1,207) 2006 2011 Corpus Christi, Texas 5 - 10,731 15,967 - - 10,731 15,967 26,698 (6,289) 1964 - 2017 2012 - 2021 Corpus Christi, Texas 2 (f) 2,020 1,128 743 316 2,763 1,444 4,207 (436) 1975 - 2016 2019 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2022 (b) (c) Property Location Number of Properties Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired Cypress, Texas 2 - 2,098 4,322 - 391 2,098 4,713 6,811 (486) 2012 - 2017 2018 - 2021 Cypress, Texas 1 (f) 4,223 9,504 - - 4,223 9,504 13,727 (1,035) 2019 2019 Fort Worth, Texas 5 - 9,695 13,715 1,565 5,915 11,260 19,630 30,890 (5,740) 1989 - 2014 2012 - 2021 Fort Worth, Texas 2 (f) 5,361 13,744 - - 5,361 13,744 19,105 (2,798) 1998 - 2021 2013 - 2021 Frisco, Texas 4 - 5,683 10,790 190 924 5,873 11,714 17,587 (1,633) 2003 - 2018 2015 - 2021 Frisco, Texas 2 (f) 4,214 6,362 24 30 4,238 6,392 10,630 (2,218) 1996 - 2008 2012 - 2014 Harlingen, Texas 4 - 3,768 11,342 - - 3,768 11,342 15,110 (1,585) 1993 - 2014 2015 - 2021 Harlingen, Texas 1 (f) 487 391 819 2,293 1,306 2,684 3,990 (487) 2018 2016 Houston, Texas 22 - 25,548 29,177 695 8,769 26,243 37,946 64,189 (5,034) 1965 - 2017 2015 - 2021 Houston, Texas 10 (f) 16,673 23,655 8,204 7,146 24,877 30,801 55,678 (9,801) 1965 - 2016 2013 - 2018 Humble, Texas 2 - 3,468 1,885 1,989 11,451 5,457 13,336 18,793 (3,182) 2009 - 2016 2015 - 2016 Humble, Texas 3 (f) 1,732 3,567 - - 1,732 3,567 5,299 (1,128) 1982 - 2012 2013 - 2016 Irving, Texas 3 - 5,212 6,577 - - 5,212 6,577 11,789 (1,513) 1983 - 2005 2012 - 2019 Irving, Texas 1 (f) 1,375 4,661 - - 1,375 4,661 6,036 (1,223) 1982 2014 Katy, Texas 4 - 5,100 6,242 - 438 5,100 6,680 11,780 (933) 1984 - 2016 2016 - 2021 Katy, Texas 1 (f) 1,564 2,651 159 1,507 1,723 4,158 5,881 (764) 2015 2017 League City, Texas 2 - 7,417 12,612 - - 7,417 12,612 20,029 (2,637) 2011 - 2016 2015 - 2017 Lubbock, Texas 1 - 1,512 7,836 - 342 1,512 8,178 9,690 (1,391) 2005 2015 Lubbock, Texas 5 (f) 9,980 16,629 1,529 3,066 11,509 19,695 31,204 (5,526) 1980 - 2014 2012 - 2018 Lubbock, Texas 1 946 1,289 808 - - 1,289 808 2,097 (393) 1994 2012 McAllen, Texas 3 - 2,810 5,268 - - 2,810 5,268 8,078 (934) 1976 - 2015 2016 - 2021 McAllen, Texas 4 (f) 5,491 10,558 583 1,293 6,074 11,851 17,925 (3,521) 1955 - 2015 2011 - 2017 Mesquite, Texas 2 - 1,455 8,967 - - 1,455 8,967 10,422 (347) 1987 - 2008 2021 Mesquite, Texas 1 (f) 1,795 5,837 - - 1,795 5,837 7,632 (1,545) 1973 2013 San Antonio, Texas 13 - 15,537 19,398 745 1,320 16,282 20,718 37,000 (3,596) 1945 - 2017 2015 - 2021 San Antonio, Texas 5 (f) 10,611 11,711 531 1,680 11,142 13,391 24,533 (2,742) 1985 - 2017 2011 - 2022 Yoakum, Texas 1 - 2,325 22,099 - - 2,325 22,099 24,424 (553) 1971 2022 All Other Texas 152 - 110,530 219,485 4,729 37,720 115,259 257,205 372,464 (39,751) 1920 - 2022 2012 - 2022 All Other Texas 58 (f) 57,371 110,327 3,405 14,918 60,776 125,245 186,021 (30,725) 1950 - 2018 2011 - 2022 Utah 10 - 19,300 31,266 403 3,870 19,703 35,136 54,839 (6,925) 1972 - 2021 2014 - 2021 Utah 5 (f) 6,282 13,773 109 796 6,391 14,569 20,960 (1,160) 1961 - 2013 2018 - 2021 Descriptions (a) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2022 (b) (c) Property Location Number of Properties Encumbrances Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Years Constructed Years Acquired Vermont 5 - 1,747 2,230 4 354 1,751 2,584 4,335 (369) 1950 - 1997 2016 - 2022 Vermont 2 (f) 955 829 - - 955 829 1,784 (410) 1983 - 1998 2014 Virginia 31 - 47,225 105,632 4,906 6,846 52,131 112,478 164,609 (8,749) 1921 - 2022 2011 - 2022 Virginia 15 (f) 8,750 15,019 106 585 8,856 15,604 24,460 (5,067) 1928 - 2008 2011 - 2019 Washington 11 - 14,178 31,693 144 1,396 14,322 33,089 47,411 (6,333) 1910 - 2004 2015 - 2021 Washington 11 (f) 24,332 18,031 1,570 5,239 25,902 23,270 49,172 (5,761) 1948 - 2009 2012 - 2021 West Virginia 12 - 10,486 24,861 - 846 10,486 25,707 36,193 (4,018) 1953 - 2007 2012 - 2022 West Virginia 11 (f) 9,341 8,572 - - 9,341 8,572 17,913 (3,208) 1970 - 2009 2011 - 2020 Wisconsin 62 - 80,908 234,526 29,129 48,739 110,037 283,265 393,302 (43,119) 1911 - 2021 2015 - 2022 Wisconsin 27 (f) 18,568 71,421 4,287 4,032 22,855 75,453 98,308 (14,424) 1948 - 2022 2014 - 2022 Wisconsin 3 32,302 17,490 39,558 - - 17,490 39,558 57,048 (11,592) 1966 - 1992 2016 Wyoming 3 - 962 3,634 - 3 962 3,637 4,599 (423) 1975 - 2009 2016 - 2022 Wyoming 4 (f) 5,572 6,539 5,743 6,060 11,315 12,599 23,914 (1,629) 1980 - 2022 2012 - 2021 2,936 $ 140,976 $ 3,239,415 $ 6,942,675 $ 216,028 $ 800,779 $ 3,455,443 $ 7,743,454 $ 11,198,897 $ (1,410,829) (a) As of December 31, 2022, we had investments in 3,058 single-tenant real estate property locations including 3,034 owned properties and 24 ground lease interests; 100 of our owned properties are accounted for as financing arrangements and 22 are accounted for as direct financing receivables and are excluded from the table above. Initial costs exclude intangible lease assets totaling $62.0 million. (b) The aggregate cost for federal income tax purposes is approximately $11,633.6 million. (c) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 2021 2020 Balance, beginning of year $ 9,936,320 $ 8,866,666 $ 8,175,034 Additions Acquisitions 1,333,088 1,300,142 834,023 Improvements 135,781 143,665 130,051 Deductions Provision for impairment of real estate (16,050) (21,800) (21,978) Other (8,750) (12,876) (11,184) Cost of real estate sold (181,492) (312,418) (212,818) Reclasses to held for sale — (27,059) (26,462) Balance, end of year $ 11,198,897 $ 9,936,320 $ 8,866,666 (d) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 2021 2020 Balance, beginning of year $ (1,134,007) $ (911,656) $ (711,176) Additions Depreciation expense (304,588) (262,566) (238,853) Deductions Accumulated depreciation associated with real estate sold 19,016 25,434 23,031 Other 8,750 12,876 11,184 Reclasses to held for sale — 1,905 4,158 Balance, end of year $ (1,410,829) $ (1,134,007) $ (911,656) (e) The Company's real estate assets are depreciated using the straight-line method over the estimated useful lives of the properties, which generally ranges from 30 to 40 years for buildings and improvements and is 15 years for land improvements. (f) Property is collateral for non-recourse debt obligations totaling $2.1 billion issued under the Company’s STORE Master Funding debt program. See report of independent registered public accounting firm. |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Schedule IV - Mortgage Loans on Real Estate | |
Schedule IV - Mortgage Loans on Real Estate | STORE Capital Corporation Schedule IV - Mortgage Loans on Real Estate As of December 31, 2022 (Dollars in thousands) Final Periodic Final Outstanding Carrying Interest Maturity Payment Payment Prior face amount of amount of Description Rate Date Terms Terms Liens mortgages mortgages (c) First mortgage loans: Two movie theater properties located in North Carolina (a) 8.35 % (b) Interest only Balloon of $12.2 million None $ 12,161 $ 9,745 Two restaurant properties located in Indiana 10.00 % 6/30/2023 Interest only Balloon of $0.2 million None 219 219 Three elementary school properties in California and Virginia 8.00 % 12/31/2023 Interest only Balloon of $70.8 million None 70,775 71,198 Three metal tank manufacturing properties located in Illinois, Tennessee, and Texas 7.90 % 12/31/2026 Principal & Interest Balloon of $20.0 million None 21,000 20,550 Two restaurant properties located in Louisiana 8.61 % 7/1/2032 Principal & Interest Balloon of $1.9 million None 2,084 2,087 Five restaurant properties located in Mississippi 8.68 % 7/1/2032 Principal & Interest Balloon of $5.1 million None 5,514 5,519 One restaurant property located in Montana 9.29 % 11/1/2036 Principal & Interest Balloon of $2.1 million None 2,369 2,369 One textile manufacturer property in South Carolina 8.25 % 10/1/2042 Principal & Interest Balloon of $13.1 million None 14,500 14,345 Ten car wash properties located in Nebraska, Pennsylvania, and Texas 8.25 % 6/30/2051 Principal & Interest Fully amortizing None 24,204 24,026 Five restaurant properties located in Tennessee 8.25 % 8/31/2053 Principal & Interest Fully amortizing None 3,549 3,536 One hunting and fishing property located in California 7.90 % 5/31/2054 Principal & Interest Balloon of $6.0 million None 16,883 16,831 Three floral/nursery merchant wholesaler properties located in California 8.35 % 11/30/2054 Principal & Interest Fully amortizing None 25,112 25,012 Three mortgage loans secured by one recreation property located in Colorado 9.35 % 2/28/2055 Principal & Interest Fully amortizing None 30,396 30,682 13 restaurant properties in Florida, Kansas and Missouri 7.60 % 8/31/2055 Principal & Interest Fully amortizing None 9,862 9,797 Three restaurant properties located in Ohio 8.45 % 12/31/2055 Principal & Interest Fully amortizing None 2,991 2,986 One athletic club in Chicago, IL (a) 7.60 % 1/31/2056 Principal & Interest Fully amortizing None 16,549 16,375 Leasehold interest in an amusement park property located in Ontario, Canada 9.89 % 8/1/2056 Principal & Interest Fully amortizing None 22,097 21,979 One recreation property located in Utah 9.25 % 12/11/2060 Principal & Interest Fully amortizing None 6,269 6,241 One family entertainment property located in Texas 8.25 % 6/30/2062 Principal & Interest Fully amortizing None 4,531 4,509 Five family entertainment properties located in Texas 8.11 % 6/30/2062 Principal & Interest Fully amortizing None 26,720 26,627 Three food processing properties in Idaho, Tennessee, and Wisconsin 8.00 % 12/31/2062 Principal & Interest Fully amortizing None 27,890 27,787 $ 345,675 $ 342,420 The following shows changes in the carrying amounts of mortgage loans receivable during the years ended December 31, 2022, 2021 and 2020 (in thousands): Year ended December 31, 2022 2021 2020 Balance, beginning of year $ 342,317 $ 301,355 $ 202,557 Additions: New mortgage loans (d) 68,912 75,666 132,542 Other: Capitalized loan origination costs 85 98 155 Deductions: Collections of principal (e) (69,279) (32,046) (32,151) Other: Provisions for loan losses 503 (2,704) (1,670) Other: Amortization of loan origination costs (118) (52) (78) Balance, end of year $ 342,420 $ 342,317 $ 301,355 (a) Loan was on nonaccrual status as of December 31, 2022. (b) Loan matured prior to December 31, 2022 and the Company has been in negotiations with the borrower regarding a resolution. (c) The aggregate cost for federal income tax purposes is $346.5 million. (d) For the years ended December 31, 2022 and 2021, new mortgage loans includes $15.2 million and $19.8 million, respectively, of mortgage loans previously classified as deferred financing receivables. (e) For the years ended December 31, 2022, 2021 and 2020, collections of principal include non-cash principal collections aggregating $8.9 million, $30.8 million and $23.4 million, respectively, related to loan receivable transactions in which the Company acquired the underlying mortgaged property. See report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Principles (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Principles | |
Basis of Accounting and Principles of Consolidation | Basis of Accounting and Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated statements include the accounts of STORE Capital and its subsidiaries which are wholly owned and controlled by the Company through its voting interest. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all of the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s wholly owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At December 31, 2022 and 2021, these special purpose entities held assets totaling $9.5 billion and $8.5 billion, respectively, and had third-party liabilities totaling $2.4 billion and $2.6 billion, respectively. These assets and liabilities are included in the accompanying consolidated balance sheets. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. |
Segment Reporting | Segment Reporting The Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting |
Investment Portfolio | Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) ● Real Estate Investments – investments are generally made through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them through long-term leases which are generally classified as operating leases; the operators become the Company’s long-term tenants (its customers). Certain of the lease contracts that are associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which results in the transaction being accounted for as a financing arrangement due to the adoption of ASC Topic 842 rather than as an investment in real estate subject to an operating lease. ● Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serve as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. ● Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. |
Impact of the COVID-19 Pandemic | Impact of the COVID-19 Pandemic During the novel coronavirus (“COVID-19”) pandemic beginning in early 2020, the Company provided to certain tenants rent deferral arrangements in the form of both short-term notes and lease modifications. The FASB provided accounting relief under which concessions provided to tenants in direct response to the COVID-19 pandemic are not required to be evaluated or accounted for as lease modifications in accordance with ASC Topic 842. The Company elected to apply this accounting relief to the rent deferral arrangements it has entered into with its tenants, which primarily affected the timing (but not the amount) of lease and loan payments due to the Company under its contracts. For the years ended December 31, 2022, 2021 and 2020, the Company recognized $1.5 million, $8.3 million and $57.1 million of net revenue associated with these deferral arrangements with a corresponding increase in receivables that are included in other assets, net on the consolidated balance sheet. During the years ended December 31, 2022, 2021 and 2020, the Company collected $14.5 million, $33.4 million and $9.9 million of the receivables related to these deferral arrangements. |
Accounting for Real Estate Investments | Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, the Company accounts for such an acquisition as a financing arrangement and records the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the fixed-rate renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. The Company’s real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 30 |
Revenue Recognition | Revenue Recognition STORE Capital leases real estate to its tenants under long- term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the consolidated balance sheets. The Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. As of December 31, 2022 and 2021, the Company had 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 3.2% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has been less than 2.0% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of income. |
Impairment | Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, capitalization and discount rates, terminal value, tenant improvements, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement During the year ended December 31, 2022, the Company recognized an aggregate provision for impairment of real estate of $16.0 million. For the assets impaired in 2022, the estimated fair value of the impaired real estate assets at the time of impairment aggregated $65.3 million. The Company recognized aggregate provisions for the impairment of real estate of $21.8 million and $22.0 million during the years ended December 31, 2021 and 2020, respectively. |
Accounting for Loans and Financing Receivables | Accounting for Loans and Financing Receivables Loans Receivable – Classification, Cost and Revenue Recognition STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable using the effective-interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the term of the related loan receivable using the effective interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2022 and 2021, the Company had loans receivable with an aggregate outstanding principal balance of $31.8 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 provisions of credit losses in accordance with ASU 2016-13, Financial Instruments — Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments (“ASC Topic 326”) |
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 $4.7 million and $5.8 million of restricted cash at December 31, 2022 and 2021, respectively, which are included in other assets, net, on the consolidated balance sheets. |
Deferred Costs | Deferred Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Deferred financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the consolidated balance sheets. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2022, the Company had seven interest rate swap agreements in place. One of the interest rate swap agreements has a notional amount of $200.0 million and was designated as a cash flow hedge of the Company's $200.0 million floating-rate bank term loan due in April 2029. The remaining six interest rate swap agreements have an aggregate notional amount of $400.0 million and were designated as cash flow hedges of the Company's $400.0 million floating-rate bank term loan due in April 2027 (Note 4). As of December 31, 2021, the Company had no derivative instruments in place. |
Fair Value Measurement | Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. |
Share-based Compensation | Share-based Compensation Directors and employees of the Company have historically been granted long-term incentive awards, including restricted stock awards (“RSAs”) and restricted stock unit awards (“RSUs’), which provided such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight-line basis or the amount vested. The Company’s RSUs granted 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. |
Income Taxes | Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (“TRS”) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes. |
Net Income Per Common Share | Net Income Per Common Share Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. Year Ended December 31, 2022 2021 2020 Numerator: Net income $ 327,901 $ 268,348 $ 212,614 Less: Earnings attributable to unvested restricted shares (558) (659) (776) Net income used in basic and diluted income per share $ 327,343 $ 267,689 $ 211,838 Denominator: Weighted average common shares outstanding 280,559,061 270,693,243 253,055,331 Less: Weighted average number of shares of unvested restricted stock (453,584) (587,974) (520,751) Weighted average shares outstanding used in basic income per share 280,105,477 270,105,269 252,534,580 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — — 116,460 Weighted average shares outstanding used in diluted income per share 280,105,477 270,105,269 252,651,040 (a) For the years ended December 31, 2022, 2021 and 2020, excludes 121,112 shares, 225,424 shares and 127,136 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 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
Summary of Significant Accoun_3
Summary of Significant Accounting Principles (Tables) | 12 Months Ended |
Dec. 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 | Year Ended December 31, 2022 2021 2020 Numerator: Net income $ 327,901 $ 268,348 $ 212,614 Less: Earnings attributable to unvested restricted shares (558) (659) (776) Net income used in basic and diluted income per share $ 327,343 $ 267,689 $ 211,838 Denominator: Weighted average common shares outstanding 280,559,061 270,693,243 253,055,331 Less: Weighted average number of shares of unvested restricted stock (453,584) (587,974) (520,751) Weighted average shares outstanding used in basic income per share 280,105,477 270,105,269 252,534,580 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — — 116,460 Weighted average shares outstanding used in diluted income per share 280,105,477 270,105,269 252,651,040 (a) For the years ended December 31, 2022, 2021 and 2020, excludes 121,112 shares, 225,424 shares and 127,136 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments. | |
Schedule of gross real estate and loan activity | Number of Dollar Investment Amount of Locations Investments Gross investments, December 31, 2019 2,504 8,854,921 Acquisition of and additions to real estate (a)(b) 203 959,842 Investment in loans and direct financing receivables (c) 11 156,721 Sales of real estate (72) (222,556) Principal collections on loans and direct financing receivables (d) (12) (80,521) Net change in operating ground lease assets (e) 10,429 Provisions for impairment (23,003) Adoption of expected credit loss standard (ASC Topic 326) (2,465) Other (13,602) Gross investments, December 31, 2020 2,634 9,639,766 Acquisition of and additions to real estate (a)(d)(f) 307 1,427,278 Investment in loans and direct financing receivables 29 125,049 Sales of real estate (103) (339,658) Principal collections on loans and direct financing receivables (d) (1) (61,942) Net change in operating ground lease assets (e) (1,365) Provisions for impairment (24,979) Other (15,212) Gross investments, December 31, 2021 2,866 10,748,937 Acquisition of and additions to real estate (a)(d)(g)(h) 256 1,475,499 Investment in loans and direct financing receivables 28 158,676 Sales of real estate (60) (197,530) Principal collections on loans and direct financing receivables (d) (6) (76,868) Net change in operating ground lease assets (e) (1,446) Provisions for impairment (16,428) Other (10,997) Gross investments, December 31, 2022 12,079,843 Less accumulated depreciation and amortization (1,438,107) Net investments, December 31, 2022 3,084 $ 10,641,736 (a) Includes $0.8 million during 2020, $0.8 million during 2021 and $2.3 million during 2022 of interest capitalized to properties under construction. (b) Excludes $16.9 million of tenant improvement advances disbursed in 2020 which were accrued as of December 31, 2019. (c) Includes $3.2 million related to mortgage loans made to the purchasers of a real estate properties sold during 2020. (d) For the years ended December 31, 2020, 2021, and 2022 includes $30.6 million, $42.8 million, and $8.9 million, respectively of non-cash principal collection transactions in which the Company acquired the underlying collateral property (buildings and improvements) and leased them back to a customer. (e) Includes new operating ground lease assets recognized net of amortization during the year ended December 30, 2020. During the years ended December 31, 2021 and 2022, represents amortization. (f) Excludes $21.2 million of tenant improvement advances disbursed in 2021 which were accrued as of December 31, 2020. (g) Excludes $22.6 million of tenant improvement advances disbursed in 2022 which were accrued as of December 31, 2021. (h) Incudes $10.6 million of tenant funded improvements during 2022. |
