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Spirit Realty Capital, Inc. (SRC) SEC Filing 8-K Material Event for the period ending Wednesday, February 20, 2019

Spirit Realty Capital, Inc.

CIK: 1308606 Ticker: SRC


spiritrealtylogojpga03.jpg
Press Release
Spirit Realty Capital, Inc.
Announces Fourth Quarter and Full Year 2018
Financial and Operating Results
- Executed $1.62 Billion Unsecured Credit Facility -
- Received Final Settlement of $19.7 Million from Haggen Holdings, LLC ("Haggen") -
Dallas, TX—February 20, 2019 —Spirit Realty Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company"), a premier net-lease real estate investment trust ("REIT") that invests in single-tenant, operationally essential real estate, today reported its financial and operating results for the three and twelve months ended December 31, 2018.
FOURTH QUARTER 2018 HIGHLIGHTS
Executed $1.62 billion unsecured credit facility in January 2019, comprised of an $800 million unsecured revolving credit facility maturing in March 2023, a $420 million unsecured term loan maturing in March 2024 and a $400 million unsecured delayed draw term loan maturing in March 2022.
Received final settlement of $19.7 million from Haggen (the "Haggen Settlement") in relation to the Company's claim from 20 properties leased to Haggen at the time of Haggen's bankruptcy in 2015.
Generated net income from continuing operations of $0.61 vs $0.37 per diluted share, FFO of $0.93 vs $0.94 per share and AFFO of $1.06 vs $1.06 per share, compared to same quarter 2017. AFFO excluding the impact of the Haggen Settlement was $0.84 per share for the fourth quarter 2018, which equates to an annualized AFFO per share of $3.34.
Achieved strong operating results, including portfolio occupancy of 99.7% as of December 31, 2018 and same store Contractual Rent growth of 1.6%.
Decreased Adjusted Debt to Annualized Adjusted EBITDAre to 5.1x at December 31, 2018.
Had corporate liquidity of $668.2 million as of December 31, 2018, including availability under the unsecured revolving credit facility and cash available for investment.
CEO COMMENTS
“2018 was a strong year for Spirit across our entire business. We successfully completed the Spin-Off of SMTA, demonstrated consistent portfolio operations, achieved results at the high end of our AFFO guidance metric and attained leverage at one turn below the low-end of our target. Our relationship-driven pipeline, proprietary analytical tools, strong balance sheet and healthy portfolio put Spirit in a position to deliver consistent results. As we look into 2019, Spirit will be focused on meeting our acquisition and disposition targets, continuing our high quality operations and assisting SMTA in executing its strategic alternatives. We believe these actions are the final steps to achieve our goal of becoming a simplified, pure-play triple net REIT,” stated Jackson Hsieh, President and Chief Executive Officer.


