Spirit Realty Capital, Inc. Announces Third Quarter 2012 Results

  Spirit Realty Capital, Inc. Announces Third Quarter 2012 Results

Business Wire

SCOTTSDALE, Ariz. -- November 07, 2012

Spirit Realty Capital, Inc. (NYSE: SRC), a self-administered and self-managed
real estate investment trust, today announced results for the third quarter
and nine months ended September 30, 2012.

Company Highlights for the Third Quarter Ended September 30, 2012:

  *Raised net proceeds of $455.4 million from its September 25, 2012 initial
    public offering (IPO) (including $60.7 million from the exercise in full
    of the underwriters’ over-allotment option which closed on October 1,
    2012)
  *Generated total revenues of $70.7 million, a 2.5% increase as compared to
    the same quarterly period in 2011
  *Produced AFFO attributable to common stockholders totaling $28.5 million
  *Extinguished its variable Term Note payable in full ($729 million
    principal balance)
  *Recognized $32.5 million loss on debt extinguishment driving net loss of
    $49.9 million
  *Entered into a new $100 million secured revolving credit facility
  *Invested $32.4 million in eight properties with tenants in place
  *Maintained portfolio occupancy rate of 98.4%

CEO Comments

Mr. Thomas H. Nolan, Jr., Chief Executive Officer, stated, “We are pleased to
have completed the Company’s initial public offering. The Company is poised to
build on its strengths of prudent portfolio underwriting and management to
provide its stockholders with stable, quality earnings. As we conclude 2012,
we are optimistic that our improved balance sheet and extensive experience and
leadership in the triple net industry will enable us to continue to capitalize
on our pipeline of investment opportunities as we work to create value for our
stockholders.”

Financial Results

Total Revenues

Third quarter 2012 total revenues increased 2.5% to $70.7 million as compared
to $69.0 million in the third quarter of 2011. Total revenues for the nine
months ended September 30, 2012 improved 2.9% to $211.1 million as compared to
$205.1 million for the same period in 2011.

Net Loss Attributable to Common Stockholders

Net loss attributable to common stockholders for the third quarter of 2012 was
$(49.9) million, or $(1.70) per share (based on 29.4 million weighted average
common shares outstanding), compared to the net loss attributable to common
stockholders for the third quarter of 2011 of $(21.2) million, or $(0.82) per
share (based on 25.9 million weighted average common shares outstanding). The
third quarter 2012 results included the following items associated with the
IPO and Term Note extinguishment:

  i.    $32.5 million loss on the extinguishment of the Company’s Term Note
           which was repaid in full;
           $8.0 million non-cash charge related to derivative instruments on
    ii.    the Company’s Term Note, of which $7.4 million was a charge to
           general and administrative expense, and $0.6 million to interest
           expense;
           $4.9 million charge to general and administrative expense for IPO
    iii.   incentive awards, including $4.1 million non-cash vesting of
           restricted stock; and
    iv.    $1.0 million in additional third party expenses incurred to secure
           lenders’ consents to the IPO.

Absent these charges, the net loss attributable to common stockholders for the
third quarter of 2012 was $(3.5) million, or $(0.12) per share.

Net loss attributable to common stockholders for the nine months ended
September 30, 2012 was $(71.1) million, or $(2.63) per share, compared to
$(45.6) million, or $(1.76) per share, for the same period in 2011. The
results for the nine months ended September 30, 2012 included the following
items associated with the IPO and Term Note extinguishment:

  i.    $32.5 million loss on the extinguishment of the Term Note;
           $8.7 million non-cash charge related to derivative instruments on
    ii.    the Company’s Term Note, of which $8.1 million was a charge to
           general and administrative expense, and $0.6 million to interest
           expense;
           $4.9 million charge to general and administrative expense for IPO
    iii.   incentive awards including $4.1 million non-cash vesting of
           restricted stock; and
    iv.    $4.8 million in third party expenses incurred to secure lenders’
           consents to the IPO.

Absent these charges the net loss attributable to common stockholders for the
nine months ended September 30, 2012 was $(20.1) million, or $(0.74) per
share.

