Store Capital

Last updated
Store Capital Corporation
Company type Private
NYSE: STOR
(2015–2023)
Industry Real estate investment trust (REIT)
Founded2011;13 years ago (2011)
Headquarters
Scottsdale, Arizona, U.S.
Key people
Mary Fedewa (CEO)
ServicesReal Estate leases
RevenueIncrease2.svg US$783.8 million (2021)
Increase2.svg US$268.35 million (2021)
Total assets Increase2.svg US$9.7 billion (2021)
Total equity Increase2.svg US$5.1 billion (2021)
Owner
Number of employees
117 (2021)
Website storecapital.com
Footnotes /references
[1]

Store Capital Corporation (STORE stands for Single Tenant Operational Real Estate) is a private American real estate investment trust headquartered in Scottsdale, Arizona. [2] [1]

Contents

History

The company was founded in 2011 and is based in Scottsdale, Arizona. [3]

Backed by Oaktree Capital Management, the company filed for its initial public offering in August 2014 [4] and went public on the New York Stock Exchange later that year. [5] Its stock was added to the S&P 400 stock market index in 2020. [6]

On December 28, 2021, co-founder, executive chairman of the board and former CEO, Christopher Volk, was terminated without cause, receiving cash severance and other benefits in accordance with the terms of his employment agreement. Tawn Kelley, a board member since 2020 and Vice President of Taylor Morrison Home Corporation, was given the chairman position in a non-executive capacity. [7]

In September 2022, Singaporean sovereign wealth fund GIC and American private equity firm Oak Street, a division of Blue Owl Capital Inc., agreed to acquire Store Capital in an all-cash deal valued at about US$14 billion. [8]

Operations

STORE Capital likes to work directly with companies in sale/leaseback transactions, which account for roughly 80% of its acquisitions. [9] The company invests primarily in high-quality properties that are subject to long-term NNN Leases. [10] The company often leases to smaller tenants that do not have credit ratings from major credit rating agencies, and therefore requires most of its clients to disclose the profitability for operations attach individual property leased from STORE, which allows the company to independently determine the creditworthiness of its tenants and use this profitability as a source to rent. [1]

At June 30, 2022, the company had a portfolio valued at $11.4 billion and consisting of investments in 3.012 properties operated by 579 clients in 49 American states. [9] Its clients operate across a wide range of service, retail and manufacturing industries within the U.S. economy, including theme parks, restaurants, theaters, car wash centers, automotive parts and repair shops, pet shops, plant nurseries and furniture stores. Approximately 94% of the portfolio represents commercial real estate properties subject to long-term leases, with around 6% representing mortgage loans and financing receivables on commercial real estate properties.

Shareholders

As of Feb 16, 2021, Berkshire Hathaway owned 9% of the company's stock. [11] [12] The company reduced its participation from 9% to 5.26% during Q2 2022.[ citation needed ]

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References

  1. 1 2 3 "STORE Capital Co. 2021 10-K Annual Report)". U.S. Securities and Exchange Commission. Retrieved 2022-04-26.
  2. ↑ "STORE Capital marketing $663M portfolio of triple-net leases". Asset Securitization Report. 2019-11-05. Retrieved 2021-12-01.
  3. ↑ "IPO Preview: STORE Capital Corporation (NYSE:STOR) | Seeking Alpha". seekingalpha.com. 18 November 2014. Retrieved 2021-12-01.
  4. ↑ Neha Dimri (August 29, 2014). "Real estate company Store Capital files for IPO". Reuters . Retrieved November 27, 2021.
  5. ↑ "A $495 million IPO in store for STORE Capital; Oaktree-backed REIT IPO sets terms". nasdaq.com. 2014-09-05.
  6. ↑ "STORE Capital to join S&P MidCap 400 index". www.spglobal.com. Retrieved 2021-12-01.
  7. ↑ "STORE Capital terminates executive chairman Christopher Volk 'without cause' (NYSE:STOR) | Seeking Alpha". 28 December 2021.
  8. ↑ Clark, Patrick (2022-09-15). "GIC, Blue Owl Agree to Buy Store Capital for $14 Billion" . Bloomberg News . Archived from the original on 2022-09-15.
  9. 1 2 Brewer, Reuben Gregg (2021-11-26). "Here's Why the Best Is Yet to Come for STORE Capital". The Motley Fool. Retrieved 2021-12-01.
  10. ↑ "Home". storecapital.com.
  11. ↑ "DEF 14A". www.sec.gov. Retrieved 2021-12-01.
  12. ↑ Wiles, Russ. "Store Capital draws investment from Berkshire Hathaway, looks to rebound from COVID-19 crash". The Arizona Republic. Retrieved 2021-12-01.
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