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FULL YEAR 2018 HIGHLIGHTS
On May 31, 2018, successfully completed the Spin-Off of Spirit MTA REIT ("SMTA").
Generated net income from continuing operations of $1.58 vs $0.40 per diluted share, FFO of $3.71 vs $3.91 per share and AFFO of $3.99 vs $4.24 per share, compared to the full year 2017.
Invested $287.0 million, including $250.8 million for the acquisition of 17 properties, with an initial weighted average cash yield of 7.08% and an economic yield of 8.01%.
Sold 29 properties for $103.3 million in gross proceeds, with an overall weighted average capitalization rate of 6.46% on 18 income producing properties.
FINANCIAL RESULTS
Total revenues from continuing operations for the three months ended December 31, 2018 were $129.5 million, compared to $107.4 million for the same period in 2017. For the year ended December 31, 2018, total revenues from continuing operations were $445.1 million, compared to $431.3 million for the same period in 2017.
Net income attributable to common stockholders for the three months ended December 31, 2018 was $51.5 million, or $0.60 per diluted share, compared to $33.3 million, or $0.36 per diluted share, for the same period in 2017. Net income attributable to common stockholders for the year ended December 31, 2018 was $121.7 million, or $1.39 per diluted share, compared to net income of $74.6 million, or $0.79 per diluted share, for the same period in 2017.
FFO per diluted share was $0.93 and $0.94 for the three months ended December 31, 2018 and 2017, respectively. FFO per diluted share was $3.71 and $3.91 for the year ended December 31, 2018 and 2017, respectively.
AFFO for the three months ended December 31, 2018 was $90.9 million ($71.8 million excluding the Haggen Settlement), or $1.06 per diluted share, compared to $96.5 million, or $1.06 per diluted share, for the same period in 2017. AFFO for the year ended December 31, 2018 was $346.3 million ($327.2 million excluding the Haggen Settlement), or $3.99 per diluted share, compared to $398.1 million, or $4.24 per diluted share, for the same period in 2017.
The Board of Directors declared a quarterly cash dividend of $0.625 per common share, representing an annualized rate of $2.50 per common share. The Board of Directors also declared a quarterly cash dividend of $0.375 per preferred share. The quarterly common dividend was paid on January 15, 2019 to shareholders of record as of December 31, 2018 and the preferred dividend was paid on December 31, 2018 to shareholders of record as of December 17, 2018.
PORTFOLIO HIGHLIGHTS
During the year ended December 31, 2018, Spirit invested $250.8 million in the acquisition of 17 properties through nine transactions, with an initial weighted-average cash yield of approximately 6.9%, an economic yield of 8.0% and a weighted average lease term of 17.1 years. Additionally, the Company invested $36.2 million in revenue producing capital expenditures related to 49 existing properties.
During the year ended December 31, 2018, Spirit disposed of 29 properties for $103.3 million in gross proceeds, including the sale of 18 income producing properties for $68.7 million, with a weighted average capitalization rate of 6.46%. Six of the remaining properties were transferred to CMBS lenders, resulting in the resolution of $56.2 million in secured debt. The remaining five properties were vacant and sold for $10.8 million.
At December 31, 2018, Spirit's diversified real estate portfolio remained occupied at 99.7%. and was comprised of 1,462 owned properties, of which five were vacant, and 52 properties securing mortgage loans.


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BALANCE SHEET, LIQUIDITY & CAPITAL MARKETS
Unencumbered Assets totaled $4.1 billion as of December 31, 2018, representing approximately 80.5% of Spirit's Real Estate Investment.
Adjusted Debt to Annualized Adjusted EBITDAre was 5.1x at December 31, 2018, compared to 6.3x at December 31, 2017 (please note that, in 2018 and going forward, the definition of Adjusted EBITDAre was revised to reflect adjustments made for income producing acquisitions and dispositions made during the quarter, and Annualized Adjusted EBITDAre was revised to reflect adjustments for items where annualization is not appropriate).
Extinguished $202.1 million of mortgages and notes payable that had a weighted average interest rate of 5.5% during 2018.
During the year ended December 31, 2018 and prior to the Spin-Off of SMTA, the Company repurchased 4.2 million shares of outstanding common stock at a weighted average purchase price of $39.49 per share.
Sold 92.5 thousand shares of common stock under the Company's At-the-Market Program ("ATM Program"), at a weighted average share price of $40.57, generating aggregate gross proceeds of $3.8 million.
As of February 19, 2019, Spirit had approximately $14 million in cash and cash equivalents and $624 million of available borrowing capacity under its unsecured credit facility.
As of February 19, 2019, Spirit had additional funds available for acquisitions of approximately $11 million in its 1031 Exchange and Master Trust 2013 release accounts.
As of February 19, 2019, Spirit had an outstanding share count of 85,918,339.
2019 GUIDANCE
For fiscal year 2019, the Company is providing guidance for Spirit:
AFFO of $3.32 to $3.38 per share (assumes a full year of related party fee income and preferred dividend income from SMTA),
Capital deployment of $400.0 million to $550.0 million (comprising acquisitions, revenue producing capital expenditures and development deals),
Asset dispositions of $250.0 million to $350.0 million, and
Adjusted Debt to Adjusted EBITDAre of 5.0x to 5.4x.
The Company does not provide a reconciliation for its guidance range of AFFO per diluted share to net income available to common stockholders per diluted share, the most directly comparable forward looking GAAP financial measure, due to the inherent variability in timing and/or amount of various items that could impact net income available to common stockholders per diluted share, including, for example, gains on debt extinguishment, impairments and other items that are outside the control of the Company.


