8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

August 13, 2015

Date of Report (Date of earliest event reported)

STORE Capital Corporation

(Exact name of registrant as specified in its charter)

Maryland	001-36739	45-2280254
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

8501 East Princess Drive, Suite 190 Scottsdale, AZ	85255
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (480) 256-1100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On August 13, 2015, STORE Capital Corporation, a Maryland corporation (the “Company”), issued a press release announcing its financial results for the second quarter of 2015, which ended June 30, 2015.  The press release is furnished as Exhibit 99.1 to this Report and the supplemental financial information is furnished as Exhibit 99.2 to this Report.  The press release and the supplemental financial information are available on the Company’s website.  The information in the press release and the supplemental financial information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01.  Financial Statements and Exhibits.

(d)   Exhibits

Exhibit No.		Description
	99.1	Earnings press release dated August 13, 2015.
	99.2	Supplemental Financial Information dated August 13, 2015.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	STORE Capital Corporation
Dated: August 13, 2015
	By:	/s/ Michael T. Bennett
		Michael T. Bennett
		Executive Vice President-General Counsel

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EXHIBIT INDEX

Exhibit
No.	Description
99.1	Earnings press release dated August 13, 2015.
99.2	Supplemental Financial Information dated August 13, 2015.

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EX-99.1

Exhibit 99.1

STORE Capital Announces Second Quarter 2015 Operating Results

Raises 2015 AFFO Per Share Guidance Based on Strong Second Quarter Performance

SCOTTSDALE, Ariz., August 13, 2015 — STORE Capital Corporation (NYSE: STOR), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced operating results for the second quarter and six months ended June 30, 2015.

Highlights

For the quarter ended June 30, 2015:

·Total revenues of $68.9 million

·Net income per share of common stock of $0.17 (basic and diluted)

·AFFO of $42.8 million

·AFFO of $0.36 per common share (basic and diluted)

·Declared a regular quarterly cash dividend per common share of $0.25

·Invested $394.8 million in 107 properties at an initial weighted average cap rate of 8.2%

·Sold four properties for an aggregate gain of $1.2 million

·Issued $365 million of A+ rated net-lease mortgage notes under the STORE Master Funding debt program

·Raised net proceeds of $224.7 million in a follow-on public equity offering completed on June 9, 2015

For the six months ended June 30, 2015:

·Total revenues of $130.4 million

·Net income per share of common stock of $0.31 (basic and diluted)

·AFFO of $82.3 million

·AFFO of $0.71 per common share (basic and diluted)

·Declared regular cash dividends per common share aggregating $0.50

·Invested $686.3 million in 233 properties at an initial weighted average cap rate of 8.3%

·Sold four properties for an aggregate gain of $1.2 million

Management Commentary

“Any way you look at it, STORE had a great quarter,” said Christopher Volk, President and Chief Executive Officer. “We originated $395 million of gross investments, which is a record quarter for us.  This activity represented 45 separate transactions, with 35 percent of these representing repeat business from existing customers, and the majority from 32 new customers.  At the same time, we were able to maintain our high level of contract quality, while improving our industry-leading level of portfolio diversity.  The growth in our customer relationships illustrates the broad-based need for our net lease financing solutions and services.

STORE’s first half momentum, coupled with our financing activities and sustained favorable investment spreads, has enabled us to meaningfully increase and narrow our AFFO per share guidance for 2015.  STORE’s first half 2015 results will have a greater impact on 2016, which will benefit from a full year of performance from the contracts we have created so far this year.  Finally, our operating performance also favorably impacts an already low dividend payout ratio and our strong prospects for internal growth.”

Financial Results

Total Revenues

Total revenues were $68.9 million for the second quarter of 2015, an increase of 53.0% from $45.0 million for the second quarter of 2014.  The increase was driven primarily by the growth in the size of STORE Capital’s real estate investment portfolio, which grew from $2.3 billion in gross investment amount representing 767 property locations at June 30, 2014 to $3.5 billion in gross investment amount representing 1,175 property locations at June 30, 2015.

Total revenues for the first half of 2015 were $130.4 million, an increase of 54.5% from $84.4 million for the first half of 2014.

Net Income

Net income increased to $19.6 million, or $0.17 per basic and diluted share, for the second quarter of 2015 compared to $10.4 million in net income, or $0.15 per basic and diluted share, for the second quarter of 2014.  The increase in net income was primarily due to additional rental revenues and interest income generated by the growth in the size of STORE Capital’s real estate investment portfolio.  Net income for the second quarter of 2015 includes a $1.2 million gain on the sale of four properties as compared to a $1.4 million gain on the sale of five properties during the same period in 2014.

Net income for the six months ended June 30, 2015 was $36.7 million, or $0.31 per basic and diluted share compared to $20.0 million, or $0.30 per basic and diluted share, for the six months ended June 30, 2014. The Company reported an aggregate gain of $1.2 million on the sale of four properties during the first half of 2015 versus $2.1 million in gains on the sale of six properties during the same period in 2014.

Adjusted Funds from Operations (AFFO)

AFFO increased 71.2% to $42.8 million, or $0.36 per basic and diluted share, for the second quarter of 2015, compared to AFFO of $25.0 million, or $0.35 per basic and diluted share, for the second quarter of 2014.  The increase in AFFO between years was driven by the growth in the Company’s real estate investment portfolio.  Weighted average shares used in the calculation of both basic and diluted per share amounts were 117.5 million shares and 70.4 million shares for the quarters ended June 30, 2015 and 2014, respectively.

AFFO for the six months ended June 30, 2015 was $82.3 million, or $0.71 per basic and diluted share, compared to $46.9 million, or $0.70 per basic and diluted share, for the six months ended June 30, 2014.  Weighted average shares used in the calculation of both basic and diluted per share amounts were 116.1 million shares and 66.7 million shares for the six months ended June 30, 2015 and 2014, respectively.

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Dividend Information

As previously announced, STORE Capital declared a regular quarterly cash dividend per common share of $0.25 for the second quarter ended June 30, 2015. This dividend, totaling $31.7 million, was paid on July 15, 2015 to stockholders of record on June 30, 2015.

Real Estate Portfolio Highlights

Investment Activity

The Company originated $394.8 million of gross investments representing 107 property locations during the second quarter of 2015. These investments had an initial weighted average cap rate of 8.2%. Total investment activity for the first half of the year was $686.3 million representing 233 property locations and an initial weighted average cap rate of 8.3%.  The Company defines “initial cap rate” for property acquisitions as the initial annual cash rent divided by the purchase price of the property.

