STORE Capital, a retail REIT backed by Oaktree Capital with 767 single-tenant properties, filed on Friday with the SEC to raise up to $500 million in an initial public offering. As of June 30, 2014, it had about $2.3 billion worth of investments in real estate and loans.
STORE's 190 customers lease 767 properties across 43 states, and its top three concepts include Applebee's, Ashley Furniture Homestore and Popeyes Louisiana Kitchen. Owning a 99% pre-IPO stake, its primary shareholder is Oaktree Capital (NYSE: OAK), which has invested over $500 million since its 2011 blind pool formation.
The Scottsdale, AZ-based company booked $147 million in sales for the 12 months ended June 30, 2014 and plans to list on the NYSE under the symbol STRE. STORE Capital initially filed confidentially on February 13, 2014. Goldman Sachs, Credit Suisse and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
