Question
Chris Volk, president and CEO of STORE Capital Corp. , participated in a video interview in conjunction with (held June 2-4). STORE has about 500
Chris Volk, president and CEO of STORE Capital Corp. , participated in a video interview in conjunction with (held June 2-4). STORE has about 500 tenants across 49 states. Volk explained that STORE is more than just a landlord to its tenants, it also acts as a financial partner. Working so closely with its tenants has enabled STORE to better understand the likely outcome for the REIT with regard to the coronavirus crisis, Volk explained. Volk also noted that STORE started the year with an acquisition guidance target of $1.2 billion, with about $265 million of acquisitions booked in the first quarter. Full year acquisitions will be meaningfully less than originally anticipated, he said. Volk added that STORE recently raised about $150 million in equity which can be used to invest in new assets on a selected basis. He observed that really interesting opportunities can come out of periods of economic disruption. Looking ahead, Volk said he expects interest rates to be low for some time. I think real estate values will hold up well in that kind of an environment. Companies that can deliver predictable and sustainable cash flows will see increased valuations, so we look forward to that, he noted. The pandemic has impacted the Company through government mandated limits imposed on tenant businesses and continuing public perceptions regarding safety, which impacted its tenants ability to pay rent. In response to tenant requests, the Company provided rent relief, primarily through short-term rent deferrals or lease modifications. To date, the Company has increased its monthly rent and interest collections from 70% in May to 90% in October, repaid in full the balance of its revolving credit facility, and increased its quarterly cash dividend. Further, nearly all the Companys properties are currently open for business with two industries movie theaters and early childhood education remaining most impacted. The Company continues to closely monitor unpredictable factors that could impact its business going forward, including the duration and scope of the pandemic; governmental, business, and individuals' actions in response to the pandemic; and the overall impact on economic activity.
summarized above the articles in your own words. Write 2-3 paragraph about the articles in your own words.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started