July 25, 2014 7:33 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Spirit Realty Capital, Inc.

Company Overview

Spirit Realty Capital, Inc is a publicly traded real estate investment trust. The firm primarily acquires across the United States single tenant operationally essential real estate, which refers to generally free-standing, commercial real estate facilities where tenants conduct retail, service or distribution activities that are essential to the generation of their sales and profits. The firm was formerly known as Spirit Finance Corp. Spirit Realty Capital, Inc was formed on August 14, 2003 and is domiciled in the United States.

16767 N. Perimeter Drive

Suite 210

Scottsdale, AZ 85260

United States

Founded in 2003

Phone:

480-606-0820

Fax:

480-606-0826

Key Executives for Spirit Realty Capital, Inc.

Chairman and Chief Executive Officer
Age: 56
Total Annual Compensation: $1.0M
President and Chief Operating Officer
Age: 47
Total Annual Compensation: $586.8K
Chief Financial Officer
Age: 55
Total Annual Compensation: $456.4K
Executive Vice President of Asset Management
Age: 38
Total Annual Compensation: $326.0K
Chief Investments Officer and Executive Vice President of Acquisitions
Age: 50
Total Annual Compensation: $326.0K
Compensation as of Fiscal Year 2013.

Spirit Realty Capital, Inc. Key Developments

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.

Spirit Realty Capital, Inc. Approves Amendment to its Charter

On May 13, 2014, Spirit Realty Capital, Inc. approved an amendment to its charter to increase from 490,000,000 to 770,000,000 the number of shares of stock that it has the authority to issue. The company now has authority to issue 770,000,000 shares of stock, consisting of 750,000,000 shares of common stock, $0.01 par value per share, and 20,000,000 shares of preferred stock, $0.01 par value per share. Immediately prior to the amendment, the total number of shares of stock of all classes which the company had authority to issue was 490,000,000 shares of stock, consisting of 470,000,000 shares of common stock, $0.01 par value per share and 20,000,000 shares of preferred stock, $0.01 par value per share.

Spirit Realty Capital, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Affirms Earnings Guidance for 2014

Spirit Realty Capital, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. First quarter 2014 total revenues more than doubled to $144.0 million, compared to $71.0 million in the first quarter of 2013. The increase reflects the benefits derived from both ordinary course real estate acquisitions, as well as the Cole II merger completed in the third quarter of 2013. Net income for the first quarter of 2014 was $14.2 million, or $0.04 per basic and diluted share based on 369.4 million weighted average shares of common stock outstanding, compared to the net loss for the first quarter of 2013 of $8.3 million, or $0.05 per basic and diluted share based on 159.4 million weighted average shares of common stock outstanding. Funds from operations for the first quarter of 2014 were $74.7 million, or $0.20 per diluted share. FFO for the first quarter of 2013 were $21.9 million, or $0.14 per diluted share. Adjusted funds from operations for the first quarter of 2014 totaled $74.6 million, or $0.20 per diluted share, compared to $36.6 million, or $0.23 per diluted share, for the first quarter of 2013. Income from continuing operations income tax expense was $9.7 million against loss of $7 million a year ago. Income from continuing operations was $9.5 million or $0.03 per basic and diluted share against loss of $7 million or $0.04 per basic and diluted share a year ago. Adjusted debt was $3,821.1 million against $1,912.4 million a year ago. EBITDA was $129.4 million against $56.7 million a year ago. Adjusted EBITDA was $130.7 million against $68.9 million a year ago. The company affirmed its previously announced 2014 AFFO guidance in the range of $0.77 to $0.82 per share. This AFFO guidance equates to net income (excluding non-recurring items that are not reflective of ongoing operations) of $0.09 to $0.14 per share plus $0.66 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.

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Type
Date
Target
Merger/Acquisition
February 27, 2014
Two Additional Multi-Tenant Properties
Merger/Acquisition
December 2, 2013
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Merger/Acquisition
November 8, 2013
Three Popeyes Louisiana Kitchen Restaurant Properties
 

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