Seeking Alpha • Jan 23

STORE Capital: A Bittersweet Last Bite At A ~15% Annualized 'Yield'

Summary STORE Capital Corporation is being acquired by a consortium of real estate giants. The deal likely closes within a week or two but possibly later. The spread is a big deal if the deal closes as soon as I expect it will. The STORE Capital Corporation deal is unlikely to fail, but downside of ~16% - 20% seems realistic. STORE Capital Corporation (STOR) is an internally managed net-lease real estate investment trust, or REIT. It is focused on Single Tenant Operational Real Estate. It operates a large, well-diversified portfolio (across the U.S.), with over 2,500 locations across the United States. I'm interested in this name because it is being acquired by real estate giants GIC and Blue Owl's Oak Street. They are paying $32.25 in cash. They also let STORE continue paying some dividends, but that's over now. The slide below shows its top customers and its diversification across industries. Top customers STORE capital (STORE Capital) I'm not a U.S. citizen, so I'm unfamiliar with some of these store brands. Most don't seem overly worrisome, although AMC Entertainment Holdings, Inc. (AMC) is probably not the best in your top 10. Having said that, even if AMC went through a bankruptcy process (which isn't entirely unimaginable), the new set of owners would likely still want to operate its movie theatres. Second, even this top 10 tenant is only 1.2% of base rents. What makes this merger very interesting is that the merger agreement says that the merger won't close until February 1, 2023 (except if the Parent agrees). It has an outside date of March 31, 2023. The transaction, which was unanimously approved by the STORE Capital Board of Directors, is expected to close in the first quarter of 2023, subject to approval by STORE Capitals stockholders and the satisfaction of certain other customary closing conditions. The closing of the transaction is not subject to any financing conditions. CFIUS hasn't objected to the deal, as might be expected. The shareholders didn't seem to love the deal (see comments), but it did pass a shareholder vote. I think this deal could close on February 1, but it is possible it could close even sooner than that. The options chain is very illiquid and barely traded, but the prices I see do imply and confirm it is extremely likely to close soon. Meanwhile, shares are trading at $31.80 (Seeking Alpha pre-market price), and through my broker, I'm seeing prices between $32.06 and $32.16. Depending on the entry, it could be quite an attractive deal. The annualized return is also very sensitive to the ultimate closing date. Here's a table showing the percentage return at 3 different price levels and two extreme closing dates.

Seeking Alpha • Dec 12

STORE Capital stockholders approve acquisition by GIC and Oak Street

STORE Capital (NYSE:STOR) stockholders approved the acquisition of the company by affiliates of GIC, a global institutional investor, and funds managed by Oak Street, a Division of Blue Owl. The transaction is expected to close in Q1 2023. Under the terms of the merger agreement announced on September 15, 2022, among other things, the company’s stockholders will receive $32.25 per share in cash. Upon closing of the transaction, the company’s common stock will no longer be listed on any public market.

Seeking Alpha • Nov 02

STORE Capital Q3 Results: Major Highlights

STORE Capital (NYSE:STOR) is scheduled to announce Q3 earnings results on Thursday, November 3rd, before market open. The consensus FFO estimate is $0.55 and consensus revenue estimate is $226.37M. Over the last 2 years, STOR has beaten FFO estimates 75% of the time and revenue estimates 63% of the time. Peer performance: Empire State Realty Trust Q3 beats, American Assets Trust Q3 beats, Alpine Income Property Trust Q3 beats, Essential Properties Realty Trust Q3 FFO in-line, revenue misses. Major developments during Q3: Real estate giants GIC and Blue Owl's Oak Street agreed to acquire Store Capital for $14B in all-cash transaction. Seeking Alpha's Quant Rating: Strong Buy Sell-side analysts rating: Hold Year-to-date stock performance:

Seeking Alpha • Oct 20

STORE Capital: 3 Replacement REITs With Yields Between 7% To 10%

Summary STORE Capital has offered a fine ride for investors, but that journey is ending. The stock offers only 2% potential upside to the takeout price - and peers offer compelling relative value. Spirit Realty offers a comparable portfolio and leverage ratio but trades at a 7.6% dividend yield. I am most bullish on cannabis REITs, which offer yields as high as 10%. STORE Capital (STOR) is set to be taken private, raising the question of whether the stock is worth holding until the close of that transaction, and which stocks can fill the void. While STOR remains a well-run company, it may not make sense to continue owning the stock given its relative premium to peers. I discuss three worthy candidates to replace STOR in a dividend portfolio with yields ranging from 7% to 10%. The rising interest rate environment has led to great volatility and high pessimism, but dividend investors likely welcome the high yield opportunities. STOR Stock Price STOR has seen its stock shoot close to the $32.25 per share takeout price. Data by YCharts I last covered STOR in May where I rated it a buy - STOR has since returned 15%. But is the stock still worth holding at current levels? STOR Stock Key Metrics STOR ended the latest quarter with 3,012 investment property locations with 94% subject to master leases. 2022 STOR Q2 Presentation The credit quality has been improving in recent quarters as evidenced by the 4.7x weighted average 4-wall FCCR. That said, it’s worth noting that 8% of the portfolio has unit-level FCCR below 1x and another 8% between 1.01x and 1.5x. That may suggest some tenants are struggling to pay rent. 2022 STOR Q2 Presentation Like peers, STOR has been quite active on the acquisition front, investing $392 million in the quarter at a 7.2% cap rate. That cap rate has compressed from the 7.8%-8% range of the past, but the annual lease escalator remained strong at 2%. The cap rate compression is worthy note considering that one would have otherwise expected the opposite considering the rising interest rate environment. 2022 STOR Q2 Presentation STOR did dispose of $65 million of properties in the quarter, making up 17% of acquisitions. That percentage has been high over the past two years. I view a lower disposition percentage of acquisition to be an indication of stronger credit underwriting as a good chunk of dispositions typically tend to be nonperforming assets. 2022 STOR Q2 Presentation STOR grew AFFO per share by16% to $0.58 and increased its full-year guidance from $2.23 to up to $2.27. The company ended the quarter with a leverage ratio of 5.7x debt to EBITDA, rather full though perhaps suggesting some debt capacity. What To Buy Instead The stock is trading with only 2% upside to the acquisition price - the company is not allowed to pay dividends until then. With the transaction expected to close in the first quarter of next year, that represents an annualized return of around 4% to 5%. The stock is currently trading at 14x FFO and a 5.2% dividend yield. In my view, that potential upside is not high enough considering that many net lease peers trade at far more compelling valuations. One candidate worthy of attention is Spirit Realty (SRC), a close peer. I covered SRC in September - the company has a comparable portfolio with solid investment grade exposure. 2022 SRC Q2 Presentation Leverage stood at 5.5x debt to EBITDA, comparable with STOR, but the stock trades at only 9.6x FFO and a 7.6% dividend yield. If the STOR transaction were to fall apart, then I would not be surprised to see STOR and SRC trade at similar valuations. If one is willing to look deeper in the net lease sector, cannabis REITs represent in my opinion the most compelling opportunity. The most well known operator is Innovative Industrial Properties (IIPR), which is the largest publicly traded cannabis REIT. I last covered IIPR in August. As a landlord of cannabis real estate, IIPR primarily owns cultivation facilities (where tenants grow cannabis) leased to licensed operators in states that have legalized the plant for either medical or recreational use. 2022 IIPRQ2 Presentation If you are unfamiliar with cannabis REITs, there’s a couple of things to know. First, cannabis can be considered to be a hyper-growth sector - largely because the plant has and remains federally illegal, but is rapidly being legalized at the state level. Consumers are embracing the plant for its recreational and medical applications. Yours truly has found the plant to be a life saver for occasional anxiety and insomnia. Second, because cannabis is federally illegal, it is very lucrative to be a landlord. IIPR is able to charge elevated cap rates at around 13% with annual lease escalators around 3%. In comparison, traditional NNN REITs like STOR and Realty Income (O) get cap rates around 6% to 7.5% with escalators in the 1% to 2% range. Those improved fundamentals have paid off, as dividends have increased by more than 10x since 2017. Seeking Alpha IIPR also has far less leverage than conventional NNN REITs, with debt to EBITDA at only 1x. IIPR recently traded hands at 12x FFO and a 7.7% dividend yield. IIPR is by far the most well known cannabis REIT, but there’s another pick worth mentioning. NewLake Capital (NLCP) is just like IIPR in that it is an internally managed landlord of cannabis real estate, but it is far smaller at just $330 million in market cap and is listed Over the Counter (‘OTC’). I consider NLCP as having a higher quality portfolio than IIPR due to its focus on limited license states. Some states limit the number of licensed operators, which helps improve profit margins.

