STORE Capital : View the Fourth Quarter 2021 Investor Presentation

a leader in real estate capital solutions

2021 fourth quarter investor presentation

2021 fourth quarter investor presentation

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This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities and trends in our business, including trends in the market for long-term,triple-net leases of freestanding, single-tenant properties. Words such as "expects," "anticipates," "intends," "plans," "likely," "will," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this presentation may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation, the risks described in our Annual Reports on Form 10-K, quarterly reports on form 10-Q, and current reports on form 8-K.

disclaimer

Forward-looking statements set forth herein speak only as of the date hereof, and we expressly

disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.

THIS PRESENTATION CONTAINS HISTORICAL PERFORMANCE INFORMATION REGARDING STORE CAPITAL AS WELL AS OTHER COMPANIES PREVIOUSLY MANAGED BY MEMBERS OF OUR SENIOR MANAGEMENT TEAM. SUCH PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.

This presentation contains references to our copyrights, trademarks and service marks and to those belonging to other entities. Solely for convenience, copyrights, trademarks, trade names and service marks referred to in this presentation may appear without the "© " or "TM" OR "sm" Symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these copyrights, trademarks, trade names and service marks. We do not intend our use or display of other companies' trade names, copyrights, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

Definitions and footnotes for data provided herein are provided in the appendix section of this

presentation.

Unless otherwise indicated, data provided herein is as of December 31, 2021.

fourth quarter investor presentation

overview

profit center	direct	diversified	scalable	distinctive	value
real estate	origination	portfolio	platform	balance sheet	creation

2021

3

focus on unit-level

profitability

4.6x rent coverage1

expansive

addressable market

$3.9 trillion

~ 2 million locations

		556		access to capital		5.6x
				adj. debt/adj. run rate
$13.1 billion		# of customers		NYSE: STOR		EBITDA
		BBB (+)
acquisition pipeline		~3%		$10.7 billion		multiple
				borrowing
		2		AUM3…and growing		sources
customer-centric		largest customer
					secured/unsecured
approach				ability to
	120
~1/3 new business from			leverage		flexible structure
existing customers
	industries		talent, systems, etc.		favorable prepayment
						options/well-laddered

STORE has the people, proprietary systems,

and processes for continued growth

5.5%

AFFO/share CAGR

(since IPO)

6.2%

dividend/share CAGR

(since IPO)

6.3% - 8.3%

AFFO/share growth

guidance4

2021 - 2022

2021 fourth quarter investor presentation

4

profit center real estate

unit-level profitability is the foundation of STORE's investment approach

Single Tenant Operational Real Estate is a real estate investment
asset class of its own with three payment sources
all real estate investors have the first two…..
1	corporate credit quality	corporate credit
		quality
2	real estate value	real estate
	…but the third is unique to STORE	value

3 unit-level profitability

a focused approach on acquiring profitable locations, resulting in	unit-level profitability
superior portfolio performance

fourth quarter investor presentation

broad-based market need

$3.9 trillion

total addressable market

of single tenant properties

2021

target market*

STORE's targeted market is large, consisting of nearly 215,000 companies

selective investing

the depth of the market allows STORE to be selective in its investment decisions

direct relationships

direct customer relationships account for ~80% of STORE's acquisitions

providing tailored financial solutions for our customers

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* companies with over $10MM in annual revenue