Last $11.81 USD
Change Today +0.03 / 0.25%
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As of 8:04 PM 08/29/14 All times are local (Market data is delayed by at least 15 minutes).

spirit realty capital inc (SRC) Key Developments

Spirit Realty Capital, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for 2014; Recognizes Impairment Charges for the Second Quarter of 2014

Spirit Realty Capital, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $151,789,000 against $72,414,000 a year ago. The increase reflects the benefits derived from both the Cole II merger completed in the third quarter of 2013 and organic real estate acquisitions, as well as embedded rent growth in the portfolio. Loss from continuing operations before income tax expense was $88,775,000 against $11,280,000 a year ago. Loss from continuing operations was $88,902,000 or $0.24 per basic and diluted share against $11,348,000 or $0.08 per basic and diluted share a year ago. Net loss was $89,821,000 or $0.24 per basic and diluted share against $11,669,000 or $0.08 per basic and diluted share a year ago. Funds from operations were $878,000 or less than $0.01 per share per diluted share against $21,373,000 or $0.13 per diluted share a year ago. Adjusted funds from operations were $78,722,000 or $0.20 per diluted share against $37,037,000 or $0.24 per diluted share a year ago. EBITDA was $28,266,000 against $58,864,000 a year ago. Adjusted EBITDA was $135,041,000 against $65,144,000 a year ago. For the six months, the company reported total revenues of $295,761,000 against $143,382,000 a year ago. Loss from continuing operations before income tax expense was $79,088,000 against $18,224,000 a year ago. Loss from continuing operations was $79,432,000 or $0.21 per basic and diluted share against $18,366,000 or $0.12 per basic and diluted share a year ago. Net loss was $75,582,000 or $0.20 per basic and diluted share against $75,582,000 or $0.13 per basic and diluted share a year ago. Funds from operations were $75,564,000 or $0.20 per diluted share against $43,253,000 or $0.27 per diluted share a year ago. Adjusted funds from operations were $153,272,000 or $0.41 per diluted share against $73,656,000 or $0.46 per diluted share a year ago. The company spent $1.1 million as CapEx. For 2014, the company is improving its previously announced AFFO guidance to be range in between $0.80 to $0.83 per share. This AFFO guidance equates to net income (excluding non-recurring items that are not reflective of ongoing operations) of $0.14 to $0.17 per share plus $0.64 per share of expected real estate depreciation and amortization plus approximately $0.02 per share related to non-cash items and real estate transaction costs. 2014 AFFO was previously estimated to be between $0.77 and $0.82. The company recognized real estate impairment charges during the quarter that totaled $27 million.

Spirit Realty Capital Mulls Acquisitions

Spirit Realty Capital, Inc. (NYSE:SRC) is seeking acquisitions. Tom Nolan, Chairman and Chief Executive Officer of Spirit Realty Capital said, "We are optimistic about the future because, among other things, we continue to see a very attractive acquisition environment, and our portfolio remains in excellent shape." Nolan added, "We will remain focused on growing our $7-billion-plus portfolio through normal-course acquisitions that meet our investment parameters."

Spirit Realty Capital, Inc. to Report Q2, 2014 Results on Aug 05, 2014

Spirit Realty Capital, Inc. announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Aug 05, 2014

Spirit Realty Capital, Inc., Q2 2014 Earnings Call, Aug 05, 2014

Spirit Realty Capital, Inc., Q2 2014 Earnings Call, Aug 05, 2014

Spirit Realty Capital, Inc. Declares Second Quarter Dividend, Payable on July 15, 2014

Spirit Realty Capital, Inc. announced that the company's board of directors has declared a $0.16625 per share cash dividend on its common stock for the second quarter of 2014. The dividend equates to an annualized rate of $0.665 per share and will be paid on July 15, 2014 to stockholders of record on June 30, 2014.

 

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