FFO and AFFO Attributable to Common Stockholders

Driven by the items noted above, funds from operations (FFO) for the third
quarter of 2012 were $(21.8) million or $(0.74) per share, compared to $13.9
million, or $0.54 per share for the third quarter of 2011. For the nine months
ended September 30, 2012, FFO was $21.6 million, or $0.65 per share, compared
to $52.1 million, or $2.01 per share for the same period in 2011.

Adjusted funds from operations (AFFO) for the third quarter of 2012 totaled
$28.5 million, or $0.60 per share, compared to $20.8 million, or $0.80 per
share for the third quarter of 2011. For the nine months ended September 30,
2012, AFFO was $83.0 million, or $1.81 per share, compared to $67.3 million,
or $2.60 per share for the nine months ended September 30, 2011.

The definitions of FFO and AFFO are included on page 5 and a reconciliation of
these measures to GAAP is provided on page 9.

Portfolio Highlights

Property Acquisitions

Spirit Realty Capital invested $32.4 million in eight real estate properties
during the third quarter of 2012, as compared to $6.3 million in the third
quarter of 2011. New investments in the nine months ended September 30, 2012
totaled $86.2 million, representing 58 new properties. New investments in the
first nine months of 2011 totaled $6.8 million.

Portfolio

As of September 30, 2012, the Company’s gross investment in real estate and
mortgage and equipment loans totaled $3.6 billion, of which substantially all
was invested in 1,105 properties which were 98.4% occupied. The Company’s
properties are generally leased under long-term, triple net leases, with a
weighted average remaining maturity of approximately 11 years. Approximately
63% of the Company’s annual rent (defined as annualized third quarter 2012
rent) is contributed from properties under master leases and 96% of all leases
provide for rental increases.

The real estate portfolio is diversified geographically throughout 47 states
and among various property types. Only one state accounted for more than 10%
of the total value of the real estate portfolio. Spirit’s three largest
property types at September 30, 2012 were general and discount retail (30%),
restaurants (19%), and specialty retail (8%).

Capital Transactions

On September 25, 2012, the Company completed its IPO of 29 million common
shares which generated net proceeds of $394.7 million. On October 1, 2012, the
underwriters exercised in full their over-allotment option to purchase an
additional 4.35 million shares, generating an additional $60.7 million in net
proceeds, for a total of $455.4 million. A portion of the IPO proceeds were
used to repay $399 million of borrowings outstanding under the Term Note. The
remaining $330 million outstanding under this Term Note was converted into
24.2 million shares of common stock.

Concurrent with the IPO, Spirit Realty Capital entered into a $100 million
secured revolving credit facility with an initial term of three years. Amounts
available for borrowing are subject to the maintenance of a minimum ratio of
the total value of the unencumbered properties as well as complying with other
customary financial covenants. There were no amounts borrowed under the line
at September 30, 2012.

Fourth Quarter 2012 Estimates

The Company estimates FFO per share for the fourth quarter of 2012 should
range from $0.32 to $0.34 and AFFO should range from $0.38 and $0.40 per
share, in each case before any gains or losses related to capital
transactions. This FFO guidance equates to net (loss) earnings before any
gains or losses from the sale of real estate, impairment charges and other
items related to capital tranasctions of ($0.02) to $0.00 per share plus $0.34
per share of expected real estate depreciation and amortization.

The Company believes estimates of FFO and AFFO per share for the full year
2012 are less meaningful as a result of the costs and change in shares
associated with the IPO and Term Note extinguishment occurring at the end of
the third quarter.

This guidance is based on current plans, assumptions, and estimates and is
subject to the risks and uncertainties more fully described in this press
release and the Company’s reports filed with the Securities and Exchange
Commission.

2013 Estimates

The Company estimates that 2013 FFO per share should range from $1.35 to $1.40
and AFFO should range from $1.60 to $1.65 per share. This FFO guidance equates
to net (loss) earnings before any gains or losses from the sale of real estate
and impairment charges of ($0.01) to $0.04 per share plus $1.36 per share of
expected real estate depreciation and amortization.

The guidance is based on current plans, assumptions, and estimates and is
subject to the risks and uncertainties more fully described in this press
release and the Company’s reports filed with the Securities and Exchange
Commission.