Seeking Alpha • Sep 15

Store Capital to go private in $14B all-cash acquisition deal with GIC and Oak Street

Store Capital (NYSE:STOR) revealed Thursday that it has signed a definitive deal where the real estate giants GIC and Blue Owl's Oak Street have agreed to acquire Store Capital for $14B in all-cash transaction. That means Store Capital shareholders will receive $32.25 per share in cash, representing a whopping 20.4% premium on stock's last close of $26.79. Resultantly, STOR shares have shot up 20% to trade at $32.20 in pre-market on Thursday. Going Private: Once the transaction is completed, the shares of real estate investment firm Store Capital (STOR) will no longer be listed on the NYSE. "As one of the largest dedicated U.S. net lease real estate companies in a nearly US$4 trillion-dollar market, STORE Capital is a strong addition to GIC’s diverse portfolio of U.S. real estate investments,” said Adam Gallistel, Head of Americas Real Estate, GIC. "We look forward to working closely with STORE Capital and our partners at Oak Street to grow this platform over the long term." No change to be seen in the company's third quarter dividend payment. The transaction, which was unanimously approved by the STORE Capital Board of Directors, is expected to close in Q1 2023. Also Read (Aug. 15): Warren Buffett's Berkshire Hathaway increases stake in Ally, Activision

