Store Capital (STOR) 10-Q6 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 04, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36739
Entity Registrant Name	STORE CAPITAL CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-2280254
Entity Address, Address Line One	8377 East Hartford Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85255
City Area Code	480
Local Phone Number	256-1100
Title of 12(b) Security	Common Stock
Trading Symbol	STOR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		271,688,122
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001538990

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real estate investments:
Land and improvements	$ 2,927,550	$ 2,807,153
Buildings and improvements	6,367,580	6,059,513
Intangible lease assets	55,749	61,634
Total real estate investments	9,350,879	8,928,300
Less accumulated depreciation and amortization	(1,041,967)	(939,591)
Real estate investments, net	8,308,912	7,988,709
Real estate investments held for sale, net	29,547	22,304
Operating ground lease assets	33,998	34,683
Loans and financing receivables, net	638,227	650,321
Net investments	9,010,684	8,696,017
Cash and cash equivalents	168,567	166,381
Restricted cash	89,678	10,195
Other assets, net	126,590	131,747
Total assets	9,395,519	9,004,340
Liabilities:
Unsecured notes and term loans payable, net	1,410,710	1,509,612
Non-recourse debt obligations of consolidated special purpose entities, net	2,606,676	2,212,634
Dividends payable	97,808	95,801
Operating lease liabilities	38,772	39,317
Accrued expenses, deferred revenue and other liabilities	125,717	131,198
Total liabilities	4,279,683	3,988,562
Stockholders' equity:
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 271,688,122 and 266,112,676 shares issued and outstanding, respectively	2,717	2,661
Capital in excess of par value	5,657,123	5,475,889
Distributions in excess of retained earnings	(541,717)	(459,977)
Accumulated other comprehensive loss	(2,287)	(2,795)
Total stockholders' equity	5,115,836	5,015,778
Total liabilities and stockholders' equity	$ 9,395,519	$ 9,004,340

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Common stock, par value per share	$ 0.01	$ 0.01
Common shares, authorized shares	375,000,000	375,000,000
Common shares, issued shares	271,688,122	266,112,676
Common shares, outstanding shares	271,688,122	266,112,676

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Rental revenues	$ 180,164	$ 155,994	$ 349,492	$ 319,344
Interest income on loans and financing receivables	11,660	11,871	24,223	23,353
Other income	222	415	592	3,480
Total revenues	192,046	168,280	374,307	346,177
Expenses:
Interest	41,709	44,032	83,537	85,726
Property costs	5,168	5,290	9,831	11,294
General and administrative	16,089	13,134	41,095	21,013
Depreciation and amortization	65,035	60,296	128,602	119,634
Provisions for impairment	6,600	5,300	13,950	8,200
Total expenses	134,601	128,052	277,015	245,867
Other income:
Net gain on dispositions of real estate	5,880	531	21,550	3,277
Loss from non-real estate, equity method investment	(705)		(1,068)
Income before income taxes	62,620	40,759	117,774	103,587
Income tax expense	189	159	383	327
Net income	$ 62,431	$ 40,600	$ 117,391	$ 103,260
Net income per share of common stock-basic and diluted	$ 0.23	$ 0.16	$ 0.44	$ 0.42
Weighted average common shares outstanding:
Basic (in shares)	270,293,555	248,265,906	268,340,974	245,810,696
Diluted (in shares)	270,293,555	248,265,906	268,340,974	245,810,696

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 62,431	$ 40,600	$ 117,391	$ 103,260
Other comprehensive income (loss):
Unrealized losses on cash flow hedges		(158)	(3)	(1,421)
Cash flow hedge losses reclassified to interest expense	146	273	511	250
Total other comprehensive income (loss)	146	115	508	(1,171)
Total comprehensive income	$ 62,577	$ 40,715	$ 117,899	$ 102,089

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, AdjustmentDistributions in Excess of Retained Earnings	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Capital in Excess of Par Value	Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 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					103,260		103,260
Other comprehensive income (loss)						(1,171)	(1,171)
Issuance of common stock, net of costs			$ 129	325,327			325,456
Issuance of common stock, net of costs (shares)			12,894,954
Equity-based compensation			$ 6	(1,106)	5		(1,095)
Equity-based compensation (shares)			715,478
Shares repurchased under stock compensation plan				(2,745)	(2,340)		(5,085)
Shares repurchased under stock compensation plan (in shares)			(134,980)
Common dividends declared and dividend equivalents on restricted stock units					(174,159)		(174,159)
Balance at Jun. 30, 2020	$ (2,465)	$ (2,465)	$ 2,533	5,109,408	(378,308)	(3,507)	4,730,126
Balance (in shares) at Jun. 30, 2020			253,298,352
Balance at Mar. 31, 2020			$ 2,442	4,930,148	(330,259)	(3,622)	4,598,709
Balance (in shares) at Mar. 31, 2020			244,158,477
Increase (Decrease) in Stockholders' Equity
Net income					40,600		40,600
Other comprehensive income (loss)						115	115
Issuance of common stock, net of costs			$ 88	176,791			176,879
Issuance of common stock, net of costs (shares)			8,767,154
Equity-based compensation			$ 3	2,469	5		2,477
Equity-based compensation (shares)			372,721
Common dividends declared and dividend equivalents on restricted stock units					(88,654)		(88,654)
Balance at Jun. 30, 2020	$ (2,465)	$ (2,465)	$ 2,533	5,109,408	(378,308)	(3,507)	4,730,126
Balance (in shares) at Jun. 30, 2020			253,298,352
Balance at Dec. 31, 2020			$ 2,661	5,475,889	(459,977)	(2,795)	5,015,778
Balance (in shares) at Dec. 31, 2020			266,112,676
Increase (Decrease) in Stockholders' Equity
Net income					117,391		117,391
Other comprehensive income (loss)						508	508
Issuance of common stock, net of costs			$ 51	169,463			169,514
Issuance of common stock, net of costs (shares)			5,131,091
Equity-based compensation			$ 5	17,689			17,694
Equity-based compensation (shares)			727,753
Shares repurchased under stock compensation plan				(5,918)	(3,427)		(9,345)
Shares repurchased under stock compensation plan (in shares)			(283,398)
Common dividends declared and dividend equivalents on restricted stock units					(195,704)		(195,704)
Balance at Jun. 30, 2021			$ 2,717	5,657,123	(541,717)	(2,287)	5,115,836
Balance (in shares) at Jun. 30, 2021			271,688,122
Balance at Mar. 31, 2021			$ 2,700	5,597,279	(506,141)	(2,433)	5,091,405
Balance (in shares) at Mar. 31, 2021			270,008,071
Increase (Decrease) in Stockholders' Equity
Net income					62,431		62,431
Other comprehensive income (loss)						146	146
Issuance of common stock, net of costs			$ 16	55,395			55,411
Issuance of common stock, net of costs (shares)			1,648,040
Equity-based compensation			$ 1	4,788			4,789
Equity-based compensation (shares)			48,167
Shares repurchased under stock compensation plan				(339)	(200)		(539)
Shares repurchased under stock compensation plan (in shares)			(16,156)
Common dividends declared and dividend equivalents on restricted stock units					(97,807)		(97,807)
Balance at Jun. 30, 2021			$ 2,717	$ 5,657,123	$ (541,717)	$ (2,287)	$ 5,115,836
Balance (in shares) at Jun. 30, 2021			271,688,122

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Stockholders' Equity
Stock issuance costs	$ 897	$ 2,811	$ 2,858	$ 3,755
Common dividends declared per common share (in dollars per share)	$ 0.36	$ 0.35	$ 0.72	$ 0.70

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net income	$ 117,391	$ 103,260
Adjustments to net income:
Depreciation and amortization	128,602	119,634
Amortization of deferred financing costs and other noncash interest expense	4,698	4,228
Amortization of equity-based compensation	17,694	(1,099)
Provisions for impairment	13,950	8,200
Net gain on dispositions of real estate	(21,550)	(3,277)
Loss from non-real estate, equity method investment	1,068
Noncash revenue and other	(5,436)	(41,935)
Changes in operating assets and liabilities:
Other assets	10,666	(6,227)
Accrued expenses, deferred revenue and other liabilities	(1,791)	1,054
Net cash provided by operating activities	265,292	183,838
Investing activities
Acquisition of and additions to real estate	(570,156)	(322,963)
Investment in loans and financing receivables	(44,933)	(58,015)
Collections of principal on loans and financing receivables	6,691	6,392
Proceeds from dispositions of real estate	172,492	60,671
Net cash used in investing activities	(435,906)	(313,915)
Financing activities
Borrowings under credit facility	279,000	600,000
Repayments under credit facility	(279,000)
Repayments under unsecured notes and term loans payable	(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	(116,447)	(17,809)
Financing costs paid	(10,755)	(84)
Proceeds from the issuance of common stock	172,372	329,210
Stock issuance costs paid	(2,931)	(3,775)
Shares repurchased under stock compensation plans	(9,345)	(5,085)
Dividends paid	(195,396)	(170,464)
Net cash provided by financing activities	252,283	731,993
Net increase in cash, cash equivalents and restricted cash	81,669	601,916
Cash, cash equivalents and restricted cash, beginning of period	176,576	111,381
Cash, cash equivalents and restricted cash, end of period	258,245	713,297
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	168,567	699,165
Restricted cash	89,678	14,132
Total cash, cash equivalents and restricted cash	258,245	713,297
Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvements included in real estate investments	15,484	19,169
Seller financing provided to purchaser of real estate sold		3,176
Purchase of real estate assets from borrowers under loans and financing receivables	35,384	16,086
Accrued financing and stock issuance costs	209	50
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	79,088	80,715
Cash paid during the period for income and franchise taxes	$ 1,859	$ 1,770

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2021
Organization
Organization	1. Organization STORE Capital Corporation (STORE Capital or the Company) was incorporated under the laws of Maryland on May 17, 2011 to acquire single-tenant operational real estate to be leased on a long-term, net basis to companies that operate across a wide variety of industries within the service, retail and manufacturing sectors of the United States economy. From time to time, it also provides mortgage financing to its customers. On November 21, 2014, the Company completed the initial public offering of its common stock. The shares began trading on the New York Stock Exchange on November 18, 2014 under the ticker symbol “STOR”. STORE Capital has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a real estate investment trust (REIT) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. As a REIT, it will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its stockholders and meets other specific requirements.