During both the three and six months ended June 30, 2015, the Company sold four properties and recognized an aggregate gain of $1.2 million. These four properties represented approximately 0.4% of the investment portfolio at the beginning of 2015. The average sale cap rate for properties sold was 7.9%.

Portfolio

At June 30, 2015, STORE Capital’s real estate portfolio totaled $3.5 billion representing 1,175 property locations, substantially all of which are profit centers for the Company’s customers. Approximately 95% of the portfolio represents commercial real estate properties subject to long-term leases, 5% represents mortgage loans and direct financing receivables primarily on commercial real estate buildings (located on land the Company owns and leases to its customers) and a nominal amount represents loans receivable secured by the tenants’ other assets.  As of June 30, 2015, the portfolio’s annualized base rent and interest (based on rates in effect on June 30, 2015 for all lease and loan contracts) totaled $290.0 million. The weighted average non-cancellable remaining term of the leases at June 30, 2015 was approximately 15 years.

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The Company’s customers operate their businesses across 259 brand names, or concepts, and the largest single concept represented 3.0% of the Company’s annualized base rent and interest as of June 30, 2015.

Portfolio At A Glance — As of June 30, 2015

Investment property locations	1,175
Customers	274
Industries in which customers operate	79
States	46
Proportion of portfolio from direct origination	~75	%
Weighted average annual lease escalation(1)	1.7	%
Weighted average remaining lease contract term	~15 years
Occupancy(2)	99.5	%
# of properties not currently operating but subject to a lease(3)	6
# of investment locations subject to a ground lease	8
% of investment portfolio subject to NNN leases (based on annualized base rent and interest)	97	%
% of investment portfolio subject to master leases (based on annualized base rent and interest)(4)	77	%
Average investment amount/replacement cost (new)(5)	81	%
% of investment locations providing unit-level financial reporting	96	%
Median unit fixed charge coverage ratio (FCCR)/4-Wall coverage ratio(6)	1.95x/2.46x
Proportion of investment contracts rated investment grade(7)	~78	%

(1)Represents the weighted average annual escalation rate of the entire portfolio as if the escalations in all leases were expressed on an annual basis and assumes the contracts that increase based on changes in CPI increase at the minimum of the stated fixed percentage in the contract.

(2)The Company defines occupancy as a property being subject to a lease or loan contract.  As of June 30, 2015, six of the Company’s properties were vacant and not subject to a contract.

(3)Represents the number of the Company’s investment locations that have been closed by the tenant but remain subject to a lease.

(4)Percentage of investment portfolio in multiple properties with a single customer subject to master leases. Based on annualized base rent and interest, 85% of the investment portfolio involves multiple properties with a single customer, whether or not subject to a master lease.

(5)Represents the ratio of purchase price to replacement cost (new) at acquisition.

(6)STORE Capital calculates a unit’s FCCR generally as the ratio of (i) the unit’s EBITDAR, less a standardized corporate overhead expense based on estimated industry standards, to (ii) the unit’s total fixed charges, which are its lease expense, interest expense and scheduled principal payments on indebtedness. The 4-Wall coverage ratio refers to a unit’s FCCR before taking into account standardized corporate overhead expense.

(7)Represents the percentage of the Company’s contracts that have a STORE Score that is investment grade or higher. The Company measures the credit quality of its portfolio on a contract-by-contract basis using the STORE Score, which is a risk measure reflective of both the credit risk of its tenants and the profitability of the operations at the properties.  As of June 30, 2015, STORE Capital’s tenants had a median tenant credit profile of approximately ‘Ba1’ as measured by Moody’s Analytics RiskCalc rating scale.  However, considering the profitability of the operations at its properties and STORE’s assessment of the likelihood the tenants will choose to continue to operate at the properties in the event of their insolvency, the credit quality of its contracts, or STORE Score, is enhanced to a median of ‘A3’.

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Capital Transactions

On June 9, 2015, STORE Capital completed a follow-on public offering of 11.6 million shares of its common stock sold by the Company and 9.7 million shares sold by the selling stockholder at a price of $20.25 per share. The offering generated net proceeds to the Company of $224.7 million. The net proceeds from the offering were used to repay all amounts outstanding under the Company’s credit facility and to fund real estate acquisitions.

On April 16, 2015, the Company’s consolidated special purpose entities issued an additional series of STORE Master Funding net-lease mortgage notes consisting of $365.0 million of Class A notes and $30.0 million of Class B notes.  The Class B notes were retained by the Company.

2015 AFFO Guidance

STORE Capital is raising its expectations for 2015 AFFO per share from a range of $1.34 to $1.40 to a range of $1.38 to $1.42, based on projected 2015 annual real estate acquisition volume of approximately $1 billion. This AFFO per share guidance equates to anticipated net income of $0.61 to $0.64 per share, plus $0.69 to $0.70 per share of expected real estate depreciation and amortization, plus approximately $0.08 per share related to noncash items and real estate transaction costs. AFFO per share is sensitive to the timing and amount of real estate acquisitions during the year, as well as to the spread achieved between the lease rates on new acquisitions and the interest rates on borrowings used to finance those acquisitions.

Conference Call and Webcast

A conference call and audio webcast with analysts and investors will be held this morning at 11:00 a.m. Eastern Time / 8:00 a.m. Scottsdale, Arizona Time, to discuss second quarter 2015 operating results and answer questions.

·Live conference call: 855-656-0920 (domestic) or 412-542-4168 (international)

·Conference call replay available through August 28, 2015: 877-344-7529 (domestic) or 412-317-0088 (international)

·Replay access code: 10069735

·Live and archived webcast: http://ir.storecapital.com/webcasts

About STORE Capital

STORE Capital Corporation is an internally managed net-lease real estate investment trust, or REIT, that is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. STORE Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in 1,175 property locations, substantially all of which are profit centers, in 46 states. Additional information about STORE Capital can be found on its website at www.storecapital.com.

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Forward-Looking Statements

Certain statements contained in this press release that are not historical facts contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Forward-looking statements can be identified by the use of words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximate” or “plan,” or the negative of these words and phrases or similar words or phrases. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. For more information on risk factors for STORE Capital’s business, please refer to the periodic reports the Company files with the Securities and Exchange Commission from time to time. These forward-looking statements herein speak only as of the date of this press release and should not be relied upon as predictions of future events. STORE Capital expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein, to reflect any change in STORE Capital’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law.

