STORE Capital (STOR) Tops Q1 EPS by 4c, Beats on Revenues

STORE Capital (NYSE: STOR) reported Q1 EPS of $0.26, $0.04 better than the analyst estimate of $0.22. Revenue for the quarter came in at $125.8 million versus the consensus estimate of $118.89 million.

Highlights

For the quarter ended March 31, 2018:

• Total revenues of $125.8 million
• Net income of $50.0 million, or $0.26 per basic and diluted share, including an aggregate net gain of $9.6 million on dispositions of real estate
• AFFO of $85.9 million or $0.44 per basic and diluted share
• Declared a regular quarterly cash dividend per common share of $0.31
• Invested $320.4 million in 103 properties at a weighted average initial cap rate of 7.8%
• Expanded the unsecured revolving credit facility to $600 million and the accordion feature to $800 million, raising maximum borrowing capacity to $1.4 billion
• Closed inaugural public debt offering, issuing $350 million in aggregate principal amount of investment-grade senior unsecured notes
• Raised net proceeds of $99.0 million representing an aggregate of approximately 4.1 million common shares from sales under the at-the-market equity program

Management Commentary

“2018 is off to a great start,” said Christopher Volk, Chief Executive Officer. “Our acquisitions activity continued to be strong, diverse and granular during the first quarter. We originated $320 million in gross investments at an average cap rate of 7.8%. We also profitably divested $45 million of real estate, resulting in net acquisition activity for the quarter of $275 million, and our investment yields continued to be highly accretive. Importantly, we completed our inaugural public unsecured note offering, which was rated BBB/BBB/Baa2 by Standard & Poor’s, Fitch Ratings and Moody’s, respectively. Our dividend continues to be well-protected, with an AFFO payout ratio of 70%. Together, our reinvested free cash flows and average annual rent increases of 1.8% combine to deliver internal growth that will drive most of our anticipated total growth for 2018. With strong and stable portfolio performance, we are affirming our guidance for the year.”

For earnings history and earnings-related data on STORE Capital (STOR) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Silexion Therapeutics (SLXN) Tops Q2 EPS by 793c
• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance