STORE Capital Announces Second Quarter 2019 Operating Results

Updates 2019 Guidance

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–STORE Capital Corporation (NYSE: STOR, “STORE Capital” or the “Company”), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced operating results for the second quarter and six months ended June 30, 2019.

Highlights

For the quarter ended June 30, 2019:

  • Total revenues of $163.8 million
  • Net income of $68.0 million, or $0.30 per basic and diluted share, including an aggregate net gain of $15.0 million on dispositions of real estate
  • AFFO of $114.2 million, or $0.50 per basic and diluted share
  • Declared a regular quarterly cash dividend per common share of $0.33
  • Invested $364.1 million in 79 properties at a weighted average initial cap rate of 7.9%
  • Raised net proceeds of $135.7 million from the sale of an aggregate of approximately 4.0 million common shares under the Company’s at-the-market equity program

For the six months ended June 30, 2019:

  • Total revenues of $320.4 million
  • Net income of $113.5 million, or $0.50 per basic and diluted share, including an aggregate net gain of $13.1 million on dispositions of real estate
  • AFFO of $222.0 million, or $0.99 per basic share and $0.98 per diluted share
  • Declared regular cash dividends per common share aggregating $0.66
  • Invested $757.3 million in 162 properties at a weighted average initial cap rate of 7.9%
  • Raised net proceeds of $294.0 million from the sale of an aggregate of approximately 9.0 million common shares under the Company’s at-the-market equity program
  • Closed second public debt offering, issuing $350.0 million in aggregate principal amount of investment-grade senior unsecured notes in February 2019

Management Commentary

“STORE achieved strong momentum in the first half of 2019, posting AFFO growth of over 25% and diluted AFFO per share growth of about 10% compared to the first half of 2018,” said Chris Volk, President and Chief Executive Officer of STORE Capital. “We continued our robust pace of acquisitions in the second quarter, averaging more than $100 million in new assets each month and originating gross investments of $364 million at an average cap rate of 7.9%. Our granular growth combined with our 456 tenants further enhanced our portfolio diversity. Our top ten tenant exposure decreased to below 18% of revenues while we maintained our high level of contract quality and portfolio occupancy of 99.7%. Our leverage remains at the low end of our target levels and we have ample financing flexibility to fund our large pipeline of investment opportunities. At the same time, we increased our dividend protection – our dividend payout ratio for the second quarter decreased to 66.0% of AFFO per share from 68.9% in the year-ago quarter. Based on our performance in the first half of 2019, we are raising the low end of our 2019 AFFO per share guidance, resulting in a new range of $1.92 to $1.96 per share.”

Financial Results

Total Revenues

Total revenues were $163.8 million for the second quarter of 2019, an increase of 24.8% from $131.2 million for the second quarter of 2018.

Total revenues for the first half of 2019 were $320.4 million, an increase of 24.7% from $257.0 million for the first half of 2018. The increase was driven primarily by the growth in the size of STORE Capital’s real estate investment portfolio, which grew from $6.7 billion in gross investment amount representing 2,084 property locations and 412 customers at June 30, 2018 to $8.3 billion in gross investment amount representing 2,389 property locations and 456 customers at June 30, 2019.

Net Income

Net income was $68.0 million, or $0.30 per basic and diluted share, for the second quarter of 2019, as compared to $62.2 million, or $0.31 per basic and diluted share, for the second quarter of 2018. Net income for the second quarter of 2019 included an aggregate net gain on dispositions of real estate of $15.0 million as compared to an aggregate net gain on dispositions of real estate of $20.0 million for the same period in 2018.

Net income includes such items as gain or loss on dispositions of real estate and provisions for impairment, which can vary from quarter to quarter and impact net income and period-to-period comparisons.

Net income for the six months ended June 30, 2019 was $113.5 million, or $0.50 per basic and diluted share, compared to $112.2 million, or $0.57 per basic and diluted share, for the six months ended June 30, 2018. Net income for the first half of 2019 included an aggregate net gain on dispositions of real estate of $13.1 million as compared to $29.6 million for the same period in 2018.

Adjusted Funds from Operations (AFFO)

AFFO increased 25.3% to $114.2 million, or $0.50 per basic and diluted share, for the second quarter of 2019, compared to AFFO of $91.1 million, or $0.46 per basic share and $0.45 per diluted share, for the second quarter of 2018.

