STORE Capital Net-Lease Financing Activity Tops $2 Billion Since May 2011; Most Recent Note Issue Includes $260 Million in Long-Term Debt
SCOTTSDALE, Ariz. (May 27, 2014) – STORE Capital, a real estate investment trust (REIT) that invests in single-tenant profit center properties occupied by chain restaurants, supermarkets, health clubs, education centers, and other retail, service and industrial operations, announced today that it has completed more than $2 billion in sale-leaseback financings since its inception in May 2011.
“In just three short years, this seasoned team has amassed more than $2 billion in real estate investments. Our portfolio represents more than 165 customers and more than 700 properties, illustrating the tremendous need for the innovative financing solutions STORE Capital offers to real estate-intensive businesses – solutions which help our customers improve their capitalization efficiencies,” said Christopher H. Volk, STORE Capital president and CEO.
“We see our market as being well north of $2 trillion in size, which implies a very long and exciting runway to maintain our growth,” said Volk.
Most recently, STORE Capital completed the issuance of $260 million in 7- and 10-year notes. It was the fifth such note issue in STORE’s Master Funding series, a proprietary investment vehicle that enables the company to offer its customers flexible lease agreements that can be customized to their individual needs.
“The note issue, for the first time, included $30 million in forward funding, allowing STORE to more rapidly match fund investments,” said Volk, adding that the Master Funding program now includes a highly diversified pool of more than $1.5 billion in assets.
Further, STORE’s note issue received a rating upgrade to A+ from Standard and Poor’s, one of the nation’s largest credit-rating agencies.
“STORE Capital’s favorable bond rating communicates to investors and our customers the reliability of our business model and helps fuel the strength and efficiency of our customer net lease solutions,” Volk said.
About STORE Capital
STORE Capital Corporation is the leader in middle market net lease solutions. STORE’s mission is to address the long-term capital needs of real estate-intensive operating businesses throughout the United States. Through tailored real estate lease and mortgage financing solutions, STORE’s aim is to create wealth for its customers by improving the capital efficiency of their businesses. www.storecapital.com