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Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.B) has acquired 9.8% stake in Store Capital Corp. (NYSE: STOR), a real estate investment trust (REIT) from Scottsdale Arizona. This is an interesting development, as many investors have been concerned recently regarding the productivity of the commercial real estate market. Berkshire Hathaway has invested $377 million in Store.
Store Capital is very diversified however. As of December 31, 2016, the Company owned a portfolio that consisted of investments in 1,660 property locations operated by 360 customers across 48 states. Its customers operate across a range of industries within the service, retail and manufacturing sectors of the United States economy, with restaurants, early childhood education centers, movie theaters, health clubs and furniture stores.
Chros Volk, CEO at Store commented, "Berkshire Hathaway's investment solidly positions STORE for continued growth, while adding measurably to our already strong financial position. An investment in our company from one of history's most admired investors represents a vote of confidence in our experienced leadership team and an affirmation of our profit-center real estate investment and management approach."
Store Capital has a unique way of managing its properties. According to a report by Forbes, about 97% of Store's leases require the delivery of property-level financial statements. The quarterly sales reports from the tenants give Store the capability measure performance of each individual property, and control risk more effectively.
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