Spirit Realty Rises Most Since IPO After Agreeing to Merger

Spirit Realty Capital Inc. rose the most since its initial public offering after agreeing to merge with Cole Credit Property Trust II Inc. in a deal that would increase its properties, which are leased to individual tenants.

CCPT II, a non-traded public real estate investment trust, will exchange 1.9 shares for each share of Spirit common stock, the Arizona-based companies said in a statement today. Spirit shareholders will own about 44 percent of the combined REIT with the remainder held by CCPT II shareholders. Shares of the joint company will be listed on the New York Stock Exchange under Spirit’s stock symbol, SRC.