AFFO for the six months ended June 30, 2019 was $222.0 million, or $0.99 per basic share and $0.98 per diluted share, an increase of 25.4% from $177.0 million, or $0.90 per basic share and $0.89 per diluted share, for the six months ended June 30, 2018. The year-over-year increase in AFFO for the three- and six-month periods was primarily driven by additional rental revenues and interest income generated by the growth in the Company’s real estate investment portfolio.

Dividend Information

As previously announced, STORE Capital declared a regular quarterly cash dividend per common share of $0.33 for the second quarter ended June 30, 2019. This dividend, totaling $76.0 million, was paid on July 15, 2019 to stockholders of record on June 28, 2019.

Real Estate Portfolio Highlights

Investment Activity

The Company originated $364.1 million of gross investments representing 79 property locations during the second quarter of 2019. These origination and other activities resulted in the creation of 19 new customer relationships. The investments had a weighted average initial cap rate of 7.9%. Total investment activity for the first half of 2019 was $757.3 million representing 162 property locations with a weighted average initial cap rate of 7.9%. The Company defines “initial cap rate” for property acquisitions as the initial annual cash rent divided by the purchase price of the property. STORE’s leases customarily have lease escalations, most of which are tied to the consumer price index and subject to a cap. For acquisitions made during the first six months of 2019, the weighted average annual lease escalation was 1.9%.

Disposition Activity

During the six months ended June 30, 2019, the Company sold 26 properties and recognized an aggregate net gain on the dispositions of real estate of $13.1 million; 22 of these 26 properties were sold in the second quarter for an aggregate net gain of $15.0 million. For the six months ended June 30, 2019, proceeds from the dispositions of real estate aggregated $95.1 million as compared to an aggregate original investment amount of $98.4 million for the properties sold.

Portfolio

At June 30, 2019, STORE Capital’s real estate portfolio totaled $8.3 billion representing 2,389 property locations. Approximately 95% of the portfolio represents commercial real estate properties subject to long-term leases, 5% represents mortgage loans and financing receivables on commercial real estate properties and a nominal amount represents loans receivable secured by the tenants’ other assets. As of June 30, 2019, the portfolio’s annualized base rent and interest (based on rates in effect on June 30, 2019 for all lease and loan contracts) totaled $669.5 million as compared to $537.7 million a year ago. The weighted average non-cancelable remaining term of the leases at June 30, 2019 was approximately 14 years.

The Company’s portfolio of real estate investments is highly diversified across customers, brand names or business concepts, industries and geography. The following table presents a summary of the portfolio.

Portfolio At A Glance – As of June 30, 2019

 

Investment property locations

 

2,389

States

 

50

Customers

 

456

Industries in which customers operate

 

109

Proportion of portfolio from direct origination

 

~80

%

Contracts with STORE-preferred terms*(1)

 

94

%

Weighted average annual lease escalation(2)

 

1.8

%

Weighted average remaining lease contract term

 

~14 years

Occupancy(3)

 

99.7

%

Properties not operating but subject to a lease(4)

 

30

Investment locations subject to a ground lease

 

20

Investment portfolio subject to NNN leases*

 

99

%

Investment portfolio subject to Master Leases*(5)

 

91

%

Average investment amount/replacement cost (new)(6)

 

80

%

Locations subject to unit-level financial reporting

 

98

%

Median unit fixed charge coverage ratio (FCCR)/4‑Wall coverage ratio(7)

 

2.2x/2.6x

Contracts rated investment grade(8)

 

~75

%

*

Based on annualized base rent and interest.

(1)

Represents the percentage of lease contracts that were created by STORE or contain preferred contract terms such as unit-level financial reporting, triple-net lease provisions and, when applicable, master lease provisions.

(2)

Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occurred annually. For escalations based on a formula including CPI, assumes the stated fixed percentage in the contract or assumes 1.5% if no fixed percentage is in the contract. For contracts with no escalations remaining in the current lease term, assumes the escalation in the extension term. Calculation excludes contracts representing 0.2% of annualized base rent and interest where there are no further escalations remaining in the current lease term and there are no extension options.

(3)

The Company defines occupancy as a property being subject to a lease or loan contract. As of June 30, 2019, seven of the Company’s properties were vacant and not subject to a contract.

(4)

Represents the number of the Company’s investment locations that have been closed by the tenant but remain subject to a lease.

(5)

Percentage of investment portfolio in multiple properties with a single customer subject to master leases. Approximately 85% of the investment portfolio involves multiple properties with a single customer, whether or not subject to a master lease.

(6)

Represents the ratio of purchase price to replacement cost (new) at acquisition.