Summary of Significant Accounti

Summary of Significant Accounting Principles	6 Months Ended
Summary of Significant Accounting Principles	Jun. 30, 2021
Summary of Significant Accounting Principles
Summary of Significant Accounting Principles	2. Summary of Significant Accounting Principles Basis of Accounting and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements and, accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. These condensed consolidated statements include the accounts of STORE Capital and its subsidiaries, which are wholly owned and controlled by the Company through its voting interest. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all of the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s wholly owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At June 30, 2021 and December 31, 2020, these special purpose entities held assets totaling $8.0 billion and $7.7 billion, respectively, and had third-party liabilities totaling $2.7 billion and $2.3 billion, respectively. These assets and liabilities are included in the accompanying condensed consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to December 31, 2020 balances to separately disclose restricted cash balances on the condensed consolidated balance sheet consistent with the June 30, 2021 presentation. Segment Reporting The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) ● Real Estate Investments – investments are generally made through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them through long-term leases which are generally classified as operating leases; the operators become the Company’s long-term tenants (its customers). Certain of the lease contracts that are associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which results in the transaction being accounted for as a financing arrangement, due to the adoption of ASC Topic 842, rather than as an investment in real estate subject to an operating lease. ● Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serve as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. ● Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements. Impact of the COVID-19 Pandemic Since the beginning of the novel coronavirus (COVID-19) pandemic in early 2020, the Company has provided certain tenants rent deferral arrangements in the form of both short-term notes and lease modifications. The FASB has provided accounting relief under which concessions provided to tenants in direct response to the COVID-19 pandemic are not required to be evaluated or accounted for as lease modifications in accordance with ASC Topic 842. The Company elected to apply this accounting relief to the rent deferral arrangements it has entered into with its tenants, which primarily affected the timing (but not the amount) of lease and loan payments due to the Company under its contracts; net revenue recognized under these deferral arrangements results in a corresponding increase in receivables that are included in other assets, net on the condensed consolidated balance sheets. For the three and six months ended June 30, 2021, the Company recognized an additional $2.9 million and $4.9 million, respectively, of net revenue and collected $5.4 million and $11.3 million, respectively, of the receivables associated with these deferral arrangements. For both the three and six months ended June 30, 2020, the Company recognized $38.2 million of net revenue associated with 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 condensed consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the fixed-rate renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. The Company’s real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 30 Revenue Recognition STORE Capital leases real estate to its tenants under long- term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the condensed consolidated balance sheets. The Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. As of June 30, 2021 and December 31, 2020, the Company had $35.0 million and $34.6 million, respectively, of straight-line operating lease receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (CPI) may adjust over a one-year period or over multiple-year periods. Generally, these escalators increase rent at the lesser of (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred. In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. As of June 30, 2021, approximately 7.0% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales (for most of these leases, the contingent rent payment is for a temporary period); historically, contingent rent recognized has been less than 2.0% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the condensed consolidated statements of income. Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, discount rates, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement During the three and six months ended June 30, 2021, the Company recognized aggregate provisions for the impairment of real estate of $6.6 million and $12.0 million, respectively. For the assets impaired in 2021, the estimated fair value of the impaired real estate assets at the time of impairment was $52.2 million. The Company recognized an aggregate provision for the impairment of real estate of $5.3 million and $8.2 million during the three and six months ended June 30, 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 June 30, 2021 and December 31, 2020, the Company had loans receivable with an aggregate outstanding principal balance of $36.5 million and $39.9 million, respectively, on nonaccrual status. Direct Financing Receivables – Classification, Cost and Revenue Recognition Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. Impairment and Provision for Credit Losses Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC Topic 326) which changed how the Company measures credit losses for loans and financing receivables. In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. For the six months ended June 30, 2021, the Company recognized an estimated $2.0 million of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the condensed consolidated statements of income. 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. As of June 30, 2021, restricted cash also included $83.3 million that was used for the repayment of debt in July 2021 (Note 4). The Company had $89.7 million and $10.2 million of restricted cash at June 30, 2021 and December 31, 2020, respectively. Deferred Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the condensed consolidated balance sheets. Deferred financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the condensed consolidated balance sheets. Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of June 30, 2021, the Company had no derivative instruments in place. Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. Share-based Compensation Directors and key employees of the Company have been granted long-term incentive awards, including restricted stock awards (RSAs) and restricted stock unit awards (RSUs), which provide such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight-line basis or the amount vested. During the six months ended June 30, 2021, the Company granted RSAs representing 179,931 shares of restricted common stock to its directors and key employees. During the same period, RSAs representing 228,106 shares of restricted stock vested and no RSAs were forfeited. In connection with the vesting of RSAs, the Company repurchased 63,341 shares as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plans. As of June 30, 2021, the Company had 591,379 shares of restricted common stock outstanding. The Company’s RSUs granted in 2018 through 2021 contain both a market condition and a performance condition as well as a service condition. The Company values the RSUs with a market condition using a Monte Carlo simulation model and values the RSUs with a performance condition based on the fair value of the awards expected to be earned and recognizes those amounts in general and administrative expense on a tranche by tranche basis ratably over the vesting periods. During the six months ended June 30, 2021, the Company awarded 744,840 RSUs to its executive officers, 170,861 RSUs vested and 65,718 previously awarded RSUs were considered not earned. In connection with the vesting of 547,822 RSUs, the Company repurchased 220,057 shares during the six months ended June 30, 2021 as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plan. As of June 30, 2021, there were 1,806,436 RSUs outstanding. Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (TRS) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes. Management of the Company determines whether any tax positions taken or expected to be taken meet the “more-likely-than-not” threshold of being sustained by the applicable federal, state or local tax authority. Certain state tax returns filed for 2016 and tax returns filed for 2017 through 2020 are subject to examination by these jurisdictions. As of June 30, 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 general and administrative expense. There was no accrual for interest or penalties at June 30, 2021 or December 31, 2020. Net Income Per Common Share Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 62,431 $ 40,600 $ 117,391 $ 103,260 Less: earnings attributable to unvested restricted shares (213) (216) (440) (312) Net income used in basic and diluted income per share $ 62,218 $ 40,384 $ 116,951 $ 102,948 Denominator: Weighted average common shares outstanding 270,909,151 248,788,868 268,961,123 246,213,380 Less: Weighted average number of shares of unvested restricted stock (615,596) (522,962) (620,149) (402,684) Weighted average shares outstanding used in basic income per share 270,293,555 248,265,906 268,340,974 245,810,696 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — — — — Weighted average shares outstanding used in diluted income per share 270,293,555 248,265,906 268,340,974 245,810,696 (a) For the three months ended June 30, 2021, excludes 208,824 shares and, for the six months ended June 30, 2021 and 2020, excludes 229,285 and 39,426 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. 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