Seeking Alpha • Sep 07

Putting STORE Capital To The Test

Summary STORE Capital's valuation has gotten more attractive. This triggers further study. I put it through the test of our triple net due diligence. STORE Capital (STOR), which gets its name from an acronym for Single Tenant Operating Real Estate, is a popular REIT that buys mostly retail properties and leases them back to tenants via long-term triple net leases. I have largely been bearish on STOR due to its formerly extravagant valuation, but after a 23% drop over the last year, its earnings multiple has become attractive and I am now bullish. When a stock becomes attractive from a valuation perspective, it warrants further due diligence to see if it is worth buying in the 2nd Market Capital High Yield Portfolio (2CHYP) which we actively manage for Portfolio Income Solutions. Our fundamental analysis is specific to individual REIT subsectors of which there are 21. In this article, I will walk you through how we analyzed STOR. Ideally, it will be useful to those considering investing in STOR and serve as a guide for investing in the triple net sector in general. Triple nets: a strong business model with lots of key subtleties Triple nets are a seemingly simple business model. The REIT becomes a capital provider for a property operator via a sale leaseback. This is often a value creating transaction because the REIT can use its low cost of capital and tax advantages to finance the property more efficiently than the operator can. The economic savings can then be split between the entities such that both are coming out ahead. The triple net stream of income the REIT receives in the form of rent provides stable cash flows that grow over time from 3 main sources: Escalators built into the lease Delta to lease rate upon renewal (positive or negative growth) Accretion to earnings from new property acquisitions at a spread over cost of capital It is simple and effective, leading to triple nets being a highly successful sector historically, delivering outsized returns to investors. Despite the simplicity of the basic business model, there are quite a few differences between the triple net REITs. Some are far more effective than others and here are the things I look for to differentiate the good from the bad. The checklist for investing in triple net REITs Tenant/property underwriting Resiliency in a recession Are spreads sufficient to drive sustainable AFFO/share growth assuming some mishaps? Do they issue only when accretive? price paid for real estate relative to value of real estate Are leases at, above or below market rates? Is the REIT an originator or a price taker? Is occupancy artificially high due to selling vacant assets? Valuation Tenant/property underwriting Some REITs underwrite the tenant such that they think it is highly unlikely the lease will be defaulted on. Most of the big triple nets are trying to increase their percentage of tenants that are investment grade rated. STOR takes a different approach. They are willing to accept tenants of lower credit so long as the property itself is strong. Ideally the tenant does not default on the lease, but if they do, the property is strong enough to be re-leased at equal or better terms. The primary metric STOR looks at is 4-wall lease coverage ratio, or the amount of NOI the property generates for the tenant as a multiple of the lease expense. The higher the multiple the more easily the property can be leased at that rate. STOR’s average property 4-wall rent coverage is 4.7X. To my knowledge, STOR is the only triple net REIT that specifically focuses on this metric. This makes it a differentiated strategy that comes with some benefits. Since most other buyers are looking at the tenant rather than the building, STOR can buy at higher cap rates averaging around 7.2% whereas high credit tenants would typically go for closer to 5.5% today. Externally it is hard to know how much additional risk STOR is taking on with smaller tenants, so I look to history as a guide. Resiliency in a recession If STOR’s underwriting is operating properly, there would be some tenant default in a recession, but they would also be able to re-lease or successfully sell the vacated assets due to property level strength. If the location itself had great foot traffic and was generating strong NOI, a new tenant would likely want the space. Well, COVID provided a nice test to STOR’s strategy. Indeed, the pandemic did lead to some tenant defaults but STOR had reasonable success in re-leasing its properties. FFO took a hit during the recession but quickly bounced back to above pre-pandemic levels. S&P Global Market Intelligence 4-wall coverage of rent has remained at a healthy level in the post-pandemic environment. Logically STOR’s acquisition desiderata make sense and it has now been battle tested by the pandemic. Spreads Off-the-beaten-path acquisitions give STOR a nice head start on spreads as it is much easier to make spreads work with a 7.2% cap rate than a 5.5% cap rate. Cost of capital is the other side of the equation and it of course consists of the weighted average cost of debt and equity. STOR looks solid on the debt side with a reasonably clean balance sheet and an investment grade rating: S&P Global Market Intelligence This affords fairly cheap debt even in this now higher interest rate environment. In 2Q22, STOR was able to raise $600 million of medium term debt at a cost of 3.68%. Per the earnings release: “Closed on an aggregate $600 million of five-year ($400 million) and seven-year ($200 million) unsecured bank term debt at a weighted average interest rate of 3.68%” Equity is a bit trickier because it is largely out of the company’s control. Early in STOR’s history as a public company it bagged Warren Buffett as a significant investor and his imprimatur led to a fairly bloated stock price. When news hits of Buffett buying something, the stock will often ride up 10% or so, and while his ownership is a nice vote of confidence, it doesn’t actually change the fundamental value of the company. It was this overvaluation that has made me bearish in the past. The upside to overvaluation, however, is that it provides a cheap cost of equity capital. When a REIT is trading at a premium to NAV and a high FFO multiple, issuing equity actually increases NAV and comes with a low dilutive cost such that the spreads for STOR were quite nice. Despite the advantages of overvaluation to a company’s spreads, I do not endorse buying overvalued REITs. Market prices can fall at any time, so if a company was relying on its pricey stock to generate spreads not only will it lose its growth engine, but investors will be sitting on significant losses. Equity markets are fickle and STOR has fallen from grace. Its FFO multiple has dropped to just over 12X, a low not seen since the depths of the pandemic. S&P Global Market Intelligence At this price, the cost of equity capital is significantly higher. I have seen some calculate cost of equity as the dividend yield, but this is wrong. Beyond the incremental dividend the company will have to pay out there is a dilutive cost to earnings. Thus, a better way to estimate equity cost of capital is the inverted FFO multiple. In this case 100/12 X 100% = 8.3333%. This makes STOR’s spreads a bit tighter. 7.2% acquisitions are still mildly accretive when one blends 40% debt at 3.68% and 60% equity at 8.33% (WACC or ~6.5%), but that is a narrow spread. Acquisition cap rates are calculated based on contractual terms and usually do not include underwriting costs. They also do not factor in things going wrong and in the real world things do go wrong. As such, I like to see acquisition spreads over cost of capital closer to 200 basis points. The very narrow 70 basis point spread at which STOR is currently acquiring does not leave much margin for error. Disciplined use of equity capital? REITs of course cannot control their market price, but they can control when they issue. Most large REITs have shelf registrations that allow them to issues at-the-market. These are often called ATM programs and they are nice for 2 reasons: It reduces underwriting expense of offering. It provides on-demand capital to match-fund acquisitions The key with these is for management to be disciplined – issuing plenty of capital when stock price is high and not issuing when prices are low. Each share issued below NAV and at low FFO multiples is probably going to dilute shareholder value. This is a bit of a yellow flag for STOR. They did a great job of issuing at high prices back in the Warren Buffett imprimatur days, but they have failed to stop issuing now that the market price is below NAV. Note the $84 million issued around 6/30/22 when market prices were significantly below NAV. S&P Global Market Intelligence This sort of indiscriminate issuance is often accompanied by shares outstanding charts that look like this. S&P Global Market Intelligence I consider this just a yellow flag rather than a red flag because the 70 basis point spread on acquisitions over WACC makes is ever so slightly accretive, but there are better ways. I would much rather a company lever up slightly to fund acquisitions when their market price is not cooperating. Price paid for real estate relative to value of real estate A word of caution regarding sale leasebacks: Sometimes they are part lease and part loan. For example, a REIT can buy a $500,000 property for $1 million with the extra $500,000 plus interest being paid back over the initial lease term. If one does not know the actual property value, this leaseback is going to look fantastic. The cap rate is going to be juiced by the loan portion of the leaseback so it could be far above market. Many REITs do this. The most extreme example is Innovative Industrial (IIPR) where their purchase price of warehouses is around $300 per square foot while the facilities are often worth half that. Another REIT I have found to do this was ARCP/VEREIT before they got bought by Realty Income (O). It is totally legal and even financially viable in some cases. It is not even necessarily dirty or a trick. It is merely an elective decision to merge a loan with a lease. It just means the REIT should trade at a low multiple because those leases are going to be far above market and roll down upon lease expiry. So, does STOR do this given that its cap rates are quite high? No, STOR’s average purchase price is 80% of replacement cost. STOR Thus, it is quite clear that there is not a loan built into the purchase. Lease rates versus market lease rates Since STOR does not build loans into their sale leasebacks their lease rates were initially at market rate. With roughly 17 year initial terms, the lease rate relative to market rate will be a function of how market rates have changed over those 17 years. As a predominantly retail triple net REIT, STOR’s market rates moved down during the retail downturn that began before COVID and accelerated during COVID, but have since rebounded sharply. As such I think market rates are quite close to lease rates today. By the time STOR’s leases expire in a weighted average 13.2 years, I think market rates will be slightly higher than lease rates due to fundamental strength in single tenant retail assets (undersupply due to minimal construction). I view this as neutral to valuation as it is in-line with most other triple net REITs. Lease originator or price taker? Anyone can buy a triple net leased property. They are listed and sold based on cap rate of the in-place lease. Buying through this means is what I refer to as price taking as you will simply get the cap rate offered by the market. It leaves little room for value creation.

Seeking Alpha • Aug 21

STORE Capital: I Am Doubling Down On This Safe 5.3% Yield

STORE Capital is a top investment trust for income investors. The trust is growing its portfolio and funds from operations via acquisitions. STORE Capital outperforms the retail REIT competition based on pay-out ratio. Stock is attractively valued. STORE Capital Corporation (STOR) is a high-quality REIT in which I recently increased my position. The real estate investment trust is well-managed by a team of executives who are steadily expanding the trust's portfolio footprint and investment locations. In my opinion, STORE Capital is an excellent REIT investment that allows investors to participate in the trust's long-term funds from operations growth. A Dividend As Safe As It Gets STORE Capital has grown into a true REIT behemoth, investing billions of dollars in mostly service-oriented retail and manufacturing properties throughout the United States. STORE Capital had properties in 49 states as of June 30, 2022, making it a truly national real estate investment trust. Geographically Diverse Portfolio (STORE Capital Corp) As of the end of 2Q-22, the real estate investment trust had over 3,000 investment locations and rented its properties to tenants in 124 industries. All of STORE Capital's properties have long-term lease structures that provide the trust with consistent lease income and cash flow visibility. The trust's focus on high-quality properties and tenants has resulted in a 99.5% occupancy rate, which is particularly impressive. Because there is always some kind of turnover in a real estate portfolio, the occupancy rate is extremely high, demonstrating how well the trust is managed. Realty Income Inc. (O), another REIT I hold in high regard, had a 2Q-22 occupancy rate of 98.9%. Realty Income and STORE Capital are both extremely well-managed companies with nearly full portfolio utilization. Portfolio At A Glance (STORE Capital Corp) Acquisitions Are Driving STORE Capital’s Growth The constant acquisitions of STORE Capital result in a slowly but steadily growing national real estate platform. So far this year, the trust has acquired 173 properties worth $904.4 million, with transactions completed at a weighted average capitalization rate of 7.1%. During the same time period, the trust sold $117.2 million in non-performing real estate assets. In terms of dispositions, STORE Capital earned a net profit of $19.7 million from the sale of 24 properties. STORE Capital's acquisition volume ranges between 50-100 properties per quarter, with 2Q-20 being an exception due to the uncertainty in real estate markets caused by Covid-19. Investment Activity (STORE Capital Corp) STORE Capital Vs. Peers Acquisitions by STORE Capital help the company increase its funds from operations and dividend. The trust's real estate assets generated $163.8 million in adjusted funds from operations, or $0.58 per share, in 2Q-22, representing 16% YoY growth due to a robust return of demand to real estate markets following the pandemic. STORE Capital earned $0.58 per share in adjusted funds from operations in 2Q-22, more than enough to cover the $0.385 per share dividend. STORE Capital has a lower pay-out ratio (68%) than Realty Income (76%), which is widely regarded as the gold standard in the REIT industry due to its exceptionally long track record. The trust could afford to increase its dividend significantly due to STORE Capital's strong acquisition-driven growth in funds from operations. STORE Capital, in fact, has outperformed all but one of its large retail trust peers in terms of dividend growth, with an annual rate of 5.9% since 2015. Superior Dividend Growth (STORE Capital Corp) 2022 Guidance Raise And AFFO-Valuation STORE Capital increased its adjusted funds from operations guidance from $2.20-$2.23 to $2.25-2.27 and plans $1.3-1.5 billion in net full-year real estate acquisitions. Based on this guidance, STORE Capital's stock trades at a 12.9x expected AFFO multiple. Realty Income, STORE Capital's closest competitor and comparable in terms of portfolio quality, forecast adjusted funds from operations of $3.84 to $3.97 per share (no change). The stock trades at an AFFO multiple of 18.9x based on Realty Income's AFFO expectations for this year. Based on the potential for long-term AFFO growth, I believe Realty Income is slightly overvalued and STOR Capital is undervalued. Why STORE Capital Could See A Lower Valuation STORE Capital is not in jeopardy. In 2Q-22, the trust earned its dividend, which was well-covered by the trust's funds from operations. A bigger risk for STORE Capital would be the emergence of a more severe recession, which could result in higher vacancy rates and slower funds from operations and dividend growth in the future.