Non-GAAP Financial Measures

FFO and AFFO

STORE Capital’s reported results are presented in accordance with U.S. generally accepted accounting principles, or GAAP. The Company also discloses Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO, both of which are non-GAAP measures. Management believes these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or to cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

The Company computes FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income, excluding gains (or losses) from extraordinary items and sales of depreciable property, real estate impairment losses, and depreciation and amortization expense from real estate assets, including the pro rata share of such adjustments of unconsolidated subsidiaries.

To derive AFFO, the Company modifies the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rents, amortization of deferred financing costs and stock-based compensation. In addition, in deriving AFFO, the Company excludes transaction costs associated with acquiring real estate subject to existing leases.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among the Company’s peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and

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implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. Management believes that AFFO provides more useful information to investors and analysts because it modifies FFO to exclude additional non-cash revenues and expenses such as straight-line rents, amortization of deferred financing costs and stock-based compensation as such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. Additionally, in deriving AFFO, the Company excludes transaction costs associated with acquiring real estate subject to existing leases. The Company views transaction costs to be a part of the investment in the real estate it acquires, similar to the treatment of acquisition and closing costs on sale-leaseback transactions, which are capitalized as a part of the investment in the asset. The Company believes that transaction costs are not an ongoing cost of the portfolio in place at the end of each reporting period and, for these reasons, the portion expensed is added back when computing AFFO.  As a result, the Company believes AFFO to be a more meaningful measurement of ongoing performance that allows for greater performance comparability.  Therefore, the Company discloses both FFO and AFFO and reconciles them to the most appropriate GAAP performance metric, which is net income.  STORE Capital’s FFO and AFFO may not be comparable to similarly titled measures employed by other companies.

Media and Investor Contacts:

Financial Profiles, Inc.

Moira Conlon, 310-622-8220

Beth Sackovich, 310-622-8237

STORECapital@finprofiles.com

Financial tables begin on following page —

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STORE Capital Corporation
Condensed Consolidated Statements of Income
(In thousands, except share and per share data)

	Three months endedJune 30,				Six months endedJune 30,
	2015		2014		2015		2014
	(unaudited)				(unaudited)
Revenues:
Rental revenues	$	65,662	$	42,609	$	124,500	$	80,143
Interest income on loans and direct financing receivables	3,217		2,059		5,815		3,849
Other income	21		354		44		359
Total revenues	68,900		45,022		130,359		84,351
Expenses:
Interest	20,637		16,637		37,866		31,042
Transaction costs	607		1,160		866		1,558
Property costs	356		108		651		145
General and administrative	7,210		4,883		13,845		9,066
Depreciation and amortization	21,568		13,149		40,460		24,710
Provision for impairment of real estate	—		—		1,000		—
Total expenses	50,378		35,937		94,688		66,521
Income from continuing operations before income taxes	18,522		9,085		35,671		17,830
Income tax expense	83		50		166		102
Income from continuing operations	18,439		9,035		35,505		17,728
Income from discontinued operations	—		250		—		1,096
Income before gain on dispositions of real estate investments	18,439		9,285		35,505		18,824
Gain on dispositions of real estate investments	1,195		1,137		1,195		1,137
Net income	$	19,634	$	10,422	$	36,700	$	19,961
Net income per share of common stock - basic and diluted:
Continuing operations	$	0.17	$	0.14	$	0.31	$	0.28
Net income	$	0.17	$	0.15	$	0.31	$	0.30
Weighted average common shares outstanding	117,507,861		70,413,343		116,078,522		66,739,688
Dividends declared per common share	$	0.2500	$	0.2455	$	0.5000	$	0.4850

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STORE Capital Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)

	June 30, 2015			December 31, 2014
	(unaudited)			(audited)
Assets
Investments:
Real estate investments:
Land and improvements	$	1,032,120		$	843,843
Buildings and improvements	2,189,415			1,790,530
Intangible lease assets	73,642			60,184
Total real estate investments	3,295,177			2,694,557
Less accumulated depreciation and amortization	(137,784		)	(98,671		)
	3,157,393			2,595,886
Real estate investments held for sale, net	10,633			—
Loans and direct financing receivables	168,273			111,354
Net investments	3,336,299			2,707,240
Cash and cash equivalents	66,244			136,313
Deferred costs, net	42,277			37,136
Other assets	43,039			32,923
Total assets	$	3,487,859		$	2,913,612
Liabilities and stockholders’ equity
Liabilities:
Credit facility	$	—		$	—
Non-recourse debt obligations of consolidated special purpose entities, net	1,638,811			1,284,151
Dividends payable	31,715			13,123
Accounts payable and accrued expenses	25,650			30,486
Other liabilities	6,030			3,168
Total liabilities	1,702,206			1,330,928
Stockholders’ equity:
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 126,858,765 and 115,212,541 shares issued and outstanding, respectively	1,269			1,152
Capital in excess of par value	1,862,951			1,636,203
Distributions in excess of retained earnings	(78,239		)	(54,405		)
Accumulated other comprehensive loss	(328		)	(266		)
Total stockholders’ equity	1,785,653			1,582,684
Total liabilities and stockholders’ equity	$	3,487,859		$	2,913,612

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STORE Capital Corporation
Reconciliations of Non-GAAP Financial Measures

(In thousands, except per share data)

Funds from Operations and Adjusted Funds from Operations

	Three months endedJune 30,						Six months endedJune 30,
	2015			2014			2015			2014
Net income	$	19,634		$	10,422		$	36,700		$	19,961
Depreciation and amortization of real estate assets	21,483			13,074			40,293			24,565
Provision for impairment of real estate	—			—			1,000			—
Gain on dispositions of real estate	(1,195		)	(1,363		)	(1,195		)	(2,106		)
Funds from Operations	39,922			22,133			76,798			42,420
Adjustments:
Straight-line rental revenue, net	(991		)	(886		)	(1,099		)	(1,502		)
Transaction costs	607			1,160			866			1,558
Non-cash equity-based compensation	1,263			767			2,160			1,140
Non-cash interest expense	1,654			1,478			3,051			2,812
Amortization of lease-related intangibles and costs	335			340			555			449
Adjusted Funds from Operations	$	42,790		$	24,992		$	82,331		$	46,877
Dividends declared to common stockholders	$	31,715		$	16,800		$	60,537		$	31,940
Net income per share of common stock:
Basic and Diluted (1)	$	0.17		$	0.15		$	0.31		$	0.30
FFO per share of common stock:
Basic and Diluted (1)	$	0.34		$	0.31		$	0.66		$	0.63
AFFO per share of common stock:
Basic and Diluted (1)	$	0.36		$	0.35		$	0.71		$	0.70

(1)Under the two class method, earnings attributable to unvested restricted stock are deducted from earnings in the computation of per share amounts where applicable.