(7)

STORE Capital calculates a unit’s FCCR generally as the ratio of (i) the unit’s EBITDAR, less a standardized corporate overhead expense based on estimated industry standards, to (ii) the unit’s total fixed charges, which are its lease expense, interest expense and scheduled principal payments on indebtedness (if applicable). The 4‑Wall coverage ratio refers to a unit’s FCCR before taking into account standardized corporate overhead expense. The weighted average unit FCCR and 4‑Wall coverage ratios were 2.9x and 3.7x, respectively.

(8)

Represents the percentage of the Company’s contracts that have a STORE Score that is investment grade. The Company measures the credit quality of its portfolio on a contract-by-contract basis using the STORE Score, which is a proprietary risk measure reflective of both the credit risk of the Company’s tenants and the profitability of the operations at the properties. As of June 30, 2019, STORE Capital’s tenants had a median tenant credit profile of approximately ‘Ba3’ as measured by Moody’s Analytics RiskCalc rating scale. Considering the profitability of the operations at each of its properties and STORE’s assessment of the likelihood that each of the tenants will choose to continue to operate at the properties in the event of their insolvency, the credit quality of its contracts, or STORE Score, is enhanced to a median of ‘Baa3’.

Capital Transactions

The Company established a $750 million “at the market” equity distribution program, or ATM Program, in November 2018, and terminated its previous program. During the second quarter of 2019, the Company sold an aggregate of approximately 4.0 million common shares at a weighted average share price of $34.23 and raised approximately $135.7 million in net proceeds after the payment of sales agents’ commissions and offering expenses. For the six months ended June 30, 2019, the Company sold an aggregate of approximately 9.0 million common shares at a weighted average share price of $33.17 and raised approximately $294.0 million in net proceeds after the payment of sales agents’ commissions and offering expenses.

In February 2019, the Company completed its second public debt offering, issuing $350.0 million in aggregate principal amount of unsecured, investment-grade rated 4.625% Senior Notes, due March 2029. The net proceeds from the issuance were used primarily to pay down amounts outstanding under the Company’s credit facility.

2019 Guidance

The Company is updating its 2019 AFFO per share guidance by raising the lower end of the expected range. The Company currently expects 2019 AFFO per share to be within a range of $1.92 to $1.96, up from $1.90 to $1.96 as initially presented in November 2018, based on projected 2019 annual real estate acquisition volume, net of projected property sales, of approximately $1.1 billion. This AFFO per share guidance equates to anticipated net income, excluding gains or losses on sales of property, of $0.88 to $0.91 per share, plus $0.97 to $0.98 per share of expected real estate depreciation and amortization, plus approximately $0.07 per share related to other items. The midpoint of the Company’s AFFO per share guidance is based on a weighted average initial cap rate on new acquisitions of 7.85% and target leverage in the range of 5½ to 6 times run-rate net debt to EBITDA. AFFO per share is sensitive to the timing and amount of real estate acquisitions, property dispositions and capital markets activities during the year, as well as to the spread achieved between the lease rates on new acquisitions and the interest rates on borrowings used to finance those acquisitions.

Conference Call and Webcast

A conference call and audio webcast with analysts and investors will be held later today at 12:00 p.m. Eastern Time / 9:00 a.m. Scottsdale, Arizona Time, to discuss second quarter ended June 30, 2019 operating results and answer questions.

  • Live conference call: 855-656-0920 (domestic) or 412-542-4168 (international)
  • Conference call replay available through August 15, 2019: 877-344-7529 (domestic) or 412-317-0088 (international)
  • Replay access code: 10132331
  • Live and archived webcast: http://ir.storecapital.com/CustomPage/Index?KeyGenPage=350222

About STORE Capital

STORE Capital Corporation is an internally managed net-lease real estate investment trust, or REIT, that is the leader in the acquisition, investment and management of Single Tenant Operational Real Estate, which is its target market and the inspiration for its name. STORE Capital is one of the largest and fastest growing net-lease REITs and owns a large, well-diversified portfolio that consists of investments in 2,389 property locations, substantially all of which are profit centers, in all 50 states. Additional information about STORE Capital can be found on its website at www.storecapital.com.

Forward-Looking Statements

Certain statements contained in this press release that are not historical facts contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to the “safe harbor” created by those sections. Forward-looking statements can be identified by the use of words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximate” or “plan,” or the negative of these words and phrases or similar words or phrases. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. For more information on risk factors for STORE Capital’s business, please refer to the periodic reports the Company files with the Securities and Exchange Commission from time to time. These forward-looking statements herein speak only as of the date of this press release and should not be relied upon as predictions of future events. STORE Capital expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein, to reflect any change in STORE Capital’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law.