Investments

Investments	6 Months Ended
Investments	Jun. 30, 2021
Investments.
Investments	3. Investments At June 30, 2021, STORE Capital had investments in 2,738 property locations representing 2,684 owned properties (of which 52 are accounted for as financing arrangements and 23 are accounted for as direct financing receivables), 24 properties where all the related land is subject to an operating ground lease and 30 properties which secure mortgage loans. The gross investment portfolio totaled $10.06 billion at June 30, 2021 and consisted of the gross acquisition cost of the real estate investments totaling $9.38 billion, loans and financing receivables with an aggregate carrying amount of $638.2 million and operating ground lease assets totaling $34.0 million. As of June 30, 2021, approximately 38% of these investments are assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities (Note 4). The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. During the six months ended June 30, 2021, the Company had the following gross real estate and other investment activity (dollars in thousands): Number of Dollar Investment Amount of Locations Investments Gross investments, December 31, 2020 2,634 $ 9,639,766 Acquisition of and additions to real estate (a) (b) 155 602,138 Investment in loans and financing receivables (b) 6 44,933 Sales of real estate (57) (164,360) Principal collections on loans and financing receivables (b) — (42,075) Net change in operating ground lease assets (c) (685) Provisions for impairment (13,950) Other (9,381) Gross investments, June 30, 2021 (d) 10,056,386 Less accumulated depreciation and amortization (d) (1,045,702) Net investments, June 30, 2021 2,738 $ 9,010,684 (a) Excludes $18.9 million of tenant improvement advances disbursed in 2021 which were accrued as of December 31, 2020 and includes $0.4 million of interest capitalized to properties under construction. (b) Includes $35.4 million relating to two receivables which were repaid in full through a non-cash property acquisition/principal collection transaction in which the Company purchased the underlying collateral property (buildings and improvements) and leased it back to the customer; excludes the impact of the change in the presentation for certain financing receivables during the period. (c) Represents amortization recognized on operating ground lease assets during the six months ended June 30, 2021. (d) Includes the dollar amount of investments ( $33.2 million) and the accumulated depreciation ( $3.7 million) related to real estate investments held for sale at June 30, 2021. The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Rental revenues: Operating leases (a)(c) $ 180,004 $ 156,176 $ 349,320 $ 319,488 Sublease income - operating ground leases (b) 702 521 1,405 1,104 Amortization of lease related intangibles and costs (542) (703) (1,233) (1,248) Total rental revenues $ 180,164 $ 155,994 $ 349,492 $ 319,344 Interest income on loans and financing receivables: Mortgage and other loans receivable (c) $ 5,191 $ 4,826 $ 11,120 $ 9,126 Sale-leaseback transactions accounted for as financing arrangements 4,464 3,749 8,560 7,389 Direct financing receivables 2,005 3,296 4,543 6,838 Total interest income on loans and financing receivables $ 11,660 $ 11,871 $ 24,223 $ 23,353 (a) For the three months ended June 30, 2021 and 2020, includes $624,000 and $661,000 , respectively, of property tax tenant reimbursement revenue and includes $3.1 million and $74,000 , respectively, of variable lease revenue. For the six months ended June 30, 2021 and 2020, includes $1.2 million and $1.3 million, respectively, of property tax tenant reimbursement revenue and includes $6.2 million and $0.1 million, respectively, of variable lease revenue. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. (c) For the three and six months ended June 30, 2021, includes $2.9 million and $4.9 million, respectively, of revenue that has been deferred related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the condensed consolidated balance sheet. For both the three and six months ended June 30, 2020, includes $38.2 million of revenue related to COVID-19 rent and financing relief arrangements. The Company has elected to account for the lease and nonlease components in its lease contracts as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to approximately 530 customers geographically dispersed throughout 49 states. Only one state, Texas (10%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at June 30, 2021. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at June 30, 2021, with the largest customer representing 2.8% of the total investment portfolio. On an annualized basis, as of June 30, 2021, the largest customer represented 3.0% of the Company’s total investment portfolio revenues and the Company’s customers operated their businesses across approximately 820 concepts; the largest of these concepts represented 2.4% of the Company’s total investment portfolio revenues. The following table shows information regarding the diversification of the Company’s total investment portfolio among the different industries in which its tenants and borrowers operate as of June 30, 2021 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments Investments Restaurants 728 $ 1,216,242 12 % Early childhood education centers 257 599,693 6 Health clubs 90 528,621 5 Automotive repair and maintenance 201 520,303 5 Furniture stores 66 475,477 5 Metal fabrication 94 468,113 5 Farm and ranch supply stores 41 377,294 4 All other service industries 941 3,549,707 35 All other retail industries 136 1,013,378 10 All other manufacturing industries 184 1,307,558 13 Total (a) 2,738 $ 10,056,386 100 % (a) Includes the dollar amount of investments ( $33.2 million) related to real estate investments held for sale at June 30, 2021. Real Estate Investments The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at June 30, 2021 was approximately 14 years. Substantially all the leases are triple net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; therefore, the Company is generally not responsible for repairs or other capital expenditures related to the properties while the triple-net leases are in effect. At June 30, 2021, 11 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 June 30, 2021, are as follows (in thousands): Remainder of 2021 $ 371,394 2022 763,034 2023 758,871 2024 750,522 2025 746,658 2026 739,354 Thereafter 6,140,915 Total future minimum rentals (a) $ 10,270,748 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rentals such as lease escalations based on future changes in CPI. Intangible Lease Assets The following details intangible lease assets and related accumulated amortization (in thousands): June 30, December 31, 2021 2020 In-place leases $ 36,300 $ 37,440 Ground lease-related intangibles 19,449 19,449 Above-market leases — 4,745 Total intangible lease assets 55,749 61,634 Accumulated amortization (23,988) (27,935) Net intangible lease assets $ 31,761 $ 33,699 Aggregate lease intangible amortization included in expense was $0.9 million and $1.0 million during the three months ended June 30, 2021 and 2020, respectively, and was $1.8 million and $2.1 million during the six months ended June 30, 2021 and 2020, respectively. The amount amortized as a decrease to rental revenue for capitalized above-market lease intangibles was $0.3 million during the three months ended June 30, 2020 and was $0.2 million and $0.5 million during the six months ended June 30, 2021 and 2020, respectively. Based on the net balance of the intangible assets at June 30, 2021, the aggregate amortization expense is expected to be $1.7 million for the remainder of 2021, $3.3 million in 2022, $2.9 million in 2023, $2.4 million in 2024, $1.8 million in 2025 and $1.7 million in 2026. The weighted average remaining amortization period is approximately eight years for the in-place lease intangibles and approximately 43 years for the amortizing ground lease-related intangibles. Operating Ground Lease Assets As of June 30, 2021, STORE Capital had operating ground lease assets aggregating $34.0 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $827,000 and $549,000 during the three months ended June 30, 2021 and 2020, respectively, and $1.6 million and $1.1 million during the six months ended June 30, 2021 and 2020, respectively. The Company also recognized, in rental revenues, sublease revenue associated with its operating ground leases of $702,000 and $521,000 for the three months ended June 30, 2021 and 2020, respectively, and $1.4 million and $1.1 million for the six months ended June 30, 2021 and 2020, respectively. The future minimum lease payments to be paid under the operating ground leases as of June 30, 2021 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total Remainder of 2021 $ 200 $ 1,617 $ 1,817 2022 401 2,606 3,007 2023 4,149 2,628 6,777 2024 55 2,709 2,764 2025 57 2,394 2,451 2026 57 2,230 2,287 Thereafter 3,071 44,491 47,562 Total lease payments 7,990 58,675 66,665 Less imputed interest (3,054) (29,101) (32,155) Total operating lease liabilities - ground leases $ 4,936 $ 29,574 $ 34,510 (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 $58.7 million commitment, $19.0 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales. Loans and Financing Receivables The Company’s loans and financing receivables are summarized below (dollars in thousands): Interest Maturity June 30, December 31, Type Rate (a) Date 2021 2020 Six mortgage loans receivable 7.93 % 2021 - 2023 $ 101,803 $ 101,793 Four mortgage loans receivable 8.55 % 2032 - 2037 14,574 14,673 Fifteen mortgage loans receivable (b) 8.60 % 2051 - 2060 199,828 185,525 Total mortgage loans receivable 316,205 301,991 Equipment and other loans receivable 8.10 % 2021 - 2027 30,631 31,636 Total principal amount outstanding—loans receivable 346,836 333,627 Unamortized loan origination costs 994 1,206 Sale-leaseback transactions accounted for as financing arrangements (c) 7.84 % 2034 - 2043 219,636 204,469 Direct financing receivables 78,789 117,047 Allowance for credit and loan losses (d) (8,028) (6,028) Total loans and financing receivables $ 638,227 $ 650,321 (a) Represents the weighted average interest rate as of the balance sheet date. (b) Four of these mortgage loans allow for prepayment in whole, but not in part, with penalties ranging from 20% to 70% depending on the timing of the prepayment. (c) In accordance with ASC Topic 842, represents sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2043 and the purchase options expire between 2024 and 2039. (d) Balance includes $2.5 million of loan loss reserves recognized prior to December 31, 2019, $2.5 million of credit loss reserves recognized upon the adoption of ASC Topic 326 on January 1, 2020 and $3.0 million of credit losses recognized since the adoption of ASC Topic 326. Loans Receivable At June 30, 2021, the Company held 51 loans receivable with an aggregate carrying amount of $341.5 million. Twenty-five of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on 11 of the mortgage loans are subject to increases over the term of the loans. Six of the mortgage loans are shorter-term loans (maturing prior to 2024) that generally require monthly interest-only payments with a balloon payment at maturity. The remaining mortgage loans receivable generally require the borrowers to make monthly principal and interest payments based on a 40-year amortization period with balloon payments, if any, at maturity or earlier upon the occurrence of certain other events. The equipment and other loans generally require the borrower to make monthly interest-only payments with a balloon payment at maturity. The long-term mortgage loans receivable generally allow for prepayments in whole, but not in part, without penalty or with penalties ranging from 1% to 20%, depending on the timing of the prepayment, except as noted in the table above. All other loans receivable allow for prepayments in whole or in part without penalty. Absent prepayments, scheduled maturities are expected to be as follows (in thousands): Scheduled Principal Balloon Total Payments Payments Payments Remainder of 2021 $ 1,342 $ 35,865 $ 37,207 2022 2,595 9,201 11,796 2023 2,702 79,995 82,697 2024 2,944 — 2,944 2025 1,597 510 2,107 2026 1,629 359 1,988 Thereafter 157,864 50,233 208,097 Total principal payments $ 170,673 $ 176,163 $ 346,836 Sale-Leaseback Transactions Accounted for as Financing Arrangements As of June 30, 2021 and December 31, 2020, the Company had $219.6 million and $204.5 million, respectively, of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future minimum rentals to be received under these agreements (which will be reflected in interest income) as of June 30, 2021, were as follows (in thousands): Remainder of 2021 $ 8,868 2022 17,505 2023 17,582 2024 17,717 2025 17,857 2026 17,951 Thereafter 223,537 Total future scheduled payments $ 321,017 Direct Financing Receivables As of June 30, 2021 and December 31, 2020, the Company had $78.8 million and $117.0 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): June 30, December 31, 2021 2020 Minimum lease payments receivable $ 163,285 $ 242,694 Estimated residual value of leased assets 8,938 14,800 Unearned income (93,434) (140,447) Net investment $ 78,789 $ 117,047 As of June 30, 2021, the future minimum lease payments to be received under the direct financing lease receivables are expected to be $3.9 million for the remainder 2021, average million Provision for Credit Losses In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The Company groups individual loans and financing receivables based on the implied credit rating associated with each borrower. Based on credit quality indicators as of June 30, 2021, $84.6 million of loans and financing receivables were categorized as investment grade and $560.7 million were categorized as non-investment grade. During the six months ended June 30, 2021, there were $2.0 million of provisions for credit losses recognized, no write-offs charged against the allowance and no recoveries of amounts previously written off. As of June 30, 2021, the year of origination for loans and financing receivables with a credit quality indicator of investment grade was none in 2021, $5.0 million in 2020, $44.9 million in 2019, none in 2018 and 2017 million prior to 2017. The year of origination for loans and financing receivables with a credit quality indicator of non-investment grade was $39.0 million in 2021, $133.1 million in 2020, $201.2 million in 2019, $36.6 million in 2018, $12.5 million in 2017 and $138.3 million prior to 2017.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2021
Debt
Debt	4. Debt Credit Facility The Company has an unsecured revolving credit facility with a group of lenders that is used to partially fund real estate acquisitions pending the issuance of long-term, fixed-rate debt. In June 2021, the Company amended the credit facility; the amended facility has an immediate availability of $600 million and an accordion feature of $1.0 billion, which allows the size of the facility to be increased up to $1.6 billion. The facility matures in June 2025 and includes two six-month extension options, subject to certain conditions and the payment of a 0.0625% extension fee. At June 30, 2021, the Company had no borrowings outstanding on the facility. Borrowings under the facility require monthly payments of interest at a rate selected by the Company of either (1) LIBOR plus a credit spread ranging from 0.70% to 1.40%, or (2) the Base Rate, as defined in the credit agreement, plus a credit spread ranging from 0.00% to 0.40%. The credit spread used is based on the Company’s credit rating as defined in the credit agreement. The Company is required to pay a facility fee on the total commitment amount ranging from 0.10% to 0.30 %. Currently, the applicable credit spread for LIBOR-based borrowings is 0.85% and the facility fee is 0.20%. Under the terms of the facility, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios. Certain of these ratios are based on the Company’s pool of unencumbered assets, which aggregated approximately $6.2 billion at June 30, 2021. The facility is recourse to the Company and, as of June 30, 2021, the Company was in compliance with the covenants under the facility. At June 30, 2021 and December 31, 2020, unamortized financing costs related to the Company’s credit facility totaled $4.3 million and $1.1 million, respectively, and are included in other assets, net, on the condensed consolidated balance sheets. Unsecured Notes and Term Loans Payable, net In March 2018, February 2019 and November 2020, the Company completed public offerings of $350 million each in aggregate principal amount of ten-year, senior unsecured notes (Public Notes). The Public Notes have coupon rates of 4.50%, 4.625% and 2.75%, respectively, and interest is payable semi-annually in arrears in March and September of each year for the 2018 and 2019 Public Notes and May and November of each year for the 2020 Public Notes. The notes were issued at 99.515%, 99.260% and 99.558%, respectively, of their principal amounts. The supplemental indentures governing the Public Notes contain various restrictive covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. As of June 30, 2021, the Company was in compliance with these covenants. The Public Notes can be redeemed, in whole or in part, at par within three months of their maturity date or at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest and (ii) the make-whole premium, as defined in the supplemental indentures governing these notes. The Company has entered into Note Purchase Agreements (NPAs) with institutional purchasers that provided for the private placement of three series of senior unsecured notes aggregating $375 million (the Notes). Interest on the Notes is payable semi-annually in arrears in May and November of each year. On each interest payment date, the interest rate on each series of Notes may be increased by 1.0% should the Company’s Applicable Credit Rating (as defined in the NPAs) fail to be an investment-grade credit rating; the increased interest rate would remain in effect until the next interest payment date on which the Company obtains an investment grade credit rating. The Company may prepay at any time all, or any part, of any series of Notes, in an amount not less than 5% of the aggregate principal amount of the series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPAs). The Notes are senior unsecured obligations of the Company. The NPAs contain a number of financial covenants that are similar to the Company’s unsecured credit facility as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes will become due and payable at the option of the purchasers. As of June 30, 2021, the Company was in compliance with its covenants under the NPAs. In April 2016, the Company entered into a $100 million floating-rate, unsecured five-year term loan. The Company repaid the term loan at maturity in April 2021 and the related swap agreements expired. The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): Maturity Interest June 30, December 31, Date Rate 2021 2020 Notes Payable: Series A issued November 2015 Nov. 2022 4.95 % $ 75,000 $ 75,000 Series B issued November 2015 Nov. 2024 5.24 % 100,000 100,000 Series C issued April 2016 Apr. 2026 4.73 % 200,000 200,000 Public Notes issued March 2018 Mar. 2028 4.50 % 350,000 350,000 Public Notes issued February 2019 Mar. 2029 4.625 % 350,000 350,000 Public Notes issued November 2020 Nov. 2030 2.75 % 350,000 350,000 Total notes payable 1,425,000 1,425,000 Term Loans: Term Loan issued April 2016 Apr. 2021 — 100,000 Total term loans — 100,000 Unamortized discount (4,576) (4,867) Unamortized deferred financing costs (9,714) (10,521) Total unsecured notes and term loans payable, net $ 1,410,710 $ 1,509,612 Non-recourse Debt Obligations of Consolidated Special Purpose Entities, net During 2012, the Company implemented its STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non-recourse net-lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes issued under this program are generally segregated into Class A amortizing notes and Class B non-amortizing notes. The Company has retained the Class B notes which aggregate $190.0 million at June 30, 2021. The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 In conjunction with the June 2021 issuance of the STORE Master Funding Series 2021-1 notes, the Company prepaid, without penalty, the Series 2013-1, Class A-2 notes in May 2021 and the Series 2013-2, Class A-2 notes in July 2021; these notes had an aggregate outstanding balance of $170.0 million at the time of prepayment, scheduled to mature in 2023, and bore interest rates of 4.65% and 5.33%, respectively. During the second quarter of 2021, the Company recognized $0.5 million of accelerated amortization of deferred financing costs associated with the Series 2013-1 debt prepayment and expects that $0.6 million of accelerated amortization will be recognized in the third quarter associated with the Series 2013-2 debt 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 $324.9 million at June 30, 2021. The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non-recourse, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants. The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): Maturity Interest June 30, December 31, Date Rate 2021 2020 Non-recourse net-lease mortgage notes: $102,000 Series 2013-1, Class A-2 4.65 % $ — $ 87,607 $97,000 Series 2013-2, Class A-2 (a) Jul. 2023 5.33 % 83,450 84,473 $100,000 Series 2013-3, Class A-2 Nov. 2023 5.21 % 86,737 87,775 $140,000 Series 2014-1, Class A-2 Apr. 2024 5.00 % 135,042 135,392 $150,000 Series 2018-1, Class A-1 Oct. 2024 3.96 % 142,802 143,552 $50,000 Series 2018-1, Class A-3 Oct. 2024 4.40 % 49,167 49,417 $270,000 Series 2015-1, Class A-2 Apr. 2025 4.17 % 261,675 262,350 $200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 3.96 % 182,291 184,350 $82,000 Series 2019-1, Class A-1 Nov. 2026 2.82 % 79,328 80,172 $46,000 Series 2019-1, Class A-3 Nov. 2026 3.32 % 45,636 45,751 $135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 4.32 % 124,436 125,798 $228,000 Series 2018-1, Class A-2 Oct. 2027 4.29 % 217,058 218,198 $164,000 Series 2018-1, Class A-4 Oct. 2027 4.74 % 161,267 162,087 $168,500 Series 2021-1, Class A-1 Jun. 2028 2.12 % 168,500 — $89,000 Series 2021-1, Class A-3 Jun. 2028 2.86 % 89,000 — $168,500 Series 2021-1, Class A-2 Jun. 2033 2.96 % 168,500 — $89,000 Series 2021-1, Class A-4 Jun. 2033 3.70 % 89,000 — $244,000 Series 2019-1, Class A-2 Nov. 2034 3.65 % 236,048 238,559 $136,000 Series 2019-1, Class A-4 Nov. 2034 4.49 % 134,923 135,263 Total non-recourse net-lease mortgage notes 2,454,860 2,040,744 Non-recourse mortgage notes: $16,100 note issued February 2014 4.83 % — 13,539 $13,000 note issued May 2012 May 2022 5.195 % 10,160 10,355 $26,000 note issued August 2012 Sept. 2022 5.05 % 20,480 20,867 $6,400 note issued November 2012 Dec. 2022 4.707 % 5,036 5,133 $11,895 note issued March 2013 Apr. 2023 4.7315 % 9,489 9,666 $17,500 note issued August 2013 Sept. 2023 5.46 % 14,456 14,695 $10,075 note issued March 2014 Apr. 2024 5.10 % 8,907 9,004 $65,000 note issued June 2016 Jul. 2026 4.75 % 59,819 60,409 $41,690 note issued March 2019 Mar. 2029 4.80 % 41,591 41,690 $6,944 notes issued March 2013 Apr. 2038 4.50 % (b) 5,460 5,549 $6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 4.64 % 6,161 6,215 Total non-recourse mortgage notes 181,559 197,122 Unamortized discount (557) (386) Unamortized deferred financing costs (29,186) (24,846) Total non-recourse debt obligations of consolidated special purpose entities, net $ 2,606,676 $ 2,212,634 (a) Notes were prepaid, without penalty, in July 2021 using proceeds from the issuance of the Series 2021-1 notes. (b) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate. Long-term Debt Maturity Schedule As of June 30, 2021, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are as follows (in thousands): Scheduled Principal Balloon Payments Payments Total Remainder of 2021 $ 15,661 $ 83,277 (a) $ 98,938 2022 26,661 109,114 135,775 2023 25,492 103,721 129,213 2024 22,331 426,914 449,245 2025 20,036 256,613 276,649 2026 17,926 532,142 550,068 Thereafter 40,209 2,381,322 2,421,531 $ 168,316 $ 3,893,103 $ 4,061,419 (a) Balloon payments for the remainder of 2021 represent the amount of the Series 2013-2, Class A-2 notes which were prepaid, without penalty, in July 2021 from restricted cash held at June 30, 2021; the Series 2013-2 notes had an original maturity date of July 2023 .

