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

Date of Report (Date of earliest event reported): February 25, 2021

STORE Capital Corporation

(Exact name of registrant as specified in its charter)

Maryland	001-36739	45-2280254
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

8377 East Hartford Drive, Suite 100

Scottsdale, AZ 85255

(Address of Principal Executive Offices, Including Zip Code)

(480) 256-1100

(Registrant’s Telephone Number, Including Area Code)

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	STOR	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02        Results of Operations and Financial Condition.

On February 25, 2021, STORE Capital Corporation (the “Company”) issued a press release announcing its financial results for the fourth fiscal quarter and full year ended December 31, 2020. The press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference. Additionally, on February 25, 2021, the Company issued its 2020 fourth quarter investor presentation containing operating and financial data of the Company. The investor presentation is furnished hereto as Exhibit 99.2 and incorporated herein by reference. The press release and the investor presentation are also available on the Company’s website.

The information set forth in this Item 2.02 and in the attached Exhibit 99.1 and Exhibit 99.2 is deemed to be “furnished” and shall not be deemed to be “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 7.01        Regulation FD Disclosure.

On February 25, 2021, the Company issued its 2020 fourth quarter investor presentation containing operating and financial data of the Company. The investor presentation is furnished hereto as Exhibit 99.2 and incorporated herein by reference.

The information set forth in this Item 7.01 and in the attached Exhibit 99.2 is deemed to be “furnished” and shall not be deemed to be “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	Description
99.1	Earnings Press Release dated February 25, 2021.
99.2	2020 Fourth Quarter Investor Presentation.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

The press release and investor presentation furnished as Exhibits 99.1 and 99.2 hereto include non-GAAP financial measures as defined in Regulation G, along with the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), information reconciling the non-GAAP financial measures to the GAAP financial measures, and a discussion of the reasons why the Company believes that presentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition and results of operations. The non-GAAP financial measures presented therein should be considered in addition to, and not in lieu of or alternatives to, GAAP financial measures.

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: February 25, 2021
	By:	/s/ Chad A. Freed
		Chad A. Freed
		Executive Vice President – General Counsel, Chief Compliance Officer and Secretary

EX-99.1

Exhibit 99.1

STORE Capital Announces Fourth Quarter

and Full Year 2020 Operating Results

Introduces 2021 Guidance

SCOTTSDALE, Ariz., February 25, 2021 – STORE Capital Corporation (NYSE: STOR, “STORE Capital” or the “Company”), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced operating results for the fourth quarter and full year ended December 31, 2020.

Highlights

For the quarter ended December 31, 2020:

◾ Total revenues of $172.9 million

◾ Net income of $54.7 million, or $0.21 per basic and diluted share, including an aggregate net gain of $16.0 million on dispositions of real estate

◾ AFFO of $115.1 million, or $0.44 per basic and diluted share

◾ Declared a regular quarterly cash dividend per common share of $0.36

◾ Invested $435.6 million in 84 properties at a weighted average initial cap rate of 8.1%

◾ Raised $145.9 million in net proceeds from the sale of an aggregate of approximately 4.8 million common shares under the Company’s at-the-market equity program

◾ Closed third public debt offering, issuing $350.0 million in aggregate principal amount of investment-grade senior unsecured notes in November 2020

For the year ended December 31, 2020:

◾ Total revenues of $694.3 million

◾ Net income of $212.6 million, or $0.84 per basic and diluted share, including an aggregate net gain of $22.8 million on dispositions of real estate

◾ AFFO of $463.0 million, or $1.83 per basic and diluted share

◾ Declared regular cash dividends per common share aggregating $1.42

◾ Invested $1.09 billion in 214 properties at a weighted average initial cap rate of 8.1%

◾ Raised $686.4 million in net proceeds from the sale of an aggregate of approximately 25.7 million common shares under the Company’s at-the-market equity program

Management Commentary

“2020 presented one of the most significant economic challenges in history and STORE delivered,” said Christopher Volk, Chief Executive Officer of STORE Capital. “Our many margins of safety, including attractive contractual lease yields, exceptional portfolio diversity, strong lease escalators, lease contract seniority and a well-protected dividend made all the difference. We concluded the year with liquidity and balance sheet metrics much as they were prior to the pandemic. This strength enabled us to close the year on a high note, with strong fourth quarter investment activity of $435.6 million, raising our full year real estate acquisitions to nearly $1.1 billion. Importantly, this strength also enabled us to enter 2021 well positioned for

STORE Capital Corporation

Page 2of 13

continued growth. The trends we see are encouraging and all of us are optimistic about the opportunity to create continued value in the coming year for our many stakeholders.”

Financial Results

COVID-19 Update

During 2020 and continuing into 2021, the world has been, and continues to be, impacted by the pandemic. COVID-19 and measures to prevent its spread affected the Company by impacting its tenants’ businesses and their ability to pay rent. As restriction have been lifted, the Company’s tenants have increased their business activity and their ability to make rent payments. The Company’s collections of monthly rent and interest have increased from 70% in May 2020 to 93% in February 2021. Nearly all of the Company’s properties have reopened for business with movie theaters remaining as the most impacted by continued social distancing measures. The Company continues to closely monitor unpredictable factors that could impact its business going forward, including the duration of the pandemic; governmental, business and individual actions in response to the pandemic, including the vaccination process; and the overall impact on broad economic activity.

Total Revenues

Total revenues were $172.9 million for the fourth quarter of 2020, a decrease of 0.3% from $173.5 million for the fourth quarter of 2019. Total revenues for 2020 were $694.3 million, an increase of 4.3% from $665.7 million for 2019. The increase was driven primarily by the growth in the size of STORE Capital’s real estate investment portfolio, which grew from $8.8 billion in gross investment amount representing 2,504 property locations and 478 customers at December 31, 2019 to $9.6 billion in gross investment amount representing 2,634 property locations and 519 customers at December 31, 2020. Partially offsetting the revenue increases generated by the growth in the Company’s portfolio was the impact of the COVID-19 pandemic as previously noted.

Net Income

Net income was $54.7 million, or $0.21 per basic and diluted share, for the fourth quarter of 2020, as compared to $59.8 million, or $0.25 per basic and diluted share, for the fourth quarter of 2019. The decrease in net income primarily reflects the impact on revenues and property costs relating to the COVID-19 pandemic. Net income for the fourth quarter of 2020 included an aggregate net gain on dispositions of real estate of $16.0 million, as compared to an aggregate net gain on dispositions of real estate of $11.7 million for the same period in 2019.

Net income includes such items as gain or loss on dispositions of real estate and provisions for impairment, which can vary from quarter to quarter and impact net income and period-to-period comparisons.

Net income for the year ended December 31, 2020 was $212.6 million, or $0.84 per basic and diluted share, compared to $285.0 million, or $1.24 per basic and diluted share, for 2019. Net income for 2020 included an aggregate net gain on dispositions of real estate of $22.8 million as compared to $84.1 million for 2019.

Adjusted Funds from Operations (AFFO)

AFFO for the fourth quarter of 2020 decreased 4.0% to $115.1 million, or $0.44 per basic and diluted share, compared to AFFO of $120.0 million, or $0.51 per basic and $0.50 per diluted share, for the fourth quarter of 2019.

STORE Capital Corporation

Page 3of 13

AFFO for 2020 was $463.0 million, or $1.83 per basic and diluted share, an increase of 1.1% from $458.1 million, or $1.99 per basic and diluted share, for 2019. AFFO for 2020 increased on additional rental revenues and interest income generated by the growth in the Company’s real estate investment portfolio which was partially offset by the impact of the COVID-19 pandemic.

AFFO for the three months and year ended December 31, 2020, included approximately $5.8 million and $57.1 million, respectively, of net revenue that is subject to temporary deferral arrangements with tenants primarily operating in industries most impacted by government shelter-in-place and social distancing orders in response to the COVID-19 pandemic. The Company accounts for these deferral arrangements as rental revenue and a corresponding increase in lease receivables as tenant payments are accrued. For the three months and year ended December 31, 2020, AFFO excluded $8.6 million and $9.9 million, respectively, of cash collected under these temporary deferral arrangements.

Dividend Information

As previously announced, STORE Capital declared a regular quarterly cash dividend per common share of $0.36 for the fourth quarter ended December 31, 2020. This dividend, totaling $95.8 million, was paid on January 15, 2021 to stockholders of record on December 31, 2020.

Real Estate Portfolio Highlights

Investment Activity

The Company originated $435.6 million of gross investments representing 84 property locations during the fourth quarter of 2020; over 85% of this origination volume occurred in December 2020. These origination and other activities resulted in the creation of 16 new customer relationships. The investments had a weighted average initial cap rate of 8.1%. Total investment activity for 2020 was $1.09 billion representing 214 property locations with a weighted average initial cap rate of 8.1%. The Company defines “initial cap rate” for property acquisitions as the initial annual cash rent divided by the purchase price of the property. STORE’s leases customarily have lease escalations, most of which are tied to the consumer price index and subject to a cap. For acquisitions made during the fourth quarter of 2020, the weighted average stated lease escalation cap was 1.7%.

Disposition Activity

During the year ended December 31, 2020, the Company sold 77 properties and recognized an aggregate net gain on the dispositions of real estate of $22.8 million; 34 of these 77 properties were sold in the fourth quarter for an aggregate net gain of $16.0 million. For the year ended December 31, 2020, proceeds from the dispositions of real estate aggregated $215.3 million as compared to an aggregate original investment amount of $236.4 million.

Portfolio

At December 31, 2020, STORE Capital’s real estate portfolio totaled $9.6 billion. Approximately 93% of the portfolio represents commercial real estate properties subject to long-term leases, 7% represents mortgage loans and financing receivables on commercial real estate properties and a nominal amount represents loans receivable secured by the tenants’ other assets. The weighted average non-cancelable remaining term of the leases at December 31, 2020 was approximately 14 years with leases representing approximately 4% of the portfolio scheduled to expire in the next five years.

