STORE Capital Corporation (STOR) will raise its quarterly dividend by 2.9 percent to 36 cents per share in 2020.

This follows a 6.1 percent dividend hike to $0.35 per share in 2019 and will make 2020 the 6th consecutive year of dividend increases.

The next dividend will be paid on October 15, 2020 to STORE Capital stockholders of record as of the close of business on September 30, 2020.

A new annual dividend rate of $1.44 per share yields 4.9% at a stock price of $29.63.

“We are very encouraged by our progress and that of our tenants over the past five months, which has collectively given our Board the confidence to raise our dividend,” said Christopher H. Volk, Chief Executive Officer of STORE Capital in the company's press release dated September 15, 2020, announcing this latest dividend hike. “At the same time, we have maintained a healthy acquisition pipeline exceeding $12 billion throughout the pandemic, together with sustained balance sheet and liquidity strength. With our ability to source real estate acquisitions that benefit our customers and are accretive to our stockholders, we are happy to reinitiate investment guidance for the year. We look forward to the opportunity to return our growth to historic levels in 2021 as the impacts from the pandemic on business continue to abate.”

STORE Capital Corporation will now pay an estimated $352 million in dividends to its shareholders annually. The 2020 dividend hike is the smallest on record for the company. In 2015 the dividend was hiked by 8.0 percent, being the biggest increase announced by the real estate investment trust.

STORE Capital Corporation is an internally managed net-lease real estate investment trust (REIT). The company is engaged in the acquisition, investment and management of single tenant operational real estate (STORE) properties. Its customers include restaurants, early childhood education centers, movie theaters, health clubs and furniture stores. STORE is providing real estate financing solutions principally to middle-market and larger businesses that own STORE Properties and operate within the broad-based service, retail and manufacturing sectors of the U.S. economy. STORE has paid a dividend every year since 2014.