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STORE Capital Corporation

Investment Portfolio

June 30, 2015

Real Estate Portfolio Information

As of June 30, 2015, STORE Capital’s total investment in real estate and loans approximated $3.5 billion, representing investments in 1,175 property locations, substantially all of which are profit centers for its customers.  The Company’s real estate portfolio is highly diversified.  The following tables summarize the diversification of the real estate portfolio based on the percentage of base rent and interest, annualized based on rates in effect on June 30, 2015, for all leases, loans and direct financing receivables in place as of that date.

Diversification by Customer

STORE Capital has a diverse customer base. At June 30, 2015, the Company’s 1,175 property locations were operated by 274 customers. No single customer represented more than 3.0% of annualized base rent and interest and the top ten customers totaled 17% of annualized base rent and interest. The following table identifies STORE Capital’s ten largest customers as of June 30, 2015:

Customer	% of Annualized Base Rent and Interest		Number of Properties
Gander Mountain Company	2.92	%	12
SMH Theatres, Inc. (1)	2.49		10
O’Charley’s LLC	1.96		30
Sailormen, Inc.	1.56		41
FreedomRoads, LLC	1.52		8
Bellisio Foods, Inc.	1.47		2
Rainbow Early Education Holding, LLC	1.40		34
Hill Country Holdings, LLC	1.23		6
Conn’s, Inc.	1.22		7
RMH Franchise Holdings, Inc.	1.21		17
All other (264 customers)	83.02		1,008
Total	100.00	%	1,175

(1)SMH Theatres, Inc. has announced that it has entered into an agreement to be acquired by AMC Entertainment Holdings, Inc., subject to regulatory approval and customary closing conditions.

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STORE Capital Corporation

Investment Portfolio

June 30, 2015

Diversification by Concept

STORE Capital’s customers operate their businesses under a wide range of brand names or business concepts. Of the 259 concepts represented in the Company’s investment portfolio as of June 30, 2015, the largest single concept represented 3.0% of annualized base rent and interest and the top ten concepts totaled less than 21% of annualized base rent and interest. The following table identifies the top ten customer business concepts as of June 30, 2015:

Customer Business Concept	% of Annualized Base Rent and Interest		Number of Properties
Ashley Furniture HomeStore	3.00	%	17
Gander Mountain	2.92		12
Applebee’s	2.49		36
Popeyes Louisiana Kitchen	2.07		57
Starplex Cinemas	2.06		8
O’Charley’s	1.96		30
FreedomRoads	1.52		8
KFC	1.47		49
Bellisio Foods	1.47		2
Rainbow Child Care Center	1.40		34
All other (249 concepts)	79.64		922
	100.00	%	1,175

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STORE Capital Corporation

Investment Portfolio

June 30, 2015

Diversification by Industry

The business concepts of STORE Capital’s customers are diversified across 79 industries within the service, retail and industrial sectors of the U.S. economy.  The following table summarizes those industries as of June 30, 2015:

Customer Industry	% of Annualized Base Rent and Interest		Number of Properties	Building Square Footage (in thousands)
Service:
Restaurants — full service	17.59	%	279	2,039
Restaurants — limited service	9.62		302	881
Health clubs	7.35		46	1,499
Early childhood education centers	7.30		127	1,318
Movie theaters	6.80		30	1,131
Colleges and professional schools	2.70		6	466
Automotive repair and maintenance	1.89		42	168
Family entertainment centers	1.67		6	336
All other service (33 industries)	17.99		165	5,051
Total service	72.91		1,003	12,889
Retail:
Furniture stores	4.36		24	1,440
Sporting goods stores	3.44		15	983
All other retail (11 industries)	6.82		56	2,507
Total retail	14.62		95	4,930
Industrial:
Total industrial (25 industries)	12.47		77	8,370
Total	100.00	%	1,175	26,189

13

STORE Capital Corporation

Investment Portfolio

June 30, 2015

Diversification by Geography

STORE Capital’s portfolio is also highly diversified by geography, as the Company’s 1,175 property locations can be found in 46 of the 50 states (excluding Alaska, Delaware, Hawaii and Rhode Island). The following table details the top ten geographical locations of the properties as of June 30, 2015:

State	% of Annualized Base Rent and Interest		Number of Properties
Texas	12.28	%	91
Illinois	7.52		80
Ohio	6.10		70
Tennessee	5.88		74
Georgia	5.80		82
Florida	4.50		63
Arizona	4.19		39
Pennsylvania	4.14		32
California	3.88		22
North Carolina	3.74		78
All other (36 states) (1)	41.97		544
	100.00	%	1,175

(1)Includes one property in Ontario, Canada which represents less than 0.2% of annualized base rent and interest.

14

STORE Capital Corporation

Investment Portfolio

June 30, 2015

Lease Expirations

The Company focuses on long-term, triple-net leases with built-in lease escalators and uses master leases, where appropriate. As of June 30, 2015, 97% of the Company’s investment portfolio was subject to a triple-net lease. Where the Company owns multiple properties leased to a single customer, 77% of this portion of the investment portfolio was subject to a master lease. Leases and loans representing less than 10% of the annualized base rent and interest will expire in the next ten years (before 2025). The following table sets forth the schedule of lease, loan and direct financing receivable expirations as of June 30, 2015:

Year of Lease Expiration or Loan Maturity (1)	% of Annualized Base Rent and Interest		Number of Properties (2)
Remainder of 2015	0.00	%	—
2016	0.01		—
2017	0.34		4
2018	0.42		3
2019	0.97		9
2020	0.72		4
2021	1.26		7
2022	0.36		4
2023	3.04		38
2024	1.99		21
Thereafter	90.89		1,079
Total	100.00	%	1,169

(1)Expiration year of contracts in place as of June 30, 2015 and excludes any tenant renewal option periods.

(2)Excludes six properties which were vacant and not subject to a lease as of June 30, 2015.