Conference Call

Spirit Realty Capital will hold a conference call and webcast to discuss the
Company’s third quarter results on November 7, 2012, at 5:00 p.m. (Eastern
Time). The call can be accessed live over the phone by dialing 866-700-6067
(toll-free domestic) or 617-213-8834 (international); passcode: 23724583. A
live webcast of the conference call will be available on the Investor
Relations section of Spirit Realty Capital’s website at www.spiritrealty.com.
A replay of the call will be available for one week via telephone starting
approximately one hour after the call ends. The replay can be accessed at
888-286-8010 (toll-free domestic) or 617-801-6888 (international); passcode:
90252444. The webcast will be archived on Spirit Realty Capital’s website for
30 days after the call.

About Spirit Realty Capital

Spirit Realty Capital was formed in 2003 to acquire 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. Since that time, Spirit Realty Capital has invested over $4.1
billion and constructed a diverse portfolio of more than 1,190 properties
located across 47 states. Spirit Realty Capital’s diversity reduces the risk
associated with an economic decline in any particular geographic area or
industry or adverse events affecting any particular tenant. More information
about Spirit Realty Capital can be found at www.spiritrealty.com.

Forward-Looking and Cautionary Statements

Statements contained in this press release which are not historical facts are
forward-looking statements. 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 risks
and uncertainties which can cause actual results to differ materially from
those currently anticipated, due to a number of factors which include, but are
not limited to, continued ability to source new investments, changes in
interest rates and/or credit spreads, changes in the real estate markets, and
other risk factors discussed in Spirit Realty Capital’s final prospectus dated
September 19, 2012 and other documents as filed by the Company with the
Securities and Exchange Commission from time to time. All forward-looking
statements in this press release are made as of today, based upon information
known to management as of the date hereof, and the Company assumes no
obligations to update or revise any of its forward-looking statements that may
be made to reflect events or circumstances after the date these statements
were made.

We calculate FFO in accordance with the standards established by the National
Association of Real Estate Investment Trusts, or NAREIT. FFO represents net
income (loss) (computed in accordance with GAAP), excluding real
estate-related depreciation and amortization, impairment charges and net
losses (gains) on the disposition of assets. FFO is a supplemental non-GAAP
financial measure. We use FFO as a supplemental performance measure because we
believe that FFO is beneficial to investors as a starting point in measuring
our operational performance. Specifically, in excluding real estate-related
depreciation and amortization, gains and losses from property dispositions and
impairment charges, which do not relate to or are not indicative of operating
performance, FFO provides a performance measure that, when compared year over
year, captures trends in occupancy rates, rental rates and operating costs. We
also believe that, as a widely recognized measure of the performance of equity
REITs, FFO will be used by investors as a basis to compare our operating
performance with that of other equity REITs. However, because FFO excludes
depreciation and amortization and does not capture the changes in the value of
our properties that result from use or market conditions, all of which have
real economic effects and could materially impact our results from operations,
the utility of FFO as a measure of our performance is limited. In addition,
other equity REITs may not calculate FFO as we do, and, accordingly, our FFO
may not be comparable to such other equity REITs’ FFO. Accordingly, FFO should
be considered only as a supplement to net income (loss) as a measure of our
performance. FFO should not be used as a measure of our liquidity, nor is it
indicative of funds available to fund our cash needs, including our ability to
make distributions or service indebtedness. FFO also should not be used as a
supplement to or substitute for cash flow from operating activities computed
in accordance with GAAP. A reconciliation of net loss (computed in accordance
with GAAP) to FFO is included in the financial information accompanying this
release.

Adjusted FFO represents net income (loss) adjusted to eliminate the impact of
real estate-related depreciation and amortization, impairment charges,
gains/losses on sales of real estate, charges associated with the
extinguishment of the Term Note, litigation costs, non-cash interest expense,
non-cash revenues, and non-cash stock-based compensation expense. We believe
that it is useful to investors to exclude the effect of these charges, costs
and other income (expense) because these items are not reflective of ongoing
operational items. A reconciliation of net loss (computed in accordance with
GAAP) to AFFO is included in the financial information accompanying this
release.


