May 29, 2017 10:20 AM ET

Equity 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.

2727 North Harwood Street

Suite 300

Dallas, TX 75201

United States

Founded in 2003

84 Employees

Phone:

972-476-1900

Fax:

800-973-0850

Key Executives for Spirit Realty Capital, Inc.

Chief Executive Officer, President and Director
Total Annual Compensation: $1.2M
Chief Financial Officer, Executive Vice President, Treasurer and Acting Corporate Secretary
Age: 47
Total Annual Compensation: $564.4K
Chief Acquisitions Officer and Executive Vice President
Total Annual Compensation: $544.6K
General Counsel, Executive Vice President and Secretary
Age: 46
Total Annual Compensation: $330.2K
Compensation as of Fiscal Year 2016.

Spirit Realty Capital, Inc. Key Developments

Spirit Realty Capital, Inc. Approves Amendments to Bylaws

On May 11, 2017, the Board of Spirit Realty Capital, Inc. amended Article XV of the bylaws of the company to allow the stockholders of the company to alter or repeal any provision of the Bylaws and adopt new Bylaws by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter and restated the Bylaws as so amended. Previously, the Board had the exclusive power to adopt, alter or repeal any provision of the Bylaws and adopt new Bylaws. Under the amendment, the Board continues to have the power to do so, coextensive with the right of the stockholders of the company.

Spirit Realty Capital, Inc. Announces Management Changes

Spirit Realty Capital, Inc. announced that Jackson Hsieh has been named to the position of Chief Executive Officer and President and has been appointed to the company's Board of Directors. In addition, the company announced that Richard I. Gilchrist, formerly Lead Independent Director of the Company and veteran of the REIT industry, has been appointed as Chairman of the board. As a consequence of these changes, Thomas H. Nolan is leaving the company effective immediately. Mr. Hsieh joined Spirit Realty Capital in September 2016 from Morgan Stanley, where he served as Managing Director and Vice Chairman of Investment Banking, primarily focused on the firm's real estate clients.

Spirit Realty Capital, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Revised Earnings Guidance for the Year 2017; Announces Impairment Charges for the First Quarter Ended March 31, 2017

Spirit Realty Capital, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's total revenues were $165,422,000 compared to $168,357,000 a year ago. Loss before other expense and income tax expense was $3,193,000 compared to profit of $18,376,000 a year ago. Loss before income tax expense was $3,223,000 compared to profit of $13,035,000 a year ago. Net income attributable to common stockholders was $12,829,000 compared to $23,100,000 a year ago. Net income per share attributable to common stockholders diluted was $0.03 compared to $0.05 a year ago. FFO was $95,845,000 compared to $90,463,000 a year ago. AFFO was $98,019,000 compared to $97,851,000 a year ago. FFO per share of common stock - diluted was $0.20 compared to $0.20 a year ago. AFFO per share of common stock- diluted was $0.20 compared to $0.22 a year ago. The company is updating its 2017 AFFO per share guidance from that presented in November of 2016. The change is a result of two primary factors: first, increased credit losses, and second, the Company withdrawing its prior $250 million net acquisition target. The Company believes that given the high number of retail and consumer industry related bankruptcies relative to recent years, and the fact that the Company's largest tenant is a general merchandise retailer, it is not prudent to increase leverage in order to meet its previous net acquisition target. Based on these expectations, the Company currently anticipates 2017 AFFO per share to range from $0.80 to $0.84 per share. AFFO per share is sensitive to the timing and amount of real estate and capital markets activities during the year, as well as to the spread achieved between the lease rates on new acquisitions and the interest rates on borrowings used to finance those acquisitions. The Company does not provide a reconciliation for its guidance range of AFFO per diluted share to net income available to common stockholders per diluted share, the most directly comparable forward looking GAAP financial measure, due to the inherent variability in timing and/or amount of various items that could impact net income available to common stockholders per diluted share, including, for example, gains on debt extinguishment, impairments and other items that are outside the control of the Company. The company also announced impairment charges for the first quarter ended March 31, 2017. For the quarter, the company's portfolio impairments was $34,376,000 compared to $12,938,000 a year ago.

Similar Private Companies By Industry

Company Name Region
American Realty Capital Healthcare Trust III, Inc. United States
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Camden Summit Partnership, L.P. United States
FSP Innsbrook Corp. United States
HCRI Tucson Properties, Inc. United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 3, 2017
Five Shopko Stores
Merger/Acquisition
May 3, 2017
3 Shopko stores
Merger/Acquisition
May 3, 2017
26 Properties
 

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