SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
STORE
Capital Corporation (NYSE: STOR), an internally managed net-lease
real estate investment trust (REIT) that invests in Single Tenant
Operational Real Estate, today announced that Fitch
Ratings has upgraded its issuer default rating (IDR) to BBB with a
stable outlook. Fitch Ratings’ initial IDR for STORE Capital, assigned
in November 2015, was BBB- with a stable outlook.
Christopher H. Volk, President and Chief Executive Officer of STORE
Capital, stated, “This rating upgrade by Fitch underscores our strong
financial position and conservative capital structure, as well as our
recently lowered target leverage ratio in the range of 5.5 to 6.0 times
net debt to EBITDA. The key drivers of our Company’s investment-grade
credit rating, as cited by Fitch, include our ‘strong management team,
differentiated investment strategy, diversified portfolio and solid
credit metrics.’”
About STORE Capital
STORE Capital Corporation is an internally managed net-lease real estate
investment trust, or REIT, that is the leader in the acquisition,
investment and management of Single Tenant Operational Real Estate,
which is its target market and the inspiration for its name. STORE
Capital is one of the largest and fastest growing net-lease REITs and
owns a large, well-diversified portfolio that consists of investments in
1,770 property locations, substantially all of which are profit centers,
in 48 states. Additional information about STORE Capital can be found on
its website at www.storecapital.com.
Forward-Looking Statements
Certain statements contained in this press release that are not
historical facts, including statements regarding the Company’s future
growth and financial position, contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, that are subject to the “safe harbor” created by those
sections. Forward-looking statements can be identified by the use of
words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,”
“may,” “will,” “should,” “seek,” “approximate” or “plan,” or the
negative of these words and phrases or similar words or phrases.
Forward-looking statements, by their nature, involve estimates,
projections, goals, forecasts and assumptions and are subject to risks
and uncertainties that could cause actual results or outcomes to differ
materially from those expressed in the forward-looking statements. For
more information on risk factors for STORE Capital’s business, please
refer to the periodic reports the Company files with the Securities and
Exchange Commission from time to time. These forward-looking statements
herein speak only as of the date of this press release and should not be
relied upon as predictions of future events. STORE Capital expressly
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein, to reflect any change in
STORE Capital’s expectations with regard thereto, or any other change in
events, conditions or circumstances on which any such statement is
based, except as required by law.
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Financial Profiles, Inc.
Investors:
Moira Conlon, 310-622-8220
Kristen
Papke, 310-622-8225
or
Media:
Tricia Ross, 310-622-8226
or
STORECapital@finprofiles.com
Source: STORE Capital Corporation