Schedule of revenue recognized from investment portfolio | The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Year Ended December 31, 2022 2021 2020 Rental revenues: Operating leases (a)(c) $ 845,880 $ 728,477 $ 644,733 Sublease income - operating ground leases (b) 2,812 2,809 2,096 Amortization of lease related intangibles and costs (2,272) (2,225) (2,331) Total rental revenues $ 846,420 $ 729,061 $ 644,498 Interest income on loans and financing receivables: Mortgage and other loans receivable (c) $ 26,667 $ 24,959 $ 18,097 Sale-leaseback transactions accounted for as financing arrangements 24,140 17,883 15,376 Direct financing receivables 5,969 7,979 11,815 Total interest income on loans and financing receivables $ 56,776 $ 50,821 $ 45,288 (a) For the years ended December 31, 2022, 2021 and 2020, includes $3.1 million, $2.6 million and $2.5 million, respectively, of property tax tenant reimbursement revenue and includes variable lease revenue of $1.0 million, $11.2 million and $4.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. (c) For the years ended December 31, 2022, 2021 and 2020, includes $1.5 million, $8.3 million and $57.1 million, respectively, of revenue that has been recognized related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the consolidated balance sheet. |
Schedule of future minimum rentals to be received under operating leases | Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of December 31, 2022 are as follows (in thousands): 2023 $ 908,961 2024 902,039 2025 898,423 2026 892,006 2027 880,092 Thereafter 7,402,655 Total future minimum rentals (a) $ 11,884,176 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. |
Schedule detailing intangible lease assets and related accumulated amortization | The following details intangible lease assets and related accumulated amortization at December 31 (in thousands): 2022 2021 In-place leases $ 42,519 $ 35,522 Ground lease-related intangibles 19,449 19,449 Total intangible lease assets 61,968 54,971 Accumulated amortization (27,278) (25,285) Net intangible lease assets $ 34,690 $ 29,686 |
Summary of future minimum lease payments | The future minimum lease payments to be paid under the operating ground leases as of December 31, 2022 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total 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 7,389 54,477 61,866 Less imputed interest (2,663) (26,711) (29,374) Total operating lease liabilities - ground leases $ 4,726 $ 27,766 $ 32,492 (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 $54.5 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 tenants’ sales. |
Schedule summarizing loans and direct financing receivables | The Company’s loans and financing receivables are summarized below (dollars in thousands): Interest Maturity December 31, Type Rate (a) Date 2022 2021 Four mortgage loans receivable 8.03 % 2023 - 2026 $ 104,069 $ 114,911 Three mortgage loans receivable 8.81 % 2032 - 2036 9,967 14,444 Sixteen mortgage loans receivable (b) 8.45 % 2042 - 2062 231,639 216,547 Total mortgage loans receivable 345,675 345,902 Equipment and other loans receivable 7.32 % 2023 - 2036 15,842 25,409 Total principal amount outstanding—loans receivable 361,517 371,311 Unamortized loan origination costs 1,011 1,046 Sale-leaseback transactions accounted for as financing arrangements (c) 7.52 % 2034 - 2043 369,604 255,483 Direct financing receivables 60,899 78,637 Allowance for credit and loan losses (d) (5,925) (9,208) Total loans and financing receivables $ 787,106 $ 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 $4.6 million of credit losses recognized since the adoption of ASC Topic 326 net of $3.7 million of loans that were written-off against previously established reserves. |
Schedule of maturities of loans receivable | Scheduled Principal Balloon Total Payments Payments Payments 2023 $ 2,452 $ 92,832 $ 95,284 2024 2,224 — 2,224 2025 2,028 — 2,028 2026 1,999 20,371 22,370 2027 1,716 548 2,264 Thereafter 207,495 29,852 237,347 Total principal payments $ 217,914 $ 143,603 $ 361,517 |
Schedule of sale-leaseback transactions | 2023 $ 28,486 2024 28,622 2025 28,762 2026 28,855 2027 28,956 Thereafter 343,194 Total future scheduled payments $ 486,875 |
Schedule of the components of the investments accounted for as direct financing receivables | As of December 31, 2022 and 2021, the Company had $60.9 million and $78.6 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): 2022 2021 Minimum lease payments receivable $ 119,839 $ 159,371 Estimated residual value of leased assets 6,889 8,938 Unearned income (65,829) (89,672) Net investment $ 60,899 $ 78,637 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of maturities of long-term debt | As of December 31, 2022, the scheduled maturities, including balloon payments, on the Company’s aggregate debt obligations are as follows (in thousands): Scheduled Principal Balloon Payments Payments Total 2023 $ 22,628 $ 117,285 $ 139,913 2024 21,908 293,798 315,706 2025 19,777 256,612 276,389 2026 17,654 532,142 549,796 2027 9,221 860,472 869,693 Thereafter 26,882 2,495,850 2,522,732 $ 118,070 $ 4,556,159 $ 4,674,229 |
Senior Unsecured Notes And Term Loans Payable | |
Schedule of debt | The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): Maturity Interest December 31, December 31, Date Rate 2022 2021 Notes Payable: Series A issued November 2015 $ — $ 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 1,725,000 1,800,000 Term Loans: Term Loan issued December 2022 Mar. 2023 (a) 5.35 % (b) 90,000 — Term Loan issued April 2022 Apr. 2027 3.58 % (c) 400,000 — Term Loan issued April 2022 Apr. 2029 3.88 % (d) 200,000 — Total term loans 690,000 — Unamortized discount (4,113) (4,740) Unamortized deferred financing costs (13,481) (12,447) Total unsecured notes and term loans payable, net $ 2,397,406 $ 1,782,813 (a) Loan matures at the earlier of March 31, 2023 or the consummation of the Merger. (b) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10% + the applicable credit spread which was 0.95% at December 31, 2022. (c) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10% + the applicable credit spread which was 0.95% at December 31, 2022. The Company has entered into six interest rate swap agreements that effectively convert the floating rate to the fixed rate noted as of December 31, 2022. (d) Loan is a floating-rate loan which resets daily at Daily Simple SOFR + an adjustment of 0.10% + the applicable credit spread which was 1.25% at December 31, 2022. The Company has entered into one interest rate swap agreement that effectively converts the floating rate to the fixed rate noted as of December 31, 2022. |
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): Outstanding Balance Maturity Interest December 31, Date Rate 2022 2021 Non-recourse net-lease mortgage notes: $140,000 Series 2014-1, Class A-2 (a) 5.00 % — 134,692 $150,000 Series 2018-1, Class A-1 Oct. 2024 (b) 3.96 % 140,552 142,051 $50,000 Series 2018-1, Class A-3 Oct. 2024 (b) 4.40 % 48,417 48,917 $270,000 Series 2015-1, Class A-2 Apr. 2025 (b) 4.17 % 259,650 260,999 $200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 (b) 3.96 % 175,861 180,190 $82,000 Series 2019-1, Class A-1 Nov. 2026 (b) 2.82 % 78,180 78,590 $46,000 Series 2019-1, Class A-3 Nov. 2026 (b) 3.32 % 45,291 45,521 $135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 (b) 4.32 % 120,182 123,046 $228,000 Series 2018-1, Class A-2 Oct. 2027 (c) 4.29 % 213,638 215,918 $164,000 Series 2018-1, Class A-4 Oct. 2027 (c) 4.74 % 158,807 160,447 $168,500 Series 2021-1, Class A-1 Jun. 2028 (b) 2.12 % 167,236 168,079 $89,000 Series 2021-1, Class A-3 Jun. 2028 (b) 2.86 % 88,333 88,778 $168,500 Series 2021-1, Class A-2 Jun. 2033 (c) 2.96 % 167,236 168,079 $89,000 Series 2021-1, Class A-4 Jun. 2033 (c) 3.70 % 88,333 88,778 $244,000 Series 2019-1, Class A-2 Nov. 2034 (c) 3.65 % 232,634 233,854 $136,000 Series 2019-1, Class A-4 Nov. 2034 (c) 4.49 % 133,903 134,583 Total non-recourse net-lease mortgage notes 2,118,253 2,272,522 Non-recourse mortgage notes: $13,000 note issued May 2012 5.195 % — 9,961 $26,000 note issued August 2012 5.05 % — 20,085 $6,400 note issued November 2012 4.707 % — 4,938 $6,944 notes issued March 2013 Apr. 2038 4.50 % (d) 5,103 5,332 $11,895 note issued March 2013 Apr. 2023 4.7315 % (d) 8,935 9,309 $17,500 note issued August 2013 Sept. 2023 5.46 % 13,701 14,212 $10,075 note issued March 2014 Apr. 2024 5.10 % 8,602 8,808 $65,000 note issued June 2016 Jul. 2026 4.75 % 57,980 59,223 $41,690 note issued March 2019 Mar. 2029 4.80 % 40,662 41,291 $6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 4.64 % 5,993 6,106 Total non-recourse mortgage notes 140,976 179,265 Unamortized discount (395) (496) Unamortized deferred financing costs (20,364) (25,583) Total non-recourse debt obligations of consolidated special purpose entities, net $ 2,238,470 $ 2,425,708 (a) Notes were repaid, without penalty, in April 2022 using a portion of the proceeds from the aggregate $600.0 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) Mortgage note was repaid, without penalty, in January 2023. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Total current income tax expense | The Company’s total current income tax expense (benefit) was as follows (in thousands): Year ended December 31, 2022 2021 2020 Federal income tax $ — $ — $ (4) State income tax 884 813 588 Total current income tax expense $ 884 $ 813 $ 584 |
Stock distributions declared characterized for tax | Year ended December 31, 2022 2021 2020 Ordinary income dividends $ 1.1550 $ 1.1606 $ 1.0677 Capital gain dividends — 0.0785 0.0180 Return of capital — 0.2259 0.3243 Cash liquidation distributions 0.4100 — — Total $ 1.5650 $ 1.4650 $ 1.4100 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 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): Year Ended December 31, 2022 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 8,607,771 $ 29.38 $ 252.9 $ (3.1) $ (0.2) $ 249.6 Inception of Program Through December 31, 2022 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 19,449,302 $ 31.55 $ 613.7 $ (8.5) $ (0.8) $ 604.4 |
Long-Term Incentive Plans (Tabl
Long-Term Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Incentive Plans | |
Restricted stock award activity | 2022 2021 2020 Weighted Weighted Weighted Number of Average Share Number of Average Share Number of Average Share Shares Price (1) Shares Price (1) Shares Price (1) Outstanding non-vested shares, beginning of year 437,424 $ 25.96 639,554 $ 23.69 285,238 $ 27.70 Shares granted 233,147 $ 29.47 195,278 $ 34.03 491,009 $ 22.63 Shares vested (166,770) $ 26.32 (313,518) $ 26.58 (130,642) $ 28.15 Shares forfeited (56,954) $ 24.93 (83,890) $ 25.09 (6,051) $ 30.89 Outstanding non-vested shares, end of year 446,847 $ 27.79 437,424 $ 25.96 639,554 $ 23.69 (1) Grant date fair value |
Schedule of share based compensation restricted stock units | Number of RSUs 2022 (1) 2021 2020 Non-vested and outstanding, beginning of year 1,005,754 1,298,175 1,203,018 RSUs granted 629,307 846,896 534,141 RSUs vested (217,987) (468,466) (376,961) RSUs forfeited — (338,839) (62,023) RSUs not earned (195,036) (332,012) — Non-vested and outstanding, end of year 1,222,038 1,005,754 1,298,175 (1) In connection with the completion of the Merger on February 3, 2023, outstanding performance-based RSUs became earned and vested in accordance with the actual level of performance of STORE or a minimum of target in as of the date of execution of the Merger Agreement. |
Schedule of grant date fair value assumptions | 2022 2021 2020 Volatility 45.79 % 46.01 % 19.31 % Risk-free interest rate 1.77 % 0.25 % 1.42 % Dividend yield 0.00 % 0.00 % 0.00 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Principles (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) instrument segment item | Dec. 31, 2021 USD ($) instrument | Dec. 31, 2020 USD ($) | |
Basis of Accounting and Principles of Consolidation | |||
Assets owned | $ 10,834,970,000 | $ 9,773,082,000 | |
Liabilities owed | $ 5,408,652,000 | 4,628,953,000 | |
Segment Reporting | |||
Number of reportable segments | segment | 1 | ||
Investment portfolio | |||
Number of transaction types | 3 | ||
Revenue Recognition | |||
Accrued straight-line rental revenue, net of allowance | $ 46,900,000 | 39,400,000 | |
Leases indexed to increases in the CPI, minimum adjustment period | 1 year | ||
Leases indexed to increases in the CPI, minimum multiplier increasing rent (in multipliers) | 1 | ||
Leases indexed to increases in the CPI, maximum multiplier increasing rent (in multipliers) | 1.25 | ||
Portion of investment portfolio subject to contingent rent based upon tenant sales (as a percent) | 3.20% | ||
Contingent rent as a percentage of rental revenue, historical | 2% | ||
Impairments | |||
Provisions for impairment | $ 16,000,000 | 21,800,000 | $ 22,000,000 |
Estimate fair value of impaired real estate assets | 65,300,000 | ||
Write-offs charged against allowance | 3,700,000 | ||
Loans Receivable | |||
Non accrual status loan receivables | $ 31,800,000 | 28,800,000 | |
Number of classes in portfolio of loans and financing receivables | item | 2 | ||
Restricted cash | |||
Restricted cash included in other assets | $ 4,667,000 | $ 5,780,000 | 10,195,000 |
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net | |
Derivative Instruments and Hedging Activities | |||
Number of agreements | instrument | 0 | ||
Carrying amount | $ 4,674,229,000 | ||
Provision For Impairment | |||
Loans Receivable | |||
Provision for loan losses | 400,000 | $ 3,200,000 | 1,000,000 |
Payment deferral due to COVID-19 | |||
Revenue Recognition | |||
Revenue associated with deferral arrangements | 1,500,000 | 8,300,000 | 57,100,000 |
Receivables collections | $ 14,500,000 | 33,400,000 | $ 9,900,000 |
Loans receivable | |||
Loans Receivable | |||
Maximum past due period for loans payments causing nonaccrual status | 60 days | ||
Interest rate swaps | |||
Derivative Instruments and Hedging Activities | |||
Number of agreements | instrument | 7 | ||
Interest rate swap, due in 2029 | Designated as hedging instrument | |||
Derivative Instruments and Hedging Activities | |||
Number of agreements | instrument | 1 | ||
Current notional amounts | $ 200,000,000 | ||
Carrying amount | $ 200,000,000 | ||
Interest rate swap, due in 2027 | Designated as hedging instrument | |||
Derivative Instruments and Hedging Activities | |||
Number of agreements | instrument | 6 | ||
Current notional amounts | $ 400,000,000 | ||
Carrying amount | $ 400,000,000 | ||
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 | $ 9,500,000,000 | 8,500,000,000 | |
Liabilities owed | $ 2,400,000,000 | $ 2,600,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Principles - Net Income Per Common Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net income | $ 327,901 | $ 268,348 | $ 212,614 |
Less: Earnings attributable to unvested restricted shares | (558) | (659) | (776) |
Net income used in basic and diluted income per share | $ 327,343 | $ 267,689 | $ 211,838 |
Denominator: | |||
Weighted average common shares outstanding | 280,559,061 | 270,693,243 | 253,055,331 |
Less: Weighted average number of shares of unvested restricted stock (in shares) | 453,584 | 587,974 | 520,751 |
Weighted average shares outstanding used in basic income per share (in shares) | 280,105,477 | 270,105,269 | 252,534,580 |
Effects of dilutive securities: | |||
Add: Treasury stock method impact of potentially dilutive securities (in shares) | 116,460 | ||
Weighted average shares outstanding used in diluted income per share (in shares) | 280,105,477 | 270,105,269 | 252,651,040 |
Antidilutive unvested restricted shares (in shares) | 121,112 | 225,424 | 127,136 |
Investments - Locations (Detail
Investments - Locations (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) property | Dec. 31, 2019 USD ($) property | |
Number of property locations of investments (in locations) | property | 3,084 | 2,866 | 2,634 | 2,504 |
Number of owned properties (in properties) | property | 3,034 | |||
Number of properties accounted as financing arrangements | property | 100 | |||
Number of properties owned as direct financing receivables | property | 22 | 22 | ||
Number of ground lease interests (in properties) | property | 24 | 24 | ||
Number of properties which secure certain mortgage loans (in properties) | property | 26 | |||
Gross acquisition cost of real estate investments | $ 11,300,000 | |||
Loans and financing receivables, net | 787,106 | $ 697,269 | ||
Operating ground lease assets | $ 31,872 | $ 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 | 32% | |||
Number of Investment Locations | ||||
Gross investments | property | 2,866 | 2,634 | 2,504 | |
Acquisition of and additions to real estate | property | 256 | 307 | 203 | |
Investment in loans and financing receivables | property | 28 | 29 | 11 | |
Sales of real estate | property | (60) | (103) | (72) | |
Principal collections on loans and direct financing receivables | property | (6) | (1) | (12) | |
Gross investments | property | 3,084 | 2,866 | 2,634 | |
Dollar Amount of Investments | ||||
Adoption of ASC Topic 326, cumulative adjustment | $ 5,426,318 | $ 5,144,129 | $ 5,015,778 | $ 4,485,385 |
Gross investments | 10,748,937 | 9,639,766 | 8,854,921 | |
Acquisition of and additions to real estate | 1,475,499 | 1,427,278 | 959,842 | |
Investment in loans and financing receivables | 158,676 | 125,049 | 156,721 | |
Sales of real estate | (197,530) | (339,658) | (222,556) | |
Principal collections on loans and direct financing receivables | 76,868 | 61,942 | 80,521 | |
Operating ground lease assets, net | 31,872 | 33,318 | ||
Provisions for impairment | (16,428) | (24,979) | (23,003) | |
Other | (10,997) | (15,212) | (13,602) | |
Gross investments | 12,079,843 | 10,748,937 | 9,639,766 | |
Less accumulated depreciation and amortization | (1,438,107) | |||
Net investments | 10,641,736 | 9,587,740 | ||
Tenant improvement advances disbursed | 22,600 | 21,200 | 16,900 | |
Tenant funded improvements to real estate investments | 10,550 | |||
Interest capitalized | 2,300 | 800 | 800 | |
Non-cash principal collections related to loans receivable | 8,900 | 42,800 | 30,600 | |
Sale-leaseback transactions accounted for as financing arrangements | $ 369,600 | 255,500 | ||
Number of properties owned | property | 3,034 | |||
Mortgage loans made to purchasers of multiple real estate properties sold | 3,200 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Dollar Amount of Investments | ||||
Adoption of ASC Topic 326, cumulative adjustment | (2,465) | |||
Ground leases | ||||
Operating ground lease assets | $ 31,900 | 10,429 | ||
Dollar Amount of Investments | ||||
Operating ground lease assets, net | 31,900 | $ 10,429 | ||
Net change in operating ground lease assets | $ (1,446) | $ (1,365) |
Investments - Revenue Recognize
Investments - Revenue Recognized from Investment Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Rental revenues: | |||
Operating leases | $ 845,880 | $ 728,477 | $ 644,733 |
Sublease income - operating ground lease assets | 2,812 | 2,809 | 2,096 |
Amortization of lease related intangibles and costs | (2,272) | (2,225) | (2,331) |
Total rental revenues | 846,420 | 729,061 | 644,498 |
Interest income on loans and financing receivables: | |||
Mortgage and other loans receivable | 26,667 | 24,959 | 18,097 |
Sale-leaseback transactions accounted for as financing arrangements | 24,140 | 17,883 | 15,376 |
Direct financing receivables | 5,969 | 7,979 | 11,815 |
Total interest income on loans and financing receivables | 56,776 | 50,821 | 45,288 |
Property tax tenant reimbursement revenue | 3,100 | 2,600 | 2,500 |
Variable lease revenue | 1,000 | 11,200 | 4,000 |
Payment deferral due to COVID-19 | |||
Rental revenues: | |||
Total rental revenues | $ 1,500 | $ 8,300 | $ 57,100 |
Investments - Significant Credi
Investments - Significant Credit and Revenue Concentration (Details) | 12 Months Ended |
Dec. 31, 2022 customer item state | |
Real estate investment portfolio | |
Significant Credit and Revenue Concentration | |
Number of industries | 126 |
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% |
Real estate investment portfolio | Geographic concentration | Minimum | |
Significant Credit and Revenue Concentration | |
Number of customers | customer | 587 |
Real estate investment portfolio | Geographic concentration | Texas | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 11% |
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% |
Number of customers representing more than 10% | 0 |
Real estate investment portfolio | Customer concentration | Largest customer, investment portfolio | Maximum | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 2.70% |
Real estate investment portfolio | Product Concentration Risk | Service | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 62% |
Real estate investment portfolio | Product Concentration Risk | Service Oriented Retail | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 16% |
