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Spirit Realty Capital, Inc. Announces Third Quarter 2012 Results

Stocks in this article: SRC

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.

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