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STORE Capital Corporation (NYSE: STOR) has initiated an underwritten public offering of senior unsecured notes. The company plans to utilize the proceeds for various purposes, including repaying existing debt, funding property acquisitions, and general corporate needs. Notably, the funds will help settle amounts under its 2017 term credit agreement and other financing obligations. Morgan Stanley, Goldman Sachs, J.P. Morgan, and Wells Fargo are the joint book-running managers for this offering.
STORE Capital Corporation (NYSE: STOR) reported Q3 2020 revenues of $175.2 million, a 2% increase year-over-year. Net income was $54.6 million ($0.21/share), down from $111.6 million in Q3 2019. Adjusted Funds from Operations (AFFO) rose to $119.1 million ($0.47/share). The company declared a dividend of $0.36 per share, a 2.9% increase. Investments totaled $250.9 million across 52 properties. Despite challenges from COVID-19, monthly rent collections improved from 70% in May to 90% in October 2020.
STORE Capital Corporation (NYSE: STOR) announced that as of October 20, 2020, it has collected 90% of its contractual base rent and interest for October. CEO Christopher Volk expressed optimism about the ongoing improvements in rent collections, with nearly all locations operational. Rent deferrals are mainly confined to movie theaters and early childhood education sectors.
STORE Capital is a prominent net-lease REIT that specializes in investing in Single Tenant Operational Real Estate, owning over 2,500 properties across the U.S.
STORE Capital Corporation (NYSE: STOR) will release its third-quarter financial results for the period ending September 30, 2020, on November 5, 2020, prior to market opening. A conference call is scheduled for the same day at 12:00 p.m. ET to discuss the results. STORE Capital specializes in net-lease real estate, owning over 2,500 profitable locations across the U.S. The company continues to position itself as a leader in single-tenant operational real estate.