Seeking Alpha • Aug 11

STORE Capital: A Stamp Of Approval From The Oracle Of Omaha

When Warren Buffett makes an investment in a REIT, people should take notice because it does not happen all that often. Real estate has played a vital role in many billionaires’ path to becoming financially successful. STORE Capital is one of the few REITs that has the Berkshire Hathaway stamp of approval. This article was coproduced with Mark Roussin. Warren Buffett has largely invested in dividend-paying stocks with growing cashflows over the years. Cashflow has been a major focus and a must have for a company to earn his investment over time, but the other major rule he has revolves around his familiarity with the business. Not that he does not understand the business of Real Estate, but one sector he has kept his investments to a minimum has been within the real estate investment trust ("REIT") sector. Thus, when Warren Buffett makes an investment in a REIT, people should take notice because it does not happen all that often. When you look at the wealth that has been amassed by billionaires across the globe today, one common thing you will find in a lot of their stories is how much they earned through investing in Real Estate. Real estate has played a vital role in many billionaires’ path to becoming financially successful. Here is an excerpt from the 2020 PWC Billionaires Report: “The billionaire class has a love affair with real estate as a store of value and an asset that can be transferred to successors I have interviewed dozens of billionaires over the years, and I have found that this elite class of the wealthiest in the world seeks real estate because of its tax advantages that provide enhanced depreciation benefits (i.e., cost segregation) as well as principal preservation attributes (i.e., 1031 like-kind exchanges). In the PWC survey, it was found that during 2020, approximately half of all billionaires, regardless of the business sector they originate from, have between, 21-40% of their net wealth invested in real estate. 2020 PWC Billionaires Report Charlie Munger, Warren Buffett’s longtime partner, is one of those billionaires that has benefitted by investing in real estate over the years, but this has never been a path that Warren Buffett has directly taken. That is until he started investing in REITs... A REIT Fit For An Oracle In 2017, Berkshire Hathaway (BRK.A, BRK.B) invested $377 million into STORE Capital Corporation (STOR), which at the time represented a 9.8% stake in the real estate investment trust. This investment equates to roughly 18.6 million shares. The cost basis at the time was $20.25. Today, shares of STOR are trading at $28, suggesting those shares have increased roughly 35%. In 2020, the Oracle of Omaha yet again added to his STOR position by purchasing an additional 5.8 million shares after the large COVID pullback, which brought his total shares to 24.4 million. In Q1 2022, BRK.B made their first sale of STOR shares, selling 9.7 million shares. As of today, Berkshire owns 14,754,811 shares which have a market value of $415.2 million, which is still only a small sliver of the entire BRK.B portfolio, but it is the only REIT within the portfolio currently. Here is a look at the transactions Buffett has made when it comes to STOR. Yahoo Finance What Has Intrigued Buffett About STORE Capital? STORE Capital went public in 2014, so it is still relatively new to public markets. The company is a net-lease REIT with a focus on the middle-market property sector. According to former STORE Capital CEO Chris Volk, Warren Buffett studied the REIT for three years before taking a position. This goes back to Warren Buffett’s rule of understanding the business before investing. This unique approach to focus not only on investment grade tenants, but also middle-market tenants is what intrigued Mr. Buffett. STORE Capital stands for Single Tenant Operational Real Estate. STOR has a diversified portfolio with over 3,000 properties, which has grown 18% over the past two years as the company continues to expand. The portfolio is leased out to 579 different customers within 124 industries. STOR Q2 Investor Presentation When it comes to net lease REITs, the company owns the property, yet the tenants pay monthly rent in addition to covering their portion of the property tax bill, insurance, and maintenance on their own. This adds to the intrigue when it comes to net-lease REITs. The other interesting component curtails around sales-leaseback transactions, which is common in STORE’s transactions. This is often a common misconception of many investors not familiar with the term or process. Simply put, a sale-leaseback transaction allows owners of real estate to free up capital they have tied up in a real estate asset. The current owner can sell the asset to the buyer, and then the buyer turns around and leases the same property back to the seller, who can now continue using the same asset without having to disrupt operations. In addition, the seller was able to free up capital for other things while the purchaser owns an immediately cash-flowing asset. globalnetlease.com This allows STOR to gain a solid understanding of not only the current health of a company, but also their future plans ahead, which puts the landlord in a unique position before choosing to close on an acquisition. STOR Q2 2022 Earnings Results STOR recently reported their Q2 financials, which came in above analysts' expectations. The company reported total revenues of $223.8 million, which was an increase of 16.5% from the same period a year ago. Through the first half of the year, revenues are up 19.1%. AFFO for the quarter came in at $0.58 per share, an increase of 16% from prior year. The company continues to consistently increase its AFFO on an annual basis, which feeds into the growing dividend we will look at below. STOR Q2 Investor Presentation As of June 30, 2022, the portfolio’s annualized base rent and interest totaled $908 million. STOR's occupancy ratio totaled 99.5% at the end of Q2 2022 with an average non-cancelable remaining lease term on these properties was 13.2 years. The increase in revenue was backed by continued expansion seen from the acquisitions team, which acquired another 62 properties in the quarter originating $391.9 million of gross investments during the second quarter of 2022. These origination and other activities resulted in the creation of 11 new customer relationships. The investments had a weighted average initial cap rate of 7.2%. STORE’s leases have annual lease escalations built into the lease agreement, most of which are tied to the consumer price index and subject to a cap. As many of you know, CPI has been running extremely hot meaning this is a tailwind for rent step ups in 2022. In terms of dispositions, the company sold 24 properties, recognizing a net gain of $19.7 million during the quarter. A Diversified Portfolio Similar to its direct competitor in Realty Income (O), STORE Capital has a very diverse portfolio. The largest exposure the company has to a top tenant is only 2.9% and the top 10 tenants make up 17.7% of total base rent. Here is a look at the top 10 tenants and industries. STOR Q2 Investor Presentation Many other net lease REIT competitors have a different approach to its top tenants, which again makes STOR a little different and unique to others. STOR focuses more on full-service restaurants and early child development, where others like O and National Retail Properties (NNN) focus more on convenience stores and drug stores. With this comes higher lease spreads, but also higher risk as well. As we saw during the COVID pandemic, STOR rental collections were roughly cut in half for a short period, so do understand the risks before investing. Here is a look at how the portfolio is split up: STOR Q2 Investor Presentation When the economy is performing well, outside the pandemic, STOR is set up to greatly benefit due to its large leasing spreads when compared to its peers. Buffett Loves Him A Growing Dividend Another thing that intrigues Warren Buffett about STORE Capital is their high-yield and growing dividend. Being a REIT, one must payout at least 90% of their taxable income in the form of dividends (most REITs payout close to 100% of their taxable income), The REIT structure often leads to higher yields than non-REIT dividend stocks. Investing in STOR has rewarded investors nicely over the years with a consistently growing dividend that has been well-covered by adjusted funds from operations ("AFFO"). STOR Q2 Investor Presentation Since going public, STOR has increased their dividend at an average annual rate of 5.9%, trailing only one of its peers in ADC over that time span. However, the growing dividend combined with superb results has actually lowered the payout ratio over the years, further strengthening the reliability of the dividend. AFFO results outpacing dividend growth leaves plenty of room for future dividend growth.