SPIRIT REALTY CAPITAL, INC.
Consolidated Statements of Operations
Unaudited
(In Thousands, Except Share and Per Share Data)
                                                               
                                                                    
                 Quarter Ended September 30,       Nine Months Ended September 30,
                 2012             2011             2012             2011
Revenues:
Rentals          $ 69,030         $ 67,056         $ 205,852        $ 199,303
Interest
income on          1,483            1,667            4,496            5,120
loans
receivable
Interest
income and        164            237            709            702        
other
Total revenues     70,677           68,960           211,057          205,125
                                                                    
Expenses:
General and        17,402           9,940            31,463           22,647
administrative
Litigation         -                -                -                151
Property costs     1,028            1,346            3,302            4,010
Interest           42,115           43,517           123,346          126,518
Depreciation
and                27,760           27,397           83,114           82,389
amortization
Impairments        150              2,007            9,000            2,038
                                                                 
Total expenses    88,455         84,207         250,225        237,753    
                                                                    
Loss from
continuing
operations
before other
income             (17,778    )     (15,247    )     (39,168    )     (32,628    )
(expense) and
income tax
expense
(benefit)
                                                                    
Other income
(expense):
Loss on debt      (32,522    )    -              (32,522    )    -          
extinguishment
                                                                    
Total other
income            (32,522    )    -              (32,522    )    -          
(expense)
                                                                    
Loss from
continuing
operations         (50,300    )     (15,247    )     (71,690    )     (32,628    )
before income
tax expense
(benefit)
Income tax
expense            74               (146       )     394              (37        )
(benefit)
                                                                 
Loss from
continuing         (50,374    )     (15,101    )     (72,084    )     (32,591    )
operations
                                                                    
Discontinued
operations:
Loss from
discontinued       (506       )     (4,478     )     (1,349     )     (10,782    )
operations
Net gain
(loss) on          1,021            (1,642     )     2,390            (2,182     )
dispositions
of assets
                                                                 
Income (loss)
from               515              (6,120     )     1,041            (12,964    )
discontinued
operations
                                                                 
Net loss           (49,859    )     (21,221    )     (71,043    )     (45,555    )
Less:
preferred          -                -                (8         )     (8         )
dividends
                                                                 
Net loss
attributable     $ (49,859    )   $ (21,221    )   $ (71,051    )   $ (45,563    )
to common
stockholders
                                                                    
Net loss per
share of
common
stock—basic
and diluted
Continuing       $ (1.72      )   $ (0.58      )   $ (2.67      )   $ (1.26      )
operations
Discontinued      0.02          (0.24      )    0.04          (0.50      )
operations
Net loss         $ (1.70      )  $ (0.82      )   $ (2.63      )  $ (1.76      )
                                                                    
Weighted
average common
shares
outstanding:
Basic and         29,351,839    25,863,976     27,035,083    25,863,976 
diluted
                                                                                 
                                                                                 

SPIRIT REALTY CAPITAL, INC.
Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Data)
                                                              
                                                 September 30,   December 31,
                                                 2012            2011
                                                 (Unaudited)
Assets
Investments:
Real estate investments:
Land and improvements                            $ 1,309,158     $ 1,297,020
Buildings and improvements                        2,003,204     1,975,708 
Total real estate investments                      3,312,362       3,272,728
Less: accumulated depreciation                    (471,912  )    (405,426  )
                                                   2,840,450       2,867,302
Loans receivable, net                              52,619          65,477
Intangible lease assets, net                       197,842         204,696
Real estate assets held for sale, net             16,200        9,634     
Net investments                                    3,107,111       3,147,109
Cash and cash equivalents                          45,401          49,536
Deferred costs and other assets, net              52,629        34,916    
Total assets                                     $ 3,205,141    $ 3,231,561 
                                                                 
                                                                 
Liabilities and stockholders’ equity
Liabilities:
Term note payable, net                           $ -             $ 725,735
Mortgages and notes payable, net                   1,904,944       1,901,411
Intangible lease liabilities, net                  46,413          46,221
Accounts payable, accrued expenses and other      29,243        31,834    
liabilities
Total liabilities                                  1,980,600       2,705,201
                                                                 
Stockholders’ equity:
Series A Cumulative Preferred Stock, $0.01 par
value per share, 20 million shares authorized,     84              84
125 shares issued and outstanding
Common stock, $0.01 par value per share, 100
million shares authorized, 80,501,515 and          805             259
25,863,976 shares issued and outstanding,
respectively
Capital in excess of par value                     1,766,033       1,004,065
Accumulated deficit                                (541,547  )     (470,496  )
Accumulated other comprehensive loss              (834      )    (7,552    )
Total stockholders’ equity                        1,224,541     526,360   
Total liabilities and stockholders’ equity       $ 3,205,141    $ 3,231,561 
                                                                 
