Store Capital
| Company type | Private |
|---|---|
| Industry | Real estate investment trust |
| Founded | 2011 |
| Headquarters | Scottsdale, Arizona , United States |
Key people | Tawn Kelley (non-executive chairman) |
| Products | Sale/leaseback real estate services, NNN Lease contracts |
| Owner | GIC, Oak Street (Blue Owl Capital affiliate) |
Store Capital Corporation (an acronym for Single Tenant Operational Real Estate) is a privately held American real estate investment trust with its main office located in Scottsdale, Arizona.
History
Established in 2011 and headquartered in Scottsdale, Arizona, Store Capital initially received support from Oaktree Capital Management. The company submitted its initial public offering registration in August 2014 and subsequently launched its public trading on the New York Stock Exchange later that same year. In 2020, its shares were incorporated into the S&P 400 index.
On December 28, 2021, Christopher Volk, co-founder and former CEO, was dismissed without cause and was compensated according to the terms of his employment contract. Following this change, Tawn Kelley—who had served on the board since 2020 and held the position of Vice President at Taylor Morrison Home Corporation—assumed the role of non-executive chairman.
In September 2022, Store Capital agreed to be acquired by Singapore’s sovereign wealth fund GIC alongside Oak Street, a U.S.-based private equity firm affiliated with Blue Owl Capital, in a transaction valued at roughly $14 billion in cash.
Operations
STORE Capital’s core business involves sale/leaseback deals, which constitute nearly 80% of its acquisitions. The firm specializes in premium properties secured by long-term NNN Lease contracts. It frequently leases to smaller tenants lacking major credit ratings but requires these tenants to provide profitability data for each individual property. This approach allows STORE Capital to evaluate tenant credit risk based on operational income and utilize that information when structuring rental agreements.
As of June 30, 2022, STORE Capital managed a portfolio valued at $11.4 billion, consisting of 3,012 properties leased to 579 tenants across 49 states within the United States. Its clientele represents a broad array of sectors such as theme parks, dining establishments, theaters, car wash facilities, automotive parts and repair services, pet retailers, plant nurseries, and furniture stores. Approximately 94% of the holdings are commercial real estate assets under extended lease terms; the remaining 6% comprises mortgage loans and financing receivables linked to commercial real estate.