March 05, 2015 8:08 PM ET

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.

16767 North Perimeter Drive

Suite 210

Scottsdale, AZ 85260

United States

Founded in 2003

73 Employees

Phone:

480-606-0820

Fax:

800-973-0850

Key Executives for Spirit Realty Capital, Inc.

Chief Executive Officer and Chairman
Age: 56
Total Annual Compensation: $1.0M
Chief Financial Officer and Executive Vice President
Age: 55
Total Annual Compensation: $456.4K
Executive Vice President of Asset Management
Age: 38
Total Annual Compensation: $326.0K
Chief Investment Officer and Executive Vice President
Age: 50
Total Annual Compensation: $326.0K
Compensation as of Fiscal Year 2013.

Spirit Realty Capital, Inc. Key Developments

Spirit Realty Capital, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reaffirms Earnings Guidance for the Year 2015

Spirit Realty Capital, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company’s total revenues increased 11.2%, to $154.8 million, compared to $139.2 million in the fourth quarter of 2013. The increase in total Revenue was attributable to new investments throughout the year, as well as contractual rent growth. Net income attributable to common stockholders was $34.1 million, or $0.08 per basic and diluted share based compared to net income attributable to common stockholders for the fourth quarter of 2013 of $43.6 million, or $0.12 per basic and diluted share. FFO was $80.2 million, or $0.20 per diluted share, compared to $68.4 million, or $0.18 per diluted share for the fourth quarter of 2013. AFFO was $84.4 million, or $0.21 per diluted share, compared to $70.6 million, or $0.19 per diluted share, for the fourth quarter of 2013. EBITDA was $153.724 million against $155.907 million a year ago. Annualized adjusted EBITDA was $552.196 million against $502.628 million a year ago. Income from continuing operations before other expense and income tax expense was $23.150 million against $10.906 million a year ago. Income from continuing operations before income tax expense was $22.896 million against $8.501 million a year ago. Income from continuing operations was $22.809 million against $8.333 million a year ago. For the year, the company’s total revenues increased 43.7%, to $602.9 million compared to $419.5 million for the year ended December 31, 2013. The increase reflects the impact of the Cole II merger, which was completed in July of 2013, as well as contractual rent growth and growth from new investments throughout the year. Net loss attributable to common stockholders was $33.8 million, or $0.09 per basic and diluted share compared to net income attributable to common stockholders for the year ended December 31, 2013 of $1.7 million, or $0.00 per basic and diluted share. The net loss in 2014 was driven by a loss on debt extinguishment resulting from the early retirement of certain debt, including a CMBS loan related to the company's Shopko portfolio. FFO was $236.5 million, or $0.61 per diluted share, compared to $139.5 million, or $0.54 per diluted share, for the year ended December 31, 2013. AFFO was $320.8 million, or $0.82 per diluted share, compared to $208.9 million, or $0.81 per diluted share for the year ended December 31, 2013. Loss from continuing operations before other expense and income tax expense 14.528 million against income from continuing operations before other expense and income tax expense of $29.654 million a year ago. Loss from continuing operations before income tax expense was $50.222 million against $32.059 million a year ago. Loss from continuing operations before income tax expense was $50.222 million against $32.059 a year ago. Loss from continuing operations was $50.895 million against $33.172 million a year ago. The company affirms its previously announced 2015 AFFO guidance with an expected range of $0.84 to $0.86 per share. This AFFO guidance equates to anticipated net income (excluding non-recurring items that are not reflective of ongoing operations) of $0.22 to $0.24 per share plus $0.61 per share of expected real estate depreciation and amortization plus approximately $0.01 per share related to non-cash items and real estate transaction costs.

Spirit Realty Capital, Inc. Announces Departure of Peter Mavoides as President and Chief Operating Officer

Spirit Realty Capital, Inc. announced that Peter Mavoides has left his position as President and Chief Operating Officer. Spirit intends to conduct a search to fill the role previously held by Mr. Mavoides. In the meantime, Thomas H. Nolan, Jr., Chairman and Chief Executive Officer of Spirit Realty Capital, will assume the responsibilities of the position on an interim basis.

Spirit Realty Capital, Inc. to Report Q4, 2014 Results on Feb 26, 2015

Spirit Realty Capital, Inc. announced that they will report Q4, 2014 results at 5:00 PM, US Eastern Standard Time on Feb 26, 2015

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