STORE Capital Corporation

Page 4of 13

The Company’s portfolio of real estate investments is highly diversified across customers, brand names or business concepts, industries and geography. The following table presents a summary of the portfolio.

Portfolio At A Glance - As of December 31, 2020
Investment property locations	2,634
States	49
Customers	519
Industries in which customers operate	116
Investment portfolio subject to Master Leases*(1)	94	%
Average investment amount/replacement cost (new)(2)	80	%
Locations subject to unit-level financial reporting	98	%
Proportion of portfolio from direct origination	~80	%
Contracts on STORE's form*(3)	96	%
Weighted average annual lease escalation(4)	1.9	%
Weighted average remaining lease contract term	~14 years
Occupancy(5)	99.7	%
Properties not operating but subject to a lease(6)	2.2	%
Investment locations subject to a ground lease(7)	0.9	%
Median unit fixed charge coverage ratio (FCCR)/4‑Wall coverage ratio(8)	2.1x/2.6x
Contracts rated investment grade(9)	~73	%

* Based on base rent and interest.

(1) Percentage of investment portfolio in multiple properties with a single customer subject to master leases. Approximately 87% of the investment portfolio involves multiple properties with a single customer, whether or not subject to a master lease.

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

(3) Represents the percentage of lease contracts that were created by STORE or contain preferred contract terms such as unit-level financial reporting, triple-net lease provisions and, when applicable, master lease provisions.

(4) Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occurred annually. For escalations based on a formula including CPI, assumes the stated fixed percentage in the contract or assumes 1.5% if no fixed percentage is in the contract. For contracts with no escalations remaining in the current lease term, assumes the escalation in the extension term. Calculation excludes contracts representing less than 0.1% of base rent and interest where there are no further escalations remaining in the current lease term and there are no extension options.

(5) The Company defines occupancy as a property being subject to a lease or loan contract. As of December 31, 2020, nine of the Company’s properties were vacant and not subject to a contract.

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

(7) Represents the percentage (based on the number of locations) of the Company’s investment locations that are subject to a ground lease.

(8) 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 (if applicable). The 4-Wall coverage ratio refers to a unit’s FCCR before taking into account standardized corporate overhead expense. The weighted average unit FCCR and 4-Wall coverage ratios were 2.9x and 3.8x, respectively.

(9) Represents the percentage of the Company’s contracts that have a STORE Score that is investment grade; amount disclosed represents the average since the inception of the Company. The Company measures the credit quality of its portfolio on a contract-by-contract basis using the STORE Score, which is a proprietary risk measure reflective of both the credit risk of the Company’s tenants and the profitability of the operations at the properties. As of December 31, 2020, STORE Capital’s tenants had a median tenant credit profile of approximately ‘Ba3’ as measured by Moody’s Analytics RiskCalc rating scale. Considering the profitability of the operations at each of its properties and STORE’s assessment of the likelihood that each of 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 ‘Baa3’.

STORE Capital Corporation

Page 5of 13

Capital Transactions

In November 2020, the Company completed its third public debt offering, issuing $350.0 million in aggregate principal amount of unsecured, investment-grade rated 2.75% Senior Notes, due November 2030. A portion of the proceeds from the issuance were used to repay one of its $100 million bank term loans and to prepay, without penalty, $92.3 million of STORE Master Funding Series 2015-1 Class A-1 notes which bore an interest rate of $3.75%.

The Company established a $900 million “at the market” equity distribution program, or ATM Program, in November 2020 and terminated its previous program. During the fourth quarter of 2020, the Company sold an aggregate of approximately 4.8 million common shares at a weighted average share price of $31.10 and raised approximately $145.9 million in net proceeds after the payment of sales agents’ commissions and offering expenses. For the year ended December 31, 2020, the Company sold an aggregate of approximately 25.7 million common shares at a weighted average share price of $27.08 and raised approximately $686.4 million in net proceeds after the payment of sales agents’ commissions and offering expenses.

2021 Guidance

The Company is affirming its guidance, first issued in November 2020, for 2021 real estate acquisition volume, net of projected property sales, of $1.0 billion to $1.2 billion. The Company currently expects 2021 AFFO per share to be within a range of $1.90 to $1.96, based on this projected net acquisition volume. AFFO per share is sensitive to the timing and amount of real estate acquisitions, property dispositions and capital markets activities 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. This AFFO per share guidance equates to anticipated net income, excluding gains or losses on sales of property, of $0.83 to $0.88 per share, plus $0.97 to $0.98 per share of expected real estate depreciation and amortization, plus approximately $0.10 per share related to noncash items. The AFFO per share guidance is based on a weighted average initial cap rate on new acquisitions of 7.7% and target leverage in the range of 5½ to 6 times run-rate net debt to EBITDA.

Conference Call and Webcast

A conference call and audio webcast with analysts and investors will be held today at 4:30 p.m. Eastern Time / 2:30 p.m. Scottsdale, Arizona Time, to discuss fourth quarter ended December 31, 2020 operating results and answer questions.

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

● Conference call replay available through March 11, 2021: 877-344-7529 (domestic) or 412-317-0088 (international)

● Replay access code: 10152068

● Live and archived webcast: https://ir.storecapital.com/news-results/webcasts/default.aspx

STORE Capital Corporation

Page 6of 13

About STORE Capital

STORE Capital Corporation is an internally managed net-lease real estate investment trust, or REIT, that is the 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 more than 2,600property locations across the United States, substantially all of which are profit centers. Additional information about STORE Capital can be found on its website at www.storecapital.com.

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. Many of the risks identified in the periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from the COVID-19 pandemic. 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 a 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.

STORE Capital Corporation

Page 7of 13

To derive AFFO, the Company modifies the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain revenues and expenses that have no impact on the Company’s long-term operating performance, such as straight-line rents, amortization of deferred financing costs and stock-based compensation. In addition, in deriving AFFO, the Company excludes certain other costs not related to its ongoing operations, such as the amortization of lease-related intangibles.

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 (or losses) 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 certain additional revenues and expenses such as straight-line rents, including construction period rent deferrals, and the amortization of deferred financing costs, stock-based compensation and lease-related intangibles as such items have no impact on long-term operating performance. 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.

Contacts:

Financial Profiles, Inc.

STORECapital@finprofiles.com

Investors or Media:

Moira Conlon, 310-622-8220

Lisa Mueller, 310-622-8231

STORE Capital Corporation

Page 8of 13

STORE Capital Corporation

Condensed Consolidated Statements of Income

(In thousands, except share and per share data)

	Three months ended				Year ended
	December 31,				December 31,
	2020		2019		2020		2019
	(unaudited)				(unaudited)		(audited)
Revenues:
Rental revenues	$	161,829	$	162,495	$	644,498	$	625,415
Interest income on loans and financing receivables		10,914		9,760		45,288		33,826
Other income		125		1,200		4,482		6,473
Total revenues		172,868		173,455		694,268		665,714
Expenses:
Interest		41,890		41,559		169,706		158,381
Property costs		7,422		3,033		22,025		10,793
General and administrative		13,943		14,459		49,685		54,274
Depreciation and amortization		62,172		57,340		242,925		221,975
Provisions for impairment		12,031		8,800		23,003		18,751
Total expenses		137,458		125,191		507,344		464,174
Other income:
Net gain on dispositions of real estate		15,960		11,747		22,774		84,142
Income from non-real estate, equity method investment		3,500		—		3,500		—
Income before income taxes		54,870		60,011		213,198		285,682
Income tax expense		146		174		584		707
Net income	$	54,724	$	59,837	$	212,614	$	284,975
Net income per share of common stock - basic and diluted:	$	0.21	$	0.25	$	0.84	$	1.24
Weighted average common shares outstanding:
Basic		263,062,568		236,812,731		252,534,580		229,734,497
Diluted		263,547,523		237,421,068		252,651,040		230,289,541
Dividends declared per common share	$	0.36	$	0.35	$	1.42	$	1.36

STORE Capital Corporation

Page 9of 13

STORE Capital Corporation

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

	December 31, 2020		December 31, 2019
	(unaudited)		(audited)
Assets
Investments:
Real estate investments:
Land and improvements	$	2,807,153	$	2,634,285
Buildings and improvements		6,059,513		5,540,749
Intangible lease assets		61,634		73,366
Total real estate investments		8,928,300		8,248,400
Less accumulated depreciation and amortization		(939,591)		(740,124)
		7,988,709		7,508,276
Real estate investments held for sale, net		22,304		—
Operating ground lease assets		34,683		24,254
Loans and financing receivables, net		650,321		582,267
Net investments		8,696,017		8,114,797
Cash and cash equivalents		166,381		99,753
Other assets, net		141,942		81,976
Total assets	$	9,004,340	$	8,296,526
Liabilities and stockholders’ equity
Liabilities:
Credit facility	$	—	$	—
Unsecured notes and term loans payable, net		1,509,612		1,262,553
Non-recourse debt obligations of consolidated special purpose entities, net		2,212,634		2,328,489
Dividends payable		95,801		83,938
Operating lease liabilities		39,317		29,347
Accrued expenses, deferred revenue and other liabilities		131,198		106,814
Total liabilities		3,988,562		3,811,141
Stockholders’ equity:
Common stock, $0.01 par value per share, 375,000,000 shares authorized, 266,112,676 and 239,822,900 shares issued and outstanding, respectively		2,661		2,398
Capital in excess of par value		5,475,889		4,787,932
Distributions in excess of retained earnings		(459,977)		(302,609)
Accumulated other comprehensive loss		(2,795)		(2,336)
Total stockholders’ equity		5,015,778		4,485,385
Total liabilities and stockholders’ equity	$	9,004,340	$	8,296,526

