2022 First Quarter Investor Presentation
15
STORE
capital
2022 first quarter investor presentation
($MM)
2022
2023
2024
2025
$800
$600
$400
$200
$0
distinctive balance sheet
multiple debt sources that are well-laddered with prepayment flexibility
>prepayable portion
Baa2/BBB/BBB unsecured term borrowings
rated by Moody's, S&P and Fitch Ratings
STORE'S
unencumbered
assets¹
A-/BBB+
peer net lease
avg.2
debt/EBITDA
4.1x
~5x
unencumbered assets/unsecured debt
debt service coverage
3.4x
~2x
7.1x
~5x
2026
2027
2028
2029
2030
2031
2032
2033
2034
after
total long-term debt ~ 40% leverage
unsecured IG notes payable
25% leverage (vs cost); ~65% of AUM³ are unencumbered
-
unsecured long-term borrowings
BBB rating
S&P positive outlook
efficient execution and pricing
master funding debt
~63% leverage (vs cost); ~32% of AUM³
able to maintain constant leverage at 70%
complete portfolio management flexibility
non-recourse with minimal covenants
provides borrowing diversity & prepayment flexibility
STORE ratios compare favorably to peersView entire presentation