STORE Capital Corporation (NYSE:STOR) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 12:00 pm ET
Christopher H. Volk
conclude my remarks by talking about our dividend. In June, our board, with a recommendation from management, maintained our $0.35 dividend. While the dividend is amply covered by our $0.44 in second quarter adjusted funds from operations, our payout ratio rises to about 125% when you consider the fact that $38 million of the rents recognized for the quarter were not received in cash, but are subject to deferral arrangements with our tenants in response to this pandemic. Of course, we know so much more today than we did in March and April when much of the economy was closed. We have seen our initial reported rent collections elevated, and we have seen our rent collections steadily and meaningfully escalate over the past two months. Our growing rent collections, together with sustained strength in property openings and tenant commerce, have given us and our board the confidence to maintain our dividend.
And now I would like to turn the call over to the operator for any questions.