Why STORE Capital Stock Rose 23% in June
Shares of real estate investment trust (REIT) STORE Capital (NYSE: STOR) advanced 23% in June according to data from S&P Global Market Intelligence. That follows a general uptrend over the last couple of months after a disastrous decline earlier in the year (between late February and late March). In fact, at one point, the stock was down more than 60%. Despite a strong recovery from those lows, the stock was still off by more than a third through the first six months of the year.
STORE owns retail properties. When the government attempted to slow the spread of COVID-19 by shutting down non-essential businesses and asking people to stay at home, STORE's properties were materially impacted. The company only collected 68% of its April rents. Thus the sharp price decline earlier in the year. That's important because it sets the stage for the current stock advance.
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Source Fool.com