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2021
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity In November 2020, the Company established its fifth “at the market” equity distribution program, or ATM program, pursuant to which, from time to time, it may offer and sell up to $900 million of registered shares of common stock through a group of banks acting as its sales agents (the 2020 ATM Program). The following tables outline the common stock issuances under the 2020 ATM Program (in millions except share and per share information): Three Months Ended June 30, 2021 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 1,648,040 $ 34.17 $ 56.3 $ (0.9) $ - $ 55.4 Six Months Ended June 30, 2021 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 5,131,091 $ 33.59 $ 172.4 $ (2.6) $ (0.3) $ 169.5 Inception of Program Through June 30, 2021 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 8,650,151 $ 32.99 $ 285.4 $ (4.3) $ (0.5) $ 280.6

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of June 30, 2021, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $146.1 million, of which $126.4 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. The Company has employment agreements with each of its executive officers that provide for minimum annual base salaries, and annual cash and equity incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives to be adopted by the Company’s Board of Directors each year. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for cash severance, continuation of healthcare benefits and, in some instances, accelerated vesting of equity awards that he or she has been awarded as part of the Company’s incentive compensation program.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2021
Fair Value of Financial Instruments
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments The Company’s derivatives are required to be measured at fair value in the Company’s consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. The fair value of the Company’s derivative instruments was a liability of $0.4 million at December 31, 2020; the Company had no derivatives outstanding at June 30, 2021. Derivative liabilities are included in accrued expenses, deferred revenue and other liabilities on the condensed 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 June 30, 2021 and December 31, 2020. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and tenant deposits. Generally these assets and liabilities are short-term in duration and are recorded at fair value on the consolidated balance sheets. The Company believes the carrying value of the borrowings on its credit facility approximate fair value based on their nature, terms and variable interest rate. Additionally, the Company believes the carrying values of its fixed-rate loans receivable approximate fair values based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair values of the Company’s aggregate long-term debt obligations have been derived based on market observable inputs such as interest rates and discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as Level 2 within the fair value hierarchy. At June 30, 2021, these debt obligations had a carrying value of $4,017.4 million and an estimated fair value of $4,359.9 million. At December 31, 2020, these debt obligations had an aggregate carrying value of $3,722.2 million and an estimated fair value of $4,047.6 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)	6 Months Ended
Summary of Significant Accounting Principles (Policies)	Jun. 30, 2021
Summary of Significant Accounting Principles
Basis of Accounting and Principles of Consolidation	Basis of Accounting and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements and, accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. These condensed consolidated statements include the accounts of STORE Capital and its subsidiaries, which are wholly owned and controlled by the Company through its voting interest. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all of the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s wholly owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At June 30, 2021 and December 31, 2020, these special purpose entities held assets totaling $8.0 billion and $7.7 billion, respectively, and had third-party liabilities totaling $2.7 billion and $2.3 billion, respectively. These assets and liabilities are included in the accompanying condensed consolidated balance sheets.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to December 31, 2020 balances to separately disclose restricted cash balances on the condensed consolidated balance sheet consistent with the June 30, 2021 presentation.
Segment Reporting	Segment Reporting The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting
Investment Portfolio	Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. At the beginning of 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) ● Real Estate Investments – investments are generally made through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them through long-term leases which are generally classified as operating leases; the operators become the Company’s long-term tenants (its customers). Certain of the lease contracts that are associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which results in the transaction being accounted for as a financing arrangement, due to the adoption of ASC Topic 842, rather than as an investment in real estate subject to an operating lease. ● Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serve as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. ● Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate investment transactions are generally accounted for as operating leases of the land and mortgage loans on the buildings and improvements.
Impact of the COVID-19 Pandemic	Impact of the COVID-19 Pandemic Since the beginning of the novel coronavirus (COVID-19) pandemic in early 2020, the Company has provided certain tenants rent deferral arrangements in the form of both short-term notes and lease modifications. The FASB has provided accounting relief under which concessions provided to tenants in direct response to the COVID-19 pandemic are not required to be evaluated or accounted for as lease modifications in accordance with ASC Topic 842. The Company elected to apply this accounting relief to the rent deferral arrangements it has entered into with its tenants, which primarily affected the timing (but not the amount) of lease and loan payments due to the Company under its contracts; net revenue recognized under these deferral arrangements results in a corresponding increase in receivables that are included in other assets, net on the condensed consolidated balance sheets. For the three and six months ended June 30, 2021, the Company recognized an additional $2.9 million and $4.9 million, respectively, of net revenue and collected $5.4 million and $11.3 million, respectively, of the receivables associated with these deferral arrangements. For both the three and six months ended June 30, 2020, the Company recognized $38.2 million of net revenue associated with 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 condensed consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the fixed-rate renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. The Company’s real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 30
Revenue Recognition	Revenue Recognition STORE Capital leases real estate to its tenants under long- term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the condensed consolidated balance sheets. The Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. As of June 30, 2021 and December 31, 2020, the Company had $35.0 million and $34.6 million, respectively, of straight-line operating lease receivables. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (CPI) may adjust over a one-year period or over multiple-year periods. Generally, these escalators increase rent at the lesser of (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred. In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. As of June 30, 2021, approximately 7.0% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales (for most of these leases, the contingent rent payment is for a temporary period); historically, contingent rent recognized has been less than 2.0% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectibility of lease payments with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment or when collectibility is again deemed probable. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the condensed consolidated statements of income.
Impairment	Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Such events or changes in circumstances may include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, discount rates, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement During the three and six months ended June 30, 2021, the Company recognized aggregate provisions for the impairment of real estate of $6.6 million and $12.0 million, respectively. For the assets impaired in 2021, the estimated fair value of the impaired real estate assets at the time of impairment was $52.2 million. The Company recognized an aggregate provision for the impairment of real estate of $5.3 million and $8.2 million during the three and six months ended June 30, 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 June 30, 2021 and December 31, 2020, the Company had loans receivable with an aggregate outstanding principal balance of $36.5 million and $39.9 million, respectively, on nonaccrual status. Direct Financing Receivables – Classification, Cost and Revenue Recognition Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. Impairment and Provision for Credit Losses Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC Topic 326) which changed how the Company measures credit losses for loans and financing receivables. In accordance with ASC Topic 326, the Company evaluates the collectibility of its loans and financing receivables at the time each financing receivable is issued and subsequently on a quarterly basis utilizing an expected credit loss model based on credit quality indicators. The primary credit quality indicator is the implied credit rating associated with each borrower, utilizing two categories, investment grade and non-investment grade. The Company computes implied credit ratings based on regularly received borrower financial statements using Moody’s Analytics RiskCalc. The Company considers the implied credit ratings, loan and financing receivable term to maturity and underlying collateral value and quality, if any, to calculate the expected credit loss over the remaining life of the receivable. For the six months ended June 30, 2021, the Company recognized an estimated $2.0 million of provisions for credit losses related to its loans and financing receivables; the provision for credit losses is included in provisions for impairment on the condensed consolidated statements of income.
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. As of June 30, 2021, restricted cash also included $83.3 million that was used for the repayment of debt in July 2021 (Note 4). The Company had $89.7 million and $10.2 million of restricted cash at June 30, 2021 and December 31, 2020, respectively.
Deferred Costs	Deferred Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the condensed consolidated balance sheets. Deferred financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the condensed consolidated balance sheets.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of June 30, 2021, the Company had no derivative instruments in place.
Fair Value Measurement	Fair Value Measurement The Company estimates the fair value of financial and non-financial assets and liabilities based on the framework established in fair value accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: ● Level 1—Quoted market prices in active markets for identical assets and liabilities that the Company has the ability to access. ● Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. ● Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions.
Share-based Compensation	Share-based Compensation Directors and key employees of the Company have been granted long-term incentive awards, including restricted stock awards (RSAs) and restricted stock unit awards (RSUs), which provide such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight-line basis or the amount vested. During the six months ended June 30, 2021, the Company granted RSAs representing 179,931 shares of restricted common stock to its directors and key employees. During the same period, RSAs representing 228,106 shares of restricted stock vested and no RSAs were forfeited. In connection with the vesting of RSAs, the Company repurchased 63,341 shares as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plans. As of June 30, 2021, the Company had 591,379 shares of restricted common stock outstanding. The Company’s RSUs granted in 2018 through 2021 contain both a market condition and a performance condition as well as a service condition. The Company values the RSUs with a market condition using a Monte Carlo simulation model and values the RSUs with a performance condition based on the fair value of the awards expected to be earned and recognizes those amounts in general and administrative expense on a tranche by tranche basis ratably over the vesting periods. During the six months ended June 30, 2021, the Company awarded 744,840 RSUs to its executive officers, 170,861 RSUs vested and 65,718 previously awarded RSUs were considered not earned. In connection with the vesting of 547,822 RSUs, the Company repurchased 220,057 shares during the six months ended June 30, 2021 as a result of participant elections to surrender common shares to the Company to satisfy statutory tax withholding obligations under the Company’s equity-based compensation plan. As of June 30, 2021, there were 1,806,436 RSUs outstanding.
Income Taxes	Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (TRS) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes. Management of the Company determines whether any tax positions taken or expected to be taken meet the “more-likely-than-not” threshold of being sustained by the applicable federal, state or local tax authority. Certain state tax returns filed for 2016 and tax returns filed for 2017 through 2020 are subject to examination by these jurisdictions. As of June 30, 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 general and administrative expense. There was no accrual for interest or penalties at June 30, 2021 or December 31, 2020.
Net Income Per Common Share	Net Income Per Common Share Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 62,431 $ 40,600 $ 117,391 $ 103,260 Less: earnings attributable to unvested restricted shares (213) (216) (440) (312) Net income used in basic and diluted income per share $ 62,218 $ 40,384 $ 116,951 $ 102,948 Denominator: Weighted average common shares outstanding 270,909,151 248,788,868 268,961,123 246,213,380 Less: Weighted average number of shares of unvested restricted stock (615,596) (522,962) (620,149) (402,684) Weighted average shares outstanding used in basic income per share 270,293,555 248,265,906 268,340,974 245,810,696 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — — — — Weighted average shares outstanding used in diluted income per share 270,293,555 248,265,906 268,340,974 245,810,696 (a) For the three months ended June 30, 2021, excludes 208,824 shares and, for the six months ended June 30, 2021 and 2020, excludes 229,285 and 39,426 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. 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