15

EX-99.2

Exhibit 99.2

2Q15 Supplemental Information NYSE: STOR August 13, 2015 ir.storecapital.com SINGLE TENANT OPERATIONAL REAL ESTATE

Table of Contents This Supplemental Information should be read in connection with the Company’s second quarter 2015 earnings press release (included as Exhibit 99.1 of the Company’s current report on Form 8-K, filed on August 13, 2015) as certain disclosures, definitions and reconciliations in such announcement have not been included in this Supplemental Information. STORE is Single Tenant Operational Real Estate 2 STORE is a Growth REIT addressing a Large Market 3 Financial Condensed Consolidated Statements of Income 4 Funds from Operations and Adjusted Funds from Operations 5 Condensed Consolidated Balance Sheets 6 Adjusted Debt to Adjusted EBITDA 7 Debt Summary and Maturities 8 Portfolio Portfolio – At a Glance 9 Portfolio Contract Quality 10 Diversification Across Customers 11 Diversification Across Concepts 12 Diversification Across Geographies and Industries 13 Contract Expirations and Occupancy 14 Rent Escalations 15 Supplemental Reporting Measures and Forward-Looking Statements 17

STORE is Single Tenant Operational Real Estate About STORE Capital STORE Capital Corporation is an internally managed net-lease real estate investment trust, or REIT, that is a leader in the acquisition, investment and management of Single Tenant Operational Real Estate, or STORE Properties, which is our target market and the inspiration for our name. STORE continues the investment activities of our senior leadership team, which has been investing in single-tenant operational, or profit-center, real estate for over three decades. We are the largest and fastest growing net-lease REIT and own a large, well-diversified portfolio that consists of investments in 1,175 property locations or $3.5 billion in gross investment dollars at June 30, 2015. Our customers operate across a wide variety of industries within the service, retail and industrial sectors of the U.S. economy, with restaurants, health clubs, early childhood education centers, movie theaters and furniture stores representing the top industries in our portfolio. We estimate the market for STORE Properties to be among the nation’s largest real estate sectors, exceeding $2 trillion in market value and including more than 1.5 million properties. For more information about STORE Capital, please visit our website at www.storecapital.com. Common Stock Our common stock is traded on the New York Stock Exchange under the symbol “STOR” Closing price on June 30, 2015: $ 20.10 Corporate Headquarters 8501 East Princess Drive, Suite 190 Scottsdale, Arizona 85255 480.256.1100 STORE Senior Leadership Team Christopher H. Volk, President and Chief Executive Officer Catherine Long, Chief Financial Officer Mary Fedewa, Executive Vice President – Acquisitions Christopher K. Burbach, Executive Vice President – Underwriting Michael J. Zieg, Executive Vice President – Portfolio Management Michael T. Bennett, Executive Vice President and General Counsel What We Do We were formed to fill the needs of thousands of middle market and larger companies for efficient long-term capital for their profit-center real estate. In addressing this large market, we have maintained a significant investment pipeline of targeted investment opportunities since the day we opened our doors. These opportunities allow us to be selective, choosing strong tenants and investments that offer attractive risk-adjusted returns.

STORE is a Growth REIT addressing a Large Market The market for STORE Properties exceeds $2 trillion in market value and includes more than 1.5 million properties. Despite the market's size, the financing marketplace for STORE Properties is highly fragmented, with few participants addressing the long-term capital needs of middle market and larger nonrated companies. TOTAL TARGET MARKET SIZE ($2.3 TRILLION) KEY GROWTH DRIVERS We Create Demand We create stockholder value through more than real estate aggregation. We originate approximately 75% of our real estate investments through direct tenant relationships which offer both our tenants and investors superior value. We are Scalable in our Operations As we grow, we expect the cost to manage our portfolio to decline as a percentage of investment value. We built STORE with highly efficient systems to enable this operating leverage. We Have an Efficient Capital Structure Our A+ rated long-term debt conduit, STORE Master Funding, short-term unsecured borrowing capacity and over $1 billion in unencumbered assets provide us with access to long-term, low-cost capital. MARKET OVERVIEW Retail 37 % Service 47 % Industrial 16 %

Condensed Consolidated Statements of Income Three Months Ended June 30, Six Months Ended June 30, $ thousands, except share and per share data 2015 2014 2015 2014 Revenues: (unaudited) (unaudited) Rental revenues $ 65,662 $ 42,609 $ 124,500 $ 80,143 Interest income on loans and direct financing receivables 3,217 2,059 5,815 3,849 Other income 21 354 44 359 Total revenues 68,900 45,022 130,359 84,351 Expenses: Interest 20,637 16,637 37,866 31,042 Transaction costs 607 1,160 866 1,558 Property costs 356 108 651 145 General and administrative 7,210 4,883 13,845 9,066 Depreciation and amortization 21,568 13,149 40,460 24,710 Provision for impairment of real estate - - 1,000 - Total expenses 50,378 35,937 94,688 66,521 Income from continuing operations before income taxes 18,522 9,085 35,671 17,830 Income tax expense 83 50 166 102 Income from continuing operations 18,439 9,035 35,505 17,728 Income from discontinued operations - 250 - 1,096 Income before gain on dispositions of real estate investments 18,439 9,285 35,505 18,824 Gain on dispositions of real estate investments 1,195 1,137 1,195 1,137 Net income $ 19,634 $ 10,422 $ 36,700 $ 19,961 Net income per share of common stock – basic and diluted $ 0.17 $ 0.15 $ 0.31 $ 0.30 Dividends declared per common share $ 0.2500 $ 0.2455 $ 0.5000 $ 0.4850 Weighted Average Common Shares Outstanding 117,507,861 70,413,343 116,078,522 66,739,688

Funds from Operations and Adjusted Funds from Operations Three Months Ended June 30, Six Months Ended June 30, $ thousands, except per share data 2015 2014 2015 2014 Net income (unaudited) (unaudited) $ 19,634 $ 10,422 $ 36,700 $ 19,961 Depreciation and amortization of real estate assets 21,483 13,074 40,293 24,565 Provision for impairment of real estate - - 1,000 - Gains on dispositions of real estate (1,195) (1,363) (1,195) (2,106) Funds From Operations (FFO) $ 39,922 $ 22,133 $ 76,798 $ 42,420 Adjustments: Straight-line rental revenue, net (991) (886) (1,099) (1,502) Transaction costs 607 1,160 866 1,558 Non-cash equity-based compensation 1,263 767 2,160 1,140 Non-cash interest expense 1,654 1,478 3,051 2,812 Amortization of lease-related intangibles and costs 335 340 555 449 Adjusted Funds From Operations (AFFO) $ 42,790 $ 24,992 $ 82,331 $ 46,877 Net income per share of common stock – basic and diluted1 $ 0.17 $ 0.15 $ 0.31 $ 0.30 FFO per share of common stock – basic and diluted1 $ 0.34 $ 0.31 $ 0.66 $ 0.63 AFFO per share of common stock – basic and diluted1 $ 0.36 $ 0.35 $ 0.71 $ 0.70 1 Under the two class method, earnings attributable to unvested restricted stock are deducted from earnings in the computation of per share amounts where applicable.

