STORE Capital (STOR) Reports In-Line Q3 EPS, Revenues Beat

STORE Capital (NYSE: STOR) reported Q3 EPS of $0.21, in-line with the analyst estimate of $0.21. Revenue for the quarter came in at $175.2 million versus the consensus estimate of $159.95 million.

For the quarter ended September 30, 2020:

• Total revenues of $175.2 million
• Net income of $54.6 million, or $0.21 per basic and diluted share, including an aggregate net gain of $3.5 million on dispositions of real estate
• AFFO of $119.1 million, or $0.47 per basic and $0.46 per diluted share
• Declared a regular quarterly cash dividend per common share of $0.36
• Invested $250.9 million in 52 properties at a weighted average initial cap rate of 8.3%
• Raised $215.0 million in net proceeds from the sale of an aggregate of approximately 8.0 million common shares under the Company’s at-the-market equity program

Management Commentary

“Our third quarter performance reflects the strength of our investment strategy, with a highly diverse net lease contract portfolio backed by well-positioned, strong regional and national tenants,” said Christopher Volk, Chief Executive Officer of STORE Capital. “With virtually all our portfolio properties now open for business, our collections accelerated. More importantly, the relative high yield on our portfolio investment demonstrated our ability to realize superior risk-adjusted performance. Given this achievement, we were proud to raise our dividend by 2.9%, while accelerating our investment activity, which we expect to carry into 2021.”

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

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