                                                                 

SPIRIT REALTY CAPITAL, INC.
Reconciliation of Non-GAAP Financial Measures
Unaudited
(In Thousands, Except Share and Per Share Data)
                                                               
                 Quarter Ended September 30,       Nine Months Ended September 30,
                 2012             2011             2012             2011
Net loss
attributable     $ (49,859    )   $ (21,221    )   $ (71,051    )   $ (45,563    )
to common
stockholders
Add/(less):
Portfolio
depreciation
and                27,983           27,775           83,690           83,955
amortization
(a)
Portfolio
impairments        1,070            5,719            11,327           11,509
(a)
Realized
(gains)/losses
on sales of       (1,021     )    1,642          (2,390     )    2,182      
real estate
(a)
Total             28,032         35,136         92,627         97,646     
adjustments
Funds from
operations
(FFO)            $ (21,827    )   $ 13,915         $ 21,576         $ 52,083
attributable
to common
stockholders
Add/(less):
Loss on Term
Note               32,522           -                32,522           -
extinguishment
Loss on
derivative
instruments        7,992            540              8,688            843
related to
Term Note
extinguishment
Expenses
incurred to
secure             963              -                4,770            -
lenders’
consents (b)
Litigation         -                -                -                151
Non-cash
interest           5,247            6,856            13,052           15,874
expense
Non-cash           (534       )     (537       )     (1,683     )     (1,661     )
revenues
Non-cash
compensation      4,121          -              4,121          -          
expense
Total
adjustments to    50,311         6,859          61,470         15,207     
FFO
Adjusted funds
from
operations
(AFFO)           $ 28,484        $ 20,774        $ 83,046        $ 67,290     
attributable
to common
stockholders
                                                                    
                                                                    
Net loss per
share of
common stock
Basic and        $ (1.70      )   $ (0.82      )   $ (2.63      )   $ (1.76      )
Diluted (c)
                                                                    
                                                                    
FFO per share
of common
stock
Diluted (c)      $ (0.74      )   $ 0.54          $ 0.65          $ 2.01       
                                                                    
                                                                    
AFFO per share
of common
stock
Diluted (c)      $ 0.60          $ 0.80          $ 1.81          $ 2.60       
                                                                    
                                                                    
Weighted
average common
shares
outstanding:
Basic              29,351,839       25,863,976       27,035,083       25,863,976
Diluted (c)        52,017,262       25,863,976       50,749,899       25,863,976
                                                                    
(a) Includes amounts related to discontinued operations.
(b) These third party expenses were incurred to secure lenders’ consents to the
IPO.
(c) Assumes the issuance of potentially issuable shares unless the result would be
anti-dilutive.



SPIRIT REALTY CAPITAL, INC.

Real Estate Portfolio
Unaudited

Industry Diversification
The following table sets forth information regarding the diversification of
our owned real estate properties among different industries (based on annual
rent) as of September 30, 2012:

                                                   
                                          Number of    Percent of Total Annual
  Industry                                Properties   Rent^(1)
  General and discount retail             181          29.9%
  properties
  Restaurants - quick service             366          10.2
  Restaurants - casual dining             133          8.4
  Specialty retail properties             42           7.9
  Movie theatres                          23           7.8
  Building material suppliers             110          6.7
  Industrial properties                   28           5.3
  Educational properties                  22           4.7
  Automotive dealers, parts and service   74           4.4
  properties
  Recreational properties                 8            3.7
  Convenience stores / car washes         33           3.1
  Supermarkets                            20           1.9
  Distribution properties                 37           1.4
  Medical / other office properties       10           1.4
  Health clubs/gyms                       5            1.1
  Interstate travel plazas                3            1.1
  Drugstores                              9            *
  Call centers                            1            *
                                                       
  Total                                   1,105        100 %
  __________

 * Less than 1%
  (1) We define annual rent as rental revenue for the quarter ended September
  30, 2012 multiplied by four.
  