STORE Capital Corporation

Page 10of 13

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 ended				Year ended
	December 31,				December 31,
	2020		2019		2020		2019
	(unaudited)				(unaudited)
Net income	$	54,724	$	59,837	$	212,614	$	284,975
Depreciation and amortization of real estate assets		62,108		57,265		242,636		221,665
Provision for impairment of real estate		11,778		8,800		21,978		18,751
Net gain on dispositions of real estate		(15,960)		(11,747)		(22,774)		(84,142)
Funds from Operations (1)		112,650		114,155		454,454		441,249
Adjustments:
Straight-line rental revenue:
Fixed rent escalations accrued		(809)		(1,827)		(8,087)		(6,021)
Construction period rent deferrals		538		751		1,940		1,604
Amortization of:
Equity-based compensation		3,020		3,620		4,665		11,703
Deferred financing costs and other		2,517		3,237		8,827		9,689
Lease-related intangibles and costs		736		737		3,034		2,856
Provision for loan losses		253		—		1,025		—
Lease termination fees		(15)		(321)		(602)		(4,096)
Capitalized interest		(251)		(366)		(751)		(1,600)
(Income) loss from non-real estate, equity method investment		(3,500)				(3,500)		—
Executive severance costs		—		—		1,980		1,956
Loss on defeasance of debt		—		—		—		735
Adjusted Funds from Operations (1)	$	115,139	$	119,986	$	462,985	$	458,075
Dividends declared to common stockholders	$	95,801	$	83,938	$	363,996	$	316,804
Net income per share of common stock: (2)
Basic and Diluted	$	0.21	$	0.25	$	0.84	$	1.24
FFO per share of common stock: (2)
Basic	$	0.43	$	0.48	$	1.80	$	1.92
Diluted	$	0.43	$	0.48	$	1.80	$	1.91
AFFO per share of common stock: (2)
Basic	$	0.44	$	0.51	$	1.83	$	1.99
Diluted	$	0.44	$	0.50	$	1.83	$	1.99

(1) FFO and AFFO for the three months and year ended December 31, 2020, include approximately $5.8 million and $57.1 million, respectively, of net revenue that is subject to the short-term deferral arrangements entered into in response to the COVID-19 pandemic; the Company accounts for these deferral arrangements as rental revenue and a corresponding increase in receivables. For the three months and year ended December 31, 2020, FFO and AFFO exclude $8.6 million and $9.9 million, respectively, collected under these short-term deferral arrangements.

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

STORE Capital Corporation

Page 11 of 13

STORE Capital Corporation

Investment Portfolio

December 31, 2020

Real Estate Portfolio Information

As of December 31, 2020, STORE Capital’s total investment in real estate and loans approximated $9.6 billion, representing investments in 2,634 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 December 31, 2020, for all leases, loans and financing receivables in place as of that date.

Diversification by Customer

STORE Capital has a diverse customer base. At December 31, 2020, the Company’s property locations were operated by 519 customers. The largest single customer represented 3.1% of base rent and interest and the top ten customers totaled 18.1% of base rent and interest. STORE Capital’s customers operate their businesses under a wide range of brand names or business concepts. Of the nearly 760 concepts represented in the Company’s investment portfolio as of December 31, 2020, the largest single concept represented 2.4% of base rent and interest; more than 80% of base rent and interest consists of concepts each representing less than 1% of base rent and interest.

The following table identifies STORE Capital’s ten largest customers as of December 31, 2020:

	% of
	Base Rent and		Number of
Customer	Interest		Properties
Spring Education Group Inc. (Stratford School/Nobel Learning Communities)	3.1	%	27
Fleet Farm Group LLC	2.4		9
Bass Pro Group, LLC (Cabela's)	1.8		10
Cadence Education, Inc. (Early childhood/elementary education)	1.8		49
Dufresne Spencer Group Holdings, LLC (Ashley Furniture HomeStore)	1.7		25
US LBM Holdings, LLC (Building materials distribution)	1.6		57
CWGS Group, LLC (Camping World/Gander Outdoors)	1.6		20
American Multi-Cinema, Inc. (AMC/Carmike/Starplex)	1.4		14
Loves Furniture, Inc.	1.4		19
Zips Holdings, LLC	1.3		40
All other (509 customers)	81.9		2,364
Total	100.0	%	2,634

STORE Capital Corporation

Page 12 of 13

STORE Capital Corporation

Investment Portfolio

December 31, 2020

Diversification by Industry

The business concepts of STORE Capital’s customers are diversified across more than 100industries within the service, retail and manufacturing sectors of the U.S. economy. The following table summarizes these industries, by sector, into 76 industry groups as of December 31, 2020:

				Building
	% of			Square
	Base Rent and		Number of	Footage
Customer Industry Group	Interest		Properties	(in thousands)
Service:
Restaurants – full service	8.1	%	373	2,573
Restaurants – limited service	4.7		377	1,016
Early childhood education	5.9		244	2,556
Health clubs	5.5		93	3,382
Automotive repair and maintenance	4.7		176	941
Movie theaters	3.8		37	1,881
Pet care	3.5		182	1,685
Family entertainment	3.4		41	1,631
Behavioral Health	3.2		72	1,301
Lumber and construction materials wholesalers	3.0		124	5,538
Elementary and secondary schools	2.8		15	799
Medical and dental	2.8		116	1,182
Equipment sales and leasing	2.0		51	1,301
Wholesale automobile auction	1.2		8	428
Logistics	1.1		23	1,792
Metal and mineral merchant wholesalers	1.1		26	2,152
All other service (19 industry groups)	7.7		182	10,883
Total service	64.5		2,140	41,041
Retail:
Furniture	4.4		69	3,983
Farm and ranch supply	4.1		42	4,210
Recreational vehicle dealers	2.0		27	1,165
Used car dealers	1.8		29	312
Hunting and fishing	1.7		9	758
Home furnishings	1.3		11	1,262
New car dealers	0.7		9	273
All other retail (11 industry groups)	1.7		42	1,672
Total retail	17.7		238	13,635
Manufacturing:
Metal fabrication	4.9		91	10,949
Food processing	2.4		21	2,754
Plastic and rubber products	1.7		18	2,961
Furniture manufacturing	1.3		12	2,980
Automotive parts and accessories	1.0		16	2,408
Electronics equipment	1.0		11	1,006
Aerospace product and parts	0.9		14	1,316
All other manufacturing (16 industry groups)	4.6		73	7,779
Total manufacturing	17.8		256	32,153
Total	100.0	%	2,634	86,829

STORE Capital Corporation

Page 13 of 13

STORE Capital Corporation

Investment Portfolio

December 31, 2020

Diversification by Geography

STORE Capital’s portfolio is also highly diversified by geography, as the Company’s property locations can be found in every state except Hawaii. The following table details the top ten geographical locations of the properties as of December 31, 2020:

	% of
	Base Rent and		Number of
State	Interest		Properties
Texas	10.5	%	273
California	6.3		76
Illinois	6.0		158
Florida	5.5		161
Ohio	5.2		143
Georgia	4.9		144
Wisconsin	4.9		62
Arizona	4.7		90
Tennessee	3.7		115
Michigan	3.5		90
All other (39 states) (1)	44.8		1,322
Total	100.0	%	2,634

(1) Includes one property in Ontario, Canada which represents less than 0.1% of base rent and interest.

Contracts and Expirations

The Company focuses on long-term, triple-net leases with built-in lease escalators and uses master leases, where appropriate. As of December 31, 2020, 99% of the Company’s investment portfolio was subject to triple-net leases. Where the Company owns multiple properties leased to a single customer, 94% of this portion of the investment portfolio was subject to master leases. Leases and loans representing approximately 4.1% of the base rent and interest will expire in the next five years (before 2026). The following table sets forth the schedule of lease, loan and financing receivable expirations as of December 31, 2020:

	% of
	Base Rent and		Number of
Year of Lease Expiration or Loan Maturity (1)	Interest		Properties (2)
2021	0.8	%	18
2022	0.4		9
2023	1.1		9
2024	0.6		18
2025	1.2		26
2026	1.5		51
2027	2.0		55
2028	3.2		65
2029	5.9		170
2030	3.9		159
Thereafter	79.4		2,045
Total	100.0	%	2,625

(1) Expiration year of contracts in place as of December 31, 2020, excluding any tenant renewal option periods.

(2) Excludes nine properties that were vacant and not subject to a lease as of December 31, 2020.

EX-99.2

Exhibit 99.2

A Class of Our Own 2020 FOURTH QUARTER INVESTOR PRESENTATION

2020 Fourth Quarter Investor Presentation 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities and trends in our business, including trends in the market for long-term, triple-net leases of freestanding, single-tenant properties. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this presentation may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation, the risks described in our Annual Reports on Form 10-K, quarterly reports on form 10-Q, and current reports on form 8-K. Forward-looking statements set forth herein speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law. THIS PRESENTATION CONTAINS HISTORICAL PERFORMANCE INFORMATION REGARDING STORE CAPITAL, AS WELL AS OTHER COMPANIES PREVIOUSLY MANAGED BY OUR SENIOR EXECUTIVE TEAM. SUCH PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. This presentation contains references to our copyrights, trademarks and service marks and to those belonging to other entities. Solely for convenience, copyrights, trademarks, trade names and service marks referred to in this presentation may appear without the “© “ or “TM” OR “sm” Symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these copyrights, trademarks, trade names and service marks. We do not intend our use or display of other companies’ trade names, copyrights, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Definitions and footnotes for data provided herein are provided in the appendix section of this presentation. Unless otherwise indicated, data provided herein is as of December 31, 2020. Disclaimer