Seeking Alpha • Aug 01

STORE Capital: Is Now A Good Time To Invest? (Technical Analysis)

There are compelling signs that indicate STOR is trending higher. Relative strength charts of XLRE and STOR are examined. Price targets and stop losses for STOR are given. This article will examine if the recent rally in STORE Capital Corporation (STOR) gives me enough confidence to initiate a position. I will use a technical analysis perspective to see if there is a compelling argument to initiate a position in STOR and look at price targets and stop losses to mitigate risk. When I invest, I like to buy companies that are moving higher and are outperforming the SP 500 index. I don't think I am that much different than many of readers of the Seeking Alpha website in this regard. What may make me a little different is that I use a technical analysis or price action approach to choose my investments. So, to get started, let's look at the Real Estate Select Sector SPRD Fund (XLRE) and see how it compares to the SP 500 index. Chart 1 - XLRE Weekly and Relative Strength Ratio www.stockcharts.com Chart 1 above shows the price action of XLRE. You can see that XLRE came out of the COVID-19 low in June 2020 and then consolidated until the end of 2020. From there it started trending higher and staying above the blue 30-week moving average. I use the 30-week moving average as an intermediate term timing tool. When price is above the moving average and the moving average is trending higher, that is considered bullish. When price is below the moving average and the moving average is trending lower that is considered bearish. XLRE topped out at the end of 2022 and then started its decline. Its most recent low was made in June and from there XLRE has risen 6 points or about 16%. Three aspects intrigue me about this price action. The first is that XLRE has closed above the 30-week moving average. That is bullish. The second aspect is that XLRE has stayed above the green line on Chart 1. That green line was a level of resistance back in the Spring of 2020 and now acts as support as price closed above the green line in April 2021 and has bounce off support most recently in June. The longer XLRE stays above that level of support, the more bullish I would be on XLRE moving forward. The third aspect of the chart is that the blue 30-week moving average line is not trending higher. At best it is flattening out, which is needed before it does turn higher. In other words, the declining or flat 30-week moving average line makes me cautious about REITs continuing to move higher from here. It would not surprise me if XLRE consolidates at this price level like it did from June 2020 to November 2020. The lower pane of Chart 1 shows the relative strength of XLRE to the SP 500 index. When the black line is moving higher that means the XLRE is outperforming the major index. When the black line is trending lower that means that XLRE is underperforming the major index. These relative strength ratio charts are great tools for investors to use to help them establish the sectors, industries, and companies that are outperforming a particular benchmark. We can see in this ratio that XLRE has outperformed the SP 500 index since January 2021. For the most part the ratio has stayed above the rising 30-week moving average. That is bullish. Putting these two tools together, we can see that XLRE is a sector we want to be in since it is outperforming the major index and that XLRE has closed above its 30-week moving average which has preceded major price advances in the past. We would feel better about the future price action of XLRE if the blue 30-week moving average line starts trending higher. Now let's use the same techniques on STOR. See Chart 2 below. Chart 2 - STOR Weekly and Relative Strength Ratios www.stockcharts.com We can see that STOR had a massive drop during COVID. It dropped almost 70% in six weeks. Ouch! STOR then consolidated for ten weeks and then started moving higher. It closed above its 30-week moving average in August 2020. That would have been a good entry point using a simple cross over strategy technique. STOR then proceeded to rally 50% over the next 12 months. The 30-week moving average was a good proxy for staying invested in STOR. I know that STOR closed below its 30-week moving average in October 2020. When one of my positions closes below its 30-week moving average I look to sell all or part of that position if price goes below that candle's low the following week. In this case that never happened. After STOR closed below the 30-week moving average, STOR rallied the next week. It never dropped below the candle that closed below the 30-week moving average. Your position in STOR would have been maintained until September 2021. Investors using this simple moving average cross over technique would have netted a 35% gain. Since August 2021, STOR has made a series of lower highs and lower lows. That is the textbook definition of bearish trend. Perhaps that trend is changing. Since June, STOR has rallied about 20%. STOR also closed above its 30-week moving average for the first time since the beginning of the year. Looking at the two lower panes for relative strength, you can see that STOR is even to a little stronger than XLRE and is outperforming the SP 500 index. The 30-week moving averages are flat in both cases after trending lower. The next step would be for those moving averages to start trending higher showing serious outperformance. Chart 3 - STOR Daily www.stockcharts.com Chart 3 shows the daily price action for STOR for the last nine months. STOR has been in a downtrend but there are signs of that trend reversing on the daily chart. The first sign is that price reached its low in mid-June at just above $24. It then rallied to just above $27 in late June. Price then consolidated rather than reversing to a new low. STOR then moved from $26 to its current price making a higher high. That is a bullish development. Secondly, price has closed above its 20-day moving average (blue line) and 50-day moving average (red line) and price has stayed above both moving averages for a few weeks. That is a bullish development which hasn't been seen since late last year. The third sign of a trend change is that the 20-day moving average crossed above the 50-day moving average. That occurrence has not been seen since late last year. The next bullish step for STOR to take is for price to close above and stay above its green 200-day moving average. That moving average is a common long-term proxy to determine if a stock is bullish or bearish.

