SCOTTSDALE, Ariz., April 15, 2016 (GLOBE NEWSWIRE) — 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 announced the closing of its public offering of 34,500,000 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase additional shares.
The offering generated net proceeds of approximately $368.9 million, after deducting the underwriting discount and other estimated expenses payable by Spirit, which will be used to reduce amounts outstanding under its $370.0 million term loan facility. Spirit expects to redraw on its term loan facility and revolving credit facility from time to time to repay approximately $200.0 million of outstanding commercial mortgage backed securities maturing within the next 12 months, to fund identified and potential future acquisitions and for general corporate purposes.
Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and Deutsche Bank Securities were joint book‐runners for the offering. Copies of the final prospectus supplement and accompanying prospectus for the offering may be obtained, when available, by contacting Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, New York 10038, email: email@example.com; J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866) 806-9204; or Deutsche Bank Securities, Attention: Prospectus Group, 60 Wall Street, New York, New York 10005-2836, by calling (800) 503-4611, or by emailing firstname.lastname@example.org.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.
About Spirit Realty Capital
Spirit Realty Capital, Inc. (NYSE:SRC) is a net-lease real estate investment trust (REIT) that invests in and manages a portfolio primarily of single-tenant, operationally essential real estate assets throughout the United States. Single-tenant, operationally essential real estate generally refers to free-standing, commercial real estate facilities where our tenants conduct business activities that are essential to the generation of their sales and profits.
As of December 31, 2015, the Company’s undepreciated gross real estate investment portfolio was approximately $8.3 billion, representing investments in 2,629 properties, including 144 properties securing mortgage loans made by the Company. Our properties are leased to 438 tenants that operate in 28 different industries across 49 states.
Forward-Looking and Cautionary Statements
This press release contains 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 such as “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” and other similar expressions that do not relate to historical matters. These forward-looking statements are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, Spirit’s continued ability to source new investments, risks associated with using debt to fund Spirit’s business activities (including refinancing and interest rate risks, changes in interest rates and/or credit spreads), unknown liabilities acquired in connection with acquired properties or interests in real-estate related entities, risks related to the potential relocation of our corporate headquarters to Dallas, Texas, general risks affecting the real estate industry and local real estate markets (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants financial condition and operating performance, and competition from other developers, owners and operators of real estate), potential fluctuations in the consumer price index, risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended, and other additional risks discussed in Spirit’s most recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K. 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.
Investor Contact:Mary JensenVice President, Investor Relations(480) email@example.com