Condensed Consolidated Balance Sheets $ thousands, except share and per share data June 30, 2015 December 31, 2014 (unaudited) (audited) Assets Investments: Real estate investments: Land and improvements $ 1,032,120 $ 843,843 Buildings and improvements 2,189,415 1,790,530 Intangible lease assets 73,642 60,184 Total real estate investments 3,295,177 2,694,557 Less accumulated depreciation and amortization (137,784) (98,671) 3,157,393 2,595,886 Real estate investments held for sale, net 10,633 - Loans and direct financing receivables 168,273 111,354 Net investments 3,336,299 2,707,240 Cash and cash equivalents 66,244 136,313 Deferred costs, net 42,277 37,136 Other assets 43,039 32,923 Total assets $ 3,487,859 $ 2,913,612 Liabilities and stockholders’ equity Liabilities: Credit facility $ - $ - Non-recourse debt obligations of consolidated special purpose entities, net 1,638,811 1,284,151 Dividends payable 31,715 13,123 Accounts payable and accrued expenses 25,650 30,486 Other liabilities 6,030 3,168 Total liabilities 1,702,206 1,330,928 Stockholders’ equity Common stock, $0.01 par value per share, 375,000,000 shares authorized, 126,858,765 shares and 115,212,541 shares issued and outstanding, respectively 1,269 1,152 Capital in excess of par value 1,862,951 1,636,203 Distributions in excess of retained earnings (78,239) (54,405) Accumulated other comprehensive loss (328) (266) Total stockholders’ equity 1,785,653 1,582,684 Total liabilities and stockholders’ equity $ 3,487,859 $ 2,913,612

Adjusted Debt to Adjusted EBITDA1 $ thousands, except ratios Three Months Ended June 30, 2015 (unaudited) Debt $ 1,638,811 Add/(deduct) Unamortized net debt premium (199) Cash and cash equivalents (66,244) Restricted cash deposits held for the benefit of lenders (23,215) Total adjustments (89,658) Adjusted Debt $ 1,549,153 Net income $ 19,634 Add/(deduct) Interest 20,637 Depreciation and amortization 21,568 Income tax expense 83 Total adjustments 42,288 EBITDA 61,922 Add/(deduct) Transaction costs 607 Realized gains on sales of real estate (1,195) Total adjustments (588) Adjusted EBITDA $ 61,334 Estimated additional Adjusted EBITDA for the quarter had all leases and loans in place as of June 30, 2015 been in place as of April 1, 2015 3,569 Adjusted EBITDA – Current Estimated Run Rate $ 64,903 Annualized Adjusted EBITDA $ 245,336 Annualized Adjusted EBITDA – Current Estimated Run Rate $ 259,612 Adjusted Debt / Annualized Adjusted EBITDA 6.3 Adjusted Debt / Annualized Adjusted EBITDA – Current Estimated Run Rate 6.0 1 See page 18 for definitions of terms used in the presentation above.

Debt Summary and Maturities Debt maturities Debt summary We seek to employ leverage judiciously, using diverse sources of fixed-rate, long-term financing. We are one of the few REITs to have an A+ rated borrowing capacity, which we define to mean either a corporate credit rating of A+ or higher from a nationally recognized rating agency or a securitization vehicle, or conduit, through which A+ or higher-rated debt securities are issued. Our largest borrowing source is our private conduit program, STORE Master Funding. The flexibility of STORE Master Funding enables us to better offer our customers tailored lease solutions, which we call Master Funding Solutions. PROVEN BORROWING STRATEGIES $ millions Weighted Average Interest Rate Expiration/Maturity Date Outstanding Borrowings Gross Investment Amount of Collateral $300MM unsecured credit facility LIBOR + spread Sept 2017 $ - $ - Total short-term debt - - STORE Master Funding net-lease mortgage notes payable 4.65% 2019 to 2025 1,443 2,034 Other mortgage notes payable 5.13% 2015 to 2038 196 328 Total long-term debt 4.71% 1,639 2,362 Unencumbered real estate assets 1,113 Totals $ 1,639 $ 3,475

Portfolio – At a Glance OUR PORTFOLIO as of June 30, 2015 Investment Property Locations 1,175 Customers 274 Industries in which our Customers Operate 79 States 46 Proportion of Portfolio from Direct Origination ~75% Weighted Average Annual Lease Escalation1 1.7% Weighted Average Remaining Lease Contract Term ~15 Years Occupancy2 99.5% # of Properties not currently operating but subject to a Lease3 6 # of Investment Locations subject to a Ground Lease 8 % of Investment Portfolio subject to NNN Leases (based on annualized base rent and interest) 97% % of Investment Portfolio subject to Master Leases (based on annualized base rent and interest)4 77% Average Investment Amount / Replacement Cost (new) 5 81% % of Investment Locations Providing Unit-Level Financial Reporting 96% Median Unit Fixed Charge Coverage Ratio (FCCR)/4-Wall Coverage Ratio6 1.95x/2.46x Proportion of Investment Contracts Rated Investment Grade7 ~78% Note: See page 16 for the definitions and footnotes referenced above.

Portfolio Contract Quality Expected default frequency & STORE score equivalent Ratings Data as of June 30, 2015. We measure the credit quality of our portfolio on a contract-by-contract basis using the STORE Score, which is a risk measure reflective of both the credit risk of our tenants and the profitability of the operations at our properties. As of June 30, 2015, STORE Capital’s tenants had a median tenant credit profile of approximately ‘Ba1’ as measured by Moody’s Analytics RiskCalc rating scale. However, considering the profitability of the operations at our properties and our assessment of the likelihood the tenants will choose to continue to operate at our properties in the event of their insolvency, the credit quality of our contracts, or STORE Score, is enhanced to a median of ‘A3’. The STORE Score is a quantitative measurement of contract risk computed by stringing together tenant credit quality and estimated store closure probabilities. However, qualitative features can also impact investment risk, such as low property investment amounts, the presence of third party guarantors or other factors. Such qualitative factors may serve to further mitigate investment risk.