Seeking Alpha • Jul 24

Why STORE Capital Has It All For Dividend Investors

STOR is a high-quality net lease REIT with a portfolio of service-oriented tenants that are relatively immune to e-commerce. It's also maintained strong occupancy over the past 2 years, and has a long weighted average lease term of 13.3 years. Recent share price weakness has made the stock an attractive buy for income and growth. Net lease REITs remain one of my favorite asset classes, due to their high margins and simplistic business model. These are key reasons for why most, if not all, weathered through the past couple of years with their dividend track records intact. More recently, concerns around interest rates have pushed down their valuations, and I've taken the opportunity to buy the dip. This brings me to STORE Capital (STOR), which is now trading well below its 52-week high, and as seen below, has fallen by 20% since the start of the year. In this article, I highlight what makes STOR a solid buy for income and growth, so let's get started. STOR Stock (Seeking Alpha) Why STOR? STORE Capital is one of the bigger net lease REITs out there, after seeing fast growth since its IPO. It's internally-managed and focuses on owning profit centers that are leased to middle-market and larger companies across the U.S. This is a rather large and fragmented segment that offers attractive cap rates, and the profit-center nature of the real estate means that tenants are less likely to default on the leases (as opposed to cost centers). This segment comprises a staggering 2 million locations that represent a $3.9 trillion addressable market, thereby giving STOR plenty of growth runway ahead to consolidate this sector. The vast majority of STORE's locations are subject to unit-level financial reporting. This benefits STORE in that it gives management the opportunity to quickly identify any financial issues that may pop up with a tenant location and plan an appropriate course of action. Moreover, management focuses heavily on strong unit-level profitability, as reflected by a portfolio average 4.7x rent coverage, and develops close relationships with its tenant base, as one-third of new business comes from existing tenants seeking growth capital. At present, its portfolio consists of 2,965 properties leased to 573 tenants in 49 states. It enjoys a high occupancy rate of 99.5%, which is close to the same as the 99.6% and 99.5% that it saw in 2021 and 2020, respectively. It also has a long-weighted average lease term of 13.3 years, which is longer than the ~10 years for most retail focused net lease REITs. As shown below, no one tenant represents more than 3% of total base rent, and the primarily service-oriented nature of its tenant industries makes STOR's properties relatively immune to the effects of e-commerce. STOR Tenant Mix (Investor Presentation) Meanwhile, STOR continues its growth trajectory, having acquired $513 million in profit center real estate during the first quarter, the highest first quarter volume in its history. The acquisitions came with an attractive 7.1% initial cap rate, with average annual lease escalations of 1.8%. It also benefits from a strong balance sheet with an adjusted debt to EBITDA ratio of 5.7x, and has plenty of retained capital to fund growth with a 67.5% dividend payout ratio. This makes STOR less reliant on capital markets to fund growth compared to peers that have higher payout ratios.

Seeking Alpha • Jul 17

STORE Capital: Best REIT Out There When It Comes To Risk And Reward

STORE Capital is one of my favorite net lease REITs, and shares have sold off more than 20% YTD. This brought the valuation to a very attractive 12.2x price/FFO, a steep discount to its average multiple as well as the valuations of peers. STORE now yields nearly 6%, and if the pattern of annual dividend hikes holds, investors will see another dividend hike this fall. Last week I wrote an article on Federal Realty Investment Trust (FRT), saying that there were better alternatives to the Dividend King. I don't spend much time reading comments on my articles, but I try to skim them and see if there are any recurring themes. I wasn't that surprised to see comments asking about my preferred alternatives on that article. I make it a point to write my articles as clearly and concisely as possible, which is why I didn't include other REITs in that article. However, I figured it was worth writing an update on one of my favorite REITs, STORE Capital (STOR). Investment Thesis STORE is one of several net lease REITs that I plan to hold for years to come. The company focuses on middle market properties across the US and generates attractive cap rates on their portfolio. They also obtain unit level financials, giving them greater insight into the business performance at each location. At 12.2x price/FFO, shares a steal today. Income investors can collect a 5.9% dividend that is set to grow again this fall. I think investors are in for double digit returns from a combination of income and multiple expansion, and I still think the risk/reward is heavily skewed to the upside. A Brief Update On The Business There are several factors that will drive STORE's long-term success. I have covered them in more detail in my first article on the company, but a quick recap is in order. One of the things that I really like about STORE is that they obtain unit level financials for their properties, which shows how the tenant's businesses are performing at a specific location. STORE Overview (storecapital.com) They also have long lease terms relative to peers, at cap rates that are typically higher as well. These factors drive attractive investment spreads, and investors can participate at a cheaper valuation now that shares have sold off over 20% YTD. Valuation One of the main reasons that I'm so bullish on STORE is the cheap valuation. It is cheap relative to average multiples as well as cheap when compared to other net lease REITs. Shares currently trade at a price/FFO of 12.2x, which is well below the 16.9x average multiple. This is also a discount relative to other net lease REITs, which doesn't make a whole lot of sense to me given the quality of STORE. Price/FFO (fastgraphs.com) If shares return to a 15x multiple, investors are looking at attractive returns from continued FFO/share growth and a little bit of multiple expansion. I think shares will likely trade for more than 15x at some point in the next couple years, which would mean even better returns for investors. I'm choosing to reinvest my dividends, and if you don't need the cash, I would recommend that long term investors do the same. Dividend Growth One of the reasons I passed on FRT is the lackluster dividend growth. STORE on the other hand offers an intriguing combination of current yield and a track record of attractive dividend growth. STORE is due for another dividend hike this fall if the pattern of the last couple years holds. That will be on top of a juicy 5.9% yield, and I think we will see a hike in the mid-single digit percentage range.

Seeking Alpha • Jun 21

STORE Capital: The Market's Perception Is Dead Wrong

STORE shares have had a brutal 12 months with the stock dropping 33% since July of 2021, well ahead of peers in the net lease sector. The market appears to believe that STORE is likely to be disproportionately hurt from a recession and rising interest rates. I believe that this narrative is wrong. The company's balance sheet and tenant quality are perhaps the strongest in its history and will enter any recession in great shape. With interest rates rising and near-term debt maturities at manageable levels, the company is primed to take advantage of increasing CAP rates and larger contractual rent increases. Tightening credit metrics only increase STORE's value proposition to tenants. STORE Capital is a strong buy at current levels and offers a 6%, well covered dividend, along with a path to 11.5% total returns for years to come.

Seeking Alpha • Jun 14

STORE Capital: A Defensive And Undervalued REIT In Uncertain Times

STORE Capital is a fundamentally strong REIT trading at discount valuations, with at least a 36% upside. STOR's strong business model, diversified portfolio and internal growth mechanism provide downside protection over inflationary and recessionary risks. Despite a CEO change, STOR's philosophy and growth remain on track and insider purchases suggest an undervalued company.

Seeking Alpha • May 31

STORE Capital Is As Cheap As Ever: 5.6% Yield And Growing

STORE Capital offers elevated growth in the net lease REIT sector due to its best-in-class acquisition cap rates. The company has improved the overall credit profile of its tenants over the past several quarters. Disposition activity remains elevated but not a concern for now. The stock is attractively priced at a 5.6% dividend yield with up to 29% multiple expansion potential.