2020 Fourth Quarter Investor Presentation 3 Contents 4 STORE CAPITAL SNAPSHOT 5 A CLASS OF OUR OWN Our Asset Class. Our Market. Our Customers. Our Business Model. Our Capital Structure. Our Contract Quality. Our External Growth, Internal Growth and Risk Adjusted Returns. Our Portfolio. Our Investment Diversity. Our Top Ten Customers. Our Investment Pipeline Activity. Our Long Lease Terms and Superior Origination Platform. Our Growth and Performance. Our Corporate Responsibility: Commitment to All Stakeholders. Highlights of Our Asset Class. 25 APPENDIX (Important Supporting Information) Dividend Growth and Protection. Portfolio Management Impact on Growth. Portfolio Management Performance. 29 FINANCIAL INFORMATION 37 COVID-19 UPDATE 39 DEFINITIONS AND FOOTNOTES

2020 Fourth Quarter Investor Presentation 4 STORE Capital Snapshot “In founding STORE, our idea was to deliver investors superior risk- adjusted rates of return through the creation of investment-grade net lease contracts with non-rated tenants through contract seniority, a consistent investment approach and extensive portfolio diversification.” Christopher Volk, CEO NYSE: STOR; Profit-Center Real Estate; Baa2/BBB/BBB ~30-year Successful Leadership Track Record $9.0B Equity Market Cap; $9.9B Gross Assets Sector Low 25% Unencumbered Asset Leverage 2,634 Properties & 519 National & Regional Leading Tenants Sector-leading Diversity – Tenant, Industry & Geography STORE has a deep base of high-quality generalist and real estate dedicated stockholders

2020 Fourth Quarter Investor Presentation 5 The Power of Profit Center Real Estate Single Tenant Operational Real Estate (An Important Third Payment Source) STORE: A Class of Our Own STORE (stȯr): Single Tenant Operational Real Estate, or profit-center properties, is a real estate investment asset class distinguished by three payment sources which, combined with “table stakes”, enable net lease contract superiority to the underlying credit quality profile of the tenant. Unit-Level Profitability Unique to STORE Corporate Credit & Property Value All real estate investors have this The “Table Stakes” Ingredients Essential to the Asset Class (Ensuring Contract Seniority) Invest at yields and gross returns in excess of the brokered market. This is proven to enhance returns and increase margins of safety. Invest in properties at or below replacement cost. This is essential to avoid monetizing business value into real estate value. Always request master leases on multi-unit transactions. This is essential to achieve risk diversity and interest alignment. Demand unit-level financial reporting. This is essential to understand real estate quality and contract seniority.

2020 Fourth Quarter Investor Presentation 6 Approx. same size as the world’s 4th largest economy Do They Need Us? Are Institutional REITs the Best Capital Source? Can We Add Value? Fulfill our four Table Stakes? Primary Lease Terms Longer Leasing Rationale Capital Efficiency & Flexibility Triple Net Leases? Virtually Always Lease Form Ours Broad-Based Market Need Creating stakeholder value begins with meeting broad-based needs and adding value to our customers. Nearly 200,000 Companies in STORE’s Target Market1 with ~26,000 Contacts in Proprietary Prospecting Database Small Companies STORE’s Target Market* Rated Companies Opportunity to be selective *Companies with over $10MM in annual revenue.

2020 Fourth Quarter Investor Presentation 7 2% 8% 17% 25% 19% 11% 18% STORE’s Customer Revenue Distribution1 % of Total Rent & Interest STORE Tenant Profile STORE’s Tenant Metrics <$5MM $5-20MM $20-50MM $50-200MM $200-500MM $500MM-1B >$1B Market-Leading National and Regional Companies ~73% of customers have revenues ~$50 million Weighted average tenant revenues ~$800 million 2019 Tenant revenue growth of >12%2 Employ ~2.5m workers3 Operate ~36,000 locations in 50 states4 Repeat customers about one-third of new business Wtd. Avg. Tolerable Sales Fall-off: ~40%5

2020 Fourth Quarter Investor Presentation 8 STORE Delivers a Leading Net Lease Business Model STORE’s investor returns are foremost delivered by a strong corporate business model resulting in consistent and predictable performance. “STORE seeks to buy assets that our shareholders are unlikely to see, at prices they would be unlikely to find, with lease yields, escalations and documentation they are unlikely to get, financed more efficiently than they would be able to do for themselves, all backed by the unparalleled portfolio servicing and management skills that we can deliver.” -- Christopher Volk, CEO The Seven Net Lease Business Model Variables STORE's Historical Rank 1. Beginning Lease Yield Highest 2. Contractual Lease Escalations Top Quartile 3. Operating Profit Margin Second Quartile 4. Spread Between Lease Yield and BorrowingCost Highest 5. Spread Between Investment AFFO Multiple and Traded AFFO Multiple Top Quartile 6. Ability to Accretively Recycle Asset Sales Proceeds Top Quartile 7. Low Dividend Payout Ratio Top Quartile

2020 Fourth Quarter Investor Presentation 9 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031-33 2034 After Free Cash Flow and Proceeds from property sales Debt Maturities Debt is prepayable 24 months prior to maturity 4 $0 $200 $400 $600 2016 2017 2018 2019 2020 2.7% 5.0% 5.1% 4.7% 4.2% 4.1% 4.4% 4.5% 4.6% 2.8% N/A 4.0% N/A Avg Rate 3 Median debt maturities AAA & A+ STORE Master Funding Dedicated Asset-Backed SecuritiesConduit ➢ Able to maintain constant leverage enabling superior unsecured debt ratios ➢ Complete portfolio management flexibility ➢ Provides borrowing diversity & prepayment flexibility ➢ Non-recourse with minimalcovenants STORE Stands Apart with a Fortress Balance Sheet Select Ratios A-/BBB+ Net Lease Avg1 STORE’s Unencumbered Assets2 Debt/EBITDA ~5x 3.5x Unencumbered assets/unsecured debt ~3x 4.1x Debt service coverage ~5x 6.9x ~63% of assets @ 25% leverage (vs cost) About half the leverage of AAA-rated Master Funding notes, STORE has among the lowest unencumbered asset ratio of any REIT. ~33% of assets @ ~64% leverage 45% Leverage to AAA & 25% More Leverage to A+ Offers added credit support to unsecured noteholders. Baa2/BBB/BBB Unsecured Term Borrowings Rated by Moody’s, S&P and FitchRatings “We have always believed in the power of the right-side of our balance sheet to lower our cost of capital and manage interest rate and investment risk. Uniquely having two means of term investment-grade borrowing is key to our balance sheet leadership.” – Catherine Long, CFO Annual Cash Flows Compare Favorably to a Well-Laddered Debt Maturity Schedule

2020 Fourth Quarter Investor Presentation 10 2.11 2.10 2.18 2.15 2.18 2.20 2.15 2.12 2.02 2.10 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 0% 5% 10% 15% 20% NR C/D B3 B2 B1 Ba3 Ba2 Ba1 Baa3 Baa2 Baa1 A3 A2 A1 Aa3 Aa2 Aa1 Aaa % of Rent & Interest Moody’s RiskCalc (EDF) STORE Score 1 Median Unit-Level Fixed Charge Coverage Median EDF Median STORE Score Profit center real estate, as measured by the STORE Score, improves the credit profile of our portfolio. Creating Superior Contracts Our asset class allows for the creation of an investment-grade portfolio. ➢ STORE’s contracts remain strong with Median EDF and Median STORE Score remaining consistent with Q3 at Ba3 and Baa3, respectively. ➢ STORE’s focus on unit-level profitability has remained unchanged with median contract coverage consistently over 2.0x. ➢ The STORE Score is conservative, not accounting for qualitative credit enhancements or capital stack seniority.

2020 Fourth Quarter Investor Presentation 11 ¹ Information based on YTD 3Q 2020 reported results. For companies where the year-to-date lease rate on new acquisitions is not disclosed, the formula assumes a lease rate of 7.0%. Same Store NOI growth used as a proxy for contract lease escalator where the latter is not disclosed. For companies where neither is disclosed, the formula assumes a lease escalator of 1.5%. EBITDA margin is based on revenue less reimbursed property expenses and straight-line rent. Marginal interest rate is based on the current spread on unsecured debt outstanding over the 10-year treasury. Business Model Leadership: External Growth Our business model delivers higher returns on equity with high margins of safety. Marginal Equity Return1 12.0% 10.8% 10.4% 9.8% 8.9% 8.4% 8.3% 8.3%

2020 Fourth Quarter Investor Presentation 12 Estimated Gross Internal Growth1 = >5% Our leading focus on internal growth is designed to enable STORE to realize attractive and consistent AFFO per share growth no matter the size of our balance sheet. Business Model Leadership: Internal Growth STORE leads in internal growth, from accretive property sales to contractual rent increases to low dividend payout ratios. Annual Rent Growth AFFO per Share Growth 1.0% 1.40% 1.3% 1.82% 1.5% 2.10% 1.8% 2.52% 2.0% 2.79% AFFO Growth from Reinvested Free Cash Flow AFFO Dividend Payout Ratio 65% 70% 75% 80% 3.49% 2.98% 2.46% 1.94% AFFO Per Share Growth AFFO Growth from Reinvested Property Sale Proceeds Portion of Beginning Portfolio Sold 1% 2% 3% 4% 5% Sale Cap Rate vs Reinvestment Cap Rate 20bps 0.0% 0.1% 0.1% 0.2% 0.2% 40bps 0.1% 0.2% 0.3% 0.3% 0.4% 60bps 0.1% 0.3% 0.4% 0.5% 0.6% 70bps 0.2% 0.3% 0.5% 0.7% 0.8%

2020 Fourth Quarter Investor Presentation 13 Cumulative Losses: 3.24% Actual Great Recession Performance Between 2003 and 2012, including the Great Recession, a prior portfolio created by STORE principals materially outperformed returns from property leased to investment grade tenants. Contract Stability and Risk-Adjusted Returns With historic gross returns for STORE of ~10% versus ~7% for that of real estate leased to investment-grade tenants, STORE has a ~43% margin of safety. STORE’s Market Investment-Grade Tenants Lease Yield + Escalators = Gross Return ~8% + 2% = ~10% ~6% + 1% = ~7% Contract Quality: Stable 53%-73% Non-IG in 10-20 Years 13.3X MARGIN OF SAFETY vs. MATERIAL ALPHA CREATION Margin of Safety: 43%