Non-GAAP Financial Measures

FFO and AFFO

STORE Capital’s reported results are presented in accordance with U.S. generally accepted accounting principles, or GAAP. The Company also discloses Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO, both of which are non‑GAAP measures. Management believes these two non‑GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or to cash flows from operations as reported on a statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

The Company computes FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income, excluding gains (or losses) from extraordinary items and sales of depreciable property, real estate impairment losses, and depreciation and amortization expense from real estate assets, including the pro rata share of such adjustments of unconsolidated subsidiaries.

To derive AFFO, the Company modifies the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain revenues and expenses that have no impact on the Company’s long-term operating performance, such as straight-line rents, amortization of deferred financing costs and stock-based compensation. In addition, in deriving AFFO, the Company excludes certain other costs not related to its ongoing operations, such as the amortization of lease-related intangibles.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among the Company’s peers primarily because it excludes the effect of real estate depreciation and amortization and net gains (or losses) on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. Management believes that AFFO provides more useful information to investors and analysts because it modifies FFO to exclude certain additional revenues and expenses such as straight-line rents, including construction period rent deferrals, and the amortization of deferred financing costs, stock-based compensation and lease-related intangibles as such items have no impact on long-term operating performance. As a result, the Company believes AFFO to be a more meaningful measurement of ongoing performance that allows for greater performance comparability. Therefore, the Company discloses both FFO and AFFO and reconciles them to the most appropriate GAAP performance metric, which is net income. STORE Capital’s FFO and AFFO may not be comparable to similarly titled measures employed by other companies.

STORE Capital Corporation

Condensed Consolidated Statements of Income

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

 

 

2019

 

2018

 

2019

 

2018

 

 

(unaudited)

 

(unaudited)

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

155,464

 

$

124,413

 

$

304,955

 

$

244,313

Interest income on loans and financing receivables

 

 

7,841

 

 

6,279

 

 

14,472

 

 

11,800

Other income

 

 

482

 

 

513

 

 

998

 

 

934

Total revenues

 

 

163,787

 

 

131,205

 

 

320,425

 

 

257,047

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

39,429

 

 

31,925

 

 

77,497

 

 

61,264

Property costs

 

 

2,014

 

 

741

 

 

4,598

 

 

2,082

General and administrative

 

 

14,266

 

 

10,852

 

 

26,249

 

 

21,703

Depreciation and amortization

 

 

55,000

 

 

44,216

 

 

108,716

 

 

86,526

Provisions for impairment

 

 

 

 

1,038

 

 

2,610

 

 

2,608

Total expenses

 

 

110,709

 

 

88,772

 

 

219,670

 

 

174,183

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on dispositions of real estate

 

 

15,033

 

 

19,957

 

 

13,105

 

 

29,591

Income from operations before income taxes

 

 

68,111

 

 

62,390

 

 

113,860

 

 

112,455

Income tax expense

 

 

147

 

 

189

 

 

340

 

 

294

Net income

 

$

67,964

 

$

62,201

 

$

113,520

 

$

112,161

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock – basic and diluted:

 

$

0.30

 

$

0.31

 

$

0.50

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

227,702,281

 

 

199,514,368

 

 

224,958,759

 

 

197,113,915

Diluted

 

 

228,242,754

 

 

200,142,303

 

 

225,463,928

 

 

197,531,008

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.33

 

$

0.31

 

$

0.66

 

$

0.62

STORE Capital Corporation

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

June 30, 2019

 

December 31, 2018

 

 

(unaudited)

 

(audited)

Assets

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

Land and improvements

 

$

2,453,975

 

 

$

2,280,280

 

Buildings and improvements

 

 

5,246,800

 

 

 

4,888,440

 

Intangible lease assets

 

 

81,421

 

 

 

85,148

 

Total real estate investments

 

 

7,782,196

 

 

 

7,253,868

 

Less accumulated depreciation and amortization

 

 

(677,547

)

 

 

(585,913

)

 

 

 

7,104,649

 

 

 

6,667,955

 

Real estate investments held for sale, net

 

 

18,361

 

 

 

Operating ground lease assets

 

 

21,857

 

 

 

Loans and financing receivables

 

 

454,464

 

 

 

351,202

 

Net investments

 

 

