Subject: Funding

STORE Capital Announces Upgrade of ABS Master Funding Notes by S&P Global Ratings

STORE Capital LLC ("STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that S&P Global Ratings ("S&P") upgraded certain of its STORE Master Funding net-lease mortgage notes. Notes upgraded by S&P include $1.29 billion of STORE's outstanding A+(sf) notes which were upgraded to AA(sf) and $210 million of STORE's outstanding BBB(sf) notes which were upgraded to A(sf). The ratings action also affirmed ratings on all of STORE's outstanding AAA(sf) notes totaling $1.34 billion. S&P's recent rating actions for STORE are summarized below.

S&P noted the following drivers for their positive actions:

• the superior diversification of STORE's collateral pool with S&P noting it as the most diversified of their triple-net-lease transactions;
• the limited tenant concentration which S&P noted as being lower than that of STORE's peers;
• the collateral pool's weighted average fixed charge coverage ratio which S&P noted as an indication of stronger tenant health and profitability as compared to STORE's peer transactions; and
• the capital structure's lower leverage and higher debt service coverage compared to the relevant rating levels in peer transactions.

"We are very excited to see that S&P has upgraded and affirmed the ratings for our notes. These upgrades are a testament to the diversity, asset value, and the consistency and strength of the underlying cashflows of STORE's portfolio," said Mary Fedewa, President and Chief Executive Officer of STORE Capital. "We are proud of our best-in-class platform and pleased to be recognized by S&P through our rating upgrades."

S&P Ratings Raised

S&P Ratings Affirmed

About STORE Capital

STORE Capital is an internally managed net-lease REIT that is a 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 more than 3,100 property locations across the United States, substantially all of which are profit centers. Additional information about STORE Capital can be found on its website at www.storecapital.com.

Cautionary Statement Regarding Forward Looking Statements

Some of the statements contained in this release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

The forward-looking statements contained in this release reflect the Company's current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are beyond the control of the Company, that may cause actual results and future events to differ significantly from those expressed in any forward-looking statement. While forward-looking statements reflect the Company's good faith beliefs, they are not guarantees of future performance or events. Any forward-looking statement speaks only as of the date on which it was made. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 22, 2023, as updated by the Company's subsequent periodic reports filed with the SEC.

News published on 18 january 2024 at 08:05 and distributed by: