STORE Capital (STOR) Misses Q2 EPS by 5c, Revenues Beat

STORE Capital (NYSE: STOR) reported Q2 EPS of $0.16, $0.05 worse than the analyst estimate of $0.21. Revenue for the quarter came in at $168.3 million versus the consensus estimate of $156.1 million.

For the quarter ended June 30, 2020:

• Total revenues of $168.3 million
• Net income of $40.6 million, or $0.16 per basic and diluted share, including an aggregate net gain of $0.5 million on dispositions of real estate
• AFFO of $108.7 million, or $0.44 per basic and diluted share
• Declared a regular quarterly cash dividend per common share of $0.35
• Invested $135.4 million in 21 properties at a weighted average initial cap rate of 8.7%
• Raised $176.9 million in net proceeds from the sale of an aggregate of approximately 8.8 million common shares under the Company’s at-the-market equity program

Management Commentary

“We entered the second quarter at a time of great uncertainty, with commerce broadly curtailed. What our team has accomplished since then is impressive,” said Chris Volk, President and Chief Executive Officer of STORE Capital. “We have worked closely with our tenants and realized rent collections for the second quarter of 73% of contract rents and interest, with less than 2% of our rents unresolved. Today, 92% of our properties are open for our tenants to conduct business, up from just 65% in April. The result has been a steady increase in rent collections to 85% for the month of July. At the same time, our sustained investment activity offers attractive investor returns and we have reduced corporate leverage to historic lows. Our rent collections trajectory has been made all the better by our sector-leading investment yields and our low dividend payout ratio at the outset. An important outcome of this performance was the June reaffirmation of our $0.35 quarterly dividend. As we look ahead, we are confident in the prospects of our tenants and the sectors in which they participate. We expect that our collective hard work will allow us to benefit from deferred and lost rent collections, continued accretive investment activity and sustained dividend stability.”

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

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