STORE Capital Increases Quarterly Dividend 2.9%;
Provides Acquisition Guidance for Second Half of 2020
SCOTTSDALE, Ariz., September 15, 2020 -- 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 that it has declared a regular quarterly cash dividend on its common stock of $0.36 per share for the third quarter ending September 30, 2020. This represents an annualized dividend of $1.44 per share, a 2.9% increase from the prior rate. The dividend will be paid on October 15, 2020 to STORE Capital stockholders of record as of the close of business on September 30, 2020.
Additionally, the Company announced that it expects to complete between $300 million to $425 million of real estate acquisitions, net of sales, in the second half of fiscal 2020. This would bring total net acquisition volume for full year 2020 to a range of $625 million to $750 million.
“We are very encouraged by our progress and that of our tenants over the past five months, which has collectively given our Board the confidence to raise our dividend,” said Christopher H. Volk, Chief Executive Officer of STORE Capital. “At the same time, we have maintained a healthy acquisition pipeline exceeding $12 billion throughout the pandemic, together with sustained balance sheet and liquidity strength. With our ability to source real estate acquisitions that benefit our customers and are accretive to our stockholders, we are happy to reinitiate investment guidance for the year. We look forward to the opportunity to return our growth to historic levels in 2021 as the impacts from the pandemic on business continue to abate.”
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 2,500 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.
Forward-Looking Statements
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