Customer % Annualized Base Rent and Interest1 Number of Properties Gander Mountain Company 2.92 % 12 SMH Theatres, Inc.2 2.49 % 10 O'Charley's LLC 1.96 % 30 Sailormen, Inc. 1.56 % 41 FreedomRoads, LLC 1.52 % 8 Bellisio Foods, Inc. 1.47 % 2 Rainbow Early Education Holding, LLC 1.40 % 34 Hill Country Holdings, LLC 1.23 % 6 Conn’s, Inc. 1.22 % 7 RMH Franchise Holdings, Inc. 1.21 % 17 All other (264 customers) 83.02 % 1,008 Total 100.00 % 1,175 Diversification Across Customers 1 Shown as of June 30, 2015, by % of annualized base rent and interest (annualized based on rates in effect on June 30, 2015, for all of leases, loans and direct financing receivables in place as of that date). 2SMH Theatres, Inc. has announced that it has entered into an agreement to be acquired by AMC Entertainment Holdings, Inc., subject to regulatory approval and customary closing conditions. TOP 10 customer ROSTER Customer breakdown Top 10 Customers (% Annualized Base Rent and Interest1) Top 10 Customers 16.98% All Others 83.02%

Customer Business Concept % Annualized Base Rent and Interest¹ Number of Properties Ashley Furniture HomeStore 3.00 % 17 Gander Mountain 2.92 % 12 Applebee’s 2.49 % 36 Popeyes Louisiana Kitchen 2.07 % 57 Starplex Cinemas 2.06 % 8 O’Charley’s 1.96 % 30 FreedomRoads 1.52 % 8 KFC 1.47 % 49 Bellisio Foods 1.47 % 2 Rainbow Child Care Center 1.40 % 34 All other (249 concepts) 79.64 % 922 Total 100.00 % 1,175 Diversification Across Concepts 1 Shown as of June 30, 2015, by % of annualized base rent and interest (annualized based on rates in effect on June 30, 2015, for all of leases, loans and direct financing receivables in place as of that date). Top 10 concepts Concept breakdown Top 10 Concepts (% Annualized Base Rent and Interest¹) Top 10 Concepts 20.36% All Others 79.64%

State % Annualized Base Rent and Interest¹ Number of Properties Texas 12.28 % 91 Illinois 7.52 % 80 Ohio 6.10 % 70 Tennessee 5.88 % 74 Georgia 5.80 % 82 Florida 4.50 % 63 Arizona 4.19 % 39 Pennsylvania 4.14 % 32 California 3.88 % 22 North Carolina 3.74 % 78 All other (36 states)2 41.97 % 544 Total 100.00 % 1,175 Diversification Across Geographies and Industries 1 Shown as of June 30, 2015 by % of annualized base rent and interest (annualized based on rates in effect on June 30, 2015, for all of leases, loans and direct financing receivables in place as of that date). 2 Includes one property in Ontario, Canada which represents less than 0.2% of annualized base rent and interest. TOP ten states Sector breakdown Customer Industry % Annualized Base Rent and Interest¹ Number of Properties Building Square Footage (in thousands) Restaurants – full service 17.59 % 279 2,039 Restaurants – limited service 9.62 % 302 881 Health clubs 7.35 % 46 1,499 Early childhood education centers 7.30 % 127 1,318 Movie theatres 6.80 % 30 1,131 Colleges and professional schools 2.70 % 6 466 Automotive repairs and maintenance 1.89 % 42 168 Family entertainment centers 1.67 % 6 336 All other service industries (33) 17.99 % 165 5,051 Total service 72.91 % 1,003 12,889 Furniture stores 4.36 % 24 1,440 Sporting goods stores 3.44 % 15 983 All other retail industries (11) 6.82 % 56 2,507 Total retail 14.62 % 95 4,930 Total industrial (25) 12.47 % 77 8,370 Total 100.00 % 1,175 26,189

Year of Lease Expiration or Loan Maturity % Annualized Base Rent and Interest¹ Number of Properties Remainder of 2015 0.00 % - 2016 0.01 % - 2017 0.34 % 4 2018 0.42 % 3 2019 0.97 % 9 2020 0.72 % 4 2021 1.26 % 7 2022 0.36 % 4 2023 3.04 % 38 2024 1.99 % 21 Thereafter 90.89 % 1,079 Total 100.00 % 1,169 Contract Expirations and Occupancy 1 Shown as of June 30, 2015, by % of annualized base rent and interest (annualized based on rates in effect on June 30, 2015, for all of leases, loans and direct financing receivables in place as of that date). CONTRACT EXPIRATIONS Leases and loans representing less than 10% of the annualized base rent and interest will expire in the next ten years (before 2025); as of June 30, 2015, six of the Company’s properties were vacant and not subject to a contract. OCCUPANCY 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 99.5% 80.0% 84.0% 88.0% 92.0% 96.0% 100.0% Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Occupancy by Number of Properties 90.89% 9.11% Thereafter Expirations prior to 2025

Rent Escalations 1 Shown as of June 30, 2015, by % of annualized base rent and interest (annualized based on rates in effect on June 30, 2015, for all of leases, loans and direct financing receivables in place as of that date). Lease Escalation Frequency % Annualized Base Rent and Interest¹ Weighted Average Annual Escalation Rate Annually 62 % 1.8 % Every 2 years 1 % 0.1 % Every 3 years 2 % 2.1 % Every 5 years 32 % 1.8 % Every 10 years <1 % 1.0 % Other 3 % NA Total / Weighted Average 100 % 1.7 % At June 30, 2015, approximately 62% of our leases provided for annual escalations. We believe such frequent escalations are unusual in the net lease real estate auction marketplace, where escalations are not uncommon, but are usually less frequent. The majority of the remainder of our leases generally provided for payment escalation every five years. As of June 30, 2015, the weighted average annual escalation rate of our entire portfolio was 1.7% (if the escalations in all of our leases are expressed on an annual basis and assuming the contracts that increase based on CPI increase at the minimum of the stated contractual fixed percentage in the contract). FREQUENT RENT ESCALATIONS PROVIDE A MEASURE OF INFLATION PROTECTION AND A STRONG POTENTIAL SOURCE OF INTERNAL GROWTH Contractual CPI - Based 73.8% Contractual Fixed , 23.4% Flat, 2.8%