Real estate investment portfolio | Product Concentration Risk | Manufacturing | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 22% |
Real estate investment portfolio | Industry | |
Significant Credit and Revenue Concentration | |
Number of industries | 1 |
Real estate investment portfolio | Industry | Restaurants | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 11% |
Investment portfolio revenues | Customer concentration | Largest customer, investment portfolio revenues | |
Significant Credit and Revenue Concentration | |
Concentration Percentage | 2.80% |
Investments - Portfolio Diversi
Investments - Portfolio Diversification (Details) $ in Thousands | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) property | Dec. 31, 2019 USD ($) property |
Investments. | ||||
Number of Investment Locations | property | 3,084 | 2,866 | 2,634 | 2,504 |
Dollar Amount of Investments | $ | $ 12,079,843 | $ 10,748,937 | $ 9,639,766 | $ 8,854,921 |
Investments - Intangible Lease
Investments - Intangible Lease Assets and Real Estate Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Options period item property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounting for Real Estate Investments | |||
Remaining noncancelable lease term | 13 years 1 month 6 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 | |||
2023 | $ 908,961 | ||
2024 | 902,039 | ||
2025 | 898,423 | ||
2026 | 892,006 | ||
2027 | 880,092 | ||
Thereafter | 7,402,655 | ||
Total future minimum rentals | $ 11,884,176 | ||
Option to extend | true | ||
Number of renewal periods at the option of the Company | period | 1 | ||
Term of renewal options | 5 years | ||
Intangible lease assets | $ 61,968 | $ 54,971 | |
Accumulated amortization | (27,278) | (25,285) | |
Net intangible lease assets | 34,690 | 29,686 | |
Amortization in the next five years | |||
2023 | 3,500 | ||
2024 | 3,000 | ||
2025 | 2,500 | ||
2026 | 2,300 | ||
2027 | $ 2,200 | ||
Minimum | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Typical number of renewal options | item | 1 | ||
Number of renewal periods at the option of the Company | Options | 2 | ||
Maximum | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Number of renewal periods at the option of the Company | Options | 4 | ||
Amortization expense | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Amount amortized | $ 3,700 | 3,500 | $ 4,300 |
In -place leases | |||
Future minimum rentals to be received under the remaining noncancelable term of the operating leases | |||
Intangible lease assets | $ 42,519 | 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 | $ 1,000 |
Investments - Operating Lease A
Investments - Operating Lease Asset (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | $ 31,872,000 | $ 33,318,000 | |
Rental revenue | $ 2,812,000 | 2,809,000 | $ 2,096,000 |
Renewal period | 5 years | ||
Option to extend | true | ||
Future minimum lease payments | |||
Total operating lease liabilities - ground leases | $ 36,873,000 | 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 | property | 3 | ||
Ground leases | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | $ 31,900,000 | 10,429,000 | |
Lease costs | 3,300,000 | 3,300,000 | 2,400,000 |
Rental revenue | $ 2,800,000 | 2,800,000 | $ 2,100,000 |
Option to extend | true | ||
Weighted average remaining non-cancelable lease term | 22 years | ||
Weighted average discount rate | 5.70% | ||
Future minimum lease payments | |||
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 | 61,866,000 | ||
Less imputed interest | (29,374,000) | ||
Total operating lease liabilities - ground leases | 32,492,000 | ||
Ground leases | Ground lease by STORE capital | |||
Future minimum lease payments | |||
2023 | 4,149,000 | ||
2024 | 55,000 | ||
2025 | 57,000 | ||
2026 | 57,000 | ||
2027 | 57,000 | ||
Thereafter | 3,014,000 | ||
Total lease payments | 7,389,000 | ||
Less imputed interest | (2,663,000) | ||
Total operating lease liabilities - ground leases | 4,726,000 | ||
Ground leases | Ground lease by STORE capital tenants | |||
Future minimum lease payments | |||
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 | 54,477,000 | ||
Less imputed interest | (26,711,000) | ||
Total operating lease liabilities - ground leases | $ 27,766,000 | ||
Ground leases | Minimum | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Ground lease remaining terms | 1 year | ||
Renewal period | 3 years | ||
Ground leases | Maximum | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Ground lease remaining terms | 89 years | ||
Renewal period | 10 years | ||
Corporate office space | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Operating ground lease assets | $ 3,900,000 | ||
Future minimum lease payments | |||
2023 | $ 977,000 | ||
2024 | 994,000 | ||
2025 | 1,000,000 | ||
2026 | 1,000,000 | ||
2027 | 701,000 | ||
Thereafter | 292,000 | ||
Total operating lease liabilities - ground leases | $ 4,400,000 |
Investments - Loans and Financi
Investments - Loans and Financing Receivables (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) | Jan. 01, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Loans and direct financing receivables | |||||
Number of mortgage loans | loan | 23 | ||||
Mortgage loans receivable | $ 342,420 | $ 342,317 | $ 301,355 | $ 202,557 | |
Total principal payments | 361,517 | ||||
Unamortized loan origination costs | 1,011 | 1,046 | |||
Sale-leaseback transactions accounted for as financing arrangements | 369,600 | 255,500 | |||
Direct financing receivables | 60,899 | 78,637 | |||
Allowance for credit and loan losses | (5,925) | (9,208) | |||
Total loans and direct financing receivables | 787,106 | 697,269 | |||
Credit loss reserves recognized | $ 4,600 | $ 2,500 | |||
Write-offs charged against allowance | 3,700 | ||||
ASU 2016-13 | |||||
Loans and direct financing receivables | |||||
Write-offs charged against allowance | $ 3,700 | ||||
Credit loss reserve | $ 2,500 | ||||
Mortgage Loans Receivable With Maturity Range 2023 To 2026 | |||||
Loans and direct financing receivables | |||||
Number of mortgage loans | loan | 4 | 4 | |||
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 Maturities Ranging From 2042 To 2062 | |||||
Loans and direct financing receivables | |||||
Number of mortgage loans | loan | 16 | 16 | |||
Number of mortgage loans allowing for prepayment in whole | loan | 4 | ||||
Mortgage Loans Receivable With Maturities Ranging From 2042 To 2062 | Minimum | |||||
Loans and direct financing receivables | |||||
Prepayment penalties (as a percent) | 20% | ||||
Mortgage Loans Receivable With Maturities Ranging From 2042 To 2062 | Maximum | |||||
Loans and direct financing receivables | |||||
Prepayment penalties (as a percent) | 70% | ||||
Loans receivable | |||||
Loans and direct financing receivables | |||||
Total principal payments | $ 361,517 | $ 371,311 | |||
Mortgage Loans Receivable | |||||
Loans and direct financing receivables | |||||
Mortgage loans receivable | $ 345,675 | 345,902 | |||
Mortgage Loans Receivable | Mortgage Loans Receivable With Maturity Range 2023 To 2026 | |||||
Loans and direct financing receivables | |||||
Stated Interest Rate (as a percent) | 8.03% | ||||
Mortgage loans receivable | $ 104,069 | 114,911 | |||
Mortgage Loans Receivable | Mortgage loans receivable with maturity range 2032 to 2036 | |||||
Loans and direct financing receivables | |||||
Stated Interest Rate (as a percent) | 8.81% | ||||
Mortgage loans receivable | $ 9,967 | 14,444 | |||
Mortgage Loans Receivable | Mortgage Loans Receivable With Maturities Ranging From 2042 To 2062 | |||||
Loans and direct financing receivables | |||||
Stated Interest Rate (as a percent) | 8.45% | ||||
Mortgage loans receivable | $ 231,639 | 216,547 | |||
Equipment And Other Loans Receivable | Equipment And Other Loans Receivable Maturity Range 2023 To 2036 [Member] | |||||
Loans and direct financing receivables | |||||
Equipment and other loans receivable | $ 15,842 | 25,409 | |||
Interest rate of equipment and other loans | 7.32 | ||||
Sale Leaseback Financing Arrangements | Sale-leaseback transactions accounted for financing arrangements with maturities ranging from 2034 - 2043 | |||||
Loans and direct financing receivables | |||||
Stated Interest Rate (as a percent) | 7.52% | ||||
Sale-leaseback transactions accounted for as financing arrangements | $ 369,604 | 255,483 | |||
Direct Financing Receivables | |||||
Loans and direct financing receivables | |||||
Direct financing receivables | $ 60,899 | $ 78,637 |
Investments - Loans Receivable
Investments - Loans Receivable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Scheduled loan receivable maturities | ||
Number of loans receivable | loan | 38 | |
Gross carrying amount of loans receivable | $ 358,300 | |
Number of mortgage loans | loan | 23 | |
Number of mortgage loans subject to interest rate increases | loan | 11 | |
Number of short-term mortgage loans | loan | 4 | |
Amortization period of long-term mortgage loans | 40 years | |
2023 | $ 95,284 | |
2024 | 2,224 | |
2025 | 2,028 | |
2026 | 22,370 | |
2027 | 2,264 | |
Thereafter | 237,347 | |
Total principal payments | 361,517 | |
Sale-Leaseback Transactions Accounted for as Financing Arrangements | ||
Sale-leaseback transactions accounted for as financing arrangements | 369,600 | $ 255,500 |
2023 | 28,486 | |
2024 | 28,622 | |
2025 | 28,762 | |
2026 | 28,855 | |
2027 | 28,956 | |
Thereafter | 343,194 | |
Total future scheduled payments | 486,875 | |
Components of investments accounted for as direct financing receivables | ||
Minimum lease payments receivable | 119,839 | 159,371 |
Estimated residual value of leased assets | 6,889 | 8,938 |
Unearned income | (65,829) | (89,672) |
Net investment | 60,899 | $ 78,637 |
Future minimum lease payments to be received under the direct financing lease receivables | ||
2023 | 6,500 | |
2024 | 6,500 | |
2025 | 6,500 | |
2026 | 6,500 | |
2027 | 6,500 | |
Thereafter | 87,500 | |
Scheduled Principal Payments | ||
Scheduled loan receivable maturities | ||
2023 | 2,452 | |
2024 | 2,224 | |
2025 | 2,028 | |
2026 | 1,999 | |
2027 | 1,716 | |
Thereafter | 207,495 | |
Total principal payments | 217,914 | |
Balloon Payments | ||
Scheduled loan receivable maturities | ||
2023 | 92,832 | |
2026 | 20,371 | |
2027 | 548 | |
Thereafter | 29,852 | |
Total principal payments | $ 143,603 | |
Minimum | ||
Scheduled loan receivable maturities | ||
Long-term mortgage loans receivable prepayment penalty rate (as a percent) | 1% | |
Maximum | ||
Scheduled loan receivable maturities | ||
Long-term mortgage loans receivable prepayment penalty rate (as a percent) | 20% |
Investments - Provision for Cre
Investments - Provision for Credit Losses (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Write-offs charged against allowance | $ 3.7 |
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 | 35.7 |
Origination for gross loan and financing receivables in 2020 | 0 |
Origination for gross loan and financing receivables in 2019 | 109.2 |
Origination for gross loan and financing receivables in 2018 | 0 |
Origination for gross loan and financing receivables in prior to 2018 | 12.4 |
Non Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Origination for gross loan and financing receivables in 2022 | 139.1 |
Origination for gross loan and financing receivables in 2021 | 76.7 |
Origination for gross loan and financing receivables in 2020 | 90.4 |
Origination for gross loan and financing receivables in 2019 | 125.7 |
Origination for gross loan and financing receivables in 2018 | 31.3 |
Origination for gross loan and financing receivables in prior to 2018 | 157 |
ASU 2016-13 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Provision for credit losses | 0.4 |
Write-offs charged against allowance | 3.7 |
Recoveries of amounts previously written off | 0 |
ASU 2016-13 | Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans and financing receivables | 171.8 |
ASU 2016-13 | Non Investment Grade | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Loans and financing receivables | $ 620.2 |
Debt - Credit Facility (Details
Debt - Credit Facility (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Feb. 03, 2023 USD ($) Options | Dec. 31, 2022 USD ($) agreement instrument loan | Feb. 09, 2018 | Dec. 31, 2022 USD ($) agreement instrument loan | Apr. 30, 2022 USD ($) | Jun. 30, 2021 | Dec. 31, 2022 USD ($) agreement instrument loan | Mar. 22, 2023 agreement | Jan. 01, 2023 USD ($) | Dec. 31, 2021 USD ($) instrument | |
Credit facilities | ||||||||||
Number of agreements | instrument | 0 | |||||||||
Outstanding balance | $ 555,000 | $ 555,000 | $ 555,000 | $ 130,000 | ||||||
Unamortized financing costs related to all debt | 13,481 | 13,481 | 13,481 | 12,447 | ||||||
Consolidated special purpose entities | ||||||||||
Credit facilities | ||||||||||
Unamortized financing costs related to all debt | 20,364 | 20,364 | 20,364 | 25,583 | ||||||
Revolving credit facility | ||||||||||
Credit facilities | ||||||||||
Unamortized financing costs related to all debt | 2,600 | 2,600 | $ 2,600 | $ 3,700 | ||||||
Revolving credit facility | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Unsecured loan facility | $ 500,000 | |||||||||
Number of extension options | Options | 2 | |||||||||
Extension option term | 6 months | |||||||||
Extension fee (as a percent) | 0.075% | |||||||||
Revolving credit facility | Minimum | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Facility fee (as a percent) | 0.15% | |||||||||
Revolving credit facility | Maximum | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Facility fee (as a percent) | 0.30% | |||||||||
Revolving credit facility | SOFR | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Adjustment to floating rate | 0.10% | |||||||||
Revolving credit facility | SOFR | Minimum | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 1% | |||||||||
Revolving credit facility | SOFR | Maximum | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 1.45% | |||||||||
Senior Unsecured Notes | ||||||||||
Unsecured Term Notes Payable | ||||||||||
Contingent periodic interest rate increase for failure to maintain investment grade credit rating | 1% | |||||||||
Prepayment applied to principal plus make-whole amount (as a percent) | 100% | |||||||||
Principal amount | $ 375,000 | $ 375,000 | $ 375,000 | |||||||
Number of loans | loan | 3 | 3 | 3 | |||||||
Senior Unsecured Notes | Minimum | ||||||||||
Unsecured Term Notes Payable | ||||||||||
Prepayment threshold (as a percent) | 5% | |||||||||
Interest rate swaps | ||||||||||
Credit facilities | ||||||||||
Number of agreements | instrument | 7 | 7 | 7 | |||||||
Interest rate swaps | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Number of agreements | agreement | 1 | |||||||||
New unsecured credit facility | Revolving credit facility | ||||||||||
Credit facilities | ||||||||||
Eligible unencumbered assets (in dollars) | $ 8,200,000 | $ 8,200,000 | $ 8,200,000 | |||||||
Amended unsecured revolving credit facility | Revolving credit facility | ||||||||||
Credit facilities | ||||||||||
Unsecured loan facility | 600,000 | 600,000 | 600,000 | |||||||
Size of the facility with the accordion feature (in dollars) | 1,600,000 | 1,600,000 | 1,600,000 | |||||||
Accordion feature | 1,000,000 | |||||||||
Outstanding balance | 555,000 | 555,000 | $ 555,000 | |||||||
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% | |||||||||
Amended unsecured revolving credit facility | Revolving credit facility | Base rate | Maximum | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 0.40% | 0.40% | ||||||||
Unsecured Term Loan | ||||||||||
Credit facilities | ||||||||||
Unsecured loan facility | $ 100,000 | $ 100,000 | $ 100,000 | |||||||
Aggregate amount of additional borrowing available | $ 100,000 | |||||||||
Effective fixed rate | 5.35% | 5.35% | 5.35% | |||||||
Unsecured Term Notes Payable | ||||||||||
Principal amount | $ 90,000 | $ 90,000 | $ 600,000 | $ 90,000 | ||||||
Average fixed interest rate | 3.68% | |||||||||
Unsecured Term Loan | Subsequent Event | ||||||||||
Unsecured Term Notes Payable | ||||||||||
Principal amount | $ 600,000 | |||||||||
Unsecured Term Loan | SOFR | ||||||||||
Credit facilities | ||||||||||
Adjustment to floating rate | 0.10% | 0.10% | ||||||||
Credit spread (as a percent) | 0.95% | |||||||||
Unsecured Term Loan | SOFR | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Adjustment to floating rate | 0.10% | |||||||||
Unsecured Term Loan | SOFR | Minimum | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 0.75% | |||||||||
Unsecured Term Loan | SOFR | Minimum | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 1.10% | |||||||||
Unsecured Term Loan | SOFR | Maximum | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 1.60% | |||||||||
Unsecured Term Loan | SOFR | Maximum | Subsequent Event | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 1.70% | |||||||||
Unsecured Five Year Term Loan | ||||||||||
Credit facilities | ||||||||||
Number of agreements | agreement | 6 | 6 | 6 | |||||||
Unsecured Term Notes Payable | ||||||||||
Stated interest rate (as a percent) | 3.58% | 3.58% | 3.58% | |||||||
Principal amount | $ 400,000 | |||||||||
Initial term | 5 years | 5 years | ||||||||
Unsecured Five Year Term Loan | SOFR | ||||||||||
Credit facilities | ||||||||||
Adjustment to floating rate | 0.10% | |||||||||
Credit spread (as a percent) | 0.95% | 0.95% | ||||||||
Unsecured Five Year Term Loan | SOFR | Minimum | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 0.75% | |||||||||
Unsecured Five Year Term Loan | SOFR | Maximum | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 1.60% | |||||||||
Unsecured Seven Year Term Loan | ||||||||||
Unsecured Term Notes Payable | ||||||||||
Stated interest rate (as a percent) | 3.88% | 3.88% | 3.88% | |||||||
Principal amount | $ 200,000 | |||||||||
Initial term | 7 years | 7 years | ||||||||
Prepayment premium, percentage, year one | 2% | |||||||||
Payment premium, percentage, year two | 1% | |||||||||
Unsecured Seven Year Term Loan | SOFR | ||||||||||
Credit facilities | ||||||||||
Adjustment to floating rate | 0.10% | |||||||||
Credit spread (as a percent) | 1.25% | 1.25% | ||||||||
Number of agreements | agreement | 1 | 1 | 1 | |||||||
Unsecured Seven Year Term Loan | SOFR | Minimum | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 1.25% | |||||||||
Unsecured Seven Year Term Loan | SOFR | Maximum | ||||||||||
Credit facilities | ||||||||||
Credit spread (as a percent) | 2.20% |
Debt - Carrying Amount (Details
Debt - Carrying Amount (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) loan | Nov. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Feb. 03, 2023 USD ($) | Nov. 30, 2021 USD ($) | Nov. 30, 2020 USD ($) | Feb. 28, 2019 | Mar. 31, 2018 | |
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Amount outstanding | $ 2,100,000 | $ 2,100,000 | ||||||||
Unamortized discount | (4,113) | (4,113) | $ (4,740) | |||||||
Unamortized deferred financing costs | (13,481) | (13,481) | (12,447) | |||||||
Total unsecured notes and term loans payable, net | 2,397,406 | 2,397,406 | $ 1,782,813 | |||||||
Interest rate swaps that were in a liability position | 0 | 0 | ||||||||
Credit Risk Related Contingent Features | ||||||||||
Derivative liabilities | 0 | 0 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
2023 | 139,913 | 139,913 | ||||||||
2024 | 315,706 | 315,706 | ||||||||
2025 | 276,389 | 276,389 | ||||||||
2026 | 549,796 | 549,796 | ||||||||
2027 | 869,693 | 869,693 | ||||||||
Thereafter | 2,522,732 | 2,522,732 | ||||||||
Long-term Debt | $ 4,674,229 | $ 4,674,229 | ||||||||
Various Debt, Prepayable Twenty-Four Months Prior to Maturity | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Number of months prior to maturity that a debt instrument can be prepaid without penalty | 24 months | 24 months | ||||||||
Various Debt, Prepayable Thirty-Six Months Prior to Maturity | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Number of months prior to maturity that a debt instrument can be prepaid without penalty | 36 months | 36 months | ||||||||
Unsecured Term Loan | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Effective fixed rate | 5.35% | 5.35% | ||||||||
Principal amount | $ 90,000 | $ 600,000 | $ 90,000 | |||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 690,000 | $ 690,000 | ||||||||
Unsecured Term Loan | Subsequent Event | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | $ 600,000 | |||||||||
Unsecured One Year Term Loan | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Stated interest rate (as a percent) | 5.35% | 5.35% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 90,000 | $ 90,000 | ||||||||
Unsecured Five Year Term Loan | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Expected repayment term of receivables | 5 years | 5 years | ||||||||
Stated interest rate (as a percent) | 3.58% | 3.58% | ||||||||
Principal amount | $ 400,000 | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 400,000 | $ 400,000 | ||||||||
Unsecured Seven Year Term Loan | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Expected repayment term of receivables | 7 years | 7 years | ||||||||
Stated interest rate (as a percent) | 3.88% | 3.88% | ||||||||
Principal amount | $ 200,000 | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 200,000 | $ 200,000 | ||||||||
Consolidated special purpose entities | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Aggregate investment amount | 3,600,000 | 3,600,000 | ||||||||
Unamortized discount | (395) | (395) | $ (496) | |||||||
Unamortized deferred financing costs | (20,364) | (20,364) | (25,583) | |||||||
Total unsecured notes and term loans payable, net | 2,238,470 | 2,238,470 | 2,425,708 | |||||||
Scheduled Principal Payments | ||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
2023 | 22,628 | 22,628 | ||||||||
2024 | 21,908 | 21,908 | ||||||||