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EARNINGS WEBCAST AND CONFERENCE CALL TIME
The Company's fourth quarter 2018 earnings conference call is scheduled for Thursday, February 21, 2019 at 9:00am 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 in order 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 March 7, 2019 with access code 13686917.
(844) 512-2921 (Domestic) / (412) 317-6671 (International)
SUPPLEMENTAL PACKAGES
A supplemental financial and operating report and associated addenda that contain non-GAAP measures and other defined terms, along with this press release have been posted to the investor relations page of the Company's website at www.spiritrealty.com.
ABOUT SPIRIT REALTY
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in high-quality, operationally essential real estate, subject to long-term, net leases. Over the past decade, Spirit has become an industry leader and owner of income-producing, strategically located retail, industrial, office and data center properties.
As of December 31, 2018, our diversified portfolio was comprised of 1,514 properties, including properties securing mortgage loans made by the Company. Our properties, with an aggregate gross leasable area of approximately 28.6 million square feet, are leased to 252 tenants across 49 states and 32 industries. More information about Spirit Realty Capital can be found on the investor relations page of the Company's website at www.spiritrealty.com.
INVESTOR CONTACT
Investor Relations
(972) 476-1403
InvestorRelations@spiritrealty.com


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FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the transactions and 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 CPI; 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; the impact of Shopko's bankruptcy filing on SMTA; the impact of SMTA's board of trustees' decision to accelerate its strategic plan, including Spirit's ability to collect amounts to which it is contractually entitled under the Asset Management Agreement or SMTA Preferred Stock upon a resolution of SMTA and/or a termination of the Asset Management Agreement; Spirit's ability to perform as an external manager for SMTA; 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 Securities and Exchange Commission, including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect Spirit's good faith beliefs, they are not guarantees of future performance. Spirit disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.
NOTICE REGARDING NON-GAAP FINANCIAL MEASURES
In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report and related addenda contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Definitions of non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the Appendix of the supplemental financial and operating report, which can be found in the investor relations page of our website.


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SPIRIT REALTY CAPITAL, INC.
Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Data)
 
 
Three Months 
 Ended December 31,
 
Year Ended December 31,
 
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
 
Rental income
 
$
101,751

 
$
105,516

 
$
402,321

 
$
424,260

Interest income on loans receivable
 
1,037

 
954

 
3,447

 
3,346

Earned income from direct financing leases
 
419

 
465

 
1,814

 
2,078

Related party fee income
 
6,869

 

 
15,838

 

Other income (1)
 
19,407

 
435

 
21,705

 
1,574

Total revenues
 
129,483

 
107,370

 
445,125

 
431,258

Expenses:
 
 
 
 
 
 
 
 
General and administrative (2)
 
13,150

 
10,723

 
52,993

 
54,998

Property costs (including reimbursable) (3)
 
5,537

 
6,780

 
21,066

 
28,487

Real estate acquisition costs
 
67

 
583

 
210

 
1,434

Interest
 
26,163

 
27,589

 
97,548

 
113,394

Depreciation and amortization
 
41,437

 
43,052

 
162,452

 
173,686

Impairments
 
471

 
1,339

 
6,725

 
61,597

Total expenses
 
86,825

 
90,066

 
340,994

 
433,596

Other income:
 
 
 
 
 
 
 
 
(Loss) gain on debt extinguishment
 

 
(1,190
)
 
