Spirit Realty Capital, Inc. Schedules Third Quarter 2020 Earnings Release and Conference Call; Reinitiates Acquisition Guidance

DALLAS--()--Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit” or the “Company”), a net lease real estate investment trust (“REIT”) that invests in single-tenant, operationally essential real estate, today scheduled its third quarter 2020 earnings release and conference call and provided acquisition guidance for full-year 2020.

The company completed quarter-to-date acquisitions of $165 million and expects to complete full-year acquisitions, including revenue-producing capital expenditures, of $600 to $650 million. For the second half of 2020, the company expects to complete between $375 to $425 million of acquisitions and approximately $100 million of dispositions. “I am extremely pleased with our operating results, as evidenced by our September rent collections, which have already exceeded 92%. We are confident in the stability of our tenant base and are excited to return our focus to external growth in the back half of 2020,” stated Jackson Hsieh, President and Chief Executive Officer.

Financial and operating results for the third quarter ended September 30, 2020 will be released after the market closes on Monday, November 2, 2020. Spirit will host its third quarter earnings conference call and audio webcast on Monday, November 2, 2020, at 5:00 p.m. Eastern Time.

Interested parties can listen to the call via the following:

INTERNET: Go to www.spiritrealty.com and select the investor relations page at least 15 minutes prior to the start time of the call to register, download and install any necessary audio software.

PHONE: No access code required.
(877) 407-9208 (Domestic) / (201) 493-6784 (International)

REPLAY: Available through November 16, 2020 with access code 13710712.
(844) 512-2921 (Domestic) / (412) 317-6671 (International)

ABOUT SPIRIT REALTY

Spirit Realty Capital, Inc. (NYSE: SRC) is a net-lease real estate investment trust (“REIT”) that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases.

As of June 30, 2020, Spirit’s diversified portfolio was comprised of 1,771 owned properties and 43 properties securing mortgage loans. Spirit’s owned properties, with an aggregate gross leasable area of 36.2 million square feet, are leased to 294 tenants across 48 states and 28 retail industries.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words and phrases such as “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” “approximately,” “anticipate,” “may,” “should,” “seek” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters but are meant to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of future events. Forward-looking statements depend on assumptions, data and/or methods which may be incorrect or imprecise and Spirit may not be able to realize them. Spirit does not guarantee that the events described will happen as described (or that they will happen at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and economic conditions; volatility and uncertainty in the financial markets, including potential fluctuations in the Consumer Price Index; Spirit’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; the financial performance of Spirit’s retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers; Spirit’s ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit’s costs of borrowing as a result of changes in interest rates and other factors; Spirit’s ability to access debt and equity capital markets; Spirit’s ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit’s ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect Spirit or its major tenants; Spirit’s ability to manage its expanded operations; Spirit’s ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended; Spirit’s ability to manage and liquidate the remaining SMTA Liquidating Trust assets; the impact on Spirit’s business and those of its tenants from epidemics, pandemics or other outbreaks of illness, disease or virus (such as the strain of coronavirus known as COVID-19); the use of proceeds from the offering of the Notes; and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit’s most recent filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements which are based on information that was available, and speak only, as of the date on which they were made. While forward-looking statements reflect Spirit’s good faith beliefs, they are not guarantees of future performance. Spirit expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Investor Contact:
Pierre Revol
(972) 476-1403
InvestorRelations@spiritrealty.com

Release Summary

Spirit Realty Capital Inc. Schedules Third Quarter 2020 Earnings Release and Conference Call; Reinitiates Acquisition Guidance

Contacts

Investor Contact:
Pierre Revol
(972) 476-1403
InvestorRelations@spiritrealty.com