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Tables)	6 Months Ended
Summary of Significant Accounting Principles (Tables)	Jun. 30, 2021
Summary of Significant Accounting Principles
Reconciliation of the numerator and denominator used in the computation of basic and diluted income per common share	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 62,431 $ 40,600 $ 117,391 $ 103,260 Less: earnings attributable to unvested restricted shares (213) (216) (440) (312) Net income used in basic and diluted income per share $ 62,218 $ 40,384 $ 116,951 $ 102,948 Denominator: Weighted average common shares outstanding 270,909,151 248,788,868 268,961,123 246,213,380 Less: Weighted average number of shares of unvested restricted stock (615,596) (522,962) (620,149) (402,684) Weighted average shares outstanding used in basic income per share 270,293,555 248,265,906 268,340,974 245,810,696 Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive securities (a) — — — — Weighted average shares outstanding used in diluted income per share 270,293,555 248,265,906 268,340,974 245,810,696 (a) For the three months ended June 30, 2021, excludes 208,824 shares and, for the six months ended June 30, 2021 and 2020, excludes 229,285 and 39,426 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive.

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Jun. 30, 2021
Investments.
Schedule of gross real estate and loan activity	During the six months ended June 30, 2021, the Company had the following gross real estate and other investment activity (dollars in thousands): Number of Dollar Investment Amount of Locations Investments Gross investments, December 31, 2020 2,634 $ 9,639,766 Acquisition of and additions to real estate (a) (b) 155 602,138 Investment in loans and financing receivables (b) 6 44,933 Sales of real estate (57) (164,360) Principal collections on loans and financing receivables (b) — (42,075) Net change in operating ground lease assets (c) (685) Provisions for impairment (13,950) Other (9,381) Gross investments, June 30, 2021 (d) 10,056,386 Less accumulated depreciation and amortization (d) (1,045,702) Net investments, June 30, 2021 2,738 $ 9,010,684 (a) Excludes $18.9 million of tenant improvement advances disbursed in 2021 which were accrued as of December 31, 2020 and includes $0.4 million of interest capitalized to properties under construction. (b) Includes $35.4 million relating to two receivables which were repaid in full through a non-cash property acquisition/principal collection transaction in which the Company purchased the underlying collateral property (buildings and improvements) and leased it back to the customer; excludes the impact of the change in the presentation for certain financing receivables during the period. (c) Represents amortization recognized on operating ground lease assets during the six months ended June 30, 2021. (d) Includes the dollar amount of investments ( $33.2 million) and the accumulated depreciation ( $3.7 million) related to real estate investments held for sale at June 30, 2021.
Schedule of revenue recognized from investment portfolio	The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Rental revenues: Operating leases (a)(c) $ 180,004 $ 156,176 $ 349,320 $ 319,488 Sublease income - operating ground leases (b) 702 521 1,405 1,104 Amortization of lease related intangibles and costs (542) (703) (1,233) (1,248) Total rental revenues $ 180,164 $ 155,994 $ 349,492 $ 319,344 Interest income on loans and financing receivables: Mortgage and other loans receivable (c) $ 5,191 $ 4,826 $ 11,120 $ 9,126 Sale-leaseback transactions accounted for as financing arrangements 4,464 3,749 8,560 7,389 Direct financing receivables 2,005 3,296 4,543 6,838 Total interest income on loans and financing receivables $ 11,660 $ 11,871 $ 24,223 $ 23,353 (a) For the three months ended June 30, 2021 and 2020, includes $624,000 and $661,000 , respectively, of property tax tenant reimbursement revenue and includes $3.1 million and $74,000 , respectively, of variable lease revenue. For the six months ended June 30, 2021 and 2020, includes $1.2 million and $1.3 million, respectively, of property tax tenant reimbursement revenue and includes $6.2 million and $0.1 million, respectively, of variable lease revenue. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. (c) For the three and six months ended June 30, 2021, includes $2.9 million and $4.9 million, respectively, of revenue that has been deferred related to rent and financing relief arrangements granted as a result of the COVID-19 pandemic with a corresponding increase in receivables which are included in other assets, net on the condensed consolidated balance sheet. For both the three and six months ended June 30, 2020, includes $38.2 million of revenue related to COVID-19 rent and financing relief arrangements.
Schedule of investment portfolio diversification by industry	The following table shows information regarding the diversification of the Company’s total investment portfolio among the different industries in which its tenants and borrowers operate as of June 30, 2021 (dollars in thousands): Percentage of Number of Dollar Total Dollar Investment Amount of Amount of Locations Investments Investments Restaurants 728 $ 1,216,242 12 % Early childhood education centers 257 599,693 6 Health clubs 90 528,621 5 Automotive repair and maintenance 201 520,303 5 Furniture stores 66 475,477 5 Metal fabrication 94 468,113 5 Farm and ranch supply stores 41 377,294 4 All other service industries 941 3,549,707 35 All other retail industries 136 1,013,378 10 All other manufacturing industries 184 1,307,558 13 Total (a) 2,738 $ 10,056,386 100 % (a) Includes the dollar amount of investments ( $33.2 million) related to real estate investments held for sale at June 30, 2021.
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 June 30, 2021, are as follows (in thousands): Remainder of 2021 $ 371,394 2022 763,034 2023 758,871 2024 750,522 2025 746,658 2026 739,354 Thereafter 6,140,915 Total future minimum rentals (a) $ 10,270,748 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below.
Schedule detailing intangible lease assets and related accumulated amortization	The following details intangible lease assets and related accumulated amortization (in thousands): June 30, December 31, 2021 2020 In-place leases $ 36,300 $ 37,440 Ground lease-related intangibles 19,449 19,449 Above-market leases — 4,745 Total intangible lease assets 55,749 61,634 Accumulated amortization (23,988) (27,935) Net intangible lease assets $ 31,761 $ 33,699
Summary of future minimum lease payments	The future minimum lease payments to be paid under the operating ground leases as of June 30, 2021 were as follows (in thousands): Ground Ground Leases Leases Paid by Paid by STORE Capital's STORE Capital Tenants (a) Total Remainder of 2021 $ 200 $ 1,617 $ 1,817 2022 401 2,606 3,007 2023 4,149 2,628 6,777 2024 55 2,709 2,764 2025 57 2,394 2,451 2026 57 2,230 2,287 Thereafter 3,071 44,491 47,562 Total lease payments 7,990 58,675 66,665 Less imputed interest (3,054) (29,101) (32,155) Total operating lease liabilities - ground leases $ 4,936 $ 29,574 $ 34,510 (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 $58.7 million commitment, $19.0 million is due for periods beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales.
Schedule summarizing loans and direct financing receivables	The Company’s loans and financing receivables are summarized below (dollars in thousands): Interest Maturity June 30, December 31, Type Rate (a) Date 2021 2020 Six mortgage loans receivable 7.93 % 2021 - 2023 $ 101,803 $ 101,793 Four mortgage loans receivable 8.55 % 2032 - 2037 14,574 14,673 Fifteen mortgage loans receivable (b) 8.60 % 2051 - 2060 199,828 185,525 Total mortgage loans receivable 316,205 301,991 Equipment and other loans receivable 8.10 % 2021 - 2027 30,631 31,636 Total principal amount outstanding—loans receivable 346,836 333,627 Unamortized loan origination costs 994 1,206 Sale-leaseback transactions accounted for as financing arrangements (c) 7.84 % 2034 - 2043 219,636 204,469 Direct financing receivables 78,789 117,047 Allowance for credit and loan losses (d) (8,028) (6,028) Total loans and financing receivables $ 638,227 $ 650,321 (a) Represents the weighted average interest rate as of the balance sheet date. (b) Four of these mortgage loans allow for prepayment in whole, but not in part, with penalties ranging from 20% to 70% depending on the timing of the prepayment. (c) In accordance with ASC Topic 842, represents sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2043 and the purchase options expire between 2024 and 2039. (d) Balance includes $2.5 million of loan loss reserves recognized prior to December 31, 2019, $2.5 million of credit loss reserves recognized upon the adoption of ASC Topic 326 on January 1, 2020 and $3.0 million of credit losses recognized since the adoption of ASC Topic 326.
Schedule of maturities of loans receivable	Absent prepayments, scheduled maturities are expected to be as follows (in thousands): Scheduled Principal Balloon Total Payments Payments Payments Remainder of 2021 $ 1,342 $ 35,865 $ 37,207 2022 2,595 9,201 11,796 2023 2,702 79,995 82,697 2024 2,944 — 2,944 2025 1,597 510 2,107 2026 1,629 359 1,988 Thereafter 157,864 50,233 208,097 Total principal payments $ 170,673 $ 176,163 $ 346,836
Schedule of future payments to be received under sale-leaseback transactions accounted for as financing arrangements	The scheduled future minimum rentals to be received under these agreements (which will be reflected in interest income) as of June 30, 2021, were as follows (in thousands): Remainder of 2021 $ 8,868 2022 17,505 2023 17,582 2024 17,717 2025 17,857 2026 17,951 Thereafter 223,537 Total future scheduled payments $ 321,017
Schedule of the components of the investments accounted for as direct financing receivables	As of June 30, 2021 and December 31, 2020, the Company had $78.8 million and $117.0 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): June 30, December 31, 2021 2020 Minimum lease payments receivable $ 163,285 $ 242,694 Estimated residual value of leased assets 8,938 14,800 Unearned income (93,434) (140,447) Net investment $ 78,789 $ 117,047