27,092

 
579

Gain on disposition of assets
 
13,802

 
20,712

 
14,629

 
42,698

Preferred dividend income from SMTA
 
3,750

 

 
8,750

 

Other expense
 
(5,319
)
 

 
(5,319
)
 

Total other income
 
12,233

 
19,522

 
45,152

 
43,277

Income from continuing operations before income tax expense
 
54,891

 
36,826

 
149,283

 
40,939

Income tax expense
 
(317
)
 
(90
)
 
(792
)
 
(511
)
Income from continuing operations
 
54,574

 
36,736

 
148,491

 
40,428

(Loss) income from discontinued operations
 
(460
)
 
(945
)
 
(16,439
)
 
36,720

Net income
 
54,114

 
35,791

 
132,052

 
77,148

Dividends paid to preferred stockholders
 
(2,588
)
 
(2,530
)
 
(10,352
)
 
(2,530
)
Net income attributable to common stockholders
 
$
51,526

 
$
33,261

 
$
121,700

 
$
74,618

 
 
 
 
 
 
 
 
 
Net income per share of common stock—diluted:
 
 
 
 
 
 
 
 
Continuing operations
 
$
0.61

 
$
0.37

 
$
1.58

 
$
0.40

Discontinued operations
 
(0.01
)
 
(0.01
)
 
(0.19
)
 
0.39

Net income per share attributable to common stockholders-diluted
 
$
0.60

 
$
0.36

 
$
1.39

 
$
0.79

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
85,396,319

 
90,759,812

 
86,321,268

 
93,586,991

Diluted
 
85,550,290

 
90,766,035

 
86,476,449

 
93,588,560

(1) 
In December 2018, the Company received final settlement proceeds from Haggen of $19.7 million in relation to the Company's claim from 20 properties leased to Haggen at the time of Haggen's bankruptcy in 2015. As a result, other income for the three months and year ended December 31, 2018 includes $19.1 million of settlement proceeds. The remaining $0.6 million of proceeds received relieved accruals related to Haggen.
(2)  
Included in general and administrative expenses for the year ended December 31, 2018 is $3.9 million of severance-related costs, comprised of $2.1 million of cash compensation and $1.8 million of non-cash compensation related to the acceleration of Restricted Stock and Performance Share Awards in connection with the departure of two executive officers. Included in general and administrative expenses for the year ended December 31, 2017 is $11.1 million of severance-related costs, comprised of $4.2 million of cash compensation and $6.9 million of non-cash compensation related to the acceleration of Restricted Stock and Performance Share Awards in connection with the departure of one executive officer.
(3) Included in property costs (including reimbursable) for the three months ended December 31, 2018 is $0.6 million of bad debt expense. There was no bad debt expense included in the three months ended December 31, 2017. Included in property costs (including reimbursable) for the years ended December 31, 2018 and 2017 is $0.6 million and $2.5 million, respectively, of bad debt expense.


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SPIRIT REALTY CAPITAL, INC.
Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Data)
 
 
December 31,
2018
 
December 31,
2017
Assets
 
 
 
 
Investments:
 
 
 
 
Real estate investments:
 
 
 
 
Land and improvements
 
$
1,632,664

 
$
1,598,355

Buildings and improvements
 
3,125,053

 
2,989,451

Total real estate investments
 
4,757,717

 
4,587,806

Less: accumulated depreciation
 
(621,456
)
 
(503,568
)
 
 
4,136,261

 
4,084,238

Loans receivable, net
 
47,044

 
78,466

Intangible lease assets, net
 
294,463

 
306,252

Real estate assets under direct financing leases, net
 
20,289

 
24,865

Real estate assets held for sale, net
 
18,203

 
20,469

Net investments
 
4,516,260

 
4,514,290

Cash and cash equivalents
 
14,493

 
8,792

Deferred costs and other assets, net
 
156,428

 
121,949

Investment in Master Trust 2014
 
33,535

 

