6/30/2016 | By Sarah Borchersen-Keto
STORE is an acronym for single-tenant operational real estate, which is the company’s target market.
Volk said the market for single tenant acquisitions totals about $2.5 trillion. STORE has transacted about $100 million a month in acquisitions through April, he said, which on an annualized basis is close to last year’s total of $1.2 billion.
“We think the opportunities are really terrific,” he observed.
Meanwhile, the company has been particularly active with investor outreach. Volk pointed out that the company went public in November 2014, and “as a new public company, it’s really incumbent on us to get our message across.”
Volk also stressed that STORE does not favor any particular tenant type. The company is about 70 percent focused on service industry tenants, and 15 percent on retail tenants.
In total, STORE has more than 350 tenants, Volk said, with no more than 2.5 percent of revenue coming from any one tenant. The company’s top 10 tenants account for less than 16 percent of revenues, “which is unparalleled diversity in a very large market,” Volk said.