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2021
Schedule of maturities of long-term debt	As of June 30, 2021, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are as follows (in thousands): Scheduled Principal Balloon Payments Payments Total Remainder of 2021 $ 15,661 $ 83,277 (a) $ 98,938 2022 26,661 109,114 135,775 2023 25,492 103,721 129,213 2024 22,331 426,914 449,245 2025 20,036 256,613 276,649 2026 17,926 532,142 550,068 Thereafter 40,209 2,381,322 2,421,531 $ 168,316 $ 3,893,103 $ 4,061,419 (a) Balloon payments for the remainder of 2021 represent the amount of the Series 2013-2, Class A-2 notes which were prepaid, without penalty, in July 2021 from restricted cash held at June 30, 2021; the Series 2013-2 notes had an original maturity date of July 2023 .
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 June 30, December 31, Date Rate 2021 2020 Notes Payable: Series A issued November 2015 Nov. 2022 4.95 % $ 75,000 $ 75,000 Series B issued November 2015 Nov. 2024 5.24 % 100,000 100,000 Series C issued April 2016 Apr. 2026 4.73 % 200,000 200,000 Public Notes issued March 2018 Mar. 2028 4.50 % 350,000 350,000 Public Notes issued February 2019 Mar. 2029 4.625 % 350,000 350,000 Public Notes issued November 2020 Nov. 2030 2.75 % 350,000 350,000 Total notes payable 1,425,000 1,425,000 Term Loans: Term Loan issued April 2016 Apr. 2021 — 100,000 Total term loans — 100,000 Unamortized discount (4,576) (4,867) Unamortized deferred financing costs (9,714) (10,521) Total unsecured notes and term loans payable, net $ 1,410,710 $ 1,509,612
Non-recourse debt obligations
Schedule of debt	The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): Maturity Interest June 30, December 31, Date Rate 2021 2020 Non-recourse net-lease mortgage notes: $102,000 Series 2013-1, Class A-2 4.65 % $ — $ 87,607 $97,000 Series 2013-2, Class A-2 (a) Jul. 2023 5.33 % 83,450 84,473 $100,000 Series 2013-3, Class A-2 Nov. 2023 5.21 % 86,737 87,775 $140,000 Series 2014-1, Class A-2 Apr. 2024 5.00 % 135,042 135,392 $150,000 Series 2018-1, Class A-1 Oct. 2024 3.96 % 142,802 143,552 $50,000 Series 2018-1, Class A-3 Oct. 2024 4.40 % 49,167 49,417 $270,000 Series 2015-1, Class A-2 Apr. 2025 4.17 % 261,675 262,350 $200,000 Series 2016-1, Class A-1 (2016) Oct. 2026 3.96 % 182,291 184,350 $82,000 Series 2019-1, Class A-1 Nov. 2026 2.82 % 79,328 80,172 $46,000 Series 2019-1, Class A-3 Nov. 2026 3.32 % 45,636 45,751 $135,000 Series 2016-1, Class A-2 (2017) Apr. 2027 4.32 % 124,436 125,798 $228,000 Series 2018-1, Class A-2 Oct. 2027 4.29 % 217,058 218,198 $164,000 Series 2018-1, Class A-4 Oct. 2027 4.74 % 161,267 162,087 $168,500 Series 2021-1, Class A-1 Jun. 2028 2.12 % 168,500 — $89,000 Series 2021-1, Class A-3 Jun. 2028 2.86 % 89,000 — $168,500 Series 2021-1, Class A-2 Jun. 2033 2.96 % 168,500 — $89,000 Series 2021-1, Class A-4 Jun. 2033 3.70 % 89,000 — $244,000 Series 2019-1, Class A-2 Nov. 2034 3.65 % 236,048 238,559 $136,000 Series 2019-1, Class A-4 Nov. 2034 4.49 % 134,923 135,263 Total non-recourse net-lease mortgage notes 2,454,860 2,040,744 Non-recourse mortgage notes: $16,100 note issued February 2014 4.83 % — 13,539 $13,000 note issued May 2012 May 2022 5.195 % 10,160 10,355 $26,000 note issued August 2012 Sept. 2022 5.05 % 20,480 20,867 $6,400 note issued November 2012 Dec. 2022 4.707 % 5,036 5,133 $11,895 note issued March 2013 Apr. 2023 4.7315 % 9,489 9,666 $17,500 note issued August 2013 Sept. 2023 5.46 % 14,456 14,695 $10,075 note issued March 2014 Apr. 2024 5.10 % 8,907 9,004 $65,000 note issued June 2016 Jul. 2026 4.75 % 59,819 60,409 $41,690 note issued March 2019 Mar. 2029 4.80 % 41,591 41,690 $6,944 notes issued March 2013 Apr. 2038 4.50 % (b) 5,460 5,549 $6,350 notes issued March 2019 (assumed in December 2020) Apr. 2049 4.64 % 6,161 6,215 Total non-recourse mortgage notes 181,559 197,122 Unamortized discount (557) (386) Unamortized deferred financing costs (29,186) (24,846) Total non-recourse debt obligations of consolidated special purpose entities, net $ 2,606,676 $ 2,212,634 (a) Notes were prepaid, without penalty, in July 2021 using proceeds from the issuance of the Series 2021-1 notes. (b) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2021
Stockholders' Equity
Common stock issuance	The following tables outline the common stock issuances under the 2020 ATM Program (in millions except share and per share information): Three Months Ended June 30, 2021 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 1,648,040 $ 34.17 $ 56.3 $ (0.9) $ - $ 55.4 Six Months Ended June 30, 2021 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 5,131,091 $ 33.59 $ 172.4 $ (2.6) $ (0.3) $ 169.5 Inception of Program Through June 30, 2021 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Net Proceeds 8,650,151 $ 32.99 $ 285.4 $ (4.3) $ (0.5) $ 280.6

Summary of Significant Accoun_4

Summary of Significant Accounting Principles (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segmentitem	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Basis of Accounting and Principles of Consolidation
Assets owned		$ 9,395,519		$ 9,395,519		$ 9,004,340
Liabilities owed		4,279,683		$ 4,279,683		3,988,562
Segment Reporting
Number of reportable segments \| segment				1
Investment portfolio
Number of transaction types \| item				3
Revenue Recognition
Accrued straight-line rental revenue, net of allowance		$ 35,000		$ 35,000		34,600
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)		7.00%		7.00%
Contingent rent as a percentage of rental revenue, historical		2.00%		2.00%
Impairments
Provisions for impairment		$ 6,600	$ 5,300	$ 12,000	$ 8,200
Estimate fair value of impaired real estate assets				52,200
Loans Receivable
Non accrual status loan receivables		36,500		$ 36,500		39,900
Number of classes in portfolio of loans and financing receivables \| item				2
Restricted cash
Repayments of notes	$ 83,300
Restricted cash		$ 89,678	14,132	$ 89,678	14,132	10,195
Derivative Instruments and Hedging Activities
Number of agreements \| segment		0		0
Provision For Impairment
Loans Receivable
Provision for loan losses				$ 2,000
Payment deferral due to COVID-19
Revenue Recognition
Revenue associated with deferral arrangements		$ 2,900	$ 38,200	4,900	$ 38,200
Receivables collections		5,400		$ 11,300
Loans receivable
Loans Receivable
Maximum past due period for loans payments causing nonaccrual status				60 days
Buildings \| Maximum
Accounting for Real Estate Investments
Estimated useful life				40 years
Buildings \| Minimum
Accounting for Real Estate Investments
Estimated useful life				30 years
Land improvements
Accounting for Real Estate Investments
Estimated useful life				15 years
Consolidated special purpose entities
Basis of Accounting and Principles of Consolidation
Assets owned		8,000,000		$ 8,000,000		7,700,000
Liabilities owed		$ 2,700,000		$ 2,700,000		$ 2,300,000

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Share Based Compensation and Other (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Examination, Penalties and Interest Accrued
Uncertain income tax positions	$ 0		$ 0
Accrual for interest or penalties	0		0		$ 0
Numerator:
Net income	62,431,000	$ 40,600,000	117,391,000	$ 103,260,000
Less: earnings attributable to unvested restricted shares	(213,000)	(216,000)	(440,000)	(312,000)
Net income used in basic and diluted income per share	$ 62,218,000	$ 40,384,000	$ 116,951,000	$ 102,948,000
Denominator:
Weighted average common shares outstanding	270,909,151	248,788,868	268,961,123	246,213,380
Less: Weighted average number of shares of unvested restricted stock (in shares)	(615,596)	(522,962)	(620,149)	(402,684)
Weighted average shares outstanding used in basic income per share (in shares)	270,293,555	248,265,906	268,340,974	245,810,696
Effects of dilutive securities:
Weighted average shares outstanding used in diluted income per share (in shares)	270,293,555	248,265,906	268,340,974	245,810,696
Antidilutive unvested restricted shares (in shares)	208,824		229,285	39,426
Restricted Stock
Sharebased Compensation
Granted in period (in shares)			179,931
Shares vested (shares)			228,106
Forfeited in period (in shares)			0
Shares repurchased in connection with tax withholding obligations (in shares)			63,341
Outstanding (in shares)	591,379		591,379
Restricted Stock Units
Sharebased Compensation
Shares vested (shares)			547,822
Shares repurchased in connection with tax withholding obligations (in shares)			220,057
Restricted Stock Units \| Executive Officer
Sharebased Compensation
Shares vested (shares)			170,861
Not earned in period (in shares)			65,718
Restricted Stock Units \| Executive Officer \| Vesting Based On Service And Market Conditions
Sharebased Compensation
Granted in period (in shares)			744,840
Outstanding (in shares)	1,806,436		1,806,436

Investments - Locations (Detail

Investments - Locations (Details) $ in Thousands	3 Months Ended		6 Months Ended
Investments - Locations (Details) $ in Thousands	Jun. 30, 2021USD ($)property	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)propertyitem	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)property
Number of property locations of investments (in locations) \| property	2,738		2,738		2,634
Number of owned properties (in properties) \| property	2,684		2,684
Number of properties accounted as financing arrangements \| property	52		52
Number of properties owned as direct financing receivables \| property	23		23
Number of ground lease interests (in properties) \| property	24		24
Number of properties which secure certain mortgage loans (in properties) \| property	30		30
Gross acquisition cost of real estate investments	$ 9,380,000		$ 9,380,000
Loans and financing receivables, net	638,227		638,227		$ 650,321
Operating ground lease assets	$ 33,998		$ 33,998		34,683
Investments assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities			38.00%
Number of Investment Locations
Gross investments \| property			2,634
Acquisition of and additions to real estate \| property			155
Investment in loans and financing receivables \| property			6
Sales of real estate \| property			(57)
Gross investments \| property	2,738		2,738
Dollar Amount of Investments
Gross investments			$ 9,639,766
Acquisition of and additions to real estate			602,138
Investment in loans and financing receivables			44,933
Sales of real estate			(164,360)
Principal collections on loans and direct financing receivables			42,075
Provisions for impairment	$ (6,600)	$ (5,300)	(13,950)	$ (8,200)
Other			(9,381)
Gross investments	10,056,386		10,056,386
Less accumulated depreciation and amortization	(1,045,702)		(1,045,702)
Net investments	9,010,684		9,010,684		8,696,017
Tenant improvement advances disbursed			18,900
Interest capitalized			400
Acquisition of collateral property securing a mortgage note receivable			$ 35,384	$ 16,086
Number of receivables repaid in full \| item			2
Sale-leaseback transactions accounted for as financing arrangements	219,600		$ 219,600		$ 204,500
Investment in real estate held for sale	33,200		33,200
Accumulated depreciation of real estate investments held for sale	3,700		3,700
Ground leases
Operating ground lease assets	$ 34,000		34,000
Dollar Amount of Investments
Net change in operating ground lease assets			$ (685)

Investments - Revenue Recognize

Investments - Revenue Recognized from Investment Portfolio (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Rental revenues:
Operating leases	$ 180,004,000	$ 156,176,000	$ 349,320,000	$ 319,488,000
Sublease income - operating ground lease assets	702,000	521,000	1,405,000	1,104,000
Amortization of lease related intangibles and costs	(542,000)	(703,000)	(1,233,000)	(1,248,000)
Total rental revenues	180,164,000	155,994,000	349,492,000	319,344,000
Interest income on loans and financing receivables:
Mortgage and other loans receivable	5,191,000	4,826,000	11,120,000	9,126,000
Sale-leaseback transactions accounted for as financing arrangements	4,464,000	3,749,000	8,560,000	7,389,000
Direct financing receivables	2,005,000	3,296,000	4,543,000	6,838,000
Total interest income on loans and financing receivables	11,660,000	11,871,000	24,223,000	23,353,000
Property tax tenant reimbursement revenue	624,000	661,000	1,200,000	1,300,000
Variable lease revenue	3,100,000	74,000	6,200,000	100,000
Payment deferral due to COVID-19
Rental revenues:
Total rental revenues	$ 2,900,000	$ 38,200,000	$ 4,900,000	$ 38,200,000

Investments - Significant Credi

Investments - Significant Credit and Revenue Concentration (Details)	6 Months Ended
	Jun. 30, 2021itemstate
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	530
Real estate investment portfolio \| Geographic concentration \| Texas
Significant Credit and Revenue Concentration
Concentration Percentage	10.00%
Number of states accounting for 10% or more \| state	1
Real estate investment portfolio \| Customer concentration
Significant Credit and Revenue Concentration
Concentration Percentage for threshold	10.00%
Number of customers representing more than 10%	0
Real estate investment portfolio \| Customer concentration \| Largest customer, investment portfolio
Significant Credit and Revenue Concentration
Concentration Percentage	2.80%
Real estate investment portfolio \| Concept concentration
Significant Credit and Revenue Concentration
Number of concepts (in categories)	820
Investment portfolio revenues \| Customer concentration \| Largest customer, investment portfolio revenues
Significant Credit and Revenue Concentration
Concentration Percentage	3.00%
Investment portfolio revenues \| Concept concentration \| Maximum
Significant Credit and Revenue Concentration
Concentration Percentage	2.40%