Tenant Diversification
The following table lists the top 10 tenants of our owned real estate
properties (based on annual rent) as of September 30, 2012:

                                                             
                                Number
                                of           Annual Rent          Percent of
                                                                  Total
  Tenant                        Properties   (in thousands)^(1)   Annual Rent
  Shopko Stores/Pamida          181          $ 83,450             29.9 %
  Operating Co., LLC
  84 Properties, LLC            109          18,437               6.6
  Carmike Cinemas, Inc.         12           8,024                2.9
  Universal Pool Co., Inc.      14           6,355                2.3
  CBH20, LP (Camelback Ski      1            5,779                2.1
  Resort)
  Casual Male Retail Group      1            4,814                1.7
  Inc.
  United Supermarkets, LLC      14           4,576                1.6
  Main Event Entertainment,     6            4,477                1.6
  LP
  NE Opco, Inc.                 6            4,378                1.6
  Carmax, Inc.                  4            3,931                1.4
  Other                         757          134,763              48.3
                                                                  
  Total                         1,105        $ 278,984            100 %
__________

(1) We define annual rent as rental revenue for the quarter ended September
30, 2012 multiplied by four.


Geographic Diversification                       
The following table sets forth information regarding the geographic
diversification of our owned real estate properties as of September 30, 2012:
                                                                     
                                   Number of            Percent of Total
                                                        Annual
Location                           Properties           Rent((1))
Wisconsin                          57                   11.3         %
Texas                              82                   8.6
Illinois                           84                   6.7
Pennsylvania                       49                   5.3
Minnesota                          38                   4.6
Arizona                            24                   4.1
Florida                            63                   3.9
Georgia                            70                   3.9
Indiana                            40                   3.3
Michigan                           34                   3.2
Nebraska                           18                   3.2
Ohio                               49                   3.1
Massachusetts                      6                    2.9
California                         9                    2.6
North Carolina                     25                   2.2
Tennessee                          54                   2.1
Idaho                              9                    2.0
Utah                               13                   2.0
Iowa                               32                   1.9
Kentucky                           37                   1.8
Alabama                            44                   1.8
Washington                         9                    1.6
Missouri                           30                   1.5
Montana                            7                    1.5
Virginia                           27                   1.4
South Dakota                       9                    1.4
New York                           29                   1.4
Oklahoma                           13                   1.3
Oregon                             6                    1.3
West Virginia                      19                   1.1
Kansas                             6                    *
South Carolina                     12                   *
Maryland                           18                   *
Colorado                           6                    *
Louisiana                          13                   *
Arkansas                           7                    *
Maine                              20                   *
Nevada                             2                    *
New Jersey                         3                    *
Wyoming                            8                    *
New Mexico                         4                    *
Mississippi                        7                    *
Delaware                           2                    *
Vermont                            2                    *
North Dakota                       2                    *
New Hampshire                      6                    *
Rhode Island                       1                    *            
Total properties owned             1,105                100          %

* Less than 1%
(1) We define annual rent as rental revenue for the quarter ended September
30, 2012 multiplied by four.


Lease Expirations
The following table sets forth a summary schedule of lease expirations for
leases in place as of September 30, 2012. As of September 30, 2012, the
weighted average non-cancelable remaining initial term of our leases (based on
annual rent) was 11.2 years. The information set forth in the table assumes
that tenants exercise no renewal options and all early termination rights:

                         Number      Expiring Annual     Percent of Total
                           of           Rent                 Expiring Annual
  Leases expiring in       Properties   (in thousands)^(1)   Rent
  Remainder of 2012        4            $      1,612         0.6       %
  2013                     13                  1,544         0.6
  2014                     54                  7,778         2.8
  2015                     20                  4,608         1.7
  2016                     23                  2,765         1.0
  2017                     34                  6,208         2.2
  2018                     33                  11,274        4.0
  2019                     58                  12,022        4.3
  2020                     86                  27,825        10.0
  2021                     131                 22,303        8.0
  2022 and thereafter      631                 180,648       64.8
                                                             
  Vacant                   18                 —             —         
                                                             
  Total owned properties   1,105        $      278,587       100       %
 

(1) We define annual rent as rental revenue for the quarter ended September
30, 2012 multiplied by four.

Contact:

Spirit Realty Capital, Inc.
Michael A. Bender, 480-315-6634
SVP, Chief Financial Officer
InvestorRelations@spiritrealty.com
 
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