Description
Store Capital is a publicly traded American real estate investment trust headquartered in Scottsdale, Arizona. Berkshire Hathaway owns 9% of the company.
It is traded on NYSE under symbol STOR.
History
The company was founded in 2011 and is based in Scottsdale, Arizona.
Backed by Oaktree Capital Management, the company filed for its initial public offering in August 2014 and went public on the New York Stock Exchange later that year. Its stock was added to the S&P 400 stock market index in 2020.
On December 28, 2021 Chairman of the Board and former CEO, Christopher Volk, was removed from his position and replaced by Tawn Kelley, a board member since 2020 and Vice President of Taylor Morrison Home Corporation.
Operations
STORE Capital likes to work directly with companies in sale/leaseback transactions, which account for roughly 80% of its acquisitions. The company invest primarily in high-quality properties that are subject to long-term NNN Leases.
At December 31, 2021, the company had a portfolio consisting of investments in 2,866 properties operated by 556 clients in 49 American states. Its clients operate in a wide range of service, retail and manufacturing industries in the U.S. economy, including restaurants, theaters, car wash centers, pet shops, nurseries and furniture stores.
At December 31, 2021, STORE Capital’s real estate portfolio totaled $10.7 billion. Approximately 94% of the portfolio represents commercial real estate properties subject to long-term leases and 6 % represents mortgage loans and financing receivables on commercial real estate properties.