Investments - Portfolio Diversi

Investments - Portfolio Diversification (Details) $ in Thousands	Jun. 30, 2021USD ($)property	Dec. 31, 2020USD ($)property
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	2,738	2,634
Dollar Amount of Investments	$ 10,056,386	$ 9,639,766
Percentage of Total Dollar Amount of Investments	100.00%
Investment in real estate held for sale	$ 33,200
Restaurants
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	728
Dollar Amount of Investments	$ 1,216,242
Percentage of Total Dollar Amount of Investments	12.00%
Early childhood education centers
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	257
Dollar Amount of Investments	$ 599,693
Percentage of Total Dollar Amount of Investments	6.00%
Health clubs
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	90
Dollar Amount of Investments	$ 528,621
Percentage of Total Dollar Amount of Investments	5.00%
Furniture stores
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	66
Dollar Amount of Investments	$ 475,477
Percentage of Total Dollar Amount of Investments	5.00%
Automotive repair and maintenance
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	201
Dollar Amount of Investments	$ 520,303
Percentage of Total Dollar Amount of Investments	5.00%
Metal fabrication
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	94
Dollar Amount of Investments	$ 468,113
Percentage of Total Dollar Amount of Investments	5.00%
Farm and ranch supply stores
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	41
Dollar Amount of Investments	$ 377,294
Percentage of Total Dollar Amount of Investments	4.00%
All other service industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	941
Dollar Amount of Investments	$ 3,549,707
Percentage of Total Dollar Amount of Investments	35.00%
All other retail industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	136
Dollar Amount of Investments	$ 1,013,378
Percentage of Total Dollar Amount of Investments	10.00%
All other manufacturing industries
Information regarding the diversification of Company's investment portfolio among different industries [Line items]
Number of Investment Locations \| property	184
Dollar Amount of Investments	$ 1,307,558
Percentage of Total Dollar Amount of Investments	13.00%

Investments - Intangible Lease

Investments - Intangible Lease Assets and Real Estate Investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)Options	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Optionsitemproperty	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Accounting for Real Estate Investments
Remaining noncancelable lease term			14 years
Number of real estate properties vacant not subject to lease \| property			11
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Remainder of 2021	$ 371,394		$ 371,394
2022	763,034		763,034
2023	758,871		758,871
2024	750,522		750,522
2025	746,658		746,658
2026	739,354		739,354
Thereafter	6,140,915		6,140,915
Total future minimum rentals	10,270,748		$ 10,270,748
Term of renewal options			5 years
Intangible lease assets	55,749		$ 55,749		$ 61,634
Accumulated amortization	(23,988)		(23,988)		(27,935)
Net intangible lease assets	31,761		31,761		33,699
Amortization in the next five years
Remainder of 2021	1,700		1,700
2022	3,300		3,300
2023	2,900		2,900
2024	2,400		2,400
2025	1,800		1,800
2026	$ 1,700		$ 1,700
Minimum
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Typical number of renewal options \| item			1
Number of renewal periods at the option of the Company \| Options	2		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		4
Amortization expense
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Amount amortized	$ 900	$ 1,000	$ 1,800	$ 2,100
In -place leases
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Intangible lease assets	36,300		$ 36,300		37,440
Amortization in the next five years
Weighted average remaining amortization period			8 years
Ground lease interests
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Intangible lease assets	$ 19,449		$ 19,449		19,449
Amortization in the next five years
Weighted average remaining amortization period			43 years
Above-market leases
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Intangible lease assets					$ 4,745
Above-market leases \| Decrease to rental revenue
Future minimum rentals to be received under the remaining noncancelable term of the operating leases
Amount amortized		$ 300	$ 200	$ 500

Investments - Operating Lease A

Investments - Operating Lease Asset (Details)	3 Months Ended		6 Months Ended
Investments - Operating Lease Asset (Details)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)lease	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating ground lease assets	$ 33,998,000		$ 33,998,000		$ 34,683,000
Rental revenue	702,000	$ 521,000	1,405,000	$ 1,104,000
Future minimum lease payments
Total operating lease liabilities - ground leases	38,772,000		38,772,000		$ 39,317,000
Ground lease by STORE capital
Future minimum lease payments
Long-term lease commitment	19,000,000		$ 19,000,000
Ground lease by STORE capital tenants
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of ground lease payments based on level of tenant's sales \| lease			3
Ground leases
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating ground lease assets	34,000,000		$ 34,000,000
Lease costs	827,000	549,000	1,600,000	1,100,000
Rental revenue	702,000	$ 521,000	1,400,000	$ 1,100,000
Future minimum lease payments
Remainder of 2021	1,817,000		1,817,000
2022	3,007,000		3,007,000
2023	6,777,000		6,777,000
2024	2,764,000		2,764,000
2025	2,451,000		2,451,000
2026	2,287,000		2,287,000
Thereafter	47,562,000		47,562,000
Total lease payments	66,665,000		66,665,000
Less imputed interest	(32,155,000)		(32,155,000)
Total operating lease liabilities - ground leases	34,510,000		34,510,000
Ground leases \| Ground lease by STORE capital
Future minimum lease payments
Remainder of 2021	200,000		200,000
2022	401,000		401,000
2023	4,149,000		4,149,000
2024	55,000		55,000
2025	57,000		57,000
2026	57,000		57,000
Thereafter	3,071,000		3,071,000
Total lease payments	7,990,000		7,990,000
Less imputed interest	(3,054,000)		(3,054,000)
Total operating lease liabilities - ground leases	4,936,000		4,936,000
Ground leases \| Ground lease by STORE capital tenants
Future minimum lease payments
Remainder of 2021	1,617,000		1,617,000
2022	2,606,000		2,606,000
2023	2,628,000		2,628,000
2024	2,709,000		2,709,000
2025	2,394,000		2,394,000
2026	2,230,000		2,230,000
Thereafter	44,491,000		44,491,000
Total lease payments	58,675,000		58,675,000
Less imputed interest	(29,101,000)		(29,101,000)
Total operating lease liabilities - ground leases	$ 29,574,000		$ 29,574,000

Investments - Loans and Financi

Investments - Loans and Financing Receivables (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)
Loans and direct financing receivables
Number of mortgage loans \| loan	25
Total principal payments	$ 346,836
Unamortized loan origination costs	994	$ 1,206
Sale-leaseback transactions accounted for as financing arrangements	219,600	204,500
Direct financing receivables	78,789	117,047
Allowance for credit and loan losses	(8,028)	(6,028)
Total loans and direct financing receivables	638,227	$ 650,321
Credit loss reserves recognized	$ 3,000			$ 2,500
ASU 2016-13
Loans and direct financing receivables
Credit loss reserve			$ 2,500
Mortgage loans receivable with maturity range 2021 to 2023
Loans and direct financing receivables
Number of mortgage loans \| loan	6	6
Mortgage loans receivable with maturity range 2032 to 2037
Loans and direct financing receivables
Number of mortgage loans \| loan	4	4
Mortgage loans receivable with maturity range 2051 to 2060
Loans and direct financing receivables
Number of mortgage loans \| loan	15	15
Number of mortgage loans allowing for prepayment in whole \| loan	4
Mortgage loans receivable with maturity range 2051 to 2060 \| Minimum
Loans and direct financing receivables
Prepayment penalties (as a percent)	20.00%
Mortgage loans receivable with maturity range 2051 to 2060 \| Maximum
Loans and direct financing receivables
Prepayment penalties (as a percent)	70.00%
Loans receivable
Loans and direct financing receivables
Total principal payments	$ 346,836	$ 333,627
Mortgage Loans Receivable [Member]
Loans and direct financing receivables
Mortgage loans receivable	$ 316,205	301,991
Mortgage Loans Receivable [Member] \| Mortgage loans receivable with maturity range 2021 to 2023
Loans and direct financing receivables
Stated Interest Rate (as a percent)	7.93%
Mortgage loans receivable	$ 101,803	101,793
Mortgage Loans Receivable [Member] \| Mortgage loans receivable with maturity range 2032 to 2037
Loans and direct financing receivables
Stated Interest Rate (as a percent)	8.55%
Mortgage loans receivable	$ 14,574	14,673
Mortgage Loans Receivable [Member] \| Mortgage loans receivable with maturity range 2051 to 2060
Loans and direct financing receivables
Stated Interest Rate (as a percent)	8.60%
Mortgage loans receivable	$ 199,828	185,525
Equipment And Other Loans Receivable [Member] \| Equipment and other loans receivable maturity range 2021 to 2027
Loans and direct financing receivables
Equipment and other loans receivable	$ 30,631	31,636
Interest rate of equipment and other loans	8.10
Sale Leaseback Financing Arrangements [Member] \| Sale-leaseback transactions accounted for financing arrangements with maturities ranging from 2034 - 2043
Loans and direct financing receivables
Stated Interest Rate (as a percent)	7.84%
Sale-leaseback transactions accounted for as financing arrangements	$ 219,636	204,469
Direct Financing Receivables [Member]
Loans and direct financing receivables
Direct financing receivables	$ 78,789	$ 117,047

Investments - Loans Receivable

Investments - Loans Receivable (Details) $ in Thousands	6 Months Ended
Investments - Loans Receivable (Details) $ in Thousands	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)
Scheduled loan receivable maturities
Number of loans receivable \| loan	51
Gross carrying amount of loans receivable	$ 341,500
Number of mortgage loans \| loan	25
Number of mortgage loans subject to interest rate increases \| loan	11
Number of short-term mortgage loans \| loan	6
Amortization period of long-term mortgage loans	40 years
Remainder of 2021	$ 37,207
2022	11,796
2023	82,697
2024	2,944
2025	2,107
2026	1,988
Thereafter	208,097
Total principal payments	346,836
Sale-Leaseback Transactions Accounted for as Financing Arrangements
Sale-leaseback transactions accounted for as financing arrangements	219,600	$ 204,500
Remainder of 2021	8,868
2022	17,505
2023	17,582
2024	17,717
2025	17,857
2026	17,951
Thereafter	223,537
Total future scheduled payments	321,017
Components of investments accounted for as direct financing receivables
Minimum lease payments receivable	163,285	242,694
Estimated residual value of leased assets	8,938	14,800
Unearned income	(93,434)	(140,447)
Net investment	78,789	$ 117,047
Future minimum lease payments to be received under the direct financing lease receivables
Remainder of 2021	3,900
2022	7,900
2023	7,900
2024	7,900
2025	7,900
2026	7,900
Thereafter	119,600
Scheduled Principal Payments
Scheduled loan receivable maturities
Remainder of 2021	1,342
2022	2,595
2023	2,702
2024	2,944
2025	1,597
2026	1,629
Thereafter	157,864
Total principal payments	170,673
Balloon Payments
Scheduled loan receivable maturities
Remainder of 2021	35,865
2022	9,201
2023	79,995
2025	510
2026	359
Thereafter	50,233
Total principal payments	$ 176,163
Minimum
Scheduled loan receivable maturities
Long-term mortgage loans receivable prepayment penalty rate (as a percent)	1.00%
Maximum
Scheduled loan receivable maturities
Long-term mortgage loans receivable prepayment penalty rate (as a percent)	20.00%

Investments - Provision for Cre

Investments - Provision for Credit Losses (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Investment Grade
Financing Receivable, Allowance for Credit Loss [Line Items]
Origination for gross loan and financing receivables in 2021	$ 0
Origination for gross loan and financing receivables in 2020	5
Origination for gross loan and financing receivables in 2019	44.9
Origination for gross loan and financing receivables in 2018	0
Origination for gross loan and financing receivables in 2017	0
Origination for gross loan and financing receivables in prior to 2017	34.7
Non Investment Grade
Financing Receivable, Allowance for Credit Loss [Line Items]
Origination for gross loan and financing receivables in 2021	39
Origination for gross loan and financing receivables in 2020	133.1
Origination for gross loan and financing receivables in 2019	201.2
Origination for gross loan and financing receivables in 2018	36.6
Origination for gross loan and financing receivables in 2017	12.5
Origination for gross loan and financing receivables in prior to 2017	138.3
ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for credit losses	2
Write-offs charged against allowance	0
Recoveries of amounts previously written off	0
ASU 2016-13 \| Investment Grade
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and financing receivables	84.6
ASU 2016-13 \| Non Investment Grade
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans and financing receivables	$ 560.7