2020 Fourth Quarter Investor Presentation 14 As of December 31, 2020 2019 2018 Investment portfolio subject to Master Leases*1 94% 92% 91% Average investment amount / replacement cost (new)2 80% 81% 81% Locations subject to unit-level financial reporting3 98% 98% 98% Proportion of portfolio from direct origination ~80% ~80% ~80% Contracts on STORE’s form4 96% 96% 94% Weighted average annual lease escalation5 1.9% 1.9% 1.8% Weighted average remaining lease contract term ~14 years ~14 years ~14 years Investment property locations 2,634 2,504 2,225 States 49 49 49 Customers 519 478 434 Industries in which our customers operate 116 112 106 Occupancy6 99.7% 99.5% 99.6% Properties not operating but subject to a lease7 2.2% 1.0% 1.0% Investment locations subject to a ground lease8 0.9% 0.8% 0.9% Median unit FCCR / 4-wall FCCR9 2.1x / 2.6x 2.2x / 2.7x 2.1x / 2.5x Contracts rated investment grade10 ~73% ~75% ~75% Portfolio At A Glance Industry leading growth and consistency. Table Stakes Origination Diversity Portfolio Management

2020 Fourth Quarter Investor Presentation 15 Service industries account for more than half of U.S. Employment and GDP. Diversification Across Industry Groups STORE’s focus is on creating a granular portfolio with non-correlated diversity. SERVICE Located near target customers. Not readily available online. Broad array of everyday services. (~64%)

2020 Fourth Quarter Investor Presentation 16 Diversification Across Industry Groups (continued) MANUFACTURING Strategically located in industrial parks near customers. Broad array of industries providing everyday necessities. (~18%) RETAIL Internet resistant. High experiential & service components. Located in retail corridors. (~18%)

2020 Fourth Quarter Investor Presentation 17 % Base Rent and Interest2 # of Properties STORE Capital Customer 1 3.1% 27 Spring Education Group (formerly Stratford School and Nobel Learning Communities) is the largest pure play US platform focused on preschool and K-12 education. Spring’s diversified collection of brands operates over 230 schools in 18 states &D.C. The company is owned by Asia-based investment firm, Primavera Capital. 2 2.4% 9 Fleet Farm Group dba Fleet Farm is a full-service merchant with more than 45 locations in four mid-western states, offering a broad assortment of goods from hunting gear to lawn, garden and farm supplies. The company is owned by the private equity firm KKR & Co since 2016. In 2018 the store name was changed from Mills Fleet Farm to Fleet Farm. 3 1.8% 10 Bass Pro Group operates retail locations under the Bass Pro Shops and Cabela’s monikers, offering outdoor gear and apparel in an immersive setting. These two iconic brands, combined, operate approximately 170 retail and marine centers. Both concepts are market leaders and highly respected within their respective niche of outdoor products. 4 1.8% 49 Cadence Education is an Apax Partners private equity owned company and is one of the premier early childhood educators in the United States, operating more than 200 private preschools and elementary schools as members of the Cadence Education Family of Schools across the country. 5 1.7% 25 Dufresne Spencer Group is a top 20 operator in the ~$60 billion US furniture retailing industry and the largest Ashley’s Furniture HomeStore licensee with over 125 stores. DSG is backed by a seasoned management team with a strong operating history and garnered an investment from Ashley Corporate in December 2017. 6 1.6% 57 U.S. LBM Holdings, founded in 2009, is a collection of leading building material distributors across 30 states with more than 250 locations. The company serves as a critical link in the building materials supply chain, supplying more than 60,000 stock keeping units (“SKUs”) for custom homebuilders and specialty contractors. US LBM was acquired by Bain Capital in 2020. 7 1.6% 20 CWGS Group (NYSE:CWH), dba Camping World, is the nation’s largest retailer of recreational vehicles and related accessories, operating over 160 locations. The company's Good Sam organization and family of programs and services uniquely enables them to connect with their customers as stewards of the RV enthusiast community and lifestyle. 8 1.4% 14 AMC Entertainment (NYSE:AMC), is the largest movie exhibition company in the world with over 1,000 theatres and 11,000 screens across the globe, AMC operates among the most productive theatres in the United States’ top markets, having the #1 or #2 market share positions in 21 of the 25 largest metropolitan areas of the United States. 9 1.4% 19 Loves Furniture is a 24-unit operator in the Midwest that combines a personalized shopping experience with a wide variety of quality and stylish products for every budget. Loves offers a variety of store formats selling furniture & mattresses as well as flooring, home accents & bedding essentials. Loves is backed by Texas-based US Assets. 10 1.3% 40 Zips Holdings is one of the largest car wash operators in the US with 200 locations across 17 states in the South, Southeast and Mid-Atlantic. The Company is owned by founder, Brett Overman who partnered with Equity Investment Group and Britton Hill Partners and in 2020 received an additional investment from Atlantic Street Capital to help facilitate continued growth. 18.1% 270 TOTAL TOP 10 CUSTOMERS Top 10 Customers1 Represent 18% of Base Rent and Interest

2020 Fourth Quarter Investor Presentation 18 Pipeline Velocity During Q4 2020 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Starting Pipeline $12.4B Ending Pipeline $12.4B New Deals Added $1.7B Deals Passed / Closed $1.7B Investment Pipeline Activity STORE’s emphasis is on Service, Manufacturing and Select Retail sectors having high potential for long-term relevance. Opportunity Size Profit Center Real Estate Market Size: $3.9 Trillion Number of Target Market Companies: 200,000 Our target contact database: ~26,000 Our Existing Customers: 519 Pipeline Sector Distribution as of 12/31/2020 Manufacturing 19% Restaurants 11% Specialty Med 10% Other Service 15% Entertainment 8% Gyms 2% Education 4% Auto Maintenance 6% Storage 4% RV/Auto Dealers 7% Other Retail 14% Our pipeline continues to mirror STORE’s current portfolio.

2020 Fourth Quarter Investor Presentation 19 STORE’s Direct Origination Platform Creates Consistent Lease Duration2 0% 5% 10% 15% 20% 25% 30% 35% STOR Essential 4 Corners Agree NNN Spirit Realty Inc VEREIT 2020 2021 2022 2023 2024 Percentage Of Portfolio Leases Expiring Next 5 Years1 5 10 15 20 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 Realty Inc Spirit Agree NNN 4 Corners VEREIT Essential STOR Lease Duration (years) Sector Leading Long Lease Terms and Low 5-Year Maturities STORE’s direct origination of long lease terms means low lease rollover risk.

2020 Fourth Quarter Investor Presentation 20 79% 24% 21% 21% 17% 13% 12% 10% FCPT ADC O NNN VEREIT EPRT SRC STORE 0% 2% 4% 6% 8% 10% 12% 14% 16% STOR NNN Essential 4 Corners Spirit Realty Inc VEREIT Agree Lease Intangibles / Total Assets STORE is a Leader in Direct Origination Lease Intangibles vs. Total Assets1 7.25% 7.75% 8.25% 8.75% 9.25% 9.75% 11 12 13 14 15 16 17 18 19 Weighted Average Lease Duration (in years) Weighted Avg. Gross Cap Rate (Initial Cap Rate Plus Contract Bumps ) STORE is a Leader in Lease Duration & Gross Returns Lease Durations vs. Gross Cap Rates3 Most Diversified Tenant Base (% Top 5 Tenants, based on annual rent 2) The Gold Standard in Origination Platforms STORE’s direct origination platform creates consistent lease cap rates and duration.

2020 Fourth Quarter Investor Presentation 21 NOI, AFFO and Net Income ($MM)2 $448 $537 $655 $672 $306 $378 $458 $463 $162 $217 $285 $213 2017 2018 2019 2020 NOI AFFO Net Income $1,373 $1,626 $1,689 $1,086 $254 $228 $429 $261 2017 2018 2019 2020 Acquisitions Dispositions Per Share Annual Growth NET INCOME: 4.3% DIVIDENDS: 6.4% AFFO: 4.2% Compound Annual Growth Rate Acquisition and Disposition Volume ($MM)1 $0.25 $0.75 $1.25 $1.75 $2.25 2015 2016 2017 2018 2019 2020 AFFO Dividends Net Income 21 Growth and Performance STORE excels at providing consistently high stockholder returns. 2015 2016 2017 2018 2019 2020 STOR 12.6% 11.0% 10.6% 14.0% 36.7% -3.4% S&P 500 1.4% 12.0% 21.8% -4.4% 31.5% 18.4% RMZ 2.5% 8.6% 5.1% -4.6% 25.8% -7.6% Six Year Five Year Four Year Three Year Two Year One Year STOR 13.0% 13.1% 13.6% 14.6% 14.9% -3.4% S&P 500 12.8% 15.2% 16.0% 14.2% 24.8% 18.4% RMZ 4.4% 4.8% 3.9% 3.5% 7.8% -7.6% STORE Annual Shareholder Return Performance STORE Cumulative Shareholder Return Performance

2020 Fourth Quarter Investor Presentation 22 Stockholders STORE seeks to deliver stable, predictable, investment-grade stockholder performance and superior Market Value Added. Customers STORE real estate capital solutions enable improved customer wealth creation and increased workforce and leadership opportunities. Employees STORE promotes employee opportunity, education, engagement and diversity. Suppliers STORE provides opportunities to professional, supplier and service vendors to prosper through fair business practices and dependable engagements. Communities STORE contributes to our community and many communities across the country through our multiple investments and associated career opportunities. Environment STORE works to promote and improve environmental conscientiousness through our attention to and promotion of environmental stewardship. Environmental, Social, Governance (ESG) ratings reported by Institutional Shareholder Services (ISS) provide insight for investors on how companies perform in key areas of sustainability. STORE Capital’s ISS Quality Score ratings are some of the most favorable in the net lease sector reflecting our commitment to all our stakeholders. *’1‘ represents the highest quality and lowest risk. 6* Governance Social Environmental Corporate Responsibility: Our Commitment to All Stakeholders Our definition of success: making a positive difference for our stakeholders. 2* 3*

