STORE Capital (STOR) Misses Q1 EPS by 4c, Revenues Beat

STORE Capital (NYSE: STOR) reported Q1 EPS of $0.26, $0.04 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $177.9 million versus the consensus estimate of $170.15 million.

For the quarter ended March 31, 2020:

• Total revenues of $177.9 million
• Net income of $62.7 million, or $0.26 per basic and diluted share, including an aggregate net gain of $2.7 million on dispositions of real estate
• AFFO of $120.1 million, or $0.49 per basic and diluted share
• Declared a regular quarterly cash dividend per common share of $0.35
• Invested $264.1 million in 57 properties at a weighted average initial cap rate of 7.5%
• Raised $148.6 million in net proceeds from the sale of an aggregate of approximately 4.1 million common shares under the Company’s at-the-market equity program

Management Commentary

“We concluded our first quarter with the challenge of a global pandemic that has led to a broad and temporary cessation of commerce,” said Christopher Volk, Chief Executive Officer of STORE Capital. “Addressing the pandemic repercussions has been greatly aided by our direct long-term tenant relationships, familiarity with their businesses and our sustained investment in technology. Our amazing team of 97 employees has worked remotely, collectively and with intense dedication to address the impact of the coronavirus pandemic on our customers. In this process, we have been sticking to our formula: STORE’s success has always been grounded in the success of our tenants, the fundamental nature of the industries in which they operate and the decades of experience of our capable team.

“STORE is well positioned to navigate the COVID-19 crisis and to continue to support our many customers. We have fortified our balance sheet with excess liquidity and have modest leverage and no meaningful near-term debt maturities. We believe the pandemic and resulting tightening of credit will make our services even more relevant in fulfilling the needs of middle market and larger companies for efficient long-term real estate capital going forward. We are optimistic and excited about our opportunity to create value for all of our stakeholders.”

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

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