Debt - Credit Facility (Details

Debt - Credit Facility (Details) $ in Thousands	1 Months Ended		6 Months Ended
Debt - Credit Facility (Details) $ in Thousands	Jun. 30, 2021USD ($)loanOptions	Apr. 30, 2016USD ($)	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)
Credit facilities
Unamortized financing costs related to all debt	$ 9,714		$ 9,714	$ 10,521
Revolving credit facility
Credit facilities
Unamortized financing costs related to all debt	4,300		$ 4,300	$ 1,100
Term Loan Payable
Credit facilities
Initial term		5 years
Unsecured Term Notes Payable
Principal amount		$ 100,000
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
Number of loans \| loan	3		3
Senior Unsecured Notes \| Minimum
Unsecured Term Notes Payable
Prepayment threshold (as a percent)			5.00%
New unsecured credit facility \| Revolving credit facility
Credit facilities
Eligible unencumbered assets (in dollars)	$ 6,200,000		$ 6,200,000
Amended unsecured revolving credit facility \| Revolving credit facility
Credit facilities
Unsecured loan facility	600,000		600,000
Size of the facility with the accordion feature (in dollars)	$ 1,600,000		1,600,000
Number of extension options \| Options	2
Maturity date	Jun. 1, 2025
Extension option term	6 months
Extension fee (as a percent)	0.0625%
Borrowings outstanding (in dollars)	$ 0		$ 0
Amended unsecured revolving credit facility \| Revolving credit facility \| Minimum
Credit facilities
Facility fee (as a percent)			0.10%
Amended unsecured revolving credit facility \| Revolving credit facility \| Maximum
Credit facilities
Facility fee (as a percent)			0.30%
Amended unsecured revolving credit facility \| Revolving credit facility \| LIBOR
Credit facilities
Debt Instrument interest rate description	LIBOR
Credit spread (as a percent)	0.85%
Facility fee (as a percent)	0.20%
Amended unsecured revolving credit facility \| Revolving credit facility \| LIBOR \| Minimum
Credit facilities
Credit spread (as a percent)	0.70%
Amended unsecured revolving credit facility \| Revolving credit facility \| LIBOR \| Maximum
Credit facilities
Credit spread (as a percent)	1.40%
Amended unsecured revolving credit facility \| Revolving credit facility \| Base rate
Credit facilities
Debt Instrument interest rate description	Base Rate
Amended unsecured revolving credit facility \| Revolving credit facility \| Base rate \| Minimum
Credit facilities
Credit spread (as a percent)	0.00%
Amended unsecured revolving credit facility \| Revolving credit facility \| Base rate \| Maximum
Credit facilities
Credit spread (as a percent)	0.40%
Amended unsecured revolving credit facility \| Senior Unsecured Notes
Credit facilities
Accordion feature	$ 1,000,000

Debt - Carrying Amount (Details

Debt - Carrying Amount (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	33 Months Ended
Debt - Carrying Amount (Details) - USD ($) $ in Thousands	Apr. 30, 2016	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Nov. 30, 2020	Dec. 31, 2020	Feb. 28, 2019	Mar. 31, 2018
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Unamortized discount			$ (4,576)	$ (4,576)		$ (4,867)
Unamortized deferred financing costs			(9,714)	(9,714)		(10,521)
Total unsecured notes and term loans payable, net			1,410,710	1,410,710		1,509,612
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2021			98,938	98,938
2022			135,775	135,775
2023			129,213	129,213
2024			449,245	449,245
2025			276,649	276,649
2026			550,068	550,068
Thereafter			2,421,531	2,421,531
Long-term Debt			4,061,419	4,061,419
Public Notes issued March 2018
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Note issue price								99.515%
Stated interest rate (as a percent)								4.50%
Public Notes Issued February 2019
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Note issue price							99.26%
Stated interest rate (as a percent)							4.625%
Public Notes Issued November 2020
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Note issue price					99.558%
Stated interest rate (as a percent)					2.75%
Series 2013 1 Class 1 Due March 2020 And Series 2013 2 Class 1 Due July 2020
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			170,000	170,000
Series 2013.1, Class A.2 Notes Due May 2021
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Amortization of deferred financing costs			500
Series 2013.2, Class A.2 Notes Due July 2021 [Member] \| Scenario Forecast
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Amortization of deferred financing costs		$ 600
Consolidated special purpose entities
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount			3,500,000	3,500,000
Unamortized discount			(557)	(557)		(386)
Unamortized deferred financing costs			(29,186)	(29,186)		(24,846)
Total unsecured notes and term loans payable, net			2,606,676	2,606,676		2,212,634
Scheduled Principal Payments
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2021			15,661	15,661
2022			26,661	26,661
2023			25,492	25,492
2024			22,331	22,331
2025			20,036	20,036
2026			17,926	17,926
Thereafter			40,209	40,209
Long-term Debt			168,316	168,316
Balloon Payments
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Remainder of 2021			83,277	83,277
2022			109,114	109,114
2023			103,721	103,721
2024			426,914	426,914
2025			256,613	256,613
2026			532,142	532,142
Thereafter			2,381,322	2,381,322
Long-term Debt			3,893,103	3,893,103
Senior Unsecured Notes
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			375,000	375,000
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 1,425,000	$ 1,425,000		1,425,000
Senior Unsecured Notes \| Series A issued November 2015
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			4.95%	4.95%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			$ 75,000	$ 75,000		75,000
Senior Unsecured Notes \| Series B issued November 2015
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Stated interest rate (as a percent)			5.24%	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
Public notes
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount					$ 350,000		$ 350,000	$ 350,000
Expected repayment term of receivables					10 years
Term Loan Payable
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount	$ 100,000
Expected repayment term of receivables	5 years
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt						100,000
Term Loan Payable \| Term Loan issued April 2016
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt						100,000
Non-recourse net-lease mortgage notes:
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Retained non-amortizing notes			190,000	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			2,454,860	2,454,860		2,040,744
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2013-1, Class A-2 Due March 2023
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			102,000	$ 102,000
Interest Rate				4.65%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt						87,607
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2013-2, Class A-2 Due July 2023
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			97,000	$ 97,000
Interest Rate				5.33%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			83,450	$ 83,450		84,473
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2013-3, Class A-2 Due November 2023
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			100,000	$ 100,000
Interest Rate				5.21%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			86,737	$ 86,737		87,775
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 20141, Class A2 Due April 2024
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			140,000	$ 140,000
Interest Rate				5.00%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			135,042	$ 135,042		135,392
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2018-1 Class A-1 Due October 2024
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			150,000	$ 150,000
Interest Rate				3.96%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			142,802	$ 142,802		143,552
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2018-1 Class A-3 Due October 2024
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			50,000	$ 50,000
Interest Rate				4.40%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			49,167	$ 49,167		49,417
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2015-1, Class A-2 Due April 2025
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			270,000	$ 270,000
Interest Rate				4.17%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			261,675	$ 261,675		262,350
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2016-1, Class A-1 (2016) Due Oct 2026
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			200,000	$ 200,000
Interest Rate				3.96%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			182,291	$ 182,291		184,350
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2019-1, Class A-1 Due Nov 2026 [Member]
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			82,000	$ 82,000
Interest Rate				2.82%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			79,328	$ 79,328		80,172
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2019-1, Class A-3 Due Nov 2026 [Member]
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			46,000	$ 46,000
Interest Rate				3.32%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			45,636	$ 45,636		45,751
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			124,436	$ 124,436		125,798
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
Interest Rate				4.29%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			217,058	$ 217,058		218,198
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
Interest Rate				4.74%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			161,267	$ 161,267		162,087
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2019-1, Class A-2 Due Nov 2034
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			244,000	$ 244,000
Interest Rate				3.65%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			236,048	$ 236,048		238,559
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2019-1, Class A-4 Due Nov 2034
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			136,000	$ 136,000
Interest Rate				4.49%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			134,923	$ 134,923		135,263
Non-recourse net-lease mortgage notes: \| Consolidated special purpose entities \| Series 2021.1, Class A.1 Notes Due June 2028
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			168,500	$ 168,500
Interest Rate				2.12%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			168,500	$ 168,500
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			89,000	$ 89,000
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			168,500	$ 168,500
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			89,000	$ 89,000
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Aggregate investment amount			324,900	324,900
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			181,559	181,559		197,122
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $16,100 note issued February 2014
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			16,100	$ 16,100
Interest Rate				4.83%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt						13,539
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $13,000 note issued May 2012
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			13,000	$ 13,000
Interest Rate				5.195%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			10,160	$ 10,160		10,355
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $26,000 note issued August 2012
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			26,000	$ 26,000
Interest Rate				5.05%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			20,480	$ 20,480		20,867
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $6,400 note issued November 2012
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			6,400	$ 6,400
Interest Rate				4.707%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			5,036	$ 5,036		5,133
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $11,895 note issued March 2013
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			11,895	$ 11,895
Interest Rate				4.7315%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			9,489	$ 9,489		9,666
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $17,500 note issued August 2013
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			17,500	$ 17,500
Interest Rate				5.46%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			14,456	$ 14,456		14,695
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $10,075 note issued March 2014
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			10,075	$ 10,075
Interest Rate				5.10%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			8,907	$ 8,907		9,004
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $65,000 note issued June 2016
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			65,000	$ 65,000
Interest Rate				4.75%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			59,819	$ 59,819		60,409
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $41,690 note issued March 2019
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			41,690	$ 41,690
Interest Rate				4.80%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			41,591	$ 41,591		41,690
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $6,944 notes issued March 2013
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			6,944	$ 6,944
Interest Rate				4.50%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			5,460	$ 5,460		5,549
Nonrecourse mortgage notes payable: \| Consolidated special purpose entities \| $6,350 notes issued March 2019 (assumed in December 2020)
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Interest Rate				4.64%
Scheduled maturities, including balloon payments, on the nonrecourse debt obligations
Long-term Debt			6,161	$ 6,161		$ 6,215
Non-recourse debt obligations \| Consolidated special purpose entities \| $6,350 notes issued March 2019 (assumed in December 2020)
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Principal amount			$ 6,350	$ 6,350
Minimum
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Maximum number of months				24 months
Maximum
Summary of nonrecourse debt obligations of consolidated special purpose entity subsidiaries
Maximum number of months				36 months

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		8 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Nov. 30, 2020
Common stock.
Gross Proceeds		$ 172,372	$ 329,210
2020 ATM Program
Common stock.
Shares Sold	1,648,040	5,131,091		8,650,151
Weighted Average Price per Share	$ 34.17	$ 33.59		$ 32.99
Gross Proceeds	$ 56,300	$ 172,400		$ 285,400
Sales Agents' Commissions	(900)	(2,600)		(4,300)
Other Offering Expenses		(300)		(500)
Net Proceeds	$ 55,400	$ 169,500		$ 280,600
Maximum value of shares that can be offered and sold					$ 900,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - Commitments to fund improvements to real estate properties $ in Millions	Jun. 30, 2021USD ($)
Commitments and Contingencies
Real estate property improvement commitments	$ 146.1
Real estate property improvement commitments, in Next Twelve Months	$ 126.4

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Level 2 Fair Value \| Carrying value
Derivatives [Line items]
Long-term debt obligations	$ 4,017.4	$ 3,722.2
Level 2 Fair Value \| Fair value
Derivatives [Line items]
Long-term debt obligations	4,359.9	4,047.6
Accrued expenses deferred revenue and other liabilities
Derivatives [Line items]
Fair value of derivative liability	$ 0	$ 0.4