STORE Capital (STOR) Q3 2025 earnings summary

Executive summary

• Real estate investment portfolio reached $16.8 billion across 3,564 property locations in 49 states as of September 30, 2025, with 84% in long-term leases and 16% in mortgage loans and financing receivables.

• Net income for Q3 2025 was $33.9 million, up from $32.3 million in Q3 2024; nine-month net income was $114.3 million, up from $84.4 million year-over-year.

• Revenue growth was driven by portfolio expansion and rent escalations, partially offset by lower gains on property sales and higher interest and property costs.

Financial highlights

• Q3 2025 total revenues were $305.6 million, up from $287.4 million in Q3 2024; nine-month revenues were $911.3 million, up from $842.1 million year-over-year.

• Q3 2025 net income attributable to controlling interest was $33.8 million; nine-month net income attributable to controlling interest was $113.2 million.

• Q3 2025 interest expense was $94.8 million, up from $91.7 million in Q3 2024, reflecting higher average debt and rates.

• Q3 2025 depreciation and amortization expense was $147.5 million; nine-month expense was $443.7 million.

• Q3 2025 provisions for impairment totaled $11.8 million; nine-month provisions were $26.3 million.

Outlook and guidance

• Management expects continued portfolio growth through additional real estate investments, funded by a mix of debt, equity, and cash from operations.

• Liquidity as of September 30, 2025, was $163.5 million in cash, with $876.4 million available on the revolving credit facility.

• Management believes current liquidity and borrowing capacity are sufficient to fund operations and committed acquisitions for the next twelve months and beyond.