7,599,331

 

 

 

7,019,157

 

Cash and cash equivalents

 

 

25,368

 

 

 

27,511

 

Other assets, net

 

 

75,275

 

 

 

67,303

 

Total assets

 

$

7,699,974

 

 

$

7,113,971

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Credit facility

 

$

73,000

 

 

$

135,000

 

Unsecured notes and term loans payable, net

 

 

1,261,533

 

 

 

916,720

 

Non-recourse debt obligations of consolidated special purpose entities, net

 

 

2,031,149

 

 

 

2,008,592

 

Dividends payable

 

 

76,009

 

 

 

72,954

 

Operating lease liabilities

 

 

27,356

 

 

 

Accrued expenses, deferred revenue and other liabilities

 

 

112,438

 

 

 

117,204

 

Total liabilities

 

 

3,581,485

 

 

 

3,250,470

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.01 par value per share, 375,000,000 shares authorized, 230,330,323 and 221,071,838 shares issued and outstanding, respectively

 

 

2,303

 

 

 

2,211

 

Capital in excess of par value

 

 

4,424,885

 

 

 

4,129,082

 

Distributions in excess of retained earnings

 

 

(306,573

)

 

 

(267,651

)

Accumulated other comprehensive loss

 

 

(2,126

)

 

 

(141

)

Total stockholders’ equity

 

 

4,118,489

 

 

 

3,863,501

 

Total liabilities and stockholders’ equity

 

$

7,699,974

 

 

$

7,113,971

 

STORE Capital Corporation

Reconciliations of Non-GAAP Financial Measures

(In thousands, except per share data)

 

Funds from Operations and Adjusted Funds from Operations

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

June 30,

 

June 30,

 

2019

 

2018

 

2019

 

2018

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

Net income

$

67,964

 

$

62,201

 

$

113,520

 

$

112,161

 

Depreciation and amortization of real estate assets

 

54,921

 

 

43,967

 

 

108,560

 

 

86,035

 

Provision for impairment of real estate

 

 

 

2,610

 

 

Gain on dispositions of real estate, net of tax(1)

 

(15,033

)

 

(19,926

)

 

(13,105

)

 

(29,504

)

Funds from Operations

 

107,852

 

 

86,242

 

 

211,585

 

 

168,692

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Straight-line rental revenue:

 

 

 

 

 

 

 

 

Fixed rent escalations accrued

 

(1,622

)

 

(1,694

)

 

(2,875

)

 

(3,523

)

Construction period rent deferrals

 

389

 

 

1,405

 

 

997

 

 

2,122

 

Amortization of:

 

 

 

 

 

 

 

 

Equity-based compensation

 

3,071

 

 

2,200

 

 

4,757

 

 

3,666

 

Deferred financing costs and other

 

2,202

 

 

2,023

 

 

4,253

 

 

4,126

 

Lease-related intangibles and costs

 

664

 

 

571

 

 

1,357

 

 

1,211

 

Provision for loan losses

 

 

1,038

 

 

 

2,608

 

Capitalized interest

 

(336

)

 

(657

)

 

(754

)

 

(1,054

)

Executive severance costs

 

1,956

 

 

 

1,956

 

 

Loss (gain) on defeasance/extinguishment of debt

 

 

 

735

 

 

(814

)

Adjusted Funds from Operations

$

114,176

 

$

91,128

 

$

222,011

 

$

177,034

 

 

 

 

 

 

 

 

 

 

Dividends declared to common stockholders

$

74,676

 

$

63,614

 

$

150,685

 

$

125,007

 

 

 

 

 

 

 

 

 

 

Net income per share of common stock: (2)

 

 

 

 

 

 

 

 

Basic and Diluted

$

0.30

 

$

0.31

 

$

0.50

 

$

0.57

 

FFO per share of common stock: (2)

 

 

 

 

 

 

 

 

Basic and Diluted

$

0.47

 

$

0.43

 

$

0.94

 

$

0.85

 

AFFO per share of common stock: (2)

 

 

 

 

 

 

 

 

Basic

$

0.50

 

$

0.46

 

$

0.99

 

$

0.90

 

Diluted

$

0.50

 

$

0.45

 

$

0.98

 

$

0.89

 

 

Contacts

Financial Profiles, Inc.

Investors:

Moira Conlon, 310-622-8220

Lisa Mueller, 310-622-8231

STORECapital@finprofiles.com

or

Media:

Tricia Ross, 310-622-8226

STORECapital@finprofiles.com

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