2020 Fourth Quarter Investor Presentation 23 Hosted Annual Two-Day Customer Event New recognition for customers who developed exceptional environmental, sustainability, and social responsibility programs of their own. Acknowledged the efforts of customers who developed and instituted the use of biodegradable plastics and established innovative employee engagement practices. Enhanced Corporate Governance Added new independent director, Tawn Kelley, a seasoned executive in the real estate finance industry, to the board. Independent directors comprise 78% of the Board; women represent 33%. Provided Customer Pandemic Resources Created COVID-19 resource center to serve our middle market tenants, with online resources and a dedicated internal team to help them navigate the various lending programs. Published first ever Corporate Responsibility Report To view the report, visit https://www.storecapital.com/wp- content/uploads/STORE_Capital_2020_Corporate_Reponsibility_Report.pdf Corporate Responsibility at the Forefront in 2020 STORE’s commitment to sustainability, community, social responsibility and governance was reinforced this past year. Participants 124 Colleges / Universities 54 States 22 Countries 5 STORE Presenters 20 Hosted 2020 Virtual Externship A professional development program for students who were adversely impacted by the pandemic that are interested in finance and real estate. Minority Participants ~ 50%

2020 Fourth Quarter Investor Presentation 24 1. A Class Of Our Own – STORE Properties 2. Market-Leading Consistent Business Model 3. Strong Internal Growth by Design 4. REIT-Leading Fortress Balance Sheet 5. Direct Origination, Delivering Superior Returns 6. Sector-Leading Long Lease Terms 7. Sector-Leading Portfolio Diversity 8. Sector-Leading Asset Sales And Liquidity 9. A Demonstrated Commitment To All Our Stakeholders A CLASS O F O U R O W N

APPENDIX 2020 FOURTH QUARTER INVESTOR PRESENTATION

2020 Fourth Quarter Investor Presentation 26 60% 65% 70% 75% 80% 85% 90% 95% 100% 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 2015 2016 2017 2018 2019 2020 STORE’s Dividend Per Share Growth1 AFFO Payout Ratio2 Strong Protected Dividend Growth STORE has posted strong dividend growth and protection. Our dividend growth is the highest among our net lease peers….. …and our dividends are among the most protected. STOR 5.9% ADC 5.7% FCPT 5.5% O 3.5% NNN 3.6% 5-Year Compound Growth

2020 Fourth Quarter Investor Presentation 27 STORE is a Leader in Profitable Asset Sales1 Activity Portfolio Management Impact on Growth Actively managing the portfolio creates accretive internal growth and demonstrates liquidity for STORE assets. STORE’s Asset Sales Have Added To Our Internal Growth STORE’s Asset Sales Have Been At Gains Over Our Original Cost $- $200 $400 $600 $800 $1,000 $1,200 $1,400 2016 2017 2018 2019 2020 MILLIONS ADC FCPT NNN O STORE 2016 2017 2018 2019 2020 Avg Disposition Cap Rate (Occupied Property Sales) 7.5% 7.6% 7.1% 7.5% 7.4% 7.4% Acquisition Cap Rate 7.9% 7.8% 7.9% 7.8% 8.1% 7.9% Spread 0.4% 0.2% 0.8% 0.3% 0.7% 0.5% Percent of Portfolio Sold 1.9% 5.0% 3.7% 5.6% 2.7% 3.8% Internal Growth Contribution 0.2% 0.2% 0.5% 0.3% 0.1% 0.3% 2016 2017 2018 2019 2020 Total Revenue Accretion ($000's) $512 $852 $2,519 $1,831 $540 $6,254 Property Sales Type 2016 2017 2018 2019 2020 Avg Opportunistic 21% 21% 20% 19% 19% 20% Strategic 0% 8% 5% 7% 2% 4% Property Management -6% -9% 2% -28% -33% -15% Total Gain/(Loss) vs. Cost 19% 18% 10% 5% (8%) 9%

2020 Fourth Quarter Investor Presentation 28 Portfolio Management Performance Average annual portfolio performance on more than $11 billion of investments since 2011 inception. 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% Avg. Rent Related to Property Sales ~1.04% Avg. Cap Rate Spread ~0.67% PORTFOLIO MANAGEMENT Ability to realize gains AFFO Impact ~0.06% Annual Rent Increase +1.9% Reinvested Cash Flow1 +1.7% INTERNAL GROWTH Growth by design Base Int. Growth +3.6% +3.6% (0.37%) +0.06% PROPERTY MANAGEMENT Work in Process (WIP) WIP Drag ~(0.32)% Unresolved Credit Events ~(0.32)% Resolved Credit Events ~(1.28)% Recovery (~71%) ~+0.91% PROPERTY MANAGEMENT Ability to manage losses Net Credit Loss ~(0.37)% (0.32%) Beginning Internal Growth Growth Adjusted for Equity Capitalization (~60% at cost) Shareholder Internal Growth (Leveraged) ~5% Shareholder Internal Growth (Leveraged) ~5% Ending Internal Growth +3.0% STORE’s table stakes and proactive portfolio management result in margins of safety and delivers a high level of internal growth. INTERNAL GROWTH (UNLEVERAGED) 3.0%

FINANCIAL INFORMATION 2020 FOURTH QUARTER INVESTOR PRESENTATION

2020 Fourth Quarter Investor Presentation 30 Three Months Ended Year Ended December 31, December 31, $ thousands, except share and per share data 2020 2019 2020 2019 Revenues: (unaudited) (unaudited) Rental revenues $ 161,829 $ 162,495 $ 644,498 $ 625,415 Interest income on loans and financing receivables 10,914 9,760 45,288 33,826 Other income 125 1,200 4,482 6,473 Total revenues 172,868 173,455 694,268 665,714 Expenses: Interest 41,890 41,559 169,706 158,381 Property costs 7,422 3,033 22,025 10,793 General and administrative 13,943 14,459 49,685 54,274 Depreciation and amortization 62,172 57,340 242,925 221,975 Provisions for impairment 12,031 8,800 23,003 18,751 Total expenses 137,458 125,191 507,344 464,174 Other Income: Net gain on dispositions of real estate 15,960 11,747 22,774 84,142 Income (loss) from non-real estate, equity method investment 3,500 - 3,500 - Income before income taxes 54,870 60,011 213,198 285,682 Income tax expense 146 174 584 707 Net income $ 54,724 $ 59,837 $ 212,614 $ 284,975 Net income per share of common stock - basic and diluted $ 0.21 $ 0.25 $ 0.84 $ 1.24 Dividends declared per common share $ 0.36 $ 0.35 $ 1.42 $ 1.36 Weighted average common shares outstanding – basic 263,062,568 236,812,731 252,534,580 229,734,497 – diluted 263,547,523 237,421,068 252,651,040 230,289,541 Condensed Consolidated Statements of Income

2020 Fourth Quarter Investor Presentation 31 $ thousands, except share and per share data December 31, 2020 December 31, 2019 Assets (unaudited) (audited) Investments: Real estate investments: Land and improvements $ 2,807,153 $ 2,634,285 Buildings and improvements 6,059,513 5,540,749 Intangible lease assets 61,634 73,366 Total real estate investments 8,928,300 8,248,400 Less accumulated depreciation and amortization (939,591)(740,124) 7,988,709 7,508,276 Real estate investments held for sale, net 22,304 - Operating ground lease assets 34,683 24,254 Loans and financing receivables, net 650,321 582,267 Net investments 8,696,071 8,114,797 Cash and cash equivalents 166,381 99,753 Other assets, net 141,942 81,976 Total assets $ 9,004,340 $ 8,296,526 Liabilities and stockholders' equity Liabilities: Credit facility $ - $ - Unsecured notes and term loans payable, net 1,509,612 1,262,553 Non-recourse debt obligations of consolidated special purpose entities, net 2,212,634 2,328,489 Dividends payable 95,801 83,938 Operating lease liabilities 39,317 29,347 Accrued expenses, deferred revenue and other liabilities 131,198 106,814 Total liabilities 3,988,562 3,811,141 Stockholders' equity: Common stock, $0.01 par value per share, 375,000,000 shares authorized, 266,112,676 and 239,822,900 shares issued and outstanding, respectively 2,661 2,398 Capital in excess of par value 5,475,889 4,787,932 Distributions in excess of retained earnings (459,977)(302,609) Accumulated other comprehensive loss (2,795)(2,336) Total stockholders' equity 5,015,778 4,485,385 Total liabilities and stockholders' equity $ 9,004,340 $ 8,296,526 Condensed Consolidated Balance Sheets

2020 Fourth Quarter Investor Presentation 32 Three Months Ended Year Ended December 31, December 31, $ thousands, except per share data 2020 2019 2020 2019 (unaudited) (unaudited) NET INCOME $ 54,724 $ 59,837 $ 212,614 $ 284,975 Depreciation and amortization of real estate assets 62,108 57,265 242,636 221,665 Provision for impairment of real estate 11,778 8,800 21,978 18,751 Net gain on dispositions of real estate (15,960)(11,747)(22,774)(84,142) FUNDS FROM OPERATIONS (FFO)2 $ 112,650 $ 114,155 $ 454,454 $ 441,249 Adjustments: Straight-line rental revenue, net: Fixed rent escalations accrued (809)(1,827)(8,087)(6,021) Construction period rent deferrals 538 751 1,940 1,604 Amortization of: Equity-based compensation 3,020 3,620 4,665 11,703 Deferred financing costs and other noncash interest expense 2,517 3,237 8,827 9,689 Lease-related intangibles and costs 736 737 3,034 2,856 Provision for loan losses 253 - 1,025 - Lease termination fees (15)(321)(602)(4,096) Capitalized interest (251)(366)(751)(1,600) (Income) loss from non-real estate, equity method investment (3,500)-(3,500)- Executive severance costs -- 1,980 1,956 Loss on defeasance of debt --- 735 ADJUSTED FUNDS FROM OPERATIONS (AFFO)2 $ 115,139 $ 119,986 $ 462,985 $ 458,075 Net Income per share of common stock - basic and diluted3 $ 0.21 $ 0.25 $ 0.84 $ 1.24 FFO per share of common stock – basic3 $ 0.43 $ 0.48 $ 1.80 $ 1.92 – diluted3 $ 0.43 $ 0.48 $ 1.80 $ 1.91 AFFO per share of common stock – basic3 $ 0.44 $ 0.51 $ 1.83 $ 1.99 – diluted3 $ 0.44 $ 0.50 $ 1.83 $ 1.99 Funds From Operations and Adjusted Funds from Operations1

