- Announces Increase in Common Stock
Quarterly Dividend from $0.625 per Share to $0.638 per Share
-
- Generated Net Income of $0.74 per
Share, FFO of $1.00 per Share and AFFO of
$0.86 per Share -
- Invested $283.7 Million in Acquisitions
-
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 reported its financial and operating results for the second
quarter ended June 30, 2021.
HIGHLIGHTS
- Announces that the Board of Directors declared an increase in
the Company’s quarterly common stock cash dividend from $0.625 per
share to $0.638 per share, an increase of 2%, representing a new
annualized dividend of $2.552 per share. Stockholders of record as
of Thursday, September 30, 2021 will receive the cash dividend on
Friday, October 15, 2021.
- Generated net income of $0.74 vs a net loss of $(0.03) per
diluted share, FFO of $1.00 vs $0.68 per share and AFFO of $0.86 vs
$0.71 per share, compared to the same quarter in 2020.
- Invested $283.7 million in the second quarter for the
acquisition of 18 properties, with an initial weighted average cash
yield of 7.07% and an economic yield of 7.84%. Additionally,
acquired 22 golf clubs in July 2021 for $230.8 million, with an
initial cash yield of 7.40% and an economic yield of 8.88%.
- Generated $74.6 million in gross proceeds from the disposition
of 11 properties, with a weighted average capitalization rate of
4.00% on four income producing properties.
- Issued 4.1 million shares of common stock to settle certain
forward contracts, generating net proceeds of $145.5 million and
entered into new forward contracts to issue 0.5 million shares of
common stock at a weighted average forward price of $47.59. As of
June 30, 2021, Spirit had unsettled forward contracts for 1.9
million shares of common stock.
- Extinguished the remaining $190.4 million of 2021 Convertible
Notes in cash.
- Adjusted Debt to Annualized Adjusted EBITDAre of 5.0x or 4.9x
assuming the settlement of the 1.9 million open forward equity
contracts.
- Produced strong operational performance, with occupancy of
99.7%, Lost Rent of 0.9% (or 0.2% excluding movie theaters) and
Property Cost Leakage of 1.9%.
- Had Corporate Liquidity of $0.9 billion as of June 30, 2021,
comprised of availability under the 2019 Credit Facility, cash and
cash equivalents and available proceeds from unsettled forward
equity contracts.
CEO COMMENTS
“The second quarter marks a key milestone for Spirit as we
return to dividend growth, supported by accelerating earnings, an
outstanding portfolio and strong deal execution. As we continue to
execute our strategy, harnessing a disciplined and transparent
investment approach, I am confident that we can deliver the
promises originally communicated at our Investor Day in 2019,”
stated Jackson Hsieh, President and Chief Executive Officer.
DIVIDEND
For the second quarter of 2021, the Board of Directors declared
a quarterly cash dividend of $0.625 per share of common stock,
representing an annualized rate of $2.50 per share. The Board of
Directors also declared a quarterly cash dividend of $0.375 per
preferred share. The quarterly common dividend was paid on July 15,
2021 to stockholders of record as of June 30, 2021 and the
preferred dividend was paid on June 30, 2021 to stockholders of
record as of June 15, 2021.
For the third quarter of 2021, the Board of Directors declared a
quarterly cash dividend of $0.638 per share of common stock,
representing an annualized rate of $2.552 per share. The Board of
Directors also declared a quarterly cash dividend of $0.375 per
preferred share. The quarterly common dividend will be paid on
October 15, 2021 to stockholders of record as of September 30, 2021
and the preferred dividend will be paid on September 30, 2021 to
stockholders of record as of September 15, 2021.
2021 GUIDANCE
The Company raised its guidance for fiscal year 2021:
- AFFO of $3.24 to $3.30 per share and
- Net capital