STORE CAPITAL LLC, 10-K filed on 3/22/2023
Annual Report
v3.23.1
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  
v3.23.1
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
v3.23.1
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
v3.23.1
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
v3.23.1
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
v3.23.1
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        
v3.23.1
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
v3.23.1
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
v3.23.1
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.
v3.23.1
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, established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment.

​

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) (“ASC Topic 842”) which had an impact on certain accounting related to the Company’s investment portfolio.

●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 to 40 years for buildings and is generally 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated.

Revenue Recognition

STORE Capital leases real estate to its tenants under long-term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the 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 $46.9 million and $39.4 million, respectively, of straight-line operating lease receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (“CPI”) may adjust over a one-year period or over multiple-year periods. Generally, these escalators increase rent at (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred.

In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. Approximately 3.2% 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 below. If an asset is determined to be impaired, the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results.

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”). In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. Loans are written off against the allowance for credit loss when all or a portion of the principal amount is determined to be uncollectible. For the years ended December 31, 2022, 2021 and 2020, the Company recognized an estimated $0.4 million, $3.2 million and $1.0 million, respectively, of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of income. During the year ended December 31, 2022, the Company wrote off $3.7 million of loans receivable against previously established reserves for credit losses. The Company did not write off any loans during the years ended December 31, 2021 and December 31, 2020.

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. The guidance requires the classification of the Company’s unvested restricted common shares, which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per common share. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which amended the sunset date of the guidance in Topic 848 to December 31, 2024 from December 31, 2022. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
v3.23.1
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 approximately $6.5 million for each of the next five years and $87.5 million thereafter.

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 and $12.4 million prior to 2018. The year of origination for loans and financing receivables with a credit quality indicator of non-investment grade was $139.1 million in 2022, $76.7 million in 2021, $90.4 million in 2020, $125.7 million in 2019, $31.3 million in 2018 and $157.0 million prior to 2018.
v3.23.1
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. As of December 31, 2022, the Company had no interest rate swaps that were in a liability position.

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

​

​
v3.23.1
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

​

​
v3.23.1
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.
v3.23.1
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-half of the common shares to be earned is based on the Company’s TSR measured against a market index and one-half of the number of shares to be earned is based on the growth in a key Company performance indicator over a three-year period. The 2018 through 2022 awards vest 100% at the end of the three-year performance period to the extent market, performance and service conditions are met. The RSUs accrue dividend equivalents which are paid only if the award vests. During the years ended December 31, 2022, 2021 and 2020, the Company accrued dividend equivalents expected to be paid on earned awards of $0.9 million, $1.3 million and $1.2 million, respectively; during the years ended December 31, 2022, 2021 and 2020, the Company paid $1.3 million, $2.4 million and $1.1 million, respectively, of these accrued dividend equivalents to its executive officers.

The Company valued the RSUs with a performance condition based on the closing price per share of the Company’s common stock on the date of the grant multiplied by the number of awards expected to be earned. The Company valued the RSUs with a market condition using a Monte Carlo simulation model on the date of grant which resulted in grant date fair values of $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.
v3.23.1
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.
v3.23.1
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.

v3.23.1
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”). The Secured Term Loan Facility matures in February 2025 and includes two six-month extension options, subject to certain conditions and the payment of a 0.25% extension fee.

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.

​
v3.23.1
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.
v3.23.1
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.
v3.23.1
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, established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment.
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) (“ASC Topic 842”) which had an impact on certain accounting related to the Company’s investment portfolio.

●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 to 40 years for buildings and is generally 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated selling costs. Any properties classified as held for sale are not depreciated.
Revenue Recognition

Revenue Recognition

STORE Capital leases real estate to its tenants under long-term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the 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 $46.9 million and $39.4 million, respectively, of straight-line operating lease receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (“CPI”) may adjust over a one-year period or over multiple-year periods. Generally, these escalators increase rent at (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred.

In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. Approximately 3.2% 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 below. If an asset is determined to be impaired, the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results.

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”). In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. Loans are written off against the allowance for credit loss when all or a portion of the principal amount is determined to be uncollectible. For the years ended December 31, 2022, 2021 and 2020, the Company recognized an estimated $0.4 million, $3.2 million and $1.0 million, respectively, of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the consolidated statements of income. During the year ended December 31, 2022, the Company wrote off $3.7 million of loans receivable against previously established reserves for credit losses. The Company did not write off any loans during the years ended December 31, 2021 and December 31, 2020.
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. The guidance requires the classification of the Company’s unvested restricted common shares, which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per common share. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which amended the sunset date of the guidance in Topic 848 to December 31, 2024 from December 31, 2022. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
v3.23.1
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.
v3.23.1
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

​
v3.23.1
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.
v3.23.1
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

​
v3.23.1
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
v3.23.1
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

