Update (4:35 p.m.): Updated with Thursday market close information.
The company also priced $650 million in convertible senior notes, with $350 million of its 2.875% convertible senior notes due in 2019 and $300 million of its 3.75% convertible senior notes due in 2021.
Ladenburg also upgraded Spirit Realty Capital to "buy" from "neutral" and set a $12.50 price target. The firm noted its expectations for a guidance increase and higher earnings quality following the company's recent capital raise.
The stock closed up 5.24%. or 56 cents, to $11.25. Nearly 48 million shares changed hands, which eclipsed the average volume of 3,761,140.