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Share Name | Share Symbol | Market | Type |
---|---|---|---|
STORE Capital Corporation | NYSE:STOR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.21 | 0 | 01:00:00 |
By Imani Moise
Warren Buffett's Berkshire Hathaway Inc. has picked up a 9.8% stake in real-estate investment trust Store Capital Corp., at a time when many investors are growing concerned about the health of the commercial real-estate sector.
Shares of Store Capital, which invests in single-tenant properties including chain restaurants, supermarkets, drugstores and other retail locations, shot up 11% to $23 in premarket trading.
Monday's stock move would help the company's stock regain ground it lost this past spring after the company reported disappointing earnings.
As retailers are closing stores at a record pace, Store Capital said Mr. Buffett's $377 million investment represents a vote of confidence in its leadership and business model. Store Capital's real estate portfolio totaled $5.5 billion, representing 1,750 property locations, as of March 31.
Berkshire has long benefited from Mr. Buffett's reputation as a skilled judge of businesses who is known for closing deals quickly without teams of bankers or consultants. Berkshire earned more than $10 billion on deals Mr. Buffett struck during and after the financial crisis with blue-chip companies including Goldman Sachs Group Inc., Dow Chemical Co., General Electric Co. and Bank of America Corp.
Berkshire Hathaway's investment makes it Store Capital's third-largest shareholder, behind the Vanguard Group and Fidelity Management & Research Co., according to data from FactSet.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
June 26, 2017 09:04 ET (13:04 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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