This map here shows that the overwhelming majority of properties is not located in highly impacted counties despite STORE Capital's heavy presence in states like California, Texas and Florida. NBA In FULL COLLAPSE! I find that astonishing and much better than expected given that STORE Capital's management has been extremely transparent with how COVID-19 is affecting the company, its tenants and how STORE fares vs. its peers. I have no business relationship with any company whose stock is mentioned in this article. Joe Biden LOSING MOMENTUM As Trump Comes Out STRONG After 2 Month Media BEATING.
You may also like. Further positive news is that STORE has now reached rent deferral agreements with almost all of its tenants as 98% of all contractual base rent and interests has been resolved. This is very helpful information for me as an investor as it shows that STORE is impacted far less than you would expect if you only look at its geographical diversification by state. 5 months into the pandemic STORE Capital has been navigating through an unprecedented period that has seen rent collections collapse and recover. While the company missed FFO by a penny at $0.44 per share revenue surprisingly increased by 2.7% Y/Y slightly beating consensus. The tide is clearly turning as the stock price is still down 30% YTD which provides an attractive opportunity for long-term investors. Based on the 85% level of rent collections in July the dividend is covered and STORE expects this to apply to the entire second half as well:So, I think from a Q2 perspective, we’re going to be short, and we cover the dividends. The tide is clearly turning as the stock price is still down 30% YTD which provides an attractive opportunity for long-term investors.Growth, dividend investing, long-term horizon, valueI wrote this article myself, and it expresses my own opinions. It is also assuring for investors that rent collections have been trending upwards over the last 4 months and reached a surprisingly high level of 85% for July with more than 90% of locations being open. Against this background the figures STORE Capital reported were truly impressive in my view. One final word.
1 week ago. Americans RISE UP In HUGE … The corona pandemic has badly hit former high-flying REIT STORE Capital (As basic and straightforward as that sounds it becomes very practical these days as nobody has ever really experienced a pandemic with lock-down measures as we have been witnessing in Q2/2020. The real insight here is that it is not STORE's business model targeting small and medium tenants which generally have lower credit quality which is driving rent collections but rather tenant COVID-19 sensitivity. Huawei’s deals with telecommunications operators around the world are evaporating, because countries are only allowing trusted vendors in their 5G networks. So far STORE Capital has maintained the dividend even though it was not covered on a true AFFO basis. Backing out these deferrals the true AFFO payout ratio for Q2 amounts to 125% which means that STORE Capital was short in Q2 to cover the dividend.This is usually an alarming situation but Q2 was unprecedented.
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