STORE Capital (STOR) Q4 2024 earnings summary

Executive summary

• Completed merger in February 2023, transitioning from a public corporation to a privately held LLC owned by GIC and Blue Owl Capital affiliates.

• Operates as an internally managed REIT focused on single-tenant operational real estate (STORE Properties) with a diversified portfolio across service, service-oriented retail, and manufacturing sectors.

• As of December 31, 2024, portfolio comprised 3,312 property locations with a gross investment of $15.7 billion and a weighted average lease term of 14.1 years.

Financial highlights

• Total revenues for 2024 were $1.15 billion, up from $951.9 million in the prior period, driven by portfolio growth and rent escalations.

• Net income for 2024 was $124.1 million, compared to a net loss of $112.8 million in the prior period, reflecting higher rental revenues, lower interest and tax expense, and gains on property sales.

• Net cash provided by operating activities increased by $97.3 million year-over-year to $741.7 million.

• Real estate investment portfolio grew from $14.7 billion (3,206 properties) at end of 2023 to $15.7 billion (3,312 properties) at end of 2024.

• Recognized $32.5 million net gain on sale of 104 properties in 2024, compared to a $6.6 million net loss on 25 properties in the prior period.

Outlook and guidance

• Management expects to continue portfolio growth through additional real estate investments, funded by a mix of debt, equity, and operational cash flows.

• Liquidity as of year-end 2024 was $162.2 million, with $378.9 million of immediate borrowing capacity.

• Plans to raise additional equity capital from members to support future growth.