Preferred equity investment in SMTA
 
150,000

 

Goodwill
 
225,600

 
225,600

Assets related to SMTA Spin-Off
 

 
2,392,880

Total assets
 
$
5,096,316

 
$
7,263,511

 
 
 
 
 
Liabilities and stockholders’ equity
 
 
 
 
Liabilities:
 
 
 
 
2015 Credit Facility
 
$
146,300

 
$
112,000

2015 Term Loan, net
 
419,560

 

Senior Unsecured Notes, net
 
295,767

 
295,321

Mortgages and notes payable, net
 
463,196

 
589,644

Convertible Notes, net
 
729,814

 
715,881

Total debt, net
 
2,054,637

 
1,712,846

Intangible lease liabilities, net
 
120,162

 
130,574

Accounts payable, accrued expenses and other liabilities
 
119,768

 
131,642

Liabilities related to SMTA Spin-Off
 

 
1,968,840

Total liabilities
 
2,294,567

 
3,943,902

Stockholders’ equity:
 
 
 
 
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both December 31, 2018 and December 31, 2017, liquidation preference of $25.00 per share
 
166,177

 
166,193

Common stock, $0.05 par value, 750,000,000 shares authorized: 85,787,355 shares and 89,774,135 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively
 
4,289

 
4,489

Capital in excess of common stock par value
 
4,995,697

 
5,193,631

Accumulated deficit
 
(2,357,255
)
 
(2,044,704
)
Accumulated other comprehensive loss
 
(7,159
)
 

Total stockholders’ equity
 
2,801,749

 
3,319,609

Total liabilities and stockholders’ equity
 
$
5,096,316

 
$
7,263,511



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SPIRIT REALTY CAPITAL, INC.
Reconciliation of Non-GAAP Financial Measures
(In Thousands, Except Share and Per Share Data)

FFO and AFFO
 
 
Three Months Ended December 31,
 
Year Ended December 31,
 
 
2018
 
2017
 
2018
 
2017
Net income attributable to common stockholders
 
$
51,526

 
$
33,261

 
$
121,700

 
$
74,618

Add/(less):
 
 
 
 
 
 
 
 
Portfolio depreciation and amortization
 
41,295

 
62,990

 
197,346

 
255,454

Portfolio impairments
 
471

 
14,221

 
17,668

 
102,330

Gain on disposition of assets
 
(13,802
)
 
(24,909
)
 
(14,355
)
 
(65,106
)
Total adjustments
 
27,964

 
52,302

 
200,659

 
292,678

FFO attributable to common stockholders
 
$
79,490

 
$
85,563

 
$
322,359

 
$
367,296

Add/(less):
 
 
 
 
 
 
 
 
Loss (gain) on debt extinguishment
 

 
3,415

 
(26,729
)
 
1,645

Real estate acquisition costs
 
67

 
583

 
549

 
1,356

Transaction costs
 
460

 
3,216

 
21,391

 
6,361

Non-cash interest expense
 
4,536

 
6,533

 
22,866

 
23,469

Accrued interest and fees on defaulted loans
 
292

 
1,284

 
1,429

 
4,201

Straight-line rent, net of related bad debt expense
 
(3,156
)
 
(6,047
)
 
(15,382
)
 
(19,474
)
Other amortization and non-cash charges
 
(848
)
 
(818
)
 
(2,434
)
 
(3,266
)
Non-cash compensation expense
 
2,926

 
2,783

 
15,114

 
16,560

Other G&A costs associated with Spin-Off
 
1,841

 

 
1,841

 

Other expense
 
5,319

 

 
5,319

 

Total adjustments to FFO
 
11,437

 
10,949

 
23,964

 
30,852

AFFO attributable to common stockholders
 
$
90,927

 
$
96,512

 
$
346,323

 
$
398,148

 
 
 
 
 
 
 
 