Seeking Alpha • May 13

Our Top Pick For Stagflation: STORE Capital Stock

Fears of a recession are soaring, pushing stock prices rapidly lower. While we do not know whether or not we are headed for a recession, we do have conviction that the market appears to be overly pessimistic on certain stocks. STOR is one stock that offers bond-like income through recessionary periods but offers significantly higher yields.

Seeking Alpha • May 01

Important Update On STORE Capital

STORE Capital had a strong showing in 2021 and we expect the strong momentum to continue into 2022. STOR's net asset value is rising and its tenant health is improving. Will Volk's termination have a significant effect on STOR's performance going forward? Probably not.

Seeking Alpha • Apr 22

STORE Capital, VNQ, And Buffettism

STORE Capital is Buffett's only REIT holding in his Berkshire Hathaway portfolio. It is also a textbook example illustrating the cornerstones of Buffettism, especially when contrasted with a sector REIT fund like Vanguard Real Estate ETF (VNQ). Do not overstress diversification and do not mistake diversification with diworsification. Do not be stock pickers, be business pickers and pick businesses with a durable moat. And always be conscious of valuation and anchor valuation under the context of risk-free rates.

Seeking Alpha • Apr 11

STORE Capital: Passive Income Generator

STORE Capital focuses on Single Tenant Operational Real Estate (STORE) across the U.S., and has a strong portfolio with geographical and business diversification. Their assets under management, AFFO, and dividend has been growing at a solid pace over the past several years. Well-managed debt with multiple debt sources and a well-laddered payment schedule give an investment grade credit rating.

Seeking Alpha • Mar 23

STORE Capital Stock: A Great 5.2% Dividend Yield Buying Opportunity

Despite many questions marks, STORE Capital has successfully navigated its business through the COVID-19 pandemic. Its small and medium-sized tenants were hit hard initially but recovered quickly, and if STORE's tenants do well, STORE does well too. Recent and sudden changes in management coupled with some downgrades explain STORE's weak YTD performance but therefore offer an even greater buying opportunity. STORE Capital stock is fairly valued and investors thinking similarly can collect a juicy 5.2% dividend yield.

Seeking Alpha • Mar 14

STORE Capital: Learning From The Arc Of The Pandemic

STORE Capital was one of the REITs that saw earnings decline across 2020. Ongoing acquisitions should have increased earnings, which did not happen. The missing earnings was not due to the failure of large numbers of tenants. Disclosures by STORE let one put the pieces together and see what actually happened.

Seeking Alpha • Feb 28

STORE Capital: A Berkshire Hathaway Stamp Of Approval

On June 26, 2017, Berkshire Hathaway invested $377 million to become a 9.8% owner in STORE Capital. In this article, I will highlight STOR's latest earnings results including valuation. Although STORE Capital has not entered the gaming sector yet, we wonder whether or not the company will follow the same path as Realty Income.

Seeking Alpha • Feb 12

STORE Capital Is Getting Closer To Warren Buffett's Entry Points

STORE Capital is Buffett's only REIT holding in his Berkshire Hathaway portfolio. Buffett bought his shares near 13.2x FFO in 2017 and 2020 respectively. The recent price correction brought the valuation to about 15.2x FW FFO, which seems to be still above the Buffett price by a good margin. However, do not forget that interest rates act as the gravity on all asset valuation and the interest rates now are different from the time Buffett bought his shares. You will see that when adjusted for interest rates, the current valuation is a lot closer to Buffett’s entry points than on the surface.

Seeking Alpha • Feb 04

STORE Capital: This Is A Buying Opportunity

STORE Capital is a well-managed retail REIT. Adjusted funds from operations are growing and so is the dividend. Diversification of the portfolio, long-term leases, and consistent cash flow growth all point to a rising dividend and inflation protection.

Seeking Alpha • Jan 09

STORE Capital: The Best Large-Cap Net Lease REIT To Own For The Next 5 Years

STORE's focus on profit center real estate allows it to closely monitor the performance of each tenant and property. STORE has higher cap rates and longer leases than most of the competition. Diversification by geography, property type, and tenant limits the potential risk. With a 4.5% yield, mid-single-digit dividend growth, and an attractive valuation, STORE is appealing to total return and income investors alike.

Seeking Alpha • Dec 14

STORE Capital Corporation Is A Buying Opportunity

STOR is in a strong financial position. STOR has a unique moat in the market. Fears over inflation reducing the profitability of the net lease sector present us with a buying opportunity.

Seeking Alpha • Dec 08

STORE Capital: A Buy For The Optimist

STORE capital did survive 2020, albeit not without worrying investors. Moving on, though, the recovery seems to be going well. But with the troubles experienced by the business, and the numbers still barely matching the 2019 levels, investors are not pricing the business as before. Understandable. However, for the optimist, there is still some upside at current prices. Assuming the pandemic-like scenario is not repeated, STORE fundamentally is positioned to outpace competitors.

Seeking Alpha • Nov 21

Doubling Down On STORE Capital

Lately, STORE Capital has underperformed its peer group, and as a result, it has become opportunistic. We think that STORE has the best business model in the net lease sector and it should continue to drive outsized growth. As STORE's growth accelerates in the coming quarters, this should be enough of a catalyst for it to close much of the valuation gap and unlock upside for shareholders.

Seeking Alpha • Nov 02

STORE Capital Corporation: Rising Dividends Backed By Net Lease Real Estate

STOR is a net lease REIT with a diversified portfolio of retail assets. STOR is backed by Buffett and has outperformed competitors and the broader net lease sector. We dive into STOR and see how the REIT stacks up against the competition.

Seeking Alpha • Oct 01

Why We Think STORE Capital Is A Great REIT

Great track record. Great dividend. Great management. A short-term hold and long-term buy.

Seeking Alpha • Aug 30

STORE Capital: A Safe And Sound Investment

STORE Capital's real estate is primarily rented to service-oriented customers. There is less risk of non-paying customers. The company increased its revenue by 14.1% in the second quarter of 2021 compared to the same period in 2020. The valuation of the stock is reasonable. One can expect a pre-tax annual shareholder return of between 5% and 8%. STORE Capital is a share worth buying because of the stable characteristics of renting real estate to service-oriented customers.

Seeking Alpha • Aug 10

STORE Capital: Great Business At Fair Price

At its current price levels, STORE Capital Corporation represents a REIT business with great quality for sale at a fair price. With its secular support and growth prospects, a decent long-term return is still expected. An analysis based on yield spread relative to the risk-free rate also suggests a manageable risk profile at the current price level.

Seeking Alpha • Jul 21

Why I Sold Store Capital

STOR can be considered the "value investor" of the net lease sector. Its strong performance during the pandemic validated its business model. The 4.1% dividend yield appears very safe and primed for forward growth. I explain my reasons for selling and indicate the price I'd be interested to buy.

Seeking Alpha • Jul 08

STORE Capital: A Middle-Market Leader In The Net Lease Space

STORE Capital has differentiated themselves in the way they focus on middle-market tenants, which can provide long-term opportunity for the company. The company survived the pandemic, and tenants are once again performing well in their properties. STOR is led by a strong management team, which continues to build a Fortress Balance Sheet.

