SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Spirit Realty Capital, Inc. (NYSE:SRC), a real estate investment trust
that invests in single-tenant, operationally essential real estate, and
a leading provider of sale-leaseback financing to middle-market
operators nationwide, reported solid first quarter 2014 operating
results based, in large measure, on strong acquisition activity. Spirit
Realty Capital’s first quarter 2014 operating results were reported in a
press release on May 8, 2014 and full first quarter 2014 financial
statements are available on the Company’s Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on May 9, 2014.
In the first quarter of 2014, Spirit Realty Capital maintained its
position as a leader in the triple net lease REIT market and
demonstrated its ability to invest in a disciplined fashion and grow its
property portfolio with an attractive risk-to-return profile. Spirit
Realty Capital acquired 218 properties leased in 31 transactions over
the past two reported quarters, and expects to continue its growth
strategy in 2014 by adding more quality assets to its portfolio.
From October 2013 through March 2014, Spirit Realty Capital has acquired
approximately $400 million of single-tenant properties. Its small- and
middle-market tenants include businesses operating under prominent
brands such as Burger King, Circle K, Chevron, Albertson’s, O’Reilly
Auto Parts, Yard House, Planet Fitness, Popeye’s, Dollar General,
Goodrich Quality Theaters, Family Dollar, and Gander Mountain. Outside
of the retail industry, Spirit Realty Capital has also acquired real
estate leased to surgical and medical imaging centers, as well as
successful medical and dental practice groups.
“We are excited about our success in sourcing and securing high-quality
and strategically attractive investment opportunities that will allow us
to grow and diversify our portfolio,” said Peter Mavoides, President and
Chief Operating Officer of Spirit Realty Capital. “We believe we are in
a strong competitive position to grow our portfolio through organically
Spirit Realty Capital acquired properties in a wide range of sectors
during the first quarter of 2014, including chain restaurants,
retailers, convenience stores, automotive service centers and
medical/dental offices. Over its 10-year operating history, Spirit
Realty Capital has acquired assets in these and other growth sectors and
the company will continue to target such areas in 2014.
“We provide long-term capital to single-tenant operators across multiple
industries,” said Gregg Seibert, Chief Investment Officer of Spirit
Realty Capital. “Approximately 60% of our acquisitions over the past two
quarters were sale-leaseback transactions in which we purchased the real
estate directly from the seller and became its landlord on a long-term
lease. The sellers were able to use the cash generated from the
transaction to repay debt, fund acquisitions, renovate and expand their
properties, or provide a return to their shareholders. In addition, we
offer potentially tax-advantaged structures to sellers, including
issuing units of our UPREIT operating partnership as acquisition
Spirit Realty Capital also selectively acquires existing lease
portfolios that demonstrate strong unit-level operating performance
coupled with high-quality real estate characteristics.
About Spirit Realty Capital
Spirit Realty Capital was formed in 2003 to invest in 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. Spirit Realty Capital completed
its initial public offering in September 2012 and trades under the
symbol “SRC” on the New York Stock Exchange. Spirit Realty Capital has
an estimated enterprise value of $7.9 billion comprising a diverse
portfolio of 2,287 properties across 48 states as of March 31, 2014.
More information about Spirit Realty Capital can be found at www.spiritrealty.com.
Forward-Looking and Cautionary Statements
Statements contained in this press release that are not strictly
historical are forward-looking statements, which should be regarded
solely as reflections of our current operating plans and estimates.
These forward-looking statements can be identified by the use of words
such as “expects,” “plans,” “estimates,” “projects,” “intends,”
“believes,” “guidance,” and similar expressions that do not relate to
historical matters. These forward-looking statements are subject to
known and unknown risks and uncertainties that can cause actual results
to differ materially from those currently anticipated, due to a number
of factors which include, but are not limited to, our continued ability
to source new investments, risks associated with using debt to fund
Spirit Realty’s business activities (including refinancing and interest
rate risks, changes in interest rates and/or credit spreads, changes in
the real estate markets), risks related to the recent significant merger
we completed, our ability to integrate the portfolios, disruption from
the merger making it more difficult to maintain business and operational
relationships, unknown liabilities acquired in connection with the
acquired properties of the merger counterparty, portfolios of
properties, or interests in real-estate related entities, and those
discussed in Spirit Realty’s filings with the Securities and Exchange
Commission from time to time. Spirit Realty expressly disclaims any
responsibility to update or revise forward-looking statements, whether
as a result of new information, future events or otherwise, except as
required by law.
Spirit Realty Capital, Inc.
Gregg Seibert, 480-315-6610
Chief Investment Officer
Source: Spirit Realty Capital, Inc.