2025 | 19,777 | 19,777 | ||||||||
2026 | 17,654 | 17,654 | ||||||||
2027 | 9,221 | 9,221 | ||||||||
Thereafter | 26,882 | 26,882 | ||||||||
Long-term Debt | 118,070 | 118,070 | ||||||||
Balloon Payments | ||||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
2023 | 117,285 | 117,285 | ||||||||
2024 | 293,798 | 293,798 | ||||||||
2025 | 256,612 | 256,612 | ||||||||
2026 | 532,142 | 532,142 | ||||||||
2027 | 860,472 | 860,472 | ||||||||
Thereafter | 2,495,850 | 2,495,850 | ||||||||
Long-term Debt | 4,556,159 | 4,556,159 | ||||||||
Senior Unsecured Notes | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Amount outstanding | 300,000 | 300,000 | ||||||||
Principal amount | 375,000 | 375,000 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 1,725,000 | $ 1,725,000 | 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% | |||||||||
Amount repaid | $ 75,000 | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 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% | 5.24% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 100,000 | $ 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% | 4.73% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 200,000 | $ 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% | 4.50% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 350,000 | $ 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% | 4.625% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 350,000 | $ 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% | 2.75% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 350,000 | $ 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% | 2.70% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 375,000 | $ 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 | 4 | ||||||||
Expected repayment term of receivables | 10 years | |||||||||
Principal amount | $ 375,000 | $ 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 | $ 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 | 2,118,253 | 2,118,253 | 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 | ||||||||||
Amortization of deferred financing costs | 800 | |||||||||
Principal amount | 140,000 | $ 134,500 | $ 140,000 | |||||||
Interest Rate | 5% | 5% | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 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 | $ 150,000 | ||||||||
Interest Rate | 3.96% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 140,552 | $ 140,552 | 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 | $ 50,000 | ||||||||
Interest Rate | 4.40% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 48,417 | $ 48,417 | 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 | $ 270,000 | ||||||||
Interest Rate | 4.17% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 259,650 | $ 259,650 | 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 | $ 200,000 | ||||||||
Interest Rate | 3.96% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 175,861 | $ 175,861 | 180,190 | |||||||
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 | $ 135,000 | ||||||||
Interest Rate | 4.32% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 120,182 | $ 120,182 | 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 | 228,000 | ||||||||
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 | 164,000 | ||||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-1 November 2026 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | 82,000 | $ 82,000 | ||||||||
Interest Rate | 2.82% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 78,180 | $ 78,180 | 78,590 | |||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-3 November 2026 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | 46,000 | $ 46,000 | ||||||||
Interest Rate | 3.32% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 45,291 | $ 45,291 | 45,521 | |||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-2 November 2034 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | 244,000 | $ 244,000 | ||||||||
Interest Rate | 3.65% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 232,634 | $ 232,634 | 233,854 | |||||||
Non-recourse net-lease mortgage notes: | Consolidated special purpose entities | Series 2019-1, Class A-4 November 2034 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | 136,000 | $ 136,000 | ||||||||
Interest Rate | 4.49% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 133,903 | $ 133,903 | 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 | $ 168,500 | ||||||||
Interest Rate | 2.12% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 167,236 | $ 167,236 | 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 | $ 89,000 | ||||||||
Interest Rate | 2.86% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 88,333 | $ 88,333 | 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 | $ 168,500 | ||||||||
Interest Rate | 2.96% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 167,236 | $ 167,236 | 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 | $ 89,000 | ||||||||
Interest Rate | 3.70% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 88,333 | $ 88,333 | 88,778 | |||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Aggregate investment amount | 250,700 | 250,700 | ||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 140,976 | 140,976 | 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 | $ 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 | $ 26,000 | ||||||||
Interest Rate | 5.05% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 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 | $ 6,400 | ||||||||
Interest Rate | 4.707% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 4,938 | |||||||||
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 | $ 6,944 | ||||||||
Interest Rate | 4.50% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 5,103 | $ 5,103 | 5,332 | |||||||
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 | $ 11,895 | ||||||||
Interest Rate | 4.7315% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 8,935 | $ 8,935 | 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 | $ 17,500 | ||||||||
Interest Rate | 5.46% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 13,701 | $ 13,701 | 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 | $ 10,075 | ||||||||
Interest Rate | 5.10% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 8,602 | $ 8,602 | 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 | $ 65,000 | ||||||||
Interest Rate | 4.75% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 57,980 | $ 57,980 | 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 | $ 41,690 | ||||||||
Interest Rate | 4.80% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 40,662 | $ 40,662 | 41,291 | |||||||
Nonrecourse mortgage notes payable: | Consolidated special purpose entities | $6,350 notes issued March 2019 (assumed in December 2020) | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Principal amount | 6,350 | $ 6,350 | ||||||||
Interest Rate | 4.64% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 5,993 | $ 5,993 | 6,106 | |||||||
Non-recourse debt obligations | Consolidated special purpose entities | Series 2018-1 Class A-2 Due October 2027 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Interest Rate | 4.29% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | 213,638 | $ 213,638 | 215,918 | |||||||
Non-recourse debt obligations | Consolidated special purpose entities | Series 2018-1 Class A-4 Due October 2027 | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Interest Rate | 4.74% | |||||||||
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations | ||||||||||
Long-term Debt | $ 158,807 | $ 158,807 | $ 160,447 | |||||||
Minimum | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Maximum number of months | 24 months | |||||||||
Maximum | ||||||||||
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries | ||||||||||
Maximum number of months | 36 months |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2011 | |
Current income tax expense from continuing operations | ||||
Federal income tax | $ (4) | |||
State income tax | $ 884 | $ 813 | 588 | |
Total current income tax expense | 884 | 813 | $ 584 | |
Net operating loss carryforwards | $ 1,500 | |||
Liability relating to uncertain income tax positions | 0 | 0 | ||
Accrual for interest or penalties | $ 0 | $ 0 | ||
Ordinary income dividends | $ 1.1550 | $ 1.1606 | $ 1.0677 | |
Capital gain dividends | 0.0785 | 0.0180 | ||
Return of capital | 0.2259 | 0.3243 | ||
Cash liquidation distributions | 0.4100 | |||
Total | $ 1.5650 | $ 1.4650 | $ 1.4100 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 26 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Nov. 30, 2020 | |
Common stock. | |||||
Gross Proceeds | $ 252,873 | $ 247,780 | $ 695,944 | ||
Declared dividends payable to common stockholders (in dollars) | $ 332,400 | $ 405,200 | $ 364,000 | ||
2020 ATM Program | |||||
Common stock. | |||||
Shares Sold | 8,607,771 | 19,449,302 | |||
Weighted Average Price per Share | $ 29.38 | $ 31.55 | |||
Gross Proceeds | $ 252,900 | $ 613,700 | |||
Sales Agents' Commissions | (3,100) | (8,500) | |||
Other Offering Expenses | (200) | (800) | |||
Net Proceeds | $ 249,600 | $ 604,400 | |||
Maximum value of shares that can be offered and sold | $ 900,000 |
Long-Term Incentive Plans (Deta
Long-Term Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares repurchased in connection with tax withholding obligations (in shares) | 202,796 | 288,132 | 139,131 | ||
Weighted Average Price | |||||
Volatility rate (as a percent) | 45.79% | 46.01% | 19.31% | ||
Risk free interest rate (as a percent) | 1.77% | 0.25% | 1.42% | ||
Dividend yield (as a percent) | 0% | 0% | 0% | ||
Compensation expense for share based payments | $ 12.4 | $ 32.2 | $ 4.7 | ||
Unrecognized compensation cost | $ 17.4 | ||||
2012 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for issuance under plan | 1,035,400 | ||||
Number of shares available for grant | 0 | ||||
2015 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for issuance under plan | 6,903,076 | ||||
Number of shares available for grant | 2,507,375 | ||||
Weighted Average Price | |||||
Equivalent percentage of shares that can be issued under 2015 plan | 6% | ||||
Restricted Stock | |||||
Number of shares | |||||
Outstanding nonvested shares, beginning of year | 437,424 | 639,554 | 285,238 | ||
Granted in period (in shares) | 233,147 | 195,278 | 491,009 | ||
Vested in period (in shares) | (166,770) | (313,518) | (130,642) | ||
Forfeited in period (in shares) | (56,954) | (83,890) | (6,051) | ||
Outstanding nonvested shares, end of year | 446,847 | 437,424 | 639,554 | ||
Weighted Average Price | |||||
Outstanding nonvested shares, beginning of year | $ 25.96 | $ 23.69 | $ 27.70 | ||
Shares granted | 29.47 | 34.03 | 22.63 | ||
Shares vested | 26.32 | 26.58 | 28.15 | ||
Shares forfeited | 24.93 | 25.09 | 30.89 | ||
Outstanding nonvested shares, end of year | $ 27.79 | $ 25.96 | $ 23.69 | ||
Vesting (as a percent) | 25% | ||||
Restricted stock units | |||||
Number of shares | |||||
Outstanding nonvested shares, beginning of year | 1,005,754 | 1,298,175 | 1,203,018 | ||
Granted in period (in shares) | 629,307 | 846,896 | 534,141 | ||
Vested in period (in shares) | (217,987) | (468,466) | (376,961) | ||
Forfeited in period (in shares) | (338,839) | (62,023) | |||
Not earned in period (in shares) | 195,036 | 332,012 | |||
Outstanding nonvested shares, end of year | 1,222,038 | 1,005,754 | 1,298,175 | ||
Weighted Average Price | |||||
Accrued dividend equivalents | $ 0.9 | $ 1.3 | $ 1.2 | ||
Restricted stock units | Executive Officer | |||||
Weighted Average Price | |||||
Accrued dividend paid | $ 1.3 | 2.4 | 1.1 | ||
Restricted stock units | 2015 Grant | |||||
Weighted Average Price | |||||
Performance period (in years) | 3 years | ||||
Restricted stock units | 2015 Grant | Minimum | |||||
Weighted Average Price | |||||
Common shares received at vesting related to total RSUs granted (as a percent) | 0% | ||||
Restricted stock units | 2015 Grant | Maximum | |||||
Weighted Average Price | |||||
Common shares received at vesting related to total RSUs granted (as a percent) | 100% | ||||
Restricted stock units | 2016 Grant | |||||
Weighted Average Price | |||||
Grant date fair value | $ 6.7 | $ 7.8 | $ 5.4 | ||
Restricted stock units | Grants 2018, 2019 and 2020 | |||||
Number of shares | |||||
Percentage of shares based on benchmark one (as a percent) | 50% | ||||
Percentage of shares based on benchmark two (as a percent) | 50% | ||||
Weighted Average Price | |||||
Number of years in performance period | 3 years | ||||
Restricted stock units | Grants 2018,2019,2020,2021 and 2022 | |||||
Weighted Average Price | |||||
Number of years in performance period | 3 years | ||||
Restricted stock units | Grants 2018,2019,2020,2021 and 2022 | Three Year Performance Period | |||||
Weighted Average Price | |||||
Vesting (as a percent) | 100% | ||||
Restricted stock units | Grants 2021 and 2022 | |||||
Number of shares | |||||
Percentage of shares based on benchmark one (as a percent) | 75% | ||||
Percentage of shares based on benchmark two (as a percent) | 25% | ||||
Weighted Average Price | |||||
Number of years in performance period | 3 years |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 lawsuit | Dec. 31, 2022 USD ($) lawsuit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Commitments and Contingencies | ||||
Renewal period | 5 years | |||
Rent expense | $ 829,000 | $ 735,000 | $ 737,000 | |
Future minimum rental commitment | ||||
Matching contribution (in percentage) | 4% | |||
Matching contribution made by the company (in value) | $ 614,000 | $ 603,000 | $ 515,000 | |
Merger Litigation | ||||
Legal issues | ||||
Number of lawsuits filed | lawsuit | 6 | |||
Number of lawsuits dismissed | lawsuit | 6 | |||
Commitments to fund improvements to real estate properties | ||||
Commitments and Contingencies | ||||
Real estate property improvement commitments | $ 150,800,000 | |||
Real estate property improvement commitments, in Next Twelve Months | 129,100,000 | |||
Corporate office space | ||||
Commitments and Contingencies | ||||
2023 | 977,000 | |||
2024 | 994,000 | |||
2025 | 1,000,000 | |||
2026 | 1,000,000 | |||
2027 | 701,000 | |||
Thereafter | $ 292,000 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives [Line items] | ||
Fair value of derivative assets | $ 31.4 | $ 0 |
Level 2 Fair Value | Carrying value | ||
Derivatives [Line items] | ||
Long-term debt obligations | 4,600 | 4,200 |
Level 2 Fair Value | Fair value | ||
Derivatives [Line items] | ||
Long-term debt obligations | $ 4,100 | $ 4,500 |
Subsequent Events - Completion
Subsequent Events - Completion of Acquisition (Details) - $ / shares | Feb. 03, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Subsequent Events | |||
Common stock, par value per share | $ 0.01 | $ 0.01 | |
Subsequent Events | Affiliates of GIC and Oak Street Real Estate Capital | STORE Capital | Merger Agreement | |||
Subsequent Events | |||
Common stock, par value per share | $ 0.01 | ||
The amount to be paid per the merger agreement (per share) | $ 32.25 |
Subsequent Events - Debt Repaym
Subsequent Events - Debt Repayments and Termination of Agreements (Details) - USD ($) $ in Thousands | 2 Months Ended | ||||
Feb. 03, 2023 | Mar. 22, 2023 | Dec. 31, 2022 | Apr. 30, 2022 | Dec. 31, 2021 | |
Subsequent Events | |||||
Outstanding balance | $ 555,000 | $ 130,000 | |||
Amount outstanding | 2,100,000 | ||||
Term Loan Agreement | |||||
Subsequent Events | |||||
Principal amount | 90,000 | $ 600,000 | |||
Senior Unsecured Notes | |||||
Subsequent Events | |||||
Amount outstanding | 300,000 | ||||
Principal amount | $ 375,000 | ||||
Subsequent Events | Term Loan Agreement | |||||
Subsequent Events | |||||
Principal amount | $ 600,000 | ||||
Subsequent Events | Merger Agreement | Term Loan Agreement | |||||
Subsequent Events | |||||
Amount outstanding | 300,000 | ||||
Principal amount | 600,000 | ||||
Amount repaid | $ 185,600 | ||||
Subsequent Events | Merger Agreement | Unsecured revolving credit facility | Term Loan Agreement | |||||
Subsequent Events | |||||
Outstanding balance | 600,000 | ||||
Subsequent Events | Merger Agreement | Unsecured revolving credit facility | Unsecured, floating-rate, short-term term borrowings (the "December 2022 Term Loan"). | |||||
Subsequent Events | |||||
Amount repaid | $ 130,000 |
Subsequent Events - Unsecured R
Subsequent Events - Unsecured Revolving Credit Facility and Term Loan (Details) $ in Millions | 1 Months Ended | ||||
Feb. 03, 2023 USD ($) Options | Mar. 22, 2023 USD ($) agreement | Dec. 31, 2022 USD ($) instrument | Apr. 30, 2022 USD ($) | Dec. 31, 2021 instrument | |
Subsequent Events | |||||
Number of agreements | instrument | 0 | ||||
Interest rate swaps | |||||
Subsequent Events | |||||
Number of agreements | instrument | 7 | ||||
Unsecured Term Loan | |||||
Subsequent Events | |||||
Unsecured loan facility | $ 100 | ||||
Principal amount | $ 90 | $ 600 | |||
Unsecured Term Loan | SOFR | |||||
Subsequent Events | |||||
Adjustment to floating rate | 0.10% | 0.10% | |||
Credit spread (as a percent) | 0.95% | ||||
Unsecured Term Loan | SOFR | Minimum | |||||
Subsequent Events | |||||
Credit spread (as a percent) | 0.75% | ||||
Unsecured Term Loan | SOFR | Maximum | |||||
Subsequent Events | |||||
Credit spread (as a percent) | 1.60% | ||||
Subsequent Events | Interest rate swaps | |||||
Subsequent Events | |||||
Notional amount of interest rate swap agreements | $ 200 | ||||
Number of agreements | agreement | 1 | ||||
Subsequent Events | Unsecured Term Loan | |||||
Subsequent Events | |||||
Increase in debt | $ 200 | ||||
Principal amount | $ 600 | ||||
Fixed rate of existing cash flow hedges effectively convert the variable-rate on the loan | 3.88% | ||||
Subsequent Events | Unsecured Term Loan | SOFR | |||||
Subsequent Events | |||||
Adjustment to floating rate | 0.10% | ||||
Subsequent Events | Unsecured Term Loan | SOFR | Minimum | |||||
Subsequent Events | |||||
Credit spread (as a percent) | 1.10% | ||||
Subsequent Events | Unsecured Term Loan | SOFR | Maximum | |||||
Subsequent Events | |||||
Credit spread (as a percent) | 1.70% | ||||
Subsequent Events | Unsecured revolving credit facility | |||||
Subsequent Events | |||||
Unsecured loan facility | $ 500 | ||||
Increase in debt | 150 | ||||
Number of extension options | Options | 2 | ||||
Extension option term | 6 months | ||||
Extension fee (as a percent) | 0.075% | ||||
Subsequent Events | Unsecured revolving credit facility | Minimum | |||||
Subsequent Events | |||||
Facility fee (as a percent) | 0.15% | ||||
Subsequent Events | Unsecured revolving credit facility | Maximum | |||||
Subsequent Events | |||||
Facility fee (as a percent) | 0.30% | ||||
Subsequent Events | Unsecured revolving credit facility | SOFR | |||||
Subsequent Events | |||||
Adjustment to floating rate | 0.10% | ||||
Subsequent Events | Unsecured revolving credit facility | SOFR | Minimum | |||||
Subsequent Events | |||||
Credit spread (as a percent) | 1% | ||||
Subsequent Events | Unsecured revolving credit facility | SOFR | Maximum | |||||
Subsequent Events | |||||
Credit spread (as a percent) | 1.45% | ||||
Subsequent Events | Unsecured revolving credit facility | LIBOR | Minimum | |||||
Subsequent Events | |||||
Credit spread (as a percent) | 0% | ||||
Subsequent Events | Unsecured revolving credit facility | LIBOR | Maximum | |||||
Subsequent Events | |||||
Credit spread (as a percent) | 0.45% | ||||
Subsequent Events | Unsecured Credit Agreement | |||||
Subsequent Events | |||||
Increase in debt | $ 350 | ||||
Potential maximum amount of the revolving commitments and term loans | $ 2,500 | ||||
Subsequent Events | Unsecured Credit Agreement | Unsecured Term Loan | |||||
Subsequent Events | |||||
Fixed rate of existing cash flow hedges effectively convert the variable-rate on the loan | 5.17% |
Subsequent Events - Secured Ter
Subsequent Events - Secured Term Loan Facility (Details) $ in Millions | 1 Months Ended | |||
Feb. 03, 2023 USD ($) agreement Options | Mar. 22, 2023 USD ($) agreement | Dec. 31, 2022 instrument | Dec. 31, 2021 instrument | |
Subsequent Events | ||||
Number of agreements | instrument | 0 | |||
Interest rate swaps | ||||
Subsequent Events | ||||
Number of agreements | instrument | 7 | |||
Subsequent Events | Interest rate swaps | ||||
Subsequent Events | ||||
Number of agreements | agreement | 1 | |||
Notional amount of interest rate swap agreements | $ 200 | |||
Subsequent Events | Credit Agreement | ||||
Subsequent Events | ||||
Repayment of term loan | $ 515 | |||
Subsequent Events | Credit Agreement | Secured Term Loan Facility | ||||
Subsequent Events | ||||
Principal amount | $ 2,000 | |||
Number of extension options | Options | 2 | |||
Extension option term | 6 months | |||
Extension fee (as a percent) | 0.25% | |||
Notional amount of interest rate swap agreements | $ 750 | |||
Fixed rate of interest rate swap agreements effectively convert a portion of the borrowings | 7.60% | |||
Effective weighted average interest rate | 7.42% | |||
Subsequent Events | Credit Agreement | Secured Term Loan Facility | SOFR | ||||
Subsequent Events | ||||
Spread (as a percent) | 2.75% | |||
Threshold outstanding amount to determine spread | $ 1,500 | |||
Spread if amounts outstanding three months following the Closing Date is greater than threshold | 3% | |||
Subsequent Events | Credit Agreement | Interest rate swaps | Secured Term Loan Facility | ||||
Subsequent Events | ||||
Number of agreements | agreement | 3 |
Subsequent Events - Unregistere
Subsequent Events - Unregistered Sales of Equity Securities (Details) - USD ($) | 12 Months Ended | |||
Feb. 03, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Events | ||||
Issuance of common stock, net of costs | $ 249,606,000 | $ 243,671,000 | $ 686,386,000 | |
Subsequent Events | Series A Preferred Units | ||||
Subsequent Events | ||||
