STORE Capital Corporation (STOR) has reported 32.69 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $31.94 million, or $0.20 a share in the quarter, compared with $24.07 million, or $0.18 a share for the same period last year. Revenue during the quarter grew 28.30 percent to $102.14 million from $79.61 million in the previous year period.
Cost of revenue surged 293.89 percent or $1.16 million during the quarter to $1.55 million. Gross margin for the quarter contracted 102 basis points over the previous year period to 98.48 percent.
Total expenses were $45.03 million for the quarter, up 38.88 percent or $12.61 million from year-ago period. Operating margin for the quarter contracted 336 basis points over the previous year period to 55.92 percent.
Operating income for the quarter was $57.12 million, compared with $47.19 million in the previous year period.
Revenue from real estate activities during the quarter increased 27.76 percent or $20.95 million to $96.42 million.
Income from operating leases during the quarter rose 27.76 percent or $20.95 million to $96.42 million.
Other income during the quarter was $5.73 million, up 38.14 percent or $1.58 million from year-ago period.
"2016 was another year of outperformance and growth for STORE Capital, clearly depicting the foundational distinction that makes STORE the best platform our team has ever created," said Christopher H. Volk, president and chief executive officer of STORE Capital. "In 2016, we grew comparable AFFO per share by over 10% and raised our dividend by more than 7%. During the year, we acquired 367 properties through 145 separate transactions, grew our customer count by 19% and added over 20 industry groups to our customer base as we continued to expand our diversified capital markets strategy, locking in historically attractive long-term spreads. Stability and quality continued to define our portfolio, as we concluded 2016 with approximately 99.5% of our portfolio occupied and 75% of our lease contracts of investment-grade quality as measured by our STORE Score model. The combination of our portfolio quality and strong financial position, together with our modest corporate leverage targets, significant investment diversity, increasing stockholder dividend protection and impressive internal growth potential, convey the powerful margins of safety for our stockholders we have built into everything we do. Our strong investment activity in 2016, coupled with continued investment in our distinctive origination platform, gives us good reason to be optimistic about our future prospects and growth."
Receivables increase substantiallyNet receivables were at $269.21 million as on Dec. 31, 2016, up 26.19 percent or $55.87 million from year-ago.
Total assets grew 26.34 percent or $1,030.28 million to $4,941.67 million on Dec. 31, 2016. On the other hand, total liabilities were at $2,458.41 million as on Dec. 31, 2016, up 32.77 percent or $606.82 million from year-ago.
Return on assets moved down 5 basis points to 1.15 percent in the quarter. At the same time, return on equity moved up 12 basis points to 1.29 percent in the quarter.
Debt increases substantially
Total debt was at $2,351.67 million as on Dec. 31, 2016, up 32.87 percent or $581.72 million from year-ago. Shareholders equity stood at $2,483.26 million as on Dec. 31, 2016, up 20.56 percent or $423.46 million from year-ago. As a result, debt to equity ratio went up 9 basis points to 0.95 percent in the quarter.
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