SPIRIT REALTY CAPITAL, INC.
spiritrealty.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 2, 2023. Its latest SEC filing is a SC 13G/A from Feb 14, 2024.
10-Q for Q3 FY2023, filed Nov 2, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Leases single-tenant commercial properties to retail, industrial and other businesses on long-term contracts, with tenants generally paying property operating costs.
10-K for FY2022, filed Feb 28, 2023
How Did They Make Money?
Tenants pay rent under long-term leases for the properties. Some leases add rent tied to tenant sales, and tenants reimburse certain property expenses.
10-K for FY2022, filed Feb 28, 2023Our objective is to maximize stockholder value by providing a growing stream of earnings and dividends generated by high quality…View ↗
Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as…View ↗
Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property…View ↗
$709.6M
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10-K for FY2022, filed Feb 28, 2023
$709.6M ↗
Who Were Their Customers?
Retail, industrial and other companies lease properties from Spirit under long-term agreements; tenants are responsible for property operating costs.
10-K for FY2022, filed Feb 28, 2023
Did Revenues Turn Into Profits?
Yes. It kept 40 cents of every revenue dollar as net income in FY2022.
10-K for FY2022, filed Feb 28, 2023
10-K for FY2022, filed Feb 28, 2023
$285.5MView ↗
How Were They Changing?
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Jan 24, 2024
Realty Income completed its merger with Spirit
Spirit became a wholly owned subsidiary of Realty Income.
Sources
8-K, filed Jan 24, 2024
On January 23, 2024, Spirit Realty, L.P., a wholly owned subsidiary of Realty Income following the Merger (“Spirit OP”), and Realty Income…View ↗
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Nov 2, 2023
Spirit withdrew its 2023 guidance
The company cited its proposed merger with Realty Income.
Sources
8-K, filed Nov 2, 2023
In light of the Company's proposed merger with Realty Income Corporation ("Realty Income"), the Company withdraws its guidance for 2023.View ↗
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Oct 30, 2023
Realty Income agreed to acquire Spirit in an all-stock merger
Spirit shareholders were to receive Realty Income shares under the agreement.
Sources
8-K, filed Oct 30, 2023
REALTY INCOME TO ACQUIRE SPIRIT REALTY CAPITAL IN $9.3 BILLION TRANSACTIONView ↗
Grew. Revenue grew 59% in 4 years, from $445.1M in FY2018 to $709.6M in FY2022, about 12% a year.
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