2020 Fourth Quarter Investor Presentation 33 $ millions (unaudited) Year Ended December 31, 2017 2018 2019 2020 NET INCOME $ 162.0 $ 217.0 $ 285.0 $ 212.6 Depreciation and amortization of real estate assets 149.6 180.9 221.6 242.7 Provision for impairment of real estate 11.9 5.2 18.7 22.0 Net gain on dispositions of real estate2 (39.6) (45.4) (84.1) (22.8) FUNDS FROM OPERATIONS (FFO)5 $ 283.9 $ 357.6 $ 441.2 $ 454.5 Adjustments: Straight-line rental revenue: Fixed rent escalations accrued (6.4) (6.1) (6.0) (8.1) Construction period rent deferrals 3.1 6.6 1.6 1.9 Amortization of: Equity-based compensation 7.9 8.6 11.7 4.7 Deferred financing costs and other noncash interest expense3 10.0 9.5 9.7 8.8 Lease-related intangibles and costs4 7.0 2.4 2.9 3.0 Provision for loan losses 1.5 2.6 - 1.0 Lease termination fees --(4.1) (0.6) Capitalized interest (1.2) (2.6) (1.6) (0.7) (Income) loss from non-real estate, equity method investment ---(3.5) (Gain) loss on defeasance/extinguishment of debt -(0.8) 0.7 - Executive severance costs 0.3 - 2.0 2.0 ADJUSTED FUNDS FROM OPERATIONS (AFFO)5 $ 306.1 $ 377.9 $ 458.1 $ 463.0 $ millions (unaudited) Year Ended December 31, 2017 2018 2019 2020 NET INCOME $162.0 $217.0 $285.0 $212.6 Adjustments: Interest 120.5 129.1 158.4 169.7 General and administrative 41.0 45.7 54.3 49.7 Depreciation and amortization 150.3 181.8 222.0 242.9 Provisions for impairment 13.4 7.8 18.7 23.0 Net gain on dispositions of real estate2 (39.6) (45.5) (84.1) (22.8) (Income) loss from non-real estate, equity method investment ---(3.5) Income tax expense 0.5 0.6 0.7 0.6 NET OPERATING INCOME $448.1 $536.5 $655.0 $672.2 Net Income to Net Operating Income Net Income to FFO and AFFO1 GAAP Reconciliations

2020 Fourth Quarter Investor Presentation 34 $ millions (unaudited) As of December 31, 2020 Credit facility $ - Unsecured notes and term loans payable, net 1,509.6 Non-recourse debt obligations of consolidated special purpose entities, net 2,212.6 TOTAL DEBT $ 3,722.2 Adjustments: Unamortized net debt discount 5.3 Unamortized deferred financing costs 35.4 Cash and cash equivalents (166.4) Restricted cash deposits held for the benefit of lenders (10.1 ) ADJUSTED DEBT $ 3,586.4 $ millions (unaudited) Three Months Ended December 31, 2020 NET INCOME $ 54.7 Adjustments: Interest 41.9 Income tax expense 0.1 Depreciation and amortization 62.2 EBITDA 158.9 Adjustments: Provision for impairment of real estate 11.8 Net gain on dispositions of real estate (16.0 ) EBITDAre 154.7 Adjustments: Provision for loan losses 0.3 Lease termination fees - (Income) loss from non-real estate, equity method investment (3.5 ) ADJUSTED EBITDAre $ 151.5 Estimated adjustment to Adjusted EBITDAre as if all real estate acquisitions and dispositions for the quarter ended December 31, 2020 had occurred as of October 1, 2020 8.1 ADJUSTED EBITDAre – CURRENT ESTIMATED RUN RATE $ 159.6 ANNUALIZED ADJUSTED EBITDAre $ 606.0 ANNUALIZED ADJUSTED EBITDAre – CURRENT ESTIMATED RUN RATE $ 638.5 ADJUSTED DEBT / ANNUALIZED ADJUSTED EBITDAre 5.9x ADJUSTED DEBT/ ANNUALIZED ADJUSTED EBITDAre – CURRENT ESTIMATED RUN RATE 5.6x Debt to Adjusted Debt1 Net Income to Adjusted EBITDAre1 GAAP Reconciliations - Leverage

2020 Fourth Quarter Investor Presentation 35 $ thousands Total 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031-2033 2034 Thereafter Unsecured notes payable $1,425,000 $ - $75,000 $ - $100,000 $ - $200,000 $ - $350,000 $350,000 $350,000 $ - $ - $ - Unsecured term loans 100,000 100,000 ------------ Non-recourse mortgage notes: STORE Master Funding1 2,040,743 28,524 24,473 264,636 335,861 271,520 292,518 466,174 1,900 1,900 1,900 5,700 345,637 - Other secured notes 197,123 17,887 38,290 25,179 10,811 2,557 55,052 1,232 1,287 36,583 490 1,611 588 5,556 Total $3,762,866 $146,411 $137,763 $289,815 $446,672 $274,077 $547,570 $467,406 $353,187 $388,483 $352,390 $7,311 $346,225 $5,556 Long-Term Debt Maturities 1 Prepayable 24 or 36 months prior to maturity.

2020 Fourth Quarter Investor Presentation 36 Credit Facility/NPAs – Key Covenants Required December 31, 2020 Maximum leverage ratio < 60% 38% Maximum unsecured leverage ratio < 60% 24% Maximum secured indebtedness ratio < 45% 22% Minimum fixed charge coverage ratio > 1.5x 3.2x Minimum unencumbered interest ratio > 2.0x 6.9x Public Notes – Key Covenants Required December 31, 2020 Limitation on incurrence of total debt < 60% 38% Limitation on incurrence of secured debt < 40% 22% Debt service coverage ratio > 1.5x 3.9x Maintenance of total unencumbered assets > 150% 410% Presented below is a summary of the key financial covenants as they relate to STORE’s unsecured debt, which consists of: • Unsecured Revolving Credit Facility (Credit Facility) • Note Purchase Agreements (NPAs) • Senior Unsecured Notes (Public Notes) Such covenants are defined and calculated in accordance with the terms of the Credit Facility, the NPAs and the governing documents of the Public Notes. The NPAs contain financial covenants that are similar to those of the Credit Facility; therefore, the summary of key financial covenants is combined below, presenting the most restrictive covenant, if different. Credit Facility and Unsecured Notes Covenants

COVID-19 UPDATE 2020 FOURTH QUARTER INVESTOR PRESENTATION

2020 Fourth Quarter Investor Presentation 38 Portfolio Resilience During COVID-19 STORE's pandemic outperformance proves our business model. Collections by Sector Deferral Repayments Through December 31, 2020 STORE 2020 Relative Portfolio Yield vs Peers % Collections Improved Collections as Reopenings Occur

2020 Fourth Quarter Investor Presentation 39 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 a 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 certain revenues and expenses that have no impact on our long-term operating performance, such as straight-line rents, amortization of deferred financing costs and stock-based compensation. In addition, in deriving AFFO, we exclude certain other costs not related to our ongoing operations, such as the amortization of lease-related intangibles. 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 (or losses) 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 certain additional revenues and expenses such as straight-line rents, including construction period rent deferrals, and the amortization of deferred financing costs, stock-based compensation and lease-related intangibles as such items have no impact on long-term operating performance. 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

2020 Fourth Quarter Investor Presentation 40 We believe that presenting supplemental reporting measures, or non-GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important supplemental 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 such non-GAAP measures may not be comparable to similarly titled measures employed by other companies. EBITDA, EBITDAre and Adjusted EBITDAre EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. We compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and real estate impairment losses. To derive Adjusted EBITDAre we modify the NAREIT definition of EBITDAre to exclude other items included in GAAP net income, such as provisions for loan losses, as such items are not related to our ongoing performance. Note: The adjustments to derive Adjusted EBITDAre may not exist in every quarter, therefore EBITDAre and Adjusted EBITDAre may be equal. Annualized Adjusted EBITDAre and Adjusted Debt Annualized Adjusted EBITDAre is calculated by multiplying Adjusted EBITDAre for the most recently completed fiscal quarter by four. Annualized Adjusted EBITDAre – Current Estimated Run Rate is based on an estimated Adjusted EBITDAre calculated as if all leases and loans in place as of the last date of the most recently completed fiscal quarter had been in place as of the beginning of such quarter; then annualizing that estimated Adjusted EBITDAre 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 EBITDAre for future periods may be significantly less than that implied by our reported Annualized Adjusted EBITDAre – Current Estimated Run Rate for a variety of reasons. Adjusted Debt represents our outstanding debt obligations excluding unamortized deferred financing costs and net debt premium, further reduced for cash and cash equivalents and restricted cash deposits held for the benefit of lenders. We believe excluding unamortized deferred financing costs and 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 EBITDAre Adjusted Debt to Annualized Adjusted EBITDAre, 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 EBITDAre. 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 EBITDAre—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. Note: NAREIT issued a white paper in 2017 recommending that companies that report EBITDA also report EBITDAre. Supplemental Reporting Measures