%

​
v3.23.1
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 2.00%    
Impairments      
Provisions for impairment $ 16,000,000.0 21,800,000 $ 22,000,000.0
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 1,000,000.0
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 $ 200,000,000.0    
Carrying amount $ 200,000,000.0    
Interest rate swap, due in 2027 | Designated as hedging instrument      
Derivative Instruments and Hedging Activities      
Number of agreements | instrument 6    
Current notional amounts $ 400,000,000.0    
Carrying amount $ 400,000,000.0    
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  
v3.23.1
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
v3.23.1
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 32.00%      
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)    
v3.23.1
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
v3.23.1
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 10.00%
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 11.00%
Number of states accounting for 10% or more | state 1
Real estate investment portfolio | Customer concentration  
Significant Credit and Revenue Concentration  
Concentration Percentage for threshold 10.00%
Number of customers representing more than 10% 0
Real estate investment portfolio | Customer concentration | Largest customer, investment portfolio | 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 62.00%
Real estate investment portfolio | Product Concentration Risk | Service Oriented Retail  
Significant Credit and Revenue Concentration  
Concentration Percentage 16.00%
Real estate investment portfolio | Product Concentration Risk | Manufacturing  
Significant Credit and Revenue Concentration  
Concentration Percentage 22.00%
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 11.00%
Investment portfolio revenues | Customer concentration | Largest customer, investment portfolio revenues  
Significant Credit and Revenue Concentration  
Concentration Percentage 2.80%
v3.23.1
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
v3.23.1
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
v3.23.1
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 $ 19,000,000.0    
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 1,000,000.0    
2026 1,000,000.0    
2027 701,000    
Thereafter 292,000    
Total operating lease liabilities - ground leases $ 4,400,000    
v3.23.1
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) 20.00%        
Mortgage Loans Receivable With Maturities Ranging From 2042 To 2062 | Maximum          
Loans and direct financing receivables          
Prepayment penalties (as a percent) 70.00%        
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      
v3.23.1
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) 1.00%  
Maximum    
Scheduled loan receivable maturities    
Long-term mortgage loans receivable prepayment penalty rate (as a percent) 20.00%  
v3.23.1
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 0.0
Origination for gross loan and financing receivables in 2019 109.2
Origination for gross loan and financing receivables in 2018 0.0
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 157.0
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 0.0
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
v3.23.1
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) 1.00%                  
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             1.00%      
Prepayment applied to principal plus make-whole amount (as a percent)             100.00%      
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)             5.00%      
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)             0.00%      
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         2.00%          
Payment premium, percentage, year two         1.00%          
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%          
v3.23.1
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     5.00% 5.00%            
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            
v3.23.1
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  
v3.23.1
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
v3.23.1
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)   0.00% 0.00% 0.00%  
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 6.00%        
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)   25.00%      
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)   0.00%      
Restricted stock units | 2015 Grant | Maximum          
Weighted Average Price          
Common shares received at vesting related to total RSUs granted (as a percent)   100.00%      
Restricted stock units | 2016 Grant          
Weighted Average Price          
Grant date fair value   $ 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)   50.00%      
Percentage of shares based on benchmark two (as a percent)   50.00%      
Weighted Average Price          
Number of years in performance period   3 years      
Restricted stock units | Grants 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)   100.00%      
Restricted stock units | Grants 2021 and 2022          
Number of shares          
Percentage of shares based on benchmark one (as a percent)   75.00%      
Percentage of shares based on benchmark two (as a percent)   25.00%      
Weighted Average Price          
Number of years in performance period   3 years      
v3.23.1
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)   4.00%    
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   1,000,000.0    
2026   1,000,000.0    
2027   701,000    
Thereafter   $ 292,000    
v3.23.1
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 $ 0.0
Level 2 Fair Value | Carrying value    
Derivatives [Line items]    
Long-term debt obligations 4,600.0 4,200.0
Level 2 Fair Value | Fair value    
Derivatives [Line items]    
Long-term debt obligations $ 4,100.0 $ 4,500.0
v3.23.1
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    
v3.23.1
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        
v3.23.1
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     $ 100.0    
Principal amount     $ 90.0 $ 600.0  
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   $ 200.0      
Number of agreements | agreement   1      
Subsequent Events | Unsecured Term Loan          
Subsequent Events          
Increase in debt   $ 200.0      
Principal amount $ 600.0        
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 $ 500.0        
Increase in debt   150.0      
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) 1.00%        
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) 0.00%        
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   $ 350.0      
Potential maximum amount of the revolving commitments and term loans $ 2,500.0        
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%      
v3.23.1
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   $ 200.0    
Subsequent Events | Credit Agreement        
Subsequent Events        
Repayment of term loan   $ 515.0    
Subsequent Events | Credit Agreement | Secured Term Loan Facility        
Subsequent Events        
Principal amount $ 2,000.0      
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 $ 750.0      
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 $ 1,500.0      
Spread if amounts outstanding three months following the Closing Date is greater than threshold 3.00%      
Subsequent Events | Credit Agreement | Interest rate swaps | Secured Term Loan Facility        
Subsequent Events        
Number of agreements | agreement 3      
v3.23.1
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      
v3.23.1
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)      
v3.23.1
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    
v3.23.1
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 10.00%    
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 8.00%    
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 8.00%    
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