STORE Capital’s Revenue by Segment (2016 – 2021)

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This statistic highlights STORE Capital’s Revenue by Segment from Q1 2016 onwards, split across Rental Revenues, Interest income on loans and financing receivables, and Other income, reported on a quarterly basis.
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This statistic highlights STORE Capital’s Revenue by Segment from Q1 2016 onwards, split across Rental Revenues, Interest income on loans and financing receivables, and Other income, reported on a quarterly basis.

STORE Capital’s Revenue by Segment

The following table highlights STORE Capital’s Revenue by Segment for Q3 2020, Q2 2021 & Q3 2021:

Segment Q3 2020  Q2 2021  Q3 2021  Contribution in Q3 2021
Rental Revenues $163.33 $180.16 $184.08 92.45%
Interest income on loans and financing receivables $11.02 $11.66 $12.97 6.52%
Other income $0.88 $0.22 $2.07 1.04%
Total $175.22 $192.05 $199.13 100.00%

(All figures are in millions, except percentages)

Rental revenue

STORE Capital leases real estate to its tenants under long-term net leases, which are referred to as Operating leases. These leases generally provide for rent escalations throughout the lease terms.

  • For leases that provide for definite contractual escalations, rental revenue is recognized on a straight-line basis. This produces a constant periodic rent over the term of the lease. As of December 31, 2020, and 2019, the Company had straight-line operating lease receivables of $34.6 million and $28.3 million, respectively.
  • Leases that have contingent rent escalators are indexed to future increases in the Consumer Price Index (CPI) or at a fixed percentage, whichever is lower. These are adjusted over a one-year period or over multiple-year periods.

STORE Capital reviews its operating lease receivables regularly, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant functions, and economic conditions in the area where the property is situated. For a few lease contracts, the company even collects property taxes from its customers.

This segment further consists of:

  • Sublease income: which represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants.
  • Amortization of lease-related intangibles and costs

On a QoQ basis, there was an increase in the revenue by 2.2%. On a YoY basis too, there was an increase of 12.7%. 

Interest income on loans and financing receivables

STORE Capital provides mortgage loans secured by real estate and holds them for long-term investment. These loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. The Company recognizes interest income on loans receivable, applied on a loan-by-loan basis using the effective-interest method.

Also, a loan receivable is placed on non-accrual status when it has become more than 60 days past due or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. As of December 31, 2020, and 2019, the Company (on a nonaccrual status) had loans receivable with an aggregate outstanding principal balance of $39.9 million and $15.6 million, respectively.

This segment further consists of:

  • Sale-leaseback transactions: Here, customers sell their operating properties to STORE Capital and then simultaneously enter into long-term triple-net leases with them to lease the properties back.
  • Direct financing receivables: These include hybrid real estate investment transactions completed before 2019.

On a QoQ basis, there was an increase of 11.2% in the revenue generated. Even on a YoY basis, there was an increase of 17.7%. 

Other Income

Revenues other than the above-mentioned segments are included here. Additionally, during 2020 and 2019, STORE Capital collected $0.6 million and $4.1 million, respectively, primarily in connection with the sale of certain properties, in early lease termination payments which are included in other income.

There was a huge increase in the revenue generated from this segment on a QoQ as well as a YoY basis. 

About the Company

STORE is a REIT, that is the leader in the acquisition, investment, and management of Single Tenant Operational Real Estate, or STORE Properties. As of December 31, 2020, they have 2,634 property locations operated by 519 customers across the United States. Their customers operate across a wide variety of industries like service, retail, and manufacturing sectors, restaurants, early childhood education, health clubs, metal fabrication, and automotive repair and maintenance representing the top industries in their portfolio.

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