 
Dividends declared to common stockholders
 
$
53,617

 
$
80,796

 
$
262,901

 
$
332,402

Dividends declared as percent of AFFO
 
59
%
 
84
%
 
76
%
 
83
%
Net income per share of common stock
 
 
 
 
 
 
 
 
Basic (1)
 
$
0.60

 
$
0.36

 
$
1.40

 
$
0.79

Diluted (1)
 
$
0.60

 
$
0.36

 
$
1.39

 
$
0.79

FFO per share of common stock
 
 
 
 
 
 
 
 
Diluted (1)
 
$
0.93

 
$
0.94

 
$
3.71

 
$
3.91

AFFO per share of common stock
 
 
 
 
 
 
 
 
Diluted (1)
 
$
1.06

 
$
1.06

 
$
3.99

 
$
4.24

AFFO per share of common stock, excluding Haggen settlement (2)
 
$
0.84

 
$
1.06

 
$
3.78

 
$
4.24

 
 
 
 
 
 
 
 
 
Weighted average shares of common stock outstanding:
 
 
 
 
 
 
 
 
Basic
 
85,396,319

 
90,759,812

 
86,321,268

 
93,586,991

Diluted
 
85,550,290

 
90,766,035

 
86,476,449

 
93,588,560

(1) 
For the three months ended December 31, 2018 and 2017, dividends paid to unvested restricted stockholders of $0.2 million and $0.3 million, respectively, and for the years ended December 31, 2018 and 2017, dividends paid to unvested restricted stockholders of $1.1 million and $0.9 million, respectively, are deducted from FFO and AFFO attributable to common stockholders in the computation of per share amounts.
For the three months and year ended December 31, 2018, undistributed earnings allocated to unvested restricted stockholders of $0.1 million and $0.2 million, respectively, are deducted from FFO attributable to common stockholders in the computation of per share amounts. For the three months and year ended December 31, 2018, undistributed earnings allocated to unvested restricted stockholders of $0.2 million and $0.3 million, respectively, are deducted from AFFO attributable to common stockholders in the computation of per share amounts.

(2)  AFFO attributable to common stockholders for the three months and year ended December 31, 2018, excluding $19.1 million of proceeds from the Haggen Settlement included in net income attributable to common stockholders.


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 20, 2019

SPIRIT REALTY CAPITAL, INC.
(Exact name of registrant as specified in its charter)

Maryland
(Spirit Realty Capital, Inc.)
 
001-36004
 
20-1676382
(Spirit Realty Capital, Inc.)
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
Identification No.)
 2727 North Harwood Drive, Suite 300
Dallas, Texas 75201
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (972) 476-1900
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
w
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
w
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
w
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
w
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
Emerging growth company o        
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o                






ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 20, 2019, Spirit Realty Capital, Inc. (the “Company”), issued (i) a press release reporting its results of operations for the fourth fiscal quarter and year ended December 31, 2018, a copy of which is attached hereto as Exhibit 99.1, and (ii) a supplemental report of financial and operating information of the Company for the fourth fiscal quarter and year ended December 31, 2018, a copy of which is attached hereto as Exhibit 99.2.
The information set forth in Item 2.02 and in the attached Exhibits 99.1 and 99.2 is being "furnished" and shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
SPIRIT REALTY CAPITAL, INC.
 
 
By:
 
/s/ Michael C. Hughes
 
 
Michael C. Hughes
Chief Financial Officer and Executive Vice President (Principal Financial Officer)

Date: February 20, 2019




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Spirit Realty Capital, Inc. provided additional information to their SEC Filing as exhibits

Ticker: SRC
CIK: 1308606
Form Type: 8-K Corporate News
Accession Number: 0001308606-19-000033
Submitted to the SEC: Wed Feb 20 2019 4:25:53 PM EST
Accepted by the SEC: Wed Feb 20 2019
Period: Wednesday, February 20, 2019
Industry: Operators Of Nonresidential Buildings
Events:
  1. Earnings Release
  2. Financial Exhibit

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