Score flocon de neige
Évaluation	4/6
Croissance future	2/6
Performances passées	4/6
Santé financière	1/6
Dividendes	4/6

Historique des cours de bourse
Prix actuel de l'action	US$32.21
Plus haut sur 52 semaines	US$32.36
Plus bas sur 52 semaines	US$24.48
Bêta	0.97
Variation sur 1 mois	0.41%
Variation sur 3 mois	1.71%
Variation sur 1 an	5.68%
Variation sur 3 ans	-19.15%
Variation sur 5 ans	38.96%
Évolution depuis l'introduction en bourse	65.18%

	STOR	US REITs	US Marché
7D	0.03%	2.9%	0.3%
1Y	5.7%	10.9%	19.9%

STOR volatility
STOR Average Weekly Movement	0.3%
REITs Industry Average Movement	3.1%
Market Average Movement	7.3%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	3.1%

STOR statistiques fondamentales
Capitalisation boursière	US$9.09b
Bénéfices(TTM)	US$321.37m
Recettes(TTM)	US$880.69m

STOR compte de résultat (TTM)
Recettes	US$880.69m
Coût des recettes	US$16.53m
Marge brute	US$864.16m
Autres dépenses	US$542.80m
Les revenus	US$321.37m

Résultat par action (EPS)	1.14
Marge brute	98.12%
Marge bénéficiaire nette	36.49%
Ratio dettes/capitaux propres	90.7%

Données	Dernière mise à jour (heure UTC)
Analyse de l'entreprise	2023/02/04 06:39
Cours de l'action en fin de journée	2023/02/02 00:00
Les revenus	2022/09/30
Revenus annuels	2021/12/31

Paquet	Données	Cadre temporel	Exemple de source américaine ^*
Finances de l'entreprise	10 ans	Compte de résultat Tableau des flux de trésorerie Bilan	Formulaire 10-K de la SEC Formulaire 10-Q de la SEC
Estimations consensuelles des analystes	+3 ans	Prévisions financières Objectifs de prix des analystes	Rapports de recherche des analystes Blue Matrix
Prix du marché	30 ans	Cours des actions Dividendes, scissions et actions	Données de marché ICE Formulaire S-1 de la SEC
Propriété	10 ans	Actionnaires principaux Délits d'initiés	Formulaire 4 de la SEC Formulaire 13D de la SEC
Gestion	10 ans	L'équipe dirigeante Conseil d'administration	Formulaire 10-K de la SEC Formulaire SEC DEF 14A
Principaux développements	10 ans	Annonces de l'entreprise	Formulaire 8-K de la SEC

Analyste	Institution
Wesley Golladay	Baird
Nathan Crossett	Berenberg
John Kim	BMO Capital Markets Equity Research

This company has been acquired

STORE Capital (STOR) Aperçu de l'action

Récompenses

Analyse des risques

STORE Capital Corporation Concurrents

W. P. Carey

Broadstone Net Lease

Essential Properties Realty Trust

Empire State Realty Trust

Historique des prix et performances

Nouvelles et mises à jour récentes

GIC Real Estate, Inc. and Oak Street Real Estate Capital, LLC completed the acquisition of STORE Capital Corporation (NYSE:STOR) from Berkshire Hathaway Inc. (NYSE:BRK.A), BlackRock, Inc. (NYSE:BLK),The Vanguard Group, Inc. and others.

STORE Capital: A Bittersweet Last Bite At A ~15% Annualized 'Yield'

STORE Capital stockholders approve acquisition by GIC and Oak Street

Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

STORE Capital Q3 Results: Major Highlights

STORE Capital: 3 Replacement REITs With Yields Between 7% To 10%

Recent updates

GIC Real Estate, Inc. and Oak Street Real Estate Capital, LLC completed the acquisition of STORE Capital Corporation (NYSE:STOR) from Berkshire Hathaway Inc. (NYSE:BRK.A), BlackRock, Inc. (NYSE:BLK),The Vanguard Group, Inc. and others.

STORE Capital: A Bittersweet Last Bite At A ~15% Annualized 'Yield'

STORE Capital stockholders approve acquisition by GIC and Oak Street

Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

STORE Capital Q3 Results: Major Highlights

STORE Capital: 3 Replacement REITs With Yields Between 7% To 10%

Upcoming dividend of US$0.41 per share

Investor sentiment improved over the past week

Store Capital to go private in $14B all-cash acquisition deal with GIC and Oak Street

Putting STORE Capital To The Test

STORE Capital: I Am Doubling Down On This Safe 5.3% Yield

STORE Capital: A Stamp Of Approval From The Oracle Of Omaha

Second quarter 2022 earnings: EPS and revenues exceed analyst expectations

STORE Capital: Is Now A Good Time To Invest? (Technical Analysis)

Why STORE Capital Has It All For Dividend Investors

STORE Capital: Best REIT Out There When It Comes To Risk And Reward

Upcoming dividend of US$0.39 per share

STORE Capital: The Market's Perception Is Dead Wrong

STORE Capital: A Defensive And Undervalued REIT In Uncertain Times

STORE Capital Is As Cheap As Ever: 5.6% Yield And Growing

Our Top Pick For Stagflation: STORE Capital Stock

First quarter 2022 earnings: EPS and revenues exceed analyst expectations

Important Update On STORE Capital

STORE Capital, VNQ, And Buffettism

STORE Capital: Passive Income Generator

STORE Capital Stock: A Great 5.2% Dividend Yield Buying Opportunity

Upcoming dividend of US$0.39 per share

STORE Capital: Learning From The Arc Of The Pandemic

STORE Capital: A Berkshire Hathaway Stamp Of Approval

Full year 2021 earnings: EPS and revenues exceed analyst expectations

STORE Capital Is Getting Closer To Warren Buffett's Entry Points

STORE Capital: This Is A Buying Opportunity

STORE Capital: The Best Large-Cap Net Lease REIT To Own For The Next 5 Years

Upcoming dividend of US$0.39 per share

STORE Capital Corporation Is A Buying Opportunity

STORE Capital: A Buy For The Optimist

Insufficient new directors

Doubling Down On STORE Capital

Third quarter 2021 earnings released: FFO US$0.51 per share (vs US$0.46 in 3Q 2020)

STORE Capital Corporation: Rising Dividends Backed By Net Lease Real Estate

Why We Think STORE Capital Is A Great REIT

Upcoming dividend of US$0.39 per share

Independent Director recently sold US$180k worth of stock

STORE Capital: A Safe And Sound Investment

STORE Capital: Great Business At Fair Price

Second quarter 2021 earnings released: EPS US$0.23 (vs US$0.16 in 2Q 2020)

Why I Sold Store Capital

STORE Capital: A Middle-Market Leader In The Net Lease Space

Upcoming dividend of US$0.36 per share

First quarter 2021 earnings released: EPS US$0.21 (vs US$0.26 in 1Q 2020)

Upcoming dividend of US$0.36 per share

Full year 2020 earnings released: EPS US$0.84 (vs US$1.24 in FY 2019)

Revenue behind estimates

New 90-day high: US$34.15

Rendement pour les actionnaires

Volatilité des prix

À propos de l'entreprise

STORE Capital Corporation Résumé des fondamentaux

Bénéfices et recettes

Dividendes

Analyse de l'entreprise et données financières

Sources de données