2020 Fourth Quarter Investor Presentation 41 Footnotes Page 6: 1 Source: NAICS Association. Page 7: 1 Represents reported corporate revenues for financial statements received by STORE Capital through January 19, 2021. Excludes customers, representing approximately 4.6% of base rent and interest, that do not report corporate revenues. 2 Represents the weighted average percentage change (by base rent and interest) in reported corporate revenues for the trailing 12-month (or nine-month if 12-month was not available) period as reported to STORE Capital for the period ended December 31, 2019 as compared to the same period ended December 31, 2018. Excludes customers representing 6.1% of base rent and interest because sufficient comparable data was not available. 3 Estimated based on total revenue per employee for all companies in the middle market (based on data reported by the National Center for the Middle Market for 2019) extrapolated to the aggregate total revenue of STORE’s customers. 4 Represents the number of locations operated by STORE’s customers as reported to STORE Capital through December 31, 2019. 5 Represents the tolerable fall-off in lease level sales so that EBITDAR after overhead will still cover the lease’s fixed charges (which includes STORE’s rent and interest) weighted by the lease’s base rent and interest (based on currently available results for approximately 90% of eligible properties in our investment portfolio). If the variable profit coefficient for an individual lease was unavailable, we assumed the variable profit coefficient for its peer group in the calculation of the fall- off amount. Calculations are based on tenant statements (either December 25, 2019 or later) received by STORE Capital. Page 9: 1 Based on average of ratios of Realty Income and National Retail Properties as of September 30, 2020. 2 Ratios as of December 31, 2020; Unencumbered EBITDA based on NOI from Unencumbered Assets less an allocation of G&A expenses based on assets. 3 Represents the weighted average interest rate on balloon payments due in the respective years. 4 Free Cash Flow approximates Cash Flow from Operations less dividends paid. Page 10: 1 We measure the credit quality of our portfolio on a contract-by- contract basis using the STORE Score, which is a proprietary risk measure reflective of both the credit risk of our tenants and the profitability of the operations at our properties. The STORE Score is a quantitative measurement of contract risk computed by multiplying tenant default probabilities (using Moody’s RiskCalc) and estimated store closure probabilities (using a simple algorithm we developed that has closure probabilities ranging from 100% to 10%, depending on unit-level profitability). Qualitative features can also impact investment risk, such as low property investment amounts, favorable tenant debt capital stacks, the presence of third-party guarantors, or other factors. Such qualitative factors are not included in the STORE Score and may serve to mitigate investment risk even further. Page 12: 1 STORE defines internal growth as the combination of high average lease escalators and a low AFFO payout ratio, which allows us to reinvest a growing amount of free cash flow back into our business. Page 14: • Based on base rent and interest. 1 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. Approximately 87% of the investment portfolio involves multiple properties with a single customer, whether or not subject to a master lease. 2 The average investment amount/replacement cost (new) represents the ratio of purchase price to replacement cost (new) at acquisition. 3 Of the 98% of our properties that are required to provide unit- level reporting, 93% have provided current obligated statements as of February 9, 2021. 4 Represents the percentage of lease contracts that were created by STORE or contain preferred contract terms such as unit-level financial reporting, triple-net lease provisions and, when applicable, master lease provisions. 5 Weighted average annual lease escalation represents the weighted average annual escalation rate of the entire portfolio as if all escalations occurred annually. For escalations based on a formula including CPI, assumes the stated fixed percentage in the contract or assumes 1.5% if no fixed percentage is in the contract. For contracts with no escalations remaining in the current lease term, assumes the escalation in the extension term. Calculation excludes contracts representing less than 0.1% of base rent and interest where there are no further escalations remaining in the current lease term and there are no extension options. 6 STORE defines occupancy as a property being subject to a lease or loan contract. As of December 31, 2020, nine of our properties were vacant and not subject to a contract. 7 Represents the percentage (based on the number of locations) of the Company’s investment locations that have been closed by the tenant but remain subject to a lease. 8 Represents the percentage (based on the number of locations) of the Company’s investment locations that are subject to a ground lease. 9 STORE 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 (if applicable). The 4-Wall coverage ratio refers to a unit’s FCCR before taking into account standardized corporate overhead expense. The weighted average unit FCCR and 4-Wall coverage ratios were 2.9x and 3.8x, respectively, as of December 31, 2020, 3.0x and 3.9x, respectively, as of December 31, 2019 and 3.0x and 3.9x, respectively, as of December 31, 2018. 10 The proportion of investment contracts rated investment grade represents the percentage of our contracts (based on base rent and interest) that have a STORE Score that is investment grade; amount disclosed represents the average since the inception of the Company. We measure the credit quality of our portfolio on a contract-by-contract basis using the STORE Score, which is a proprietary risk measure reflective of both the credit risk of our tenants and the profitability of the operations at the properties.

2020 Fourth Quarter Investor Presentation 42 Footnotes Pages 15 and 16: 1 Data as of December 31, 2020, 2019 and 2018, by percentage of base rent and interest (based on rates in effect on those dates, for all leases, loans and financing receivables in place as of those dates). Page 17: 1 Data based on information available on customer websites, news releases and/or SEC filings. 2 Data as of December 31, 2020, by percentage of base rent and interest (based on rates in effect on December 31, 2020, for all leases, loans and financing receivables in place as of that date). Page 19: 1 Source: Latest publicly available financial information as of September 30, 2020. 2Weighted Average Lease Duration for properties purchased during quarter; NNN and VEREIT did not report lease duration for all periods presented. Page 20: 1 Source: Latest publicly available financial information as of September 30, 2020. 2 Source: Annualized rent from latest publicly available financial information as of September, 2020. 3 Source: SEC filings and Hoya Capital Real Estate for the previous eight quarters. NNN and VEREIT did not report lease duration for all periods presented. Page 21: 1 Acquisitions represent both acquisitions of real estate and investment in loans and financing receivables. Dispositions represent the original acquisition cost of real estate sold and certain loan repayments, primarily received in conjunction with real estate sales. 2 Refer to pages 32 through 34 and page 39 for definitions of these non-GAAP financial measures and reconciliation to GAAP net income. Page 26: 1 Source: Historical dividend data from Nasdaq.com. 2 Represents actual AFFO ratios obtained from SEC filings. For EPR, AFFO included a $20 million prepayment fee in Q3’18 which was excluded from AFFO per share for this presentation. For SRC, AFFO included lawsuit settlement revenue in Q4’18 and termination fee revenue in Q3’19; for this presentation, AFFO per share for these two periods is based on disclosed amounts excluding these revenues. Page 27: ¹ Net proceeds from sales for STORE in 2019 and 2020 include $4.1 million and $0.6 million, respectively, of lease termination fees collected in connection with property sales. 2020 also includes $24.8 million in proceeds from loan repayments in conjunction with sales. Data for peers gathered from latest publicly available financial information as of September 30, 2020. Page 28: Note: Data through December 31, 2020. ¹ Growth from reinvested cash flow is equal to (i) the incremental cash flow added from reinvesting retained cash assuming a prior period payout ratio of 78%, leveraged at 39% with a borrowing cost of 2.78% and amortization of 45 years, reinvested at 8.09% less incremental operating costs of 0.45% divided by (ii) prior period rents assuming assets were acquired at 8.09%. Page 32: 1 See page 39 for discussion regarding use of Funds From Operations and Adjusted Funds from Operations. 2 FFO and AFFO for the three months and year ended December 31, 2020, include approximately $5.8 million and $57.1 million, respectively, of net revenue that is subject to the short-term deferral arrangements entered into in response to the COVID-19 pandemic; the Company accounts for these deferral arrangements as rental revenue and a corresponding increase in receivables. For the three months and year ended December 31, 2020, FFO and AFFO exclude $8.0 million and $9.4 million collected under these short-term deferral arrangements. 3 Under the two-class method, earnings attributable to unvested restricted stock are deducted from earnings in the computation of per share amounts where applicable. Page 33: 1 See page 39 for discussion regarding use of Funds From Operations and Adjusted Funds from Operations. 2 For the years ended December 31, 2017 and 2018, includes $5,000 and $130,000, respectively, of income tax expense associated with gains recognized on the dispositions of certain properties. 3 For the years ended December 31, 2017, 2018, 2019 and 2020 includes $2.0 million, $2.1 million, $1.1 million and $0.4 million respectively, of accelerated amortization of deferred financing costs primarily related to the prepayment of debt. 4 For the year ended December 31, 2017, includes a $4.6 million charge related to accelerated amortization of lease incentives associated with terminated lease contracts. 5 FFO and AFFO for the year ended December 31, 2020, include approximately $57.1 million of net revenue that is subject to the short-term deferral arrangements entered into in response to the COVID-19 pandemic; the Company accounts for these deferral arrangements as rental revenue and a corresponding increase in receivables. For the year ended December 31, 2020, FFO and AFFO exclude $9.4 million collected under these short- term deferral arrangements. Page 34: 1 See page 40 for discussion regarding use of EBITDAre, Adjusted EBITDAre and Adjusted Debt.

Investor and Media Contacts Financial Profiles, Inc. Moira Conlon, 310.622.8220 Tricia Ross, 310.622.8226 STORECapital@finprofiles.com Corporate Headquarters 8377 East Hartford Drive, Suite 100 Scottsdale, Arizona 85255 480.256.1100 www.STOREcapital.com 2020 FOURTH QUARTER INVESTOR PRESENTATION

XML

Document and Entity Information	Feb. 25, 2021
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Feb. 25, 2021
Entity Registrant Name	STORE Capital Corporation
Entity Incorporation, State or Country Code	MD
Entity File Number	001-36739
Entity Tax Identification Number	45-2280254
Entity Address, Address Line One	8377 East Hartford Drive, 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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	STOR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001538990
Amendment Flag	false