STORE Capital (STOR) Tops Q4 EPS by 1c, Revenues Beat

STORE Capital (NYSE: STOR) reported Q4 EPS of $0.25, $0.01 better than the analyst estimate of $0.24. Revenue for the quarter came in at $173.5 million versus the consensus estimate of $165.42 million.

For the quarter ended December 31, 2019:

• Total revenues of $173.5 million
• Net income of $59.8 million, or $0.25 per basic and diluted share, including an aggregate net gain of $11.7 million on dispositions of real estate
• AFFO of $120.0 million, or $0.51 per basic and $0.50 per diluted share
• Declared a regular quarterly cash dividend per common share of $0.35
• Invested $536.6 million in 103 properties at a weighted average initial cap rate of 7.7%
• Raised $197.8 million in net proceeds from the sale of an aggregate of approximately 5.0 million common shares under the Company’s at-the-market equity program
• Issued $508.0 million of long-term fixed-rate notes, which included the inaugural issuance of 15-year notes and $326.0 million of AAA rated notes, under STORE’s Master Funding secured debt program in November 2019

Management Commentary

“We delivered another year of record investment volume in 2019, reflecting our ongoing success in addressing our large market,” said Christopher Volk, Chief Executive Officer of STORE Capital. “We acquired 350 properties through 152 separate transactions, for a total of $1.69 billion at a weighted average initial cap rate of 7.8% and a granular average transaction size of $11 million. Stability and quality continued to define our diverse portfolio, and we ended the year with an occupancy rate of 99.5% and approximately 75% of our lease contracts of investment-grade quality as measured by our STORE Score methodology. We grew AFFO per share by over 8%, raised our dividend by more than 6% and delivered total shareholder return of over 36%. In 2020, we look forward to continuing to build on our solid foundation to deliver another year of strong performance.”

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

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