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STORE Capital LLC,(STOR) a leading real estate i nvestment firm, has announced its financial results for the second quarter of 2023. The company reported a net loss of $39.7 million for the quarter, while its total revenue reached $253.6 million. The condensed consolidated financial statements highlight the company's performance in various aspects of its operations.
Net Loss of $39.7 Million in Q2 2023
During the second quarter of 2023, STORE Capital LLC recorded a net loss of $39.7 million. This marks a significant decrease compared to the net income of $90.5 million reported during the same period in the previous year. The company attributed the loss to various factors, including depreciation and amortization expenses, interest costs, and provisions for impairment.
Revenue Reaches $253.6 Million
STORE Capital LLC generated total revenues of $253.6 million in the second quarter of 2023. This represents an increase from the revenue of $223.8 million reported in the same period last year. The primary sources of revenue for the company include rental revenues, interest income on loans and financing receivables, and other income.
Operating Activities and Investments
The company's operating activities for the quarter involved adjustments to its net loss, including depreciation and amortization expenses, amortization of debt-related costs, and equity-based compensation. Additionally, provisions for impairment and gains or losses on dispositions of real estate assets contributed to the financial results.
Financing Activities and Equity
STORE Capital LLC engaged in various financing activities during the second quarter. These activities included borrowings under credit facilities, unsecured notes, and term loans payable, as well as repayments under various debt obligations. The company also reported members' contributions and distributions as part of its financing activities.
Overview of Assets and Liabilities
The company's condensed consolidated balance sheets reveal its assets and liabilities as of June 30, 2023. Total assets amounted to $14.65 billion, with investments in real estate, loans and financing receivables, and operating ground lease assets contributing to the value. On the liabilities side, total liabilities were $6.35 billion, including credit facilities, secured term loan facilities, and other obligations.
STORE Capital LLC's equity structure reflects the contributions, distributions, and other financial activities involving members and stockholders. Members' equity and stockholders' equity reflect the changes in value due to net income, other comprehensive income, common stock issuances, equity-based compensation, and other factors.
STORE Capital LLC's financial results for the second quarter of 2023 highlight its performance in terms of net loss, revenue, operating activities, financing activities, and equity. The company's strategic actions and market conditions contributed to its financial outcomes during the period. As the real estate investment landscape evolves, STORE Capital LLC continues to navigate challenges and opportunities in pursuit of its financial goals.