Shares Sold | 125 | |||
Issuance of common stock, net of costs | $ 125,000 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Properties (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) property item | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 2,936 | ||||
Encumbrances | $ 140,976 | $ 140,976 | |||
Land & Improvements, Initial Cost to Company | 3,239,415 | 3,239,415 | |||
Building & improvements, Initial Cost to Company | 6,942,675 | 6,942,675 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 216,028 | 216,028 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 800,779 | 800,779 | |||
Land & Improvements, Gross | 3,455,443 | 3,455,443 | |||
Building & Improvements, Gross | 7,743,454 | 7,743,454 | |||
Total real estate investments | 11,198,897 | 11,198,897 | $ 9,936,320 | $ 8,866,666 | $ 8,175,034 |
Accumulated Depreciation | (1,410,829) | (1,410,829) | $ (1,134,007) | $ (911,656) | $ (711,176) |
Nonrecourse debt obligations of consolidated special purpose entities, net | $ 2,100,000 | $ 2,100,000 | |||
Long-Term Debt, Recourse Status [Extensible Enumeration] | us-gaap:NonrecourseMember | us-gaap:NonrecourseMember | |||
Number of single-tenant properties | property | 3,058 | 3,058 | |||
Number of properties owned | property | 3,034 | ||||
Number of ground lease interests (in properties) | property | 24 | 24 | 24 | ||
Number of properties accounted as financing arrangements | property | 100 | 100 | |||
Number Of Real Estate Properties Direct Financing Receivables | property | 22 | 22 | 22 | ||
Intangible lease assets | $ 61,968 | $ 61,968 | $ 54,971 | ||
Aggregate cost for federal income tax purposes | $ 11,633,600 | 11,633,600 | |||
Alabama | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 32 | ||||
Land & Improvements, Initial Cost to Company | $ 29,876 | 29,876 | |||
Building & improvements, Initial Cost to Company | 79,440 | 79,440 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,858 | 1,858 | |||
Land & Improvements, Gross | 29,876 | 29,876 | |||
Building & Improvements, Gross | 81,298 | 81,298 | |||
Total real estate investments | 111,174 | 111,174 | |||
Accumulated Depreciation | $ (18,141) | (18,141) | |||
Alabama | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 20 | ||||
Land & Improvements, Initial Cost to Company | $ 14,994 | 14,994 | |||
Building & improvements, Initial Cost to Company | 26,005 | 26,005 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 297 | 297 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,605 | 4,605 | |||
Land & Improvements, Gross | 15,291 | 15,291 | |||
Building & Improvements, Gross | 30,610 | 30,610 | |||
Total real estate investments | 45,901 | 45,901 | |||
Accumulated Depreciation | $ (6,600) | (6,600) | |||
Alaska | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 9 | ||||
Land & Improvements, Initial Cost to Company | $ 9,716 | 9,716 | |||
Building & improvements, Initial Cost to Company | 25,224 | 25,224 | |||
Land & Improvements, Gross | 9,716 | 9,716 | |||
Building & Improvements, Gross | 25,224 | 25,224 | |||
Total real estate investments | 34,940 | 34,940 | |||
Accumulated Depreciation | $ (2,014) | (2,014) | |||
Alaska | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 828 | 828 | |||
Building & improvements, Initial Cost to Company | 702 | 702 | |||
Land & Improvements, Gross | 828 | 828 | |||
Building & Improvements, Gross | 702 | 702 | |||
Total real estate investments | 1,530 | 1,530 | |||
Accumulated Depreciation | $ (281) | (281) | |||
Arizona | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 49 | ||||
Land & Improvements, Initial Cost to Company | $ 65,400 | 65,400 | |||
Building & improvements, Initial Cost to Company | 119,938 | 119,938 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,458 | 9,458 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 34,553 | 34,553 | |||
Land & Improvements, Gross | 74,858 | 74,858 | |||
Building & Improvements, Gross | 154,491 | 154,491 | |||
Total real estate investments | 229,349 | 229,349 | |||
Accumulated Depreciation | $ (23,871) | (23,871) | |||
Arizona | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 42 | ||||
Land & Improvements, Initial Cost to Company | $ 63,589 | 63,589 | |||
Building & improvements, Initial Cost to Company | 127,075 | 127,075 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,575 | 6,575 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 40,634 | 40,634 | |||
Land & Improvements, Gross | 70,164 | 70,164 | |||
Building & Improvements, Gross | 167,709 | 167,709 | |||
Total real estate investments | 237,873 | 237,873 | |||
Accumulated Depreciation | $ (33,963) | (33,963) | |||
Arkansas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 28 | ||||
Land & Improvements, Initial Cost to Company | $ 26,817 | 26,817 | |||
Building & improvements, Initial Cost to Company | 44,844 | 44,844 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 17 | 17 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 507 | 507 | |||
Land & Improvements, Gross | 26,834 | 26,834 | |||
Building & Improvements, Gross | 45,351 | 45,351 | |||
Total real estate investments | 72,185 | 72,185 | |||
Accumulated Depreciation | $ (11,285) | (11,285) | |||
Arkansas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 20 | ||||
Land & Improvements, Initial Cost to Company | $ 12,781 | 12,781 | |||
Building & improvements, Initial Cost to Company | 24,140 | 24,140 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 14 | 14 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,087 | 4,087 | |||
Land & Improvements, Gross | 12,795 | 12,795 | |||
Building & Improvements, Gross | 28,227 | 28,227 | |||
Total real estate investments | 41,022 | 41,022 | |||
Accumulated Depreciation | $ (8,342) | (8,342) | |||
California | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 41 | ||||
Land & Improvements, Initial Cost to Company | $ 141,429 | 141,429 | |||
Building & improvements, Initial Cost to Company | 201,820 | 201,820 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,270 | 8,270 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 48,732 | 48,732 | |||
Land & Improvements, Gross | 149,699 | 149,699 | |||
Building & Improvements, Gross | 250,552 | 250,552 | |||
Total real estate investments | 400,251 | 400,251 | |||
Accumulated Depreciation | $ (38,511) | (38,511) | |||
California | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 38 | ||||
Land & Improvements, Initial Cost to Company | $ 57,008 | 57,008 | |||
Building & improvements, Initial Cost to Company | 52,238 | 52,238 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,454 | 1,454 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,463 | 4,463 | |||
Land & Improvements, Gross | 58,462 | 58,462 | |||
Building & Improvements, Gross | 56,701 | 56,701 | |||
Total real estate investments | 115,163 | 115,163 | |||
Accumulated Depreciation | $ (13,912) | (13,912) | |||
California | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Encumbrances | $ 13,701 | 13,701 | |||
Land & Improvements, Initial Cost to Company | 4,528 | 4,528 | |||
Building & improvements, Initial Cost to Company | 22,213 | 22,213 | |||
Land & Improvements, Gross | 4,528 | 4,528 | |||
Building & Improvements, Gross | 22,213 | 22,213 | |||
Total real estate investments | 26,741 | 26,741 | |||
Accumulated Depreciation | $ (4,896) | (4,896) | |||
Colorado | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 28 | ||||
Land & Improvements, Initial Cost to Company | $ 37,170 | 37,170 | |||
Building & improvements, Initial Cost to Company | 137,747 | 137,747 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,703 | 3,703 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 13,223 | 13,223 | |||
Land & Improvements, Gross | 40,873 | 40,873 | |||
Building & Improvements, Gross | 150,970 | 150,970 | |||
Total real estate investments | 191,843 | 191,843 | |||
Accumulated Depreciation | $ (27,869) | (27,869) | |||
Colorado | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 14 | ||||
Land & Improvements, Initial Cost to Company | $ 14,413 | 14,413 | |||
Building & improvements, Initial Cost to Company | 19,900 | 19,900 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,602 | 1,602 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,446 | 9,446 | |||
Land & Improvements, Gross | 16,015 | 16,015 | |||
Building & Improvements, Gross | 29,346 | 29,346 | |||
Total real estate investments | 45,361 | 45,361 | |||
Accumulated Depreciation | $ (5,793) | (5,793) | |||
Connecticut | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 21 | ||||
Land & Improvements, Initial Cost to Company | $ 14,672 | 14,672 | |||
Building & improvements, Initial Cost to Company | 45,044 | 45,044 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,207 | 1,207 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,785 | 2,785 | |||
Land & Improvements, Gross | 15,879 | 15,879 | |||
Building & Improvements, Gross | 47,829 | 47,829 | |||
Total real estate investments | 63,708 | 63,708 | |||
Accumulated Depreciation | $ (5,788) | (5,788) | |||
Connecticut | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 9 | ||||
Land & Improvements, Initial Cost to Company | $ 5,657 | 5,657 | |||
Building & improvements, Initial Cost to Company | 16,179 | 16,179 | |||
Land & Improvements, Gross | 5,657 | 5,657 | |||
Building & Improvements, Gross | 16,179 | 16,179 | |||
Total real estate investments | 21,836 | 21,836 | |||
Accumulated Depreciation | $ (5,043) | (5,043) | |||
Delaware | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 3,554 | 3,554 | |||
Building & improvements, Initial Cost to Company | 5,541 | 5,541 | |||
Land & Improvements, Gross | 3,554 | 3,554 | |||
Building & Improvements, Gross | 5,541 | 5,541 | |||
Total real estate investments | 9,095 | 9,095 | |||
Accumulated Depreciation | $ (927) | (927) | |||
District of Columbia | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 1,108 | 1,108 | |||
Building & improvements, Initial Cost to Company | 805 | 805 | |||
Land & Improvements, Gross | 1,108 | 1,108 | |||
Building & Improvements, Gross | 805 | 805 | |||
Total real estate investments | 1,913 | 1,913 | |||
Accumulated Depreciation | $ (75) | (75) | |||
Jacksonville, Florida | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 9 | ||||
Land & Improvements, Initial Cost to Company | $ 6,943 | 6,943 | |||
Building & improvements, Initial Cost to Company | 13,612 | 13,612 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 313 | 313 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 975 | 975 | |||
Land & Improvements, Gross | 7,256 | 7,256 | |||
Building & Improvements, Gross | 14,587 | 14,587 | |||
Total real estate investments | 21,843 | 21,843 | |||
Accumulated Depreciation | $ (3,062) | (3,062) | |||
Jacksonville, Florida | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 8 | ||||
Land & Improvements, Initial Cost to Company | $ 6,902 | 6,902 | |||
Building & improvements, Initial Cost to Company | 15,628 | 15,628 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,039 | 4,039 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 21,050 | 21,050 | |||
Land & Improvements, Gross | 10,941 | 10,941 | |||
Building & Improvements, Gross | 36,678 | 36,678 | |||
Total real estate investments | 47,619 | 47,619 | |||
Accumulated Depreciation | $ (9,047) | (9,047) | |||
All Other Florida | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 96 | ||||
Land & Improvements, Initial Cost to Company | $ 139,897 | 139,897 | |||
Building & improvements, Initial Cost to Company | 181,506 | 181,506 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 12,044 | 12,044 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 43,403 | 43,403 | |||
Land & Improvements, Gross | 151,941 | 151,941 | |||
Building & Improvements, Gross | 224,909 | 224,909 | |||
Total real estate investments | 376,850 | 376,850 | |||
Accumulated Depreciation | $ (32,705) | (32,705) | |||
All Other Florida | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 49 | ||||
Land & Improvements, Initial Cost to Company | $ 34,917 | 34,917 | |||
Building & improvements, Initial Cost to Company | 104,728 | 104,728 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,501 | 5,501 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 13,213 | 13,213 | |||
Land & Improvements, Gross | 40,418 | 40,418 | |||
Building & Improvements, Gross | 117,941 | 117,941 | |||
Total real estate investments | 158,359 | 158,359 | |||
Accumulated Depreciation | $ (28,444) | (28,444) | |||
Macon, Georgia | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 6 | ||||
Land & Improvements, Initial Cost to Company | $ 8,487 | 8,487 | |||
Building & improvements, Initial Cost to Company | 28,165 | 28,165 | |||
Land & Improvements, Gross | 8,487 | 8,487 | |||
Building & Improvements, Gross | 28,165 | 28,165 | |||
Total real estate investments | 36,652 | 36,652 | |||
Accumulated Depreciation | $ (2,001) | (2,001) | |||
Macon, Georgia | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 1,150 | 1,150 | |||
Building & improvements, Initial Cost to Company | 1,208 | 1,208 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 19 | 19 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 101 | 101 | |||
Land & Improvements, Gross | 1,169 | 1,169 | |||
Building & Improvements, Gross | 1,309 | 1,309 | |||
Total real estate investments | 2,478 | 2,478 | |||
Accumulated Depreciation | $ (492) | (492) | |||
All Other Georgia | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 54 | ||||
Land & Improvements, Initial Cost to Company | $ 79,278 | 79,278 | |||
Building & improvements, Initial Cost to Company | 212,117 | 212,117 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,286 | 9,286 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 14,595 | 14,595 | |||
Land & Improvements, Gross | 88,564 | 88,564 | |||
Building & Improvements, Gross | 226,712 | 226,712 | |||
Total real estate investments | 315,276 | 315,276 | |||
Accumulated Depreciation | $ (35,152) | (35,152) | |||
All Other Georgia | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 97 | ||||
Land & Improvements, Initial Cost to Company | $ 82,017 | 82,017 | |||
Building & improvements, Initial Cost to Company | 139,077 | 139,077 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,617 | 2,617 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 20,252 | 20,252 | |||
Land & Improvements, Gross | 84,634 | 84,634 | |||
Building & Improvements, Gross | 159,329 | 159,329 | |||
Total real estate investments | 243,963 | 243,963 | |||
Accumulated Depreciation | $ (42,173) | (42,173) | |||
Idaho | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 14 | ||||
Land & Improvements, Initial Cost to Company | $ 21,338 | 21,338 | |||
Building & improvements, Initial Cost to Company | 52,049 | 52,049 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,842 | 5,842 | |||
Land & Improvements, Gross | 21,338 | 21,338 | |||
Building & Improvements, Gross | 57,891 | 57,891 | |||
Total real estate investments | 79,229 | 79,229 | |||
Accumulated Depreciation | $ (4,467) | (4,467) | |||
Idaho | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 6 | ||||
Land & Improvements, Initial Cost to Company | $ 10,979 | 10,979 | |||
Building & improvements, Initial Cost to Company | 26,678 | 26,678 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,169 | 9,169 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,013 | 3,013 | |||
Land & Improvements, Gross | 20,148 | 20,148 | |||
Building & Improvements, Gross | 29,691 | 29,691 | |||
Total real estate investments | 49,839 | 49,839 | |||
Accumulated Depreciation | $ (3,850) | (3,850) | |||
Chicago, Illinois | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 6 | ||||
Land & Improvements, Initial Cost to Company | $ 16,337 | 16,337 | |||
Building & improvements, Initial Cost to Company | 22,122 | 22,122 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 36 | 36 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 456 | 456 | |||
Land & Improvements, Gross | 16,373 | 16,373 | |||
Building & Improvements, Gross | 22,578 | 22,578 | |||
Total real estate investments | 38,951 | 38,951 | |||
Accumulated Depreciation | $ (2,760) | (2,760) | |||
Chicago, Illinois | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 7 | ||||
Land & Improvements, Initial Cost to Company | $ 9,902 | 9,902 | |||
Building & improvements, Initial Cost to Company | 14,881 | 14,881 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,575 | 1,575 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,850 | 6,850 | |||
Land & Improvements, Gross | 11,477 | 11,477 | |||
Building & Improvements, Gross | 21,731 | 21,731 | |||
Total real estate investments | 33,208 | 33,208 | |||
Accumulated Depreciation | $ (4,456) | (4,456) | |||
Albion, Illinois | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 9,986 | 9,986 | |||
Building & improvements, Initial Cost to Company | 33,298 | 33,298 | |||
Land & Improvements, Gross | 9,986 | 9,986 | |||
Building & Improvements, Gross | 33,298 | 33,298 | |||
Total real estate investments | 43,284 | 43,284 | |||
Accumulated Depreciation | $ (2,519) | (2,519) | |||
All Other Illinois | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 133 | ||||
Land & Improvements, Initial Cost to Company | $ 95,134 | 95,134 | |||
Building & improvements, Initial Cost to Company | 234,320 | 234,320 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,453 | 2,453 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 21,026 | 21,026 | |||
Land & Improvements, Gross | 97,587 | 97,587 | |||
Building & Improvements, Gross | 255,346 | 255,346 | |||
Total real estate investments | 352,933 | 352,933 | |||
Accumulated Depreciation | $ (41,610) | (41,610) | |||
All Other Illinois | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 40 | ||||
Land & Improvements, Initial Cost to Company | $ 57,775 | 57,775 | |||
Building & improvements, Initial Cost to Company | 111,569 | 111,569 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,834 | 1,834 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,938 | 8,938 | |||
Land & Improvements, Gross | 59,609 | 59,609 | |||
Building & Improvements, Gross | 120,507 | 120,507 | |||
Total real estate investments | 180,116 | 180,116 | |||
Accumulated Depreciation | $ (30,896) | (30,896) | |||
Indiana | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 53 | ||||
Land & Improvements, Initial Cost to Company | $ 78,539 | 78,539 | |||
Building & improvements, Initial Cost to Company | 144,348 | 144,348 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,019 | 1,019 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,920 | 4,920 | |||
Land & Improvements, Gross | 79,558 | 79,558 | |||
Building & Improvements, Gross | 149,268 | 149,268 | |||
Total real estate investments | 228,826 | 228,826 | |||
Accumulated Depreciation | $ (22,644) | (22,644) | |||
Indiana | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 38 | ||||
Land & Improvements, Initial Cost to Company | $ 28,244 | 28,244 | |||
Building & improvements, Initial Cost to Company | 70,246 | 70,246 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 205 | 205 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 992 | 992 | |||
Land & Improvements, Gross | 28,449 | 28,449 | |||
Building & Improvements, Gross | 71,238 | 71,238 | |||
Total real estate investments | 99,687 | 99,687 | |||
Accumulated Depreciation | $ (14,927) | (14,927) | |||
Iowa | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 16 | ||||
Land & Improvements, Initial Cost to Company | $ 23,092 | 23,092 | |||
Building & improvements, Initial Cost to Company | 29,382 | 29,382 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 20 | 20 | |||
Land & Improvements, Gross | 23,092 | 23,092 | |||
Building & Improvements, Gross | 29,402 | 29,402 | |||
Total real estate investments | 52,494 | 52,494 | |||
Accumulated Depreciation | $ (4,044) | (4,044) | |||
Iowa | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 17 | ||||
Land & Improvements, Initial Cost to Company | $ 9,716 | 9,716 | |||
Building & improvements, Initial Cost to Company | 22,153 | 22,153 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 947 | 947 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,003 | 6,003 | |||
Land & Improvements, Gross | 10,663 | 10,663 | |||
Building & Improvements, Gross | 28,156 | 28,156 | |||
Total real estate investments | 38,819 | 38,819 | |||
Accumulated Depreciation | $ (8,867) | (8,867) | |||
Kansas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 28 | ||||
Land & Improvements, Initial Cost to Company | $ 16,222 | 16,222 | |||
Building & improvements, Initial Cost to Company | 34,814 | 34,814 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,525 | 6,525 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 18,316 | 18,316 | |||
Land & Improvements, Gross | 22,747 | 22,747 | |||
Building & Improvements, Gross | 53,130 | 53,130 | |||
Total real estate investments | 75,877 | 75,877 | |||
Accumulated Depreciation | $ (9,771) | (9,771) | |||
Kansas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 3,640 | 3,640 | |||
Building & improvements, Initial Cost to Company | 5,071 | 5,071 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 226 | 226 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,892 | 1,892 | |||
Land & Improvements, Gross | 3,866 | 3,866 | |||
Building & Improvements, Gross | 6,963 | 6,963 | |||
Total real estate investments | 10,829 | 10,829 | |||
Accumulated Depreciation | $ (1,778) | (1,778) | |||
Kentucky | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 31 | ||||
Land & Improvements, Initial Cost to Company | $ 31,963 | 31,963 | |||
Building & improvements, Initial Cost to Company | 75,004 | 75,004 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 775 | 775 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 16,098 | 16,098 | |||
Land & Improvements, Gross | 32,738 | 32,738 | |||
