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Spirit Realty Capital, Inc. Announces Fourth Quarter And Full Year 2012 Operating Results

Stocks in this article: SRC

Spirit Realty Capital, Inc. (NYSE: SRC), a real estate investment trust that invests in single-tenant, operationally essential real estate, today announced results for the fourth quarter and year ended December 31, 2012.

Highlights for the fourth quarter ended December 31, 2012:

  • Generated total revenues of $72.6 million, a 5.4% increase over fourth quarter 2011
  • Produced FFO of $0.37 per share and AFFO of $0.42 per share
  • Declared a $0.3125 per share fourth quarter cash dividend
  • Invested $77.3 million in 33 properties with tenants in place
  • Increased portfolio occupancy rate to 98.8%; up from 98.4% at both September 30, 2012 and December 31, 2011

Highlights for the year ended December 31, 2012:

  • Raised net proceeds of $455.3 million from our initial public offering (IPO)
  • Reduced the principal balance outstanding on debt by $735.2 million
  • Invested in excess of $163.6 million across 91 properties
  • Disposed of 41 properties generating approximately $46 million in net proceeds to re-invest in opportunities with higher risk-adjusted returns

On January 22, 2013, Spirit Realty and Cole Credit Property Trust II (CCPT II) announced that their respective Boards of Directors had unanimously approved a definitive agreement to merge the companies to create the second largest publicly traded triple-net lease REIT in the United States. The pro-forma enterprise value of the combined company is estimated at $7.1 billion.

The transaction is expected to close in the third quarter of 2013 and assumes the receipt of approval of the majority of shares outstanding of each of Spirit Realty and CCPT II and other customary regulatory approvals, and the satisfaction of other contractual closing conditions.

CEO Comments

Mr. Thomas H. Nolan, Jr., Chairman and Chief Executive Officer of Spirit Realty, stated, “We are pleased with our results in our first full quarter as a public company, and we are even more excited about the potential to significantly advance the Company’s strategic objectives and continue to deliver sustainable returns to our shareholders through our proposed merger with CCPT II. The combination of the companies will provide strategic diversification, enhance the credit quality of our tenancy, and provide us increased size and scale. The outlook for the triple-net industry is promising and we are well-positioned to capitalize on the market opportunities. We look forward to the coming year as we continue to build on our core strengths and complete our merger with CCPT II.”

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