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STORE Capital (STOR) investor relations material
STORE Capital Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q1 2025 was $52.7 million, up from $20.8 million in Q1 2024, driven by portfolio growth, increased rental and interest income, and a net tax benefit from changes in REIT status.
Real estate investment portfolio reached $15.9 billion across 3,366 properties in 49 states, leased to 654 customers in diverse industries.
Approximately 99% of leases are triple-net, minimizing property-level costs and capital expenditures.
Financial highlights
Total revenues for Q1 2025 were $303.9 million, up $28.6 million year-over-year, mainly from portfolio expansion and rent escalations.
Interest expense increased to $90.7 million from $87.1 million, reflecting higher average debt and rates.
Depreciation and amortization rose to $148.1 million, in line with portfolio growth.
Provisions for impairment and credit losses totaled $7.4 million, slightly down from $7.8 million in Q1 2024.
Net gain on real estate dispositions was $4.3 million, down from $10.0 million in the prior year.
Net cash provided by operating activities was $172.2 million; net cash used in investing was $145.5 million; net cash from financing was $148.4 million.
Outlook and guidance
Management expects continued portfolio growth through new real estate investments, funded by a mix of debt, equity, and operational cash flow.
Liquidity of $327.3 million and $378.9 million in immediate borrowing capacity as of March 31, 2025, is considered sufficient for near-term commitments.
No material changes to risk factors or critical accounting policies since the last annual report.
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