Building & Improvements, Gross | 91,102 | 91,102 | |||
Total real estate investments | 123,840 | 123,840 | |||
Accumulated Depreciation | $ (16,945) | (16,945) | |||
Kentucky | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 37 | ||||
Land & Improvements, Initial Cost to Company | $ 22,863 | 22,863 | |||
Building & improvements, Initial Cost to Company | 44,502 | 44,502 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 250 | 250 | |||
Land & Improvements, Gross | 22,863 | 22,863 | |||
Building & Improvements, Gross | 44,752 | 44,752 | |||
Total real estate investments | 67,615 | 67,615 | |||
Accumulated Depreciation | $ (12,413) | (12,413) | |||
Louisiana | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 7 | ||||
Land & Improvements, Initial Cost to Company | $ 4,310 | 4,310 | |||
Building & improvements, Initial Cost to Company | 10,101 | 10,101 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1 | 1 | |||
Land & Improvements, Gross | 4,310 | 4,310 | |||
Building & Improvements, Gross | 10,102 | 10,102 | |||
Total real estate investments | 14,412 | 14,412 | |||
Accumulated Depreciation | $ (1,225) | (1,225) | |||
Louisiana | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 26 | ||||
Land & Improvements, Initial Cost to Company | $ 27,567 | 27,567 | |||
Building & improvements, Initial Cost to Company | 30,940 | 30,940 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 822 | 822 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 519 | 519 | |||
Land & Improvements, Gross | 28,389 | 28,389 | |||
Building & Improvements, Gross | 31,459 | 31,459 | |||
Total real estate investments | 59,848 | 59,848 | |||
Accumulated Depreciation | $ (9,326) | (9,326) | |||
Maine | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 17 | ||||
Land & Improvements, Initial Cost to Company | $ 16,696 | 16,696 | |||
Building & improvements, Initial Cost to Company | 60,392 | 60,392 | |||
Land & Improvements, Gross | 16,696 | 16,696 | |||
Building & Improvements, Gross | 60,392 | 60,392 | |||
Total real estate investments | 77,088 | 77,088 | |||
Accumulated Depreciation | $ (4,878) | (4,878) | |||
Maine | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 1,059 | 1,059 | |||
Building & improvements, Initial Cost to Company | 2,229 | 2,229 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 82 | 82 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 163 | 163 | |||
Land & Improvements, Gross | 1,141 | 1,141 | |||
Building & Improvements, Gross | 2,392 | 2,392 | |||
Total real estate investments | 3,533 | 3,533 | |||
Accumulated Depreciation | $ (1,031) | (1,031) | |||
Maryland | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 7 | ||||
Land & Improvements, Initial Cost to Company | $ 10,828 | 10,828 | |||
Building & improvements, Initial Cost to Company | 12,881 | 12,881 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 75 | 75 | |||
Land & Improvements, Gross | 10,828 | 10,828 | |||
Building & Improvements, Gross | 12,956 | 12,956 | |||
Total real estate investments | 23,784 | 23,784 | |||
Accumulated Depreciation | $ (2,344) | (2,344) | |||
Maryland | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 7,377 | 7,377 | |||
Building & improvements, Initial Cost to Company | 14,463 | 14,463 | |||
Land & Improvements, Gross | 7,377 | 7,377 | |||
Building & Improvements, Gross | 14,463 | 14,463 | |||
Total real estate investments | 21,840 | 21,840 | |||
Accumulated Depreciation | $ (2,612) | (2,612) | |||
Massachusetts | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 31 | ||||
Land & Improvements, Initial Cost to Company | $ 44,283 | 44,283 | |||
Building & improvements, Initial Cost to Company | 121,669 | 121,669 | |||
Land & Improvements, Gross | 44,283 | 44,283 | |||
Building & Improvements, Gross | 121,669 | 121,669 | |||
Total real estate investments | 165,952 | 165,952 | |||
Accumulated Depreciation | $ (20,628) | (20,628) | |||
Massachusetts | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 8 | ||||
Land & Improvements, Initial Cost to Company | $ 20,105 | 20,105 | |||
Building & improvements, Initial Cost to Company | 25,687 | 25,687 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 363 | 363 | |||
Land & Improvements, Gross | 20,105 | 20,105 | |||
Building & Improvements, Gross | 26,050 | 26,050 | |||
Total real estate investments | 46,155 | 46,155 | |||
Accumulated Depreciation | $ (5,612) | (5,612) | |||
Michigan | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 87 | ||||
Land & Improvements, Initial Cost to Company | $ 106,589 | 106,589 | |||
Building & improvements, Initial Cost to Company | 324,817 | 324,817 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,043 | 5,043 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 24,296 | 24,296 | |||
Land & Improvements, Gross | 111,632 | 111,632 | |||
Building & Improvements, Gross | 349,113 | 349,113 | |||
Total real estate investments | 460,745 | 460,745 | |||
Accumulated Depreciation | $ (52,422) | (52,422) | |||
Michigan | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 37 | ||||
Land & Improvements, Initial Cost to Company | $ 24,017 | 24,017 | |||
Building & improvements, Initial Cost to Company | 40,775 | 40,775 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 96 | 96 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,167 | 5,167 | |||
Land & Improvements, Gross | 24,113 | 24,113 | |||
Building & Improvements, Gross | 45,942 | 45,942 | |||
Total real estate investments | 70,055 | 70,055 | |||
Accumulated Depreciation | $ (18,221) | (18,221) | |||
Minnesota | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 48 | ||||
Land & Improvements, Initial Cost to Company | $ 77,176 | 77,176 | |||
Building & improvements, Initial Cost to Company | 152,297 | 152,297 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,136 | 2,136 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,629 | 8,629 | |||
Land & Improvements, Gross | 79,312 | 79,312 | |||
Building & Improvements, Gross | 160,926 | 160,926 | |||
Total real estate investments | 240,238 | 240,238 | |||
Accumulated Depreciation | $ (22,073) | (22,073) | |||
Minnesota | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 37 | ||||
Land & Improvements, Initial Cost to Company | $ 34,077 | 34,077 | |||
Building & improvements, Initial Cost to Company | 58,302 | 58,302 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,787 | 5,787 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 27,053 | 27,053 | |||
Land & Improvements, Gross | 39,864 | 39,864 | |||
Building & Improvements, Gross | 85,355 | 85,355 | |||
Total real estate investments | 125,219 | 125,219 | |||
Accumulated Depreciation | $ (25,114) | (25,114) | |||
Minnesota | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Encumbrances | $ 11,744 | 11,744 | |||
Land & Improvements, Initial Cost to Company | 7,639 | 7,639 | |||
Building & improvements, Initial Cost to Company | 11,328 | 11,328 | |||
Land & Improvements, Gross | 7,639 | 7,639 | |||
Building & Improvements, Gross | 11,328 | 11,328 | |||
Total real estate investments | 18,967 | 18,967 | |||
Accumulated Depreciation | $ (4,036) | (4,036) | |||
Mississippi | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 29 | ||||
Land & Improvements, Initial Cost to Company | $ 23,926 | 23,926 | |||
Building & improvements, Initial Cost to Company | 63,965 | 63,965 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 120 | 120 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,374 | 1,374 | |||
Land & Improvements, Gross | 24,046 | 24,046 | |||
Building & Improvements, Gross | 65,339 | 65,339 | |||
Total real estate investments | 89,385 | 89,385 | |||
Accumulated Depreciation | $ (11,481) | (11,481) | |||
Mississippi | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 12 | ||||
Land & Improvements, Initial Cost to Company | $ 12,068 | 12,068 | |||
Building & improvements, Initial Cost to Company | 33,833 | 33,833 | |||
Land & Improvements, Gross | 12,068 | 12,068 | |||
Building & Improvements, Gross | 33,833 | 33,833 | |||
Total real estate investments | 45,901 | 45,901 | |||
Accumulated Depreciation | $ (6,177) | (6,177) | |||
Mississippi | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 6 | ||||
Encumbrances | $ 40,662 | 40,662 | |||
Land & Improvements, Initial Cost to Company | 15,385 | 15,385 | |||
Building & improvements, Initial Cost to Company | 48,917 | 48,917 | |||
Land & Improvements, Gross | 15,385 | 15,385 | |||
Building & Improvements, Gross | 48,917 | 48,917 | |||
Total real estate investments | 64,302 | 64,302 | |||
Accumulated Depreciation | $ (9,029) | (9,029) | |||
Missouri | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 71 | ||||
Land & Improvements, Initial Cost to Company | $ 55,797 | 55,797 | |||
Building & improvements, Initial Cost to Company | 111,758 | 111,758 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,318 | 3,318 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 13,914 | 13,914 | |||
Land & Improvements, Gross | 59,115 | 59,115 | |||
Building & Improvements, Gross | 125,672 | 125,672 | |||
Total real estate investments | 184,787 | 184,787 | |||
Accumulated Depreciation | $ (21,328) | (21,328) | |||
Missouri | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 21 | ||||
Land & Improvements, Initial Cost to Company | $ 27,850 | 27,850 | |||
Building & improvements, Initial Cost to Company | 34,181 | 34,181 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,308 | 1,308 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,842 | 4,842 | |||
Land & Improvements, Gross | 29,158 | 29,158 | |||
Building & Improvements, Gross | 39,023 | 39,023 | |||
Total real estate investments | 68,181 | 68,181 | |||
Accumulated Depreciation | $ (8,751) | (8,751) | |||
Missouri | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Encumbrances | $ 8,935 | 8,935 | |||
Land & Improvements, Initial Cost to Company | 807 | 807 | |||
Building & improvements, Initial Cost to Company | 13,794 | 13,794 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 620 | 620 | |||
Land & Improvements, Gross | 807 | 807 | |||
Building & Improvements, Gross | 14,414 | 14,414 | |||
Total real estate investments | 15,221 | 15,221 | |||
Accumulated Depreciation | $ (3,424) | (3,424) | |||
Montana | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 2,753 | 2,753 | |||
Building & improvements, Initial Cost to Company | 14,468 | 14,468 | |||
Land & Improvements, Gross | 2,753 | 2,753 | |||
Building & Improvements, Gross | 14,468 | 14,468 | |||
Total real estate investments | 17,221 | 17,221 | |||
Accumulated Depreciation | $ (2,340) | (2,340) | |||
Montana | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Land & Improvements, Initial Cost to Company | $ 3,080 | 3,080 | |||
Building & improvements, Initial Cost to Company | 1,509 | 1,509 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,360 | 2,360 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,189 | 8,189 | |||
Land & Improvements, Gross | 5,440 | 5,440 | |||
Building & Improvements, Gross | 9,698 | 9,698 | |||
Total real estate investments | 15,138 | 15,138 | |||
Accumulated Depreciation | $ (475) | (475) | |||
Nebraska | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 10 | ||||
Land & Improvements, Initial Cost to Company | $ 10,507 | 10,507 | |||
Building & improvements, Initial Cost to Company | 5,694 | 5,694 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 504 | 504 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,175 | 7,175 | |||
Land & Improvements, Gross | 11,011 | 11,011 | |||
Building & Improvements, Gross | 12,869 | 12,869 | |||
Total real estate investments | 23,880 | 23,880 | |||
Accumulated Depreciation | $ (2,590) | (2,590) | |||
Nebraska | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 14 | ||||
Land & Improvements, Initial Cost to Company | $ 7,005 | 7,005 | |||
Building & improvements, Initial Cost to Company | 23,344 | 23,344 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,745 | 2,745 | |||
Land & Improvements, Gross | 7,005 | 7,005 | |||
Building & Improvements, Gross | 26,089 | 26,089 | |||
Total real estate investments | 33,094 | 33,094 | |||
Accumulated Depreciation | $ (2,888) | (2,888) | |||
Nevada | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 8 | ||||
Land & Improvements, Initial Cost to Company | $ 11,909 | 11,909 | |||
Building & improvements, Initial Cost to Company | 16,545 | 16,545 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,006 | 1,006 | |||
Land & Improvements, Gross | 11,909 | 11,909 | |||
Building & Improvements, Gross | 17,551 | 17,551 | |||
Total real estate investments | 29,460 | 29,460 | |||
Accumulated Depreciation | $ (2,073) | (2,073) | |||
Nevada | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 7,809 | 7,809 | |||
Building & improvements, Initial Cost to Company | 16,402 | 16,402 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,029 | 1,029 | |||
Land & Improvements, Gross | 7,809 | 7,809 | |||
Building & Improvements, Gross | 17,431 | 17,431 | |||
Total real estate investments | 25,240 | 25,240 | |||
Accumulated Depreciation | $ (3,597) | (3,597) | |||
Nevada | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Encumbrances | $ 5,993 | 5,993 | |||
Land & Improvements, Initial Cost to Company | 2,770 | 2,770 | |||
Building & improvements, Initial Cost to Company | 5,454 | 5,454 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 25 | 25 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,259 | 2,259 | |||
Land & Improvements, Gross | 2,795 | 2,795 | |||
Building & Improvements, Gross | 7,713 | 7,713 | |||
Total real estate investments | 10,508 | 10,508 | |||
Accumulated Depreciation | $ (754) | (754) | |||
New Hampshire | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 8 | ||||
Land & Improvements, Initial Cost to Company | $ 9,233 | 9,233 | |||
Building & improvements, Initial Cost to Company | 16,269 | 16,269 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 877 | 877 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,718 | 4,718 | |||
Land & Improvements, Gross | 10,110 | 10,110 | |||
Building & Improvements, Gross | 20,987 | 20,987 | |||
Total real estate investments | 31,097 | 31,097 | |||
Accumulated Depreciation | $ (2,510) | (2,510) | |||
New Hampshire | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 1,837 | 1,837 | |||
Building & improvements, Initial Cost to Company | 7,914 | 7,914 | |||
Land & Improvements, Gross | 1,837 | 1,837 | |||
Building & Improvements, Gross | 7,914 | 7,914 | |||
Total real estate investments | 9,751 | 9,751 | |||
Accumulated Depreciation | $ (1,365) | (1,365) | |||
New Jersey | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 3,303 | 3,303 | |||
Building & improvements, Initial Cost to Company | 5,965 | 5,965 | |||
Land & Improvements, Gross | 3,303 | 3,303 | |||
Building & Improvements, Gross | 5,965 | 5,965 | |||
Total real estate investments | 9,268 | 9,268 | |||
Accumulated Depreciation | $ (693) | (693) | |||
New Jersey | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 7 | ||||
Land & Improvements, Initial Cost to Company | $ 7,004 | 7,004 | |||
Building & improvements, Initial Cost to Company | 29,971 | 29,971 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 329 | 329 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,176 | 2,176 | |||
Land & Improvements, Gross | 7,333 | 7,333 | |||
Building & Improvements, Gross | 32,147 | 32,147 | |||
Total real estate investments | 39,480 | 39,480 | |||
Accumulated Depreciation | $ (9,802) | (9,802) | |||
New Mexico | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 6 | ||||
Land & Improvements, Initial Cost to Company | $ 8,562 | 8,562 | |||
Building & improvements, Initial Cost to Company | 19,175 | 19,175 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 81 | 81 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,486 | 8,486 | |||
Land & Improvements, Gross | 8,643 | 8,643 | |||
Building & Improvements, Gross | 27,661 | 27,661 | |||
Total real estate investments | 36,304 | 36,304 | |||
Accumulated Depreciation | $ (4,367) | (4,367) | |||
New Mexico | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 4,243 | 4,243 | |||
Building & improvements, Initial Cost to Company | 6,084 | 6,084 | |||
Land & Improvements, Gross | 4,243 | 4,243 | |||
Building & Improvements, Gross | 6,084 | 6,084 | |||
Total real estate investments | 10,327 | 10,327 | |||
Accumulated Depreciation | $ (1,747) | (1,747) | |||
New York | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 25 | ||||
Land & Improvements, Initial Cost to Company | $ 49,841 | 49,841 | |||
Building & improvements, Initial Cost to Company | 157,415 | 157,415 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,729 | 1,729 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,411 | 3,411 | |||
Land & Improvements, Gross | 51,570 | 51,570 | |||
Building & Improvements, Gross | 160,826 | 160,826 | |||
Total real estate investments | 212,396 | 212,396 | |||
Accumulated Depreciation | $ (20,055) | (20,055) | |||
New York | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 15 | ||||
Land & Improvements, Initial Cost to Company | $ 13,340 | 13,340 | |||
Building & improvements, Initial Cost to Company | 32,426 | 32,426 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 32 | 32 | |||
Land & Improvements, Gross | 13,340 | 13,340 | |||
Building & Improvements, Gross | 32,458 | 32,458 | |||
Total real estate investments | 45,798 | 45,798 | |||
Accumulated Depreciation | $ (4,867) | (4,867) | |||
North Carolina | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 71 | ||||
Land & Improvements, Initial Cost to Company | $ 51,284 | 51,284 | |||
Building & improvements, Initial Cost to Company | 88,801 | 88,801 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,161 | 3,161 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 10,591 | 10,591 | |||
Land & Improvements, Gross | 54,445 | 54,445 | |||
Building & Improvements, Gross | 99,392 | 99,392 | |||
Total real estate investments | 153,837 | 153,837 | |||
Accumulated Depreciation | $ (16,033) | (16,033) | |||
North Carolina | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 63 | ||||
Land & Improvements, Initial Cost to Company | $ 41,023 | 41,023 | |||
Building & improvements, Initial Cost to Company | 66,597 | 66,597 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,071 | 2,071 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,522 | 4,522 | |||
Land & Improvements, Gross | 43,094 | 43,094 | |||
Building & Improvements, Gross | 71,119 | 71,119 | |||
Total real estate investments | 114,213 | 114,213 | |||
Accumulated Depreciation | $ (19,456) | (19,456) | |||
North Dakota | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 1,405 | 1,405 | |||
Building & improvements, Initial Cost to Company | 25,557 | 25,557 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 371 | 371 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,740 | 1,740 | |||
Land & Improvements, Gross | 1,776 | 1,776 | |||
Building & Improvements, Gross | 27,297 | 27,297 | |||
Total real estate investments | 29,073 | 29,073 | |||
Accumulated Depreciation | $ (2,306) | (2,306) | |||
North Dakota | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Land & Improvements, Initial Cost to Company | $ 2,642 | 2,642 | |||
Building & improvements, Initial Cost to Company | 7,843 | 7,843 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 172 | 172 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 278 | 278 | |||
Land & Improvements, Gross | 2,814 | 2,814 | |||
Building & Improvements, Gross | 8,121 | 8,121 | |||
Total real estate investments | 10,935 | 10,935 | |||
Accumulated Depreciation | $ (2,755) | (2,755) | |||
North Dakota | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Encumbrances | $ 13,933 | 13,933 | |||
Land & Improvements, Initial Cost to Company | 7,219 | 7,219 | |||
Building & improvements, Initial Cost to Company | 16,872 | 16,872 | |||
Land & Improvements, Gross | 7,219 | 7,219 | |||
Building & Improvements, Gross | 16,872 | 16,872 | |||
Total real estate investments | 24,091 | 24,091 | |||
Accumulated Depreciation | $ (5,463) | (5,463) | |||
Columbus, Ohio | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 11 | ||||
Land & Improvements, Initial Cost to Company | $ 13,975 | 13,975 | |||
Building & improvements, Initial Cost to Company | 39,693 | 39,693 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,272 | 1,272 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,168 | 8,168 | |||
Land & Improvements, Gross | 15,247 | 15,247 | |||
Building & Improvements, Gross | 47,861 | 47,861 | |||
Total real estate investments | 63,108 | 63,108 | |||
Accumulated Depreciation | $ (5,728) | (5,728) | |||
Columbus, Ohio | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 8 | ||||
Land & Improvements, Initial Cost to Company | $ 5,580 | 5,580 | |||
Building & improvements, Initial Cost to Company | 10,911 | 10,911 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 250 | 250 | |||
Land & Improvements, Gross | 5,580 | 5,580 | |||
Building & Improvements, Gross | 11,161 | 11,161 | |||
Total real estate investments | 16,741 | 16,741 | |||
Accumulated Depreciation | $ (4,353) | (4,353) | |||
All Other Ohio | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 76 | ||||
Land & Improvements, Initial Cost to Company | $ 93,808 | 93,808 | |||
Building & improvements, Initial Cost to Company | 242,103 | 242,103 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,630 | 1,630 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11,981 | 11,981 | |||
Land & Improvements, Gross | 95,438 | 95,438 | |||
Building & Improvements, Gross | 254,084 | 254,084 | |||
Total real estate investments | 349,522 | 349,522 | |||
Accumulated Depreciation | $ (34,418) | (34,418) | |||
All Other Ohio | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 62 | ||||
Land & Improvements, Initial Cost to Company | $ 45,156 | 45,156 | |||