Definitions and Footnotes 1 Weighted average annual lease escalation represents the weighted average annual escalation rate of the entire portfolio as if the escalations in all leases were expressed on an annual basis and assumes the contracts that increase based on changes in CPI increase at the minimum of the stated fixed percentage in the contract. 2 We define occupancy as a property being subject to a lease or loan contract. 3 The number of properties not currently operating but subject to a lease represents the number of our investment locations that have been closed by the tenant but remain subject to a lease. 4 The percentage of investment portfolio subject to master leases represents the percentage of the investment portfolio in multiple properties with a single customer subject to master leases. Based on annualized base rent and interest, 85% of the investment portfolio involves multiple properties with a single customer, whether or not subject to a master lease. 5 The average investment amount/replacement cost (new) represents the ratio of purchase price to replacement cost (new) at acquisition. 6 STORE Capital calculates unit fixed charge coverage ratio generally as the ratio of (i) the unit’s EBITDAR, less a standardized corporate overhead expense based on estimated industry standards, to (ii) the unit’s total fixed charges, which are its lease expense, interest expense and scheduled principal payments on indebtedness. The 4-Wall coverage ratio refers to a unit’s FCCR before taking into account standardized corporate overhead expense. 7 The proportion of investment contracts rated investment grade represents the percentage of our contracts that have a STORE Score that is investment grade or higher. We measure the credit quality of our portfolio on a contract-by-contract basis using the STORE Score, which is a risk measure reflective of both the credit risk of our tenants and the profitability of the operations at the properties. See Page 9

Supplemental Reporting Measures and Forward-Looking Statements Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO Our reported results are presented in accordance with U.S. generally accepted accounting principles, or GAAP. We also disclose Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO, both of which are non-GAAP measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or to cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income, excluding gains (or losses) from extraordinary items and sales of depreciable property, real estate impairment losses and depreciation and amortization expense from real estate assets, including the pro rata share of such adjustments of unconsolidated subsidiaries. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rents, amortization of deferred financing costs and stock-based compensation. In addition, in deriving AFFO, we exclude transaction costs associated with acquiring real estate subject to existing leases. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. Management believes that AFFO provides more useful information to investors and analysts because it modifies FFO to exclude additional non-cash revenues and expenses such as straight-line rents, amortization of deferred financing costs and stock-based compensation as such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. Additionally, in deriving AFFO, we exclude transaction costs associated with acquiring real estate subject to existing leases. We view transaction costs to be a part of our investment in the real estate we acquire, similar to the treatment of acquisition and closing costs on our sale-leaseback transactions, which are capitalized as a part of the investment in the asset. We believe that transaction costs are not an ongoing cost of the portfolio in place at the end of each reporting period and, for these reasons, we add back the portion expensed when computing AFFO. As a result, we believe AFFO to be a more meaningful measurement of ongoing performance that allows for greater performance comparability. Therefore, we disclose both FFO and AFFO and reconcile them to the most appropriate GAAP performance metric, which is net income. STORE Capital’s FFO and AFFO may not be comparable to similarly titled measures employed by other companies.

Supplemental Reporting Measures and Forward-Looking Statements EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Adjusted Debt EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA modified to include other adjustments to GAAP net income for transaction costs, non-cash impairment charges and gains on dispositions of real estate. Annualized Adjusted EBITDA is calculated by multiplying Adjusted EBITDA for the quarter by four. Annualized Adjusted EBITDA – Current Estimated Run Rate is calculated based on an estimated Adjusted EBITDA as if all leases and loans in place as of June 30, 2015 had been in place as of April 1, 2015; then annualizing the Adjusted EBITDA for the quarter by multiplying it by four. You should not unduly rely on this metric as it is based on several assumptions and estimates that may prove to be inaccurate. Our actual reported Adjusted EBITDA for future periods may be significantly less than that implied by our reported Annualized Adjusted EBITDA – Current Estimated Run Rate for a variety of reasons. Adjusted Debt represents our outstanding debt (including the unsecured credit facility and non-recourse debt obligations of consolidated special purpose entities) excluding unamortized net debt premium, further reduced for cash and cash equivalents and restricted cash deposits held for the benefit of lenders. We believe excluding unamortized net debt premium, cash and cash equivalents and restricted cash deposits held for the benefit of lenders provides an estimate of the net contractual amount of borrowed capital to be repaid which we believe is a beneficial disclosure to investors and analysts. Adjusted Debt to Annualized Adjusted EBITDA Adjusted Debt to Annualized Adjusted EBITDA, or leverage, is a supplemental non-GAAP financial measure we use to evaluate the level of borrowed capital being used to increase the potential return of our real estate investments. We calculate leverage by dividing Adjusted Debt by Annualized Adjusted EBITDA. Because our portfolio growth level is significant to the overall size of the Company, we believe that presenting this leverage metric on a run rate basis is more meaningful than presenting the metric for the historical quarterly period, and we refer to this metric as Adjusted Debt to Annualized Adjusted EBITDA—Current Estimated Run Rate. Leverage should be considered as a supplemental measure of the level of risk to which stockholder value may be exposed. Our computation of leverage may differ from the methodology employed by other companies, and, therefore, may not be comparable to other measures. We believe that presenting supplemental reporting measures, or non-GAAP measures, such as EBITDA and Adjusted EBITDA is useful to investors and analysts because it provides important information concerning our operating performance exclusive of certain non-cash and other costs. These non-GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies. The following is a summary of the primary inputs into our presentation of these measures.

Supplemental Reporting Measures and Forward-Looking Statements Forward-Looking Statements Certain statements contained in this document that are not historical facts contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Forward-looking statements can be identified by the use of words such as "estimate," "anticipate," "expect," "believe," "intend," "may," "will," "should," "seek," "approximate" or "plan," or the negative of these words and phrases or similar words or phrases. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. For more information on risk factors for our business, please refer to the periodic reports we file with the Securities and Exchange Commission from time to time. These forward-looking statements herein speak only as of the date of this document and should not be relied upon as predictions of future events. STORE Capital expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein, to reflect any change in STORE Capital’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law. Media and Investor Contacts: Financial Profiles, Inc. Moira Conlon, (310) 622-8220 Beth Sackovich, (310) 622-8237 STORECapital@finprofiles.com