S&P shifts Store Capital view to positive

S&P said it revised its outlook on Store Capital Corp. to positive from stable and affirmed the BBB issuer rating.

“The positive outlook incorporates our expectation that Store's operating performance will continue to improve supported by its well-diversified portfolio, high occupancy levels, and above-average embedded rent growth for a net-lease REIT (with rent escalators of 1.9%). Despite the planned robust expansion of its portfolio over the next two years, we expect its debt to EBITDA to remain in the high 5x area,” the agency said in a press release.

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