Building & improvements, Initial Cost to Company | 135,854 | 135,854 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 21 | 21 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,009 | 1,009 | |||
Land & Improvements, Gross | 45,177 | 45,177 | |||
Building & Improvements, Gross | 136,863 | 136,863 | |||
Total real estate investments | 182,040 | 182,040 | |||
Accumulated Depreciation | $ (37,169) | (37,169) | |||
Oklahoma | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 25 | ||||
Land & Improvements, Initial Cost to Company | $ 23,292 | 23,292 | |||
Building & improvements, Initial Cost to Company | 34,801 | 34,801 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,721 | 1,721 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,549 | 7,549 | |||
Land & Improvements, Gross | 25,013 | 25,013 | |||
Building & Improvements, Gross | 42,350 | 42,350 | |||
Total real estate investments | 67,363 | 67,363 | |||
Accumulated Depreciation | $ (11,595) | (11,595) | |||
Oklahoma | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 31 | ||||
Land & Improvements, Initial Cost to Company | $ 31,372 | 31,372 | |||
Building & improvements, Initial Cost to Company | 46,137 | 46,137 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 459 | 459 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,052 | 2,052 | |||
Land & Improvements, Gross | 31,831 | 31,831 | |||
Building & Improvements, Gross | 48,189 | 48,189 | |||
Total real estate investments | 80,020 | 80,020 | |||
Accumulated Depreciation | $ (22,176) | (22,176) | |||
Oklahoma | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Encumbrances | $ 3,140 | 3,140 | |||
Land & Improvements, Initial Cost to Company | 2,907 | 2,907 | |||
Building & improvements, Initial Cost to Company | 3,843 | 3,843 | |||
Land & Improvements, Gross | 2,907 | 2,907 | |||
Building & Improvements, Gross | 3,843 | 3,843 | |||
Total real estate investments | 6,750 | 6,750 | |||
Accumulated Depreciation | $ (1,627) | (1,627) | |||
Oregon | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 2,827 | 2,827 | |||
Building & improvements, Initial Cost to Company | 7,447 | 7,447 | |||
Land & Improvements, Gross | 2,827 | 2,827 | |||
Building & Improvements, Gross | 7,447 | 7,447 | |||
Total real estate investments | 10,274 | 10,274 | |||
Accumulated Depreciation | $ (1,314) | (1,314) | |||
Oregon | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 8,147 | 8,147 | |||
Building & improvements, Initial Cost to Company | 4,648 | 4,648 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 460 | 460 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 159 | 159 | |||
Land & Improvements, Gross | 8,607 | 8,607 | |||
Building & Improvements, Gross | 4,807 | 4,807 | |||
Total real estate investments | 13,414 | 13,414 | |||
Accumulated Depreciation | $ (1,566) | (1,566) | |||
Pennsylvania | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 68 | ||||
Land & Improvements, Initial Cost to Company | $ 66,881 | 66,881 | |||
Building & improvements, Initial Cost to Company | 208,806 | 208,806 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 290 | 290 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,720 | 3,720 | |||
Land & Improvements, Gross | 67,171 | 67,171 | |||
Building & Improvements, Gross | 212,526 | 212,526 | |||
Total real estate investments | 279,697 | 279,697 | |||
Accumulated Depreciation | $ (18,427) | (18,427) | |||
Pennsylvania | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 33 | ||||
Land & Improvements, Initial Cost to Company | $ 35,711 | 35,711 | |||
Building & improvements, Initial Cost to Company | 56,440 | 56,440 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,439 | 1,439 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,487 | 4,487 | |||
Land & Improvements, Gross | 37,150 | 37,150 | |||
Building & Improvements, Gross | 60,927 | 60,927 | |||
Total real estate investments | 98,077 | 98,077 | |||
Accumulated Depreciation | $ (17,300) | (17,300) | |||
Pennsylvania | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Encumbrances | $ 8,602 | 8,602 | |||
Land & Improvements, Initial Cost to Company | 4,398 | 4,398 | |||
Building & improvements, Initial Cost to Company | 11,502 | 11,502 | |||
Land & Improvements, Gross | 4,398 | 4,398 | |||
Building & Improvements, Gross | 11,502 | 11,502 | |||
Total real estate investments | 15,900 | 15,900 | |||
Accumulated Depreciation | $ (6,238) | (6,238) | |||
Rhode Island | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 7 | ||||
Land & Improvements, Initial Cost to Company | $ 6,318 | 6,318 | |||
Building & improvements, Initial Cost to Company | 15,049 | 15,049 | |||
Land & Improvements, Gross | 6,318 | 6,318 | |||
Building & Improvements, Gross | 15,049 | 15,049 | |||
Total real estate investments | 21,367 | 21,367 | |||
Accumulated Depreciation | $ (1,161) | (1,161) | |||
Rhode Island | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 6 | ||||
Land & Improvements, Initial Cost to Company | $ 4,854 | 4,854 | |||
Building & improvements, Initial Cost to Company | 12,253 | 12,253 | |||
Land & Improvements, Gross | 4,854 | 4,854 | |||
Building & Improvements, Gross | 12,253 | 12,253 | |||
Total real estate investments | 17,107 | 17,107 | |||
Accumulated Depreciation | $ (1,052) | (1,052) | |||
South Carolina | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 52 | ||||
Land & Improvements, Initial Cost to Company | $ 33,905 | 33,905 | |||
Building & improvements, Initial Cost to Company | 127,234 | 127,234 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,187 | 3,187 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 13,136 | 13,136 | |||
Land & Improvements, Gross | 37,092 | 37,092 | |||
Building & Improvements, Gross | 140,370 | 140,370 | |||
Total real estate investments | 177,462 | 177,462 | |||
Accumulated Depreciation | $ (23,488) | (23,488) | |||
South Carolina | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 38 | ||||
Land & Improvements, Initial Cost to Company | $ 28,501 | 28,501 | |||
Building & improvements, Initial Cost to Company | 52,408 | 52,408 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,310 | 1,310 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 9,940 | 9,940 | |||
Land & Improvements, Gross | 29,811 | 29,811 | |||
Building & Improvements, Gross | 62,348 | 62,348 | |||
Total real estate investments | 92,159 | 92,159 | |||
Accumulated Depreciation | $ (15,465) | (15,465) | |||
South Dakota | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 14 | ||||
Land & Improvements, Initial Cost to Company | $ 18,662 | 18,662 | |||
Building & improvements, Initial Cost to Company | 50,338 | 50,338 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,737 | 6,737 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 20,437 | 20,437 | |||
Land & Improvements, Gross | 25,399 | 25,399 | |||
Building & Improvements, Gross | 70,775 | 70,775 | |||
Total real estate investments | 96,174 | 96,174 | |||
Accumulated Depreciation | $ (9,409) | (9,409) | |||
South Dakota | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Land & Improvements, Initial Cost to Company | $ 3,573 | 3,573 | |||
Building & improvements, Initial Cost to Company | 9,662 | 9,662 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 719 | 719 | |||
Land & Improvements, Gross | 3,573 | 3,573 | |||
Building & Improvements, Gross | 10,381 | 10,381 | |||
Total real estate investments | 13,954 | 13,954 | |||
Accumulated Depreciation | $ (3,721) | (3,721) | |||
Tennessee | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 47 | ||||
Land & Improvements, Initial Cost to Company | $ 60,502 | 60,502 | |||
Building & improvements, Initial Cost to Company | 163,699 | 163,699 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 441 | 441 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,228 | 7,228 | |||
Land & Improvements, Gross | 60,943 | 60,943 | |||
Building & Improvements, Gross | 170,927 | 170,927 | |||
Total real estate investments | 231,870 | 231,870 | |||
Accumulated Depreciation | $ (22,529) | (22,529) | |||
Tennessee | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 68 | ||||
Land & Improvements, Initial Cost to Company | $ 59,849 | 59,849 | |||
Building & improvements, Initial Cost to Company | 94,037 | 94,037 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,049 | 3,049 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,503 | 8,503 | |||
Land & Improvements, Gross | 62,898 | 62,898 | |||
Building & Improvements, Gross | 102,540 | 102,540 | |||
Total real estate investments | 165,438 | 165,438 | |||
Accumulated Depreciation | $ (30,596) | (30,596) | |||
Abilene, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 3,831 | 3,831 | |||
Building & improvements, Initial Cost to Company | 44,208 | 44,208 | |||
Land & Improvements, Gross | 3,831 | 3,831 | |||
Building & Improvements, Gross | 44,208 | 44,208 | |||
Total real estate investments | $ 48,039 | 48,039 | |||
Abilene, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 593 | 593 | |||
Building & improvements, Initial Cost to Company | 2,023 | 2,023 | |||
Land & Improvements, Gross | 593 | 593 | |||
Building & Improvements, Gross | 2,023 | 2,023 | |||
Total real estate investments | 2,616 | 2,616 | |||
Accumulated Depreciation | $ (832) | (832) | |||
Amarillo, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 4,002 | 4,002 | |||
Building & improvements, Initial Cost to Company | 11,473 | 11,473 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,164 | 3,164 | |||
Land & Improvements, Gross | 4,002 | 4,002 | |||
Building & Improvements, Gross | 14,637 | 14,637 | |||
Total real estate investments | 18,639 | 18,639 | |||
Accumulated Depreciation | $ (1,604) | (1,604) | |||
Amarillo, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 269 | 269 | |||
Building & improvements, Initial Cost to Company | 457 | 457 | |||
Land & Improvements, Gross | 269 | 269 | |||
Building & Improvements, Gross | 457 | 457 | |||
Total real estate investments | 726 | 726 | |||
Accumulated Depreciation | $ (104) | (104) | |||
Amarillo, Texas | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Encumbrances | $ 1,018 | 1,018 | |||
Land & Improvements, Initial Cost to Company | 927 | 927 | |||
Building & improvements, Initial Cost to Company | 1,330 | 1,330 | |||
Land & Improvements, Gross | 927 | 927 | |||
Building & Improvements, Gross | 1,330 | 1,330 | |||
Total real estate investments | 2,257 | 2,257 | |||
Accumulated Depreciation | $ (637) | (637) | |||
Arlington, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 1,595 | 1,595 | |||
Building & improvements, Initial Cost to Company | 4,761 | 4,761 | |||
Land & Improvements, Gross | 1,595 | 1,595 | |||
Building & Improvements, Gross | 4,761 | 4,761 | |||
Total real estate investments | 6,356 | 6,356 | |||
Accumulated Depreciation | $ (979) | (979) | |||
Arlington, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 3,353 | 3,353 | |||
Building & improvements, Initial Cost to Company | 10,077 | 10,077 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 129 | 129 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,521 | 1,521 | |||
Land & Improvements, Gross | 3,482 | 3,482 | |||
Building & Improvements, Gross | 11,598 | 11,598 | |||
Total real estate investments | 15,080 | 15,080 | |||
Accumulated Depreciation | $ (2,546) | (2,546) | |||
Austin, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 6,058 | 6,058 | |||
Building & improvements, Initial Cost to Company | 11,115 | 11,115 | |||
Land & Improvements, Gross | 6,058 | 6,058 | |||
Building & Improvements, Gross | 11,115 | 11,115 | |||
Total real estate investments | 17,173 | 17,173 | |||
Accumulated Depreciation | $ (2,273) | (2,273) | |||
Austin, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 2,212 | 2,212 | |||
Building & improvements, Initial Cost to Company | 3,600 | 3,600 | |||
Land & Improvements, Gross | 2,212 | 2,212 | |||
Building & Improvements, Gross | 3,600 | 3,600 | |||
Total real estate investments | 5,812 | 5,812 | |||
Accumulated Depreciation | $ (1,207) | (1,207) | |||
Corpus Christi, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 10,731 | 10,731 | |||
Building & improvements, Initial Cost to Company | 15,967 | 15,967 | |||
Land & Improvements, Gross | 10,731 | 10,731 | |||
Building & Improvements, Gross | 15,967 | 15,967 | |||
Total real estate investments | 26,698 | 26,698 | |||
Accumulated Depreciation | $ (6,289) | (6,289) | |||
Corpus Christi, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 2,020 | 2,020 | |||
Building & improvements, Initial Cost to Company | 1,128 | 1,128 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 743 | 743 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 316 | 316 | |||
Land & Improvements, Gross | 2,763 | 2,763 | |||
Building & Improvements, Gross | 1,444 | 1,444 | |||
Total real estate investments | 4,207 | 4,207 | |||
Accumulated Depreciation | $ (436) | (436) | |||
Cypress, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 2,098 | 2,098 | |||
Building & improvements, Initial Cost to Company | 4,322 | 4,322 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 391 | 391 | |||
Land & Improvements, Gross | 2,098 | 2,098 | |||
Building & Improvements, Gross | 4,713 | 4,713 | |||
Total real estate investments | 6,811 | 6,811 | |||
Accumulated Depreciation | $ (486) | (486) | |||
Cypress, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 4,223 | 4,223 | |||
Building & improvements, Initial Cost to Company | 9,504 | 9,504 | |||
Land & Improvements, Gross | 4,223 | 4,223 | |||
Building & Improvements, Gross | 9,504 | 9,504 | |||
Total real estate investments | 13,727 | 13,727 | |||
Accumulated Depreciation | $ (1,035) | (1,035) | |||
Fort Worth, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 9,695 | 9,695 | |||
Building & improvements, Initial Cost to Company | 13,715 | 13,715 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,565 | 1,565 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,915 | 5,915 | |||
Land & Improvements, Gross | 11,260 | 11,260 | |||
Building & Improvements, Gross | 19,630 | 19,630 | |||
Total real estate investments | 30,890 | 30,890 | |||
Accumulated Depreciation | $ (5,740) | (5,740) | |||
Fort Worth, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 5,361 | 5,361 | |||
Building & improvements, Initial Cost to Company | 13,744 | 13,744 | |||
Land & Improvements, Gross | 5,361 | 5,361 | |||
Building & Improvements, Gross | 13,744 | 13,744 | |||
Total real estate investments | 19,105 | 19,105 | |||
Accumulated Depreciation | $ (2,798) | (2,798) | |||
Frisco, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 5,683 | 5,683 | |||
Building & improvements, Initial Cost to Company | 10,790 | 10,790 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 190 | 190 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 924 | 924 | |||
Land & Improvements, Gross | 5,873 | 5,873 | |||
Building & Improvements, Gross | 11,714 | 11,714 | |||
Total real estate investments | 17,587 | 17,587 | |||
Accumulated Depreciation | $ (1,633) | (1,633) | |||
Frisco, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 4,214 | 4,214 | |||
Building & improvements, Initial Cost to Company | 6,362 | 6,362 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 24 | 24 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 30 | 30 | |||
Land & Improvements, Gross | 4,238 | 4,238 | |||
Building & Improvements, Gross | 6,392 | 6,392 | |||
Total real estate investments | 10,630 | 10,630 | |||
Accumulated Depreciation | $ (2,218) | (2,218) | |||
Harlingen, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 3,768 | 3,768 | |||
Building & improvements, Initial Cost to Company | 11,342 | 11,342 | |||
Land & Improvements, Gross | 3,768 | 3,768 | |||
Building & Improvements, Gross | 11,342 | 11,342 | |||
Total real estate investments | 15,110 | 15,110 | |||
Accumulated Depreciation | $ (1,585) | (1,585) | |||
Harlingen, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 487 | 487 | |||
Building & improvements, Initial Cost to Company | 391 | 391 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 819 | 819 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 2,293 | 2,293 | |||
Land & Improvements, Gross | 1,306 | 1,306 | |||
Building & Improvements, Gross | 2,684 | 2,684 | |||
Total real estate investments | 3,990 | 3,990 | |||
Accumulated Depreciation | $ (487) | (487) | |||
Houston, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 22 | ||||
Land & Improvements, Initial Cost to Company | $ 25,548 | 25,548 | |||
Building & improvements, Initial Cost to Company | 29,177 | 29,177 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 695 | 695 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,769 | 8,769 | |||
Land & Improvements, Gross | 26,243 | 26,243 | |||
Building & Improvements, Gross | 37,946 | 37,946 | |||
Total real estate investments | 64,189 | 64,189 | |||
Accumulated Depreciation | $ (5,034) | (5,034) | |||
Houston, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 10 | ||||
Land & Improvements, Initial Cost to Company | $ 16,673 | 16,673 | |||
Building & improvements, Initial Cost to Company | 23,655 | 23,655 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 8,204 | 8,204 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 7,146 | 7,146 | |||
Land & Improvements, Gross | 24,877 | 24,877 | |||
Building & Improvements, Gross | 30,801 | 30,801 | |||
Total real estate investments | 55,678 | 55,678 | |||
Accumulated Depreciation | $ (9,801) | (9,801) | |||
Humble, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 3,468 | 3,468 | |||
Building & improvements, Initial Cost to Company | 1,885 | 1,885 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,989 | 1,989 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 11,451 | 11,451 | |||
Land & Improvements, Gross | 5,457 | 5,457 | |||
Building & Improvements, Gross | 13,336 | 13,336 | |||
Total real estate investments | 18,793 | 18,793 | |||
Accumulated Depreciation | $ (3,182) | (3,182) | |||
Humble, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Land & Improvements, Initial Cost to Company | $ 1,732 | 1,732 | |||
Building & improvements, Initial Cost to Company | 3,567 | 3,567 | |||
Land & Improvements, Gross | 1,732 | 1,732 | |||
Building & Improvements, Gross | 3,567 | 3,567 | |||
Total real estate investments | 5,299 | 5,299 | |||
Accumulated Depreciation | $ (1,128) | (1,128) | |||
Irving, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Land & Improvements, Initial Cost to Company | $ 5,212 | 5,212 | |||
Building & improvements, Initial Cost to Company | 6,577 | 6,577 | |||
Land & Improvements, Gross | 5,212 | 5,212 | |||
Building & Improvements, Gross | 6,577 | 6,577 | |||
Total real estate investments | 11,789 | 11,789 | |||
Accumulated Depreciation | $ (1,513) | (1,513) | |||
Irving, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 1,375 | 1,375 | |||
Building & improvements, Initial Cost to Company | 4,661 | 4,661 | |||
Land & Improvements, Gross | 1,375 | 1,375 | |||
Building & Improvements, Gross | 4,661 | 4,661 | |||
Total real estate investments | 6,036 | 6,036 | |||
Accumulated Depreciation | $ (1,223) | (1,223) | |||
Katy, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 5,100 | 5,100 | |||
Building & improvements, Initial Cost to Company | 6,242 | 6,242 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 438 | 438 | |||
Land & Improvements, Gross | 5,100 | 5,100 | |||
Building & Improvements, Gross | 6,680 | 6,680 | |||
Total real estate investments | 11,780 | 11,780 | |||
Accumulated Depreciation | $ (933) | (933) | |||
Katy, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 1,564 | 1,564 | |||
Building & improvements, Initial Cost to Company | 2,651 | 2,651 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 159 | 159 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,507 | 1,507 | |||
Land & Improvements, Gross | 1,723 | 1,723 | |||
Building & Improvements, Gross | 4,158 | 4,158 | |||
Total real estate investments | 5,881 | 5,881 | |||
Accumulated Depreciation | $ (764) | (764) | |||
League City, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 7,417 | 7,417 | |||
Building & improvements, Initial Cost to Company | 12,612 | 12,612 | |||
Land & Improvements, Gross | 7,417 | 7,417 | |||
Building & Improvements, Gross | 12,612 | 12,612 | |||
Total real estate investments | 20,029 | 20,029 | |||
Accumulated Depreciation | $ (2,637) | (2,637) | |||
Lubbock, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 1,512 | 1,512 | |||
Building & improvements, Initial Cost to Company | 7,836 | 7,836 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 342 | 342 | |||
Land & Improvements, Gross | 1,512 | 1,512 | |||
Building & Improvements, Gross | 8,178 | 8,178 | |||
Total real estate investments | 9,690 | 9,690 | |||
Accumulated Depreciation | $ (1,391) | (1,391) | |||
Lubbock, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 9,980 | 9,980 | |||
Building & improvements, Initial Cost to Company | 16,629 | 16,629 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,529 | 1,529 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,066 | 3,066 | |||
Land & Improvements, Gross | 11,509 | 11,509 | |||
Building & Improvements, Gross | 19,695 | 19,695 | |||
Total real estate investments | 31,204 | 31,204 | |||
Accumulated Depreciation | $ (5,526) | (5,526) | |||
Lubbock, Texas | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Encumbrances | $ 946 | 946 | |||
Land & Improvements, Initial Cost to Company | 1,289 | 1,289 | |||
Building & improvements, Initial Cost to Company | 808 | 808 | |||
Land & Improvements, Gross | 1,289 | 1,289 | |||
Building & Improvements, Gross | 808 | 808 | |||
Total real estate investments | 2,097 | 2,097 | |||
Accumulated Depreciation | $ (393) | (393) | |||
McAllen, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 3 | ||||
Land & Improvements, Initial Cost to Company | $ 2,810 | 2,810 | |||
Building & improvements, Initial Cost to Company | 5,268 | 5,268 | |||
Land & Improvements, Gross | 2,810 | 2,810 | |||
Building & Improvements, Gross | 5,268 | 5,268 | |||
Total real estate investments | 8,078 | 8,078 | |||
Accumulated Depreciation | $ (934) | (934) | |||
McAllen, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 5,491 | 5,491 | |||
Building & improvements, Initial Cost to Company | 10,558 | 10,558 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 583 | 583 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,293 | 1,293 | |||
Land & Improvements, Gross | 6,074 | 6,074 | |||
Building & Improvements, Gross | 11,851 | 11,851 | |||
Total real estate investments | 17,925 | 17,925 | |||
Accumulated Depreciation | $ (3,521) | (3,521) | |||
Mesquite, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 1,455 | 1,455 | |||
Building & improvements, Initial Cost to Company | 8,967 | 8,967 | |||
Land & Improvements, Gross | 1,455 | 1,455 | |||
Building & Improvements, Gross | 8,967 | 8,967 | |||
Total real estate investments | 10,422 | 10,422 | |||
Accumulated Depreciation | $ (347) | (347) | |||
Mesquite, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 1,795 | 1,795 | |||
Building & improvements, Initial Cost to Company | 5,837 | 5,837 | |||
Land & Improvements, Gross | 1,795 | 1,795 | |||
Building & Improvements, Gross | 5,837 | 5,837 | |||
Total real estate investments | 7,632 | 7,632 | |||
Accumulated Depreciation | $ (1,545) | (1,545) | |||
San Antonio, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 13 | ||||
Land & Improvements, Initial Cost to Company | $ 15,537 | 15,537 | |||
Building & improvements, Initial Cost to Company | 19,398 | 19,398 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 745 | 745 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,320 | 1,320 | |||
Land & Improvements, Gross | 16,282 | 16,282 | |||
Building & Improvements, Gross | 20,718 | 20,718 | |||
Total real estate investments | 37,000 | 37,000 | |||
Accumulated Depreciation | $ (3,596) | (3,596) | |||
San Antonio, Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 10,611 | 10,611 | |||
Building & improvements, Initial Cost to Company | 11,711 | 11,711 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 531 | 531 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,680 | 1,680 | |||
Land & Improvements, Gross | 11,142 | 11,142 | |||
Building & Improvements, Gross | 13,391 | 13,391 | |||
Total real estate investments | 24,533 | 24,533 | |||
Accumulated Depreciation | $ (2,742) | (2,742) | |||
Yoakum, Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 1 | ||||
Land & Improvements, Initial Cost to Company | $ 2,325 | 2,325 | |||
Building & improvements, Initial Cost to Company | 22,099 | 22,099 | |||
Land & Improvements, Gross | 2,325 | 2,325 | |||
Building & Improvements, Gross | 22,099 | 22,099 | |||
Total real estate investments | 24,424 | 24,424 | |||
Accumulated Depreciation | $ (553) | (553) | |||
All Other Texas | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 152 | ||||
Land & Improvements, Initial Cost to Company | $ 110,530 | 110,530 | |||
Building & improvements, Initial Cost to Company | 219,485 | 219,485 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,729 | 4,729 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 37,720 | 37,720 | |||
Land & Improvements, Gross | 115,259 | 115,259 | |||
Building & Improvements, Gross | 257,205 | 257,205 | |||
Total real estate investments | 372,464 | 372,464 | |||
Accumulated Depreciation | $ (39,751) | (39,751) | |||
All Other Texas | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 58 | ||||
Land & Improvements, Initial Cost to Company | $ 57,371 | 57,371 | |||
Building & improvements, Initial Cost to Company | 110,327 | 110,327 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,405 | 3,405 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 14,918 | 14,918 | |||
Land & Improvements, Gross | 60,776 | 60,776 | |||
Building & Improvements, Gross | 125,245 | 125,245 | |||
Total real estate investments | 186,021 | 186,021 | |||
Accumulated Depreciation | $ (30,725) | (30,725) | |||
Utah | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 10 | ||||
Land & Improvements, Initial Cost to Company | $ 19,300 | 19,300 | |||
Building & improvements, Initial Cost to Company | 31,266 | 31,266 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 403 | 403 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3,870 | 3,870 | |||
Land & Improvements, Gross | 19,703 | 19,703 | |||
Building & Improvements, Gross | 35,136 | 35,136 | |||
Total real estate investments | 54,839 | 54,839 | |||
Accumulated Depreciation | $ (6,925) | (6,925) | |||
Utah | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | property | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 6,282 | 6,282 | |||
Building & improvements, Initial Cost to Company | 13,773 | 13,773 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 109 | 109 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 796 | 796 | |||
Land & Improvements, Gross | 6,391 | 6,391 | |||
Building & Improvements, Gross | 14,569 | 14,569 | |||
Total real estate investments | 20,960 | 20,960 | |||
Accumulated Depreciation | $ (1,160) | (1,160) | |||
Vermont | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 5 | ||||
Land & Improvements, Initial Cost to Company | $ 1,747 | 1,747 | |||
Building & improvements, Initial Cost to Company | 2,230 | 2,230 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4 | 4 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 354 | 354 | |||
Land & Improvements, Gross | 1,751 | 1,751 | |||
Building & Improvements, Gross | 2,584 | 2,584 | |||
Total real estate investments | 4,335 | 4,335 | |||
Accumulated Depreciation | $ (369) | (369) | |||
Vermont | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 2 | ||||
Land & Improvements, Initial Cost to Company | $ 955 | 955 | |||
Building & improvements, Initial Cost to Company | 829 | 829 | |||
Land & Improvements, Gross | 955 | 955 | |||
Building & Improvements, Gross | 829 | 829 | |||
Total real estate investments | 1,784 | 1,784 | |||
Accumulated Depreciation | $ (410) | (410) | |||
Virginia | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 31 | ||||
Land & Improvements, Initial Cost to Company | $ 47,225 | 47,225 | |||
Building & improvements, Initial Cost to Company | 105,632 | 105,632 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,906 | 4,906 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,846 | 6,846 | |||
Land & Improvements, Gross | 52,131 | 52,131 | |||
Building & Improvements, Gross | 112,478 | 112,478 | |||
Total real estate investments | 164,609 | 164,609 | |||
Accumulated Depreciation | $ (8,749) | (8,749) | |||
Virginia | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 15 | ||||
Land & Improvements, Initial Cost to Company | $ 8,750 | 8,750 | |||
Building & improvements, Initial Cost to Company | 15,019 | 15,019 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 106 | 106 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 585 | 585 | |||
Land & Improvements, Gross | 8,856 | 8,856 | |||
Building & Improvements, Gross | 15,604 | 15,604 | |||
Total real estate investments | 24,460 | 24,460 | |||
Accumulated Depreciation | $ (5,067) | (5,067) | |||
Washington | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 11 | ||||
Land & Improvements, Initial Cost to Company | $ 14,178 | 14,178 | |||
Building & improvements, Initial Cost to Company | 31,693 | 31,693 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 144 | 144 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,396 | 1,396 | |||
Land & Improvements, Gross | 14,322 | 14,322 | |||
Building & Improvements, Gross | 33,089 | 33,089 | |||
Total real estate investments | 47,411 | 47,411 | |||
Accumulated Depreciation | $ (6,333) | (6,333) | |||
Washington | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 11 | ||||
Land & Improvements, Initial Cost to Company | $ 24,332 | 24,332 | |||
Building & improvements, Initial Cost to Company | 18,031 | 18,031 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 1,570 | 1,570 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,239 | 5,239 | |||
Land & Improvements, Gross | 25,902 | 25,902 | |||
Building & Improvements, Gross | 23,270 | 23,270 | |||
Total real estate investments | 49,172 | 49,172 | |||
Accumulated Depreciation | $ (5,761) | (5,761) | |||
West Virginia | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 12 | ||||
Land & Improvements, Initial Cost to Company | $ 10,486 | 10,486 | |||
Building & improvements, Initial Cost to Company | 24,861 | 24,861 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 846 | 846 | |||
Land & Improvements, Gross | 10,486 | 10,486 | |||
Building & Improvements, Gross | 25,707 | 25,707 | |||
Total real estate investments | 36,193 | 36,193 | |||
Accumulated Depreciation | $ (4,018) | (4,018) | |||
West Virginia | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 11 | ||||
Land & Improvements, Initial Cost to Company | $ 9,341 | 9,341 | |||
Building & improvements, Initial Cost to Company | 8,572 | 8,572 | |||
Land & Improvements, Gross | 9,341 | 9,341 | |||
Building & Improvements, Gross | 8,572 | 8,572 | |||
Total real estate investments | 17,913 | 17,913 | |||
Accumulated Depreciation | $ (3,208) | (3,208) | |||
Wisconsin | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 62 | ||||
Land & Improvements, Initial Cost to Company | $ 80,908 | 80,908 | |||
Building & improvements, Initial Cost to Company | 234,526 | 234,526 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 29,129 | 29,129 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 48,739 | 48,739 | |||
Land & Improvements, Gross | 110,037 | 110,037 | |||
Building & Improvements, Gross | 283,265 | 283,265 | |||
Total real estate investments | 393,302 | 393,302 | |||
Accumulated Depreciation | $ (43,119) | (43,119) | |||
Wisconsin | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 27 | ||||
Land & Improvements, Initial Cost to Company | $ 18,568 | 18,568 | |||
Building & improvements, Initial Cost to Company | 71,421 | 71,421 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,287 | 4,287 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 4,032 | 4,032 | |||
Land & Improvements, Gross | 22,855 | 22,855 | |||
Building & Improvements, Gross | 75,453 | 75,453 | |||
Total real estate investments | 98,308 | 98,308 | |||
Accumulated Depreciation | $ (14,424) | (14,424) | |||
Wisconsin | Collateral For CMBS Debt Dollar value | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 3 | ||||
Encumbrances | $ 32,302 | 32,302 | |||
Land & Improvements, Initial Cost to Company | 17,490 | 17,490 | |||
Building & improvements, Initial Cost to Company | 39,558 | 39,558 | |||
Land & Improvements, Gross | 17,490 | 17,490 | |||
Building & Improvements, Gross | 39,558 | 39,558 | |||
Total real estate investments | 57,048 | 57,048 | |||
Accumulated Depreciation | $ (11,592) | (11,592) | |||
Wyoming | Unencumbered | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 3 | ||||
Land & Improvements, Initial Cost to Company | $ 962 | 962 | |||
Building & improvements, Initial Cost to Company | 3,634 | 3,634 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 3 | 3 | |||
Land & Improvements, Gross | 962 | 962 | |||
Building & Improvements, Gross | 3,637 | 3,637 | |||
Total real estate investments | 4,599 | 4,599 | |||
Accumulated Depreciation | $ (423) | (423) | |||
Wyoming | (f) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||
Number of Properties | item | 4 | ||||
Land & Improvements, Initial Cost to Company | $ 5,572 | 5,572 | |||
Building & improvements, Initial Cost to Company | 6,539 | 6,539 | |||
Land & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 5,743 | 5,743 | |||
Building & Improvements, Cost Capitalized Subsequent to Acquisition including Impairment | 6,060 | 6,060 | |||
Land & Improvements, Gross | 11,315 | 11,315 | |||
Building & Improvements, Gross | 12,599 | 12,599 | |||
Total real estate investments | 23,914 | 23,914 | |||
Accumulated Depreciation | $ (1,629) | $ (1,629) |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of total real estate carrying value | |||
Balance, beginning of year | $ 9,936,320 | $ 8,866,666 | $ 8,175,034 |
Acquisitions | 1,333,088 | 1,300,142 | 834,023 |
Improvements | 135,781 | 143,665 | 130,051 |
Provision for impairment of real estate | 16,050 | 21,800 | 21,978 |
Cost of real estate sold | (181,492) | (312,418) | (212,818) |
Reclasses to held for sale | (27,059) | (26,462) | |
Balance, end of year | 11,198,897 | 9,936,320 | 8,866,666 |
Reconciliation of accumulated depreciation for the years ended: | |||
Balance, beginning of year | (1,134,007) | (911,656) | (711,176) |
Depreciation expense | (304,588) | (262,566) | (238,853) |
Accumulated depreciation associated with real estate sold | (19,016) | (25,434) | (23,031) |
Other | 8,750 | 12,876 | 11,184 |
Reclasses to held for sale | 1,905 | 4,158 | |
Balance, end of year | $ (1,410,829) | $ (1,134,007) | $ (911,656) |
Buildings | Minimum | |||
Reconciliation of accumulated depreciation for the years ended: | |||
Estimated useful life | 30 years | ||
Buildings | Maximum | |||
Reconciliation of accumulated depreciation for the years ended: | |||
Estimated useful life | 40 years | ||
Land improvements | |||
Reconciliation of accumulated depreciation for the years ended: | |||
Estimated useful life | 15 years |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) property loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Mortgage Loans on Real Estate | |||
Outstanding face amount of mortgages | $ 345,675 | ||
Carrying amount of mortgages | 342,420 | $ 342,317 | $ 301,355 |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, beginning of year | 342,317 | 301,355 | 202,557 |
New mortgage loans | 68,912 | 75,666 | 132,542 |
Other capitalized loan origination costs | 85 | 98 | 155 |
Collections of principal | (69,279) | (32,046) | (32,151) |
Other: Provision for loan losses | 503 | (2,704) | (1,670) |
Other: Amortization of loan origination costs | (118) | (52) | (78) |
Balance, end of year | 342,420 | 342,317 | 301,355 |
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Mortgages held for federal income tax purposes | 346,500 | ||
Mortgage loans previously classified as deferred financing receivables | 15,200 | 19,800 | |
Non-cash transaction | $ 8,900 | $ 30,800 | $ 23,400 |
Movie Theater Properties, North Carolina | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.35% | ||
Final Payment Terms, Balloon payment | $ 12,200 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 12,161 | ||
Carrying amount of mortgages | 9,745 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 9,745 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 2 | ||
Restaurant, Indiana | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 10% | ||
Final Payment Terms, Balloon payment | $ 200 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 219 | ||
Carrying amount of mortgages | 219 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 219 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 2 | ||
Elementary School Secured By Properties California And Virginia | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8% | ||
Final Payment Terms, Balloon payment | $ 70,800 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 70,775 | ||
Carrying amount of mortgages | 71,198 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 71,198 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 3 | ||
Metal Tank Manufacturing Properties Located in Illinois, Tennessee and Texas | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 7.90% | ||
Final Payment Terms, Balloon payment | $ 20,000 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 21,000 | ||
Carrying amount of mortgages | 20,550 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 20,550 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 3 | ||
Restaurant Secured By Properties, Louisiana | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.61% | ||
Final Payment Terms, Balloon payment | $ 1,900 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 2,084 | ||
Carrying amount of mortgages | 2,087 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 2,087 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 2 | ||
Restaurant Secured By Properties, Mississippi | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.68% | ||
Final Payment Terms, Balloon payment | $ 5,100 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 5,514 | ||
Carrying amount of mortgages | 5,519 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 5,519 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 5 | ||
Restaurant Secured By Property In Montana | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 9.29% | ||
Final Payment Terms, Balloon payment | $ 2,100 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 2,369 | ||
Carrying amount of mortgages | 2,369 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 2,369 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Textile Manufacturer Property In South Carolina | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.25% | ||
Final Payment Terms, Balloon payment | $ 13,100 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 14,500 | ||
Carrying amount of mortgages | 14,345 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 14,345 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Car Wash Properties Located In Nebraska, Pennsylvania, and Texas | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.25% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 24,204 | ||
Carrying amount of mortgages | 24,026 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 24,026 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 10 | ||
Restaurant, Tennessee | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.25% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 3,549 | ||
Carrying amount of mortgages | 3,536 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 3,536 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 5 | ||
Sporting goods property located in California | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 7.90% | ||
Final Payment Terms, Balloon payment | $ 6,000 | ||
Prior Liens | 0 | ||
Outstanding face amount of mortgages | 16,883 | ||
Carrying amount of mortgages | 16,831 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 16,831 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Floral merchant wholesaler properties located in California | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.35% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 25,112 | ||
Carrying amount of mortgages | 25,012 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 25,012 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 3 | ||
Recreation Property, Colorado | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 9.35% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 30,396 | ||
Carrying amount of mortgages | 30,682 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 30,682 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Number of mortgage loans | loan | 3 | ||
Restaurant Properties, Florida, Kansas And Missouri | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 7.60% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 9,862 | ||
Carrying amount of mortgages | 9,797 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 9,797 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 13 | ||
Restaurant, Ohio | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.45% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 2,991 | ||
Carrying amount of mortgages | 2,986 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 2,986 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 3 | ||
Athletic Club Secured By Properties In Chicago, IL | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 7.60% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 16,549 | ||
Carrying amount of mortgages | 16,375 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 16,375 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Leasehold interest in an amusement park in Ontario, Canada | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 9.89% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 22,097 | ||
Carrying amount of mortgages | 21,979 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 21,979 | ||
Recreation Property, Utah | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 9.25% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 6,269 | ||
Carrying amount of mortgages | 6,241 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 6,241 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Five Family Entertainment Secured By Properties Located In Texas | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.11% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 26,720 | ||
Carrying amount of mortgages | 26,627 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 26,627 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 5 | ||
Family Entertainment Properties Secured By Properties Located In Texas | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8.25% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 4,531 | ||
Carrying amount of mortgages | 4,509 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 4,509 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 1 | ||
Food Processing Properties Secured By Properties Located in Idaho, Tennessee, and Wisconsin | |||
Mortgage Loans on Real Estate | |||
Interest Rate | 8% | ||
Prior Liens | $ 0 | ||
Outstanding face amount of mortgages | 27,890 | ||
Carrying amount of mortgages | 27,787 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, end of year | $ 27,787 | ||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||
Number of property locations of investments (in properties) | property | 3 |