If you are searching for real-time data on stor stock today, you will quickly notice that the charts are completely flat and the ticker is no longer trading. That is because STORE Capital Corporation (formerly NYSE: STOR), once one of the most celebrated net-lease Real Estate Investment Trusts (REITs) on Wall Street, is no longer a publicly traded company. The enterprise was acquired and taken private in a massive $14 billion cash transaction.
For income-focused investors who loved STOR for its stellar dividend yield, robust cash flows, and its famous stamp of approval from Warren Buffett, its departure from the stock market left a significant void. Fortunately, the net-lease sector continues to offer fantastic opportunities for compounding wealth. This comprehensive guide will walk you through the history of stor stock, why it was acquired, the unique operational thesis behind its success, and the best publicly traded alternatives you can buy in 2026 to replicate its passive income power.
The Legacy of STORE Capital: What Was STOR Stock?
Before its acquisition, STORE Capital was an absolute powerhouse in the real estate investment trust sector. Founded in 2011 by a highly experienced management team—including Christopher Volk, Mary Fedewa, and others—and listed on the New York Stock Exchange in 2014, the company was built from the ground up to address a specific, massive, and largely underserved market. The name "STORE" was actually an acronym for Single Tenant Operational Real Estate. This refers to profit-generating, freestanding commercial properties where businesses actually operate their day-to-day business, such as restaurants, early childhood education centers, auto service stations, health clubs, and light manufacturing facilities.
Unlike traditional retail landlords that lease space in shopping malls or multi-tenant strip centers, STORE Capital focused exclusively on single-tenant properties. At its peak, the company’s portfolio grew to over 2,500 properties spread across nearly every U.S. state, diversified over dozens of distinct industries. This massive diversification shielded the company from localized downturns or industry-specific economic headwinds, ensuring that the cash flowing into the business remained incredibly steady.
What made stor stock a favorite among dividend growth investors was its highly predictable and reliable financial performance. The company’s dividend history was exemplary, consistently raising its payout every single year from its initial public offering until its eventual acquisition. This steady growth was powered by a disciplined approach to capital allocation, long-term leases with built-in rent escalations, and a primary focus on middle-market companies. While many larger REITs competed fiercely for investment-grade tenants, STORE Capital carved out a highly profitable niche by servicing middle-market businesses that were largely ignored by traditional institutional capital.
The Take-Private Merger: Why Was STOR Stock Delisted?
In September 2022, STORE Capital announced a definitive agreement to be acquired by GIC, Singapore’s sovereign wealth fund, in partnership with Oak Street, a division of Blue Owl Capital. The transaction was valued at approximately $14 billion, making it one of the largest take-private real estate deals in recent memory.
Under the terms of the deal, shareholders of stor stock received $32.25 per share in cash, representing a premium of more than 20% over the closing price prior to the announcement. On December 9, 2022, STORE Capital's shareholders overwhelmingly approved the transaction, with over 99% of the voted shares voting in favor of the merger. The merger officially closed on February 3, 2023, and stor stock was permanently delisted from the New York Stock Exchange.
Why did GIC and Oak Street take STORE Capital private? The answer lies in the valuation disconnect of the public markets. In late 2022, the Federal Reserve was aggressively raising interest rates to combat inflation. This rate-hiking cycle put immense pressure on REIT stock prices, forcing them down regardless of their strong operational performance. Institutional private buyers realized they could buy high-quality, inflation-resistant cash flows at a steep discount in the public markets. STORE Capital, with its stable cash flows, CPI-linked rent escalations, and master-lease protections, was prime real estate. The private buyers recognized that the underlying real estate and lease contracts were worth far more than what the public stock market was pricing at the time.
The Buffett Endorsement: Why Berkshire Hathaway Owned STOR
No discussion of stor stock is complete without highlighting its connection to Berkshire Hathaway. In the summer of 2017, Warren Buffett’s firm made major waves by investing $377 million in STORE Capital, acquiring a 9.8% stake in the company. Buffett was famously hands-on with this investment; the deal was executed directly after a telephone conversation between STORE Capital's management and Buffett himself. It represented a major validator for the entire net-lease industry.
What did the Oracle of Omaha see in this net-lease REIT? Buffett’s investment style has always gravitated toward businesses with durable competitive advantages, predictable earnings, and exceptional management teams. STORE Capital checked all of these boxes through several structural advantages:
- Unit-Level Financial Disclosures: Unlike most landlords who only evaluate the creditworthiness of a tenant’s corporate parent, STORE Capital required its tenants to deliver store-level profit-and-loss (P&L) statements. This allowed STORE to ensure that each individual property they owned was highly profitable and mission-critical to the tenant.
- High Lease Coverage Ratios: STORE systematically targeted properties with high unit-level rent coverage ratios (often averaging over 2.5x). If a store is highly profitable, the tenant is highly unlikely to default on rent, even if the parent company faces macro-level financial stress.
- Master Lease Structures: STORE heavily utilized master leases. Under a master lease, a tenant with multiple locations cannot pick and choose which properties to pay rent on. If they want to keep their highly profitable locations open, they must pay rent on all of them, providing a massive layer of safety for STORE's cash flows.
Furthermore, STORE Capital realized that Wall Street's obsession with formal "investment-grade" credit ratings (such as BBB- or higher from S&P) was a massive market inefficiency. Many private middle-market companies are incredibly healthy but choose not to pay rating agencies for a formal credit rating. By doing their own proprietary credit underwriting using store-level P&Ls, STORE could find incredibly safe tenants who would pay 100 to 200 basis points more in rent than investment-grade companies. This yield premium went straight to the bottom line of stor stock investors. When the company went private in 2023, Berkshire Hathaway cashed out of its position, pocketing a handsome profit on its initial investment.
Single-Tenant Operational Real Estate: Demystifying the Business Model
To understand how to replace stor stock in your portfolio today, you must first understand the operational mechanics of its business model. STORE’s entire strategy was centered on Triple Net Leases (NNN) and sale-leaseback transactions in the middle market.
In a standard triple-net lease, the tenant is responsible for virtually all property-related expenses, including real estate taxes, building insurance, and ongoing maintenance. The landlord simply collects the monthly rent check. This structure protects the landlord from rising operational costs and inflation, making it the "mafioso" model of passive income. Capital expenditures (CapEx) are virtually zero for a triple-net landlord, meaning Adjusted Funds From Operations (AFFO)—the true measure of REIT profitability—is a very "clean" cash flow metric compared to office or multifamily REITs that must constantly spend money on tenant improvements and leasing commissions.
STORE focused on sale-leaseback transactions as a financing tool for middle-market operators. In a sale-leaseback, a company that owns its real estate sells the property to the REIT for cash and immediately signs a long-term, triple-net lease to continue operating in the building. This unlocks valuable capital for the operating company to reinvest in its core business, pay down debt, or fund acquisitions, while providing the REIT with a highly predictable, long-term source of rental income.
By focusing on the unrated "middle-market" (companies with revenues typically between $10 million and $1 billion), STORE was able to negotiate directly with tenants. This direct origination allowed them to command much higher initial cap rates (yields on purchase price) and insert favorable lease terms, such as contractually mandated annual rent escalations (typically 1.5% to 2% or tied to CPI) and weighted average lease terms (WALT) exceeding 14 years. This unique strategy drove superior dividend growth and resilient total returns.
Top 5 Net-Lease REIT Alternatives to Buy in 2026
While you can no longer invest in stor stock, several high-quality, publicly traded net-lease REITs carry the torch of its business model. If you want to replicate STORE Capital's high yield, inflation protection, and compounding dividend growth in 2026, these are the top five stocks to analyze:
1. Essential Properties Realty Trust (NYSE: EPRT)
If you are looking for the absolute closest operational clone to stor stock, Essential Properties Realty Trust is your answer. Founded in 2016 and taking many design cues from STORE’s blueprint, EPRT focuses almost exclusively on single-tenant operational real estate in the middle market.
EPRT targets service-oriented and experience-based industries (such as early childhood education, car washes, medical services, and quick-service restaurants) that are highly resistant to e-commerce disruption. Crucially, EPRT replicates STORE’s underwriting discipline by requiring unit-level financial reporting on virtually all of its properties, and heavily relies on master leases. With a strong balance sheet, net debt to adjusted EBITDAre of around 4.5x, and a robust acquisition pipeline, EPRT has consistently outperformed its larger peers in dividend growth and total return, making it a premier replacement for STOR in 2026.
2. Agree Realty Corporation (NYSE: ADC)
Agree Realty is widely considered one of the highest-quality net-lease REITs in the public markets today. Unlike STORE, which focused on middle-market unrated tenants, Agree Realty heavily targets investment-grade retail giants such as Walmart, Home Depot, Costco, and Tractor Supply.
While this focus on investment-grade tenants means Agree's initial cap rates are slightly lower, the credit safety is unparalleled. Agree has a fortress balance sheet, a highly conservative payout ratio, and a stellar track record of monthly dividend payments. Agree also owns a significant ground lease portfolio, which is even safer than standard NNN leases because the tenant owns the building but Agree owns the land beneath it. For conservative income investors who want a blend of extreme safety and compounding growth, ADC is an essential core holding.
3. Realty Income Corporation (NYSE: O)
Known globally as "The Monthly Dividend Company," Realty Income is the undisputed giant of the net-lease sector. With a market capitalization that dwarfs its competitors, Realty Income offers unmatched diversification, owning over 15,000 properties across the United States, the UK, and Europe.
Realty Income is an S&P 500 Dividend Aristocrat, boasting nearly three decades of consecutive annual dividend increases. Recent major acquisitions, including its mergers with VEREIT and Spirit Realty, have turned Realty Income into a colossal diversified machine. While its massive size makes hyper-growth more difficult to achieve (expecting stable 2-4% annual AFFO per share growth), its scale provides unparalleled access to cheap capital. Realty Income remains the gold standard for reliable, recession-resistant monthly income in 2026.
4. NNN REIT, Inc. (NYSE: NNN)
Formerly known as National Retail Properties, NNN REIT is a model of consistency. The company has increased its annual dividend for over 34 consecutive years, a record surpassed by only a handful of public companies.
NNN REIT focuses on high-quality single-tenant retail properties and works closely with regional and national tenants. Like STORE, NNN excels at direct relationship-based sourcing of real estate acquisitions, allowing them to secure favorable lease terms. Their ultra-long lease terms (typically 15 to 20 years) provide exceptional cash flow visibility. By funding acquisitions conservatively with long-term fixed-rate debt and equity, NNN is highly insulated from short-term interest rate volatility.
5. VICI Properties Inc. (NYSE: VICI)
If you want a net-lease REIT with massive growth potential and structural inflation protection, VICI Properties is a standout choice. VICI owns a premier portfolio of experiential and gaming real estate, including iconic Las Vegas properties like Caesars Palace, the MGM Grand, and the Venetian.
VICI’s leases are incredibly long (often over 30 to 40 years) and are secured by some of the most profitable and protected real estate on earth. Regulatory barriers to entry mean it is incredibly difficult for competitors to build new casinos adjacent to VICI's assets. Nearly 50% of VICI’s rental revenue has CPI-linked lease escalations, offering a massive shield against inflation. For income investors seeking a unique, high-yield alternative with substantial growth runway, VICI is a powerhouse option in 2026.
Frequently Asked Questions About STOR Stock
Can I still buy STOR stock today?
No, you cannot buy STORE Capital common stock on the open market. The company was acquired by private investors (GIC and Oak Street) in February 2023 and its ticker symbol, STOR, was delisted from the New York Stock Exchange.
What happened to the dividend payments of STORE Capital?
Because STORE Capital was taken private and its public shares were liquidated at $32.25 per share in cash, public stockholders no longer receive dividend payments from the company. Former shareholders received a one-time cash payout when the merger finalized.
Why was STORE Capital taken private?
STORE Capital was taken private because public markets undervalued the stock during the high-inflation and rising interest rate environment of late 2022. Institutional buyers recognized that the steady, inflation-hedged cash flows generated by STORE’s triple-net leases were worth more than the public share price reflected, leading to a $14 billion cash buyout.
Which REIT is most similar to STOR stock?
Essential Properties Realty Trust (NYSE: EPRT) is the most similar REIT to STORE Capital. EPRT replicates STORE’s strategy of targeting unrated middle-market tenants, requiring unit-level P&L statements, utilizing master leases, and focusing on service-oriented single-tenant properties.
Conclusion: Replicating the STOR Formula Today
While the delisting of stor stock marked the end of an era for one of Wall Street's most innovative net-lease REITs, its legacy lives on. The underlying strategy that attracted Warren Buffett—triple-net leases, master-lease structures, and unit-level underwriting—remains the gold standard for generating passive real estate income.
By diversifying your capital across high-quality alternatives like Essential Properties Realty Trust (EPRT) for middle-market growth, Agree Realty (ADC) for investment-grade safety, and Realty Income (O) for global scale, you can easily reconstruct the compounding dividend power of STORE Capital. As interest rates continue to stabilize in 2026, the net-lease sector continues to offer some of the most resilient, inflation-protected income opportunities in the entire financial market.
