STORE Capital Corporation (NYSE:STOR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 12:00 pm ET


STORE Capital Corporation (NYSE:STOR) Q2 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Hello, and welcome to STORE Capital's Q2 2020 earnings webcast. All participants will be in listen-only mode. [Operator Instructions] Please note, today's event is being recorded.

I now would like to turn the conference over to Lisa Mueller, Investor Relations. Ms. Mueller, please go ahead.

Lisa Mueller

Thank you, operator. And thank you, all, for joining us today to discuss STORE Capital's second quarter 2020 financial results. This morning, we issued our earnings release and quarterly investor presentation, which includes supplemental information for today's call. These documents are available in the Investor Relations section of our website at, under News and Results, Quarterly Results.

On today's call, management will provide prepared remarks and then we will open up the call for your questions. In order to maximize participation will keeping call to an hour we be observing at two question limit during the Q&A portion of the call. Participants can then re-enter the queue if you have follow-up questions.

Before we begin, I would like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts, and assumptions and are subject to risks and uncertainties, including those arising from the COVID-19 pandemic and its related impacts on us and our tenants that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. A discussion of the factors that could cause our results to differ materially from these forward-looking statements is contained in our SEC filings, including our reports on Form 10-K and 10-Q.

With that, I would now like to turn the call over to Chris Volk, STORE's President and Chief Executive Officer. Chris, please go ahead.

Christopher H. Volk

Thank you, Lisa. And good morning, everyone. And welcome to STORE Capital's second quarter 2020 earnings call. With me today are Mary Fedewa, our chief operating officer; and Cathy Long, our chief financial officer.

First things first. We welcome the opportunity to speak to you today, and hope that you and your families continue to be healthy and safe. Our team has been working closely with our tenants throughout the pandemic. We've been encouraged by the uptrends in both business re-openings and collections since June. We estimate that 92% of our locations are currently open for business, which is slightly ahead of where we were in June, and represents those states that have recently experienced new rounds of business closures. However, the mix of open businesses has altered with some sectors, such as education, demonstrating promising trends and a few sectors facing renewed closure mandates in certain markets. Mary will provide you added detail here, but our portfolio diversity has been important to our success, as is our generally suburban investment profile, which has limited our exposure to the nation's most sensitive pandemic centers and is more conducive to demands of social distancing.

With that said, let