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Company Description

Contact Info

16767 N. Perimeter Drive

Suite 210

Scottsdale, AZ 85260

United States

Phone: 480-606-0820

Fax: 480-606-0826

Spirit Finance Corporation operates as a self-managed and self-advised real estate investment trust (REIT) in the United States. The company's properties are leased or financed to 145 customers operating in various industries. The company's properties are commercial real estate properties consisting of land and buildings used by its customers in the operations of their businesses. Its customers operate retail, distribution and service businesses in various industries. The company's real estate properties are leased to its customers under long-term operating leases that include one or more renewal options. Real Estate Investment Portfolio As of December 31, 2006, the company's real estate investment portfolio represented 1,034 properties geographically diversified across 43 states. The company's properties are leased or financed to 145 customers operating in various industries. In addition, the company has real estate investments in various other industries, including movie theaters, industrial properties, automotive dealers, parts and service facilities, educational facilities, recreational facilities, distribution facilities and supermarkets. Product Lines The company invests in single tenant, operationally essential real estate. The company's products include: Sale-leaseback Transactions, and Mortgages and Other Financing Products. Sale-leaseback Transactions: The company's real estate properties are acquired in sale-leaseback transactions. It may also purchase properties that have existing lease agreements in place. In a sale-leaseback transaction, the company acquires properties and leases the properties back to the seller under a triple-net lease. Mortgages and Other Financing Products: The company may originate a mortgage loan secured by real estate property in situations where a customary sale-leaseback transaction would have an adverse impact on the seller of a property or would otherwise be inappropriate for it. The company's lending transactions are loans generally secured by commercial real estate. It may also offer other financing products. These financing products may include unsecured corporate loans, construction financing and equipment financing. In May 2006, the company acquired 178 real estate properties from SKO and leased them to two subsidiaries of SKO under long-term, triple-net master lease agreements. Of the properties purchased, 112 properties are operated as general merchandise retail locations under the ShopKo name in mid-sized to cities across the Midwest, Rocky Mountain and Pacific Northwest states. The remaining 66 properties are operated under the Pamida name in small, rural communities in the Midwest, North Central and Rocky Mountain states. Target markets The company targets real estate of established companies in various industries located throughout the United States. The company's target markets include: Automotive dealers; Health clubs or gyms; Automotive parts and service facilities; Interstate travel plazas or truck stops; Bank branches; Medical offices; Call centers; Movie theaters; Convenience stores or car washes; Industrial properties; Department stores; Recreational facilities; Discount retailers; Rental centers; Distribution facilities; Restaurants; Drugstores; Specialty retailer properties; Educational facilities; Supermarkets; Electronics retailers; Theme parks; Furniture stores; Wholesale clubs; and Hardware or home improvement stores. Customers As of December 31, 2006, the company's customers as a percentage of the total investment portfolio were: ShopKo Stores Operating Co., LLC; Pamida Stores Operating Co., LLC; Carmike Cinemas, Inc.; National Envelope Corporation; Casual Male Retail Group, Inc.; Dickinson Theatres, Inc.; CarMax, Inc.; United Supermarkets, Ltd.; Main Event Entertainment, LP, the operator of Main Event family entertainment centers; and CBH2O, LP, the operator of Camelback Ski Area and Camelbeach Waterpark in Pennsylvania. Taxation The company has elected to be taxed as a REIT. As a REIT, the company generally does not have to pay federal corporate income tax on its REIT taxable income to the extent distributed to its stockholders. History Spirit Finance Corporation was founded in 2003.


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