STORE Capital Releases 2020 Annual Stockholder Letter

Rhea-AI Summary

STORE Capital Corporation (NYSE: STOR) released its 2020 annual letter to stockholders, authored by CEO Christopher H. Volk. The letter outlines the company's business model and the four essential 'Table Stakes' for investing in single-tenant operational real estate: 1) unit-level profit and loss statements, 2) master leases, 3) investing at or below replacement cost, and 4) yields exceeding the auction marketplace. Despite the challenges posed by the pandemic, the company remains optimistic about future growth and operational enhancements that can benefit both the business and its customers.

Positive

• The company showcased resilience during the pandemic, adhering to its business model.
• STORE Capital outlined four essential criteria ('Table Stakes') critical for investment success.
• Management expressed optimism regarding future operational enhancements and growth.

Negative

• None.

STORE Capital Corporation (NYSE: STOR), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced the release of its 2020 annual letter to stockholders authored by Chief Executive Officer Christopher H. Volk. The letter may be viewed and downloaded from STORE Capital’s Investor Relations website at ir.storecapital.com under CEO Letters.

In the letter, Mr. Volk reflects on STORE Capital’s business model which helped position the Company for success during a turbulent and challenging year that was unlike any other. He outlines the four “Table Stakes” STORE Capital deems essential for investing in STORE real estate as an asset class: 1) unit-level profit and loss statements, 2) master leases wherever possible, 3) invest at or below replacement cost, and 4) yields exceeding the auction marketplace. The four Table Stakes are essential for creating senior contracts, which proved important during 2020.

“Over the past ten years, we have been unfailingly consistent in our approach to our asset class and have publicly disclosed our Table Stakes adherence. In so doing, we have largely found that we have a singular view regarding this asset class that effectively places STORE in a class of its own. And in 2020, this made all the difference,” said Mr. Volk.

Mr. Volk also shares details on the unprecedented impact of the pandemic, mandatory shutdowns, and property closures, and how STORE was able to navigate through economic disruption, along with optimism for the future. “There will be many positives to emerge from the COVID-19 pandemic. An elevated ability to productively work remotely stands to improve our work-life balance. Likewise, our ability to remotely positively touch and inspire others, as in our inaugural externship program. As for our customers, the pandemic has inspired operational and business model enhancements that stand to make them emerge stronger from this collective experience. With all this in mind, we look forward to the coming years with the excitement for the good we will deliver and the asset class we uniquely and proudly address.”

About STORE Capital

STORE Capital Corporation is an internally managed net-lease real estate investment trust, or REIT, that is the leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. STORE Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in more than 2,600 property locations across the United States, substantially all of which are profit centers. Additional information about STORE Capital can be found on its website at www.storecapital.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210226005677/en/

FAQ

What are STORE Capital's 'Table Stakes' for investment?

STORE Capital's 'Table Stakes' include: 1) unit-level profit and loss statements, 2) master leases wherever possible, 3) investing at or below replacement cost, and 4) yields exceeding the auction marketplace.

How did STORE Capital perform during the COVID-19 pandemic?

STORE Capital navigated the challenges of the pandemic successfully by adhering to its established business model and maintaining operational consistency.

Where can I find STORE Capital's 2020 annual letter to stockholders?

The 2020 annual letter to stockholders can be viewed and downloaded from STORE Capital’s Investor Relations website.

What is STORE Capital's investment focus?

STORE Capital focuses on single-tenant operational real estate through its net-lease REIT strategy.

How many properties does STORE Capital own?

STORE Capital owns a diversified portfolio consisting of investments in over 2,600 property locations across the United States.