STORE Capital ( NYSE: STOR ) shares rose 1.8% in Wednesday after-hours trading after the net lease REIT raised its guidance for the year, following Q2 results that surpassed Wall Street consensus estimates.
"Our momentum continued into the second quarter as we acquired $392M in profit center real estate, while at the same time driving higher cap rates and lease escalations," said President and CEO Mary Fedewa.
The company increased its guidance for 2022 adjusted FFO per share to $2.25-$2.27, topping the $2.17 consensus, from its prior range of $2.20-$2.23.
Q2 adjusted FFO per share of $0.58, average analyst estimate of $0.54, increased from $0.57 in Q1 an $0.50 in Q2 2021.
Q2 total revenue of $223.8M, consensus of $219.1M, rose from $222.1M in the prior quarter and $192.0M in the year-ago quarter.
STORE Capital ( STOR ) originated $391.9M of gross investments representing 62 property locations during Q2.
During the quarter, the company sold 13 properties, recognizing an aggregate net gain of $13.7M from the disposition of real estate.
At June 30, 2022, its real estate portfolio totaled $11.4B vs. $11.2B at March 31.
Conference call on Aug. 4 at noon ET.
SA contributor Walt Zelezniak, Jr. asks if now is a good time to invest in STOR
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STORE Capital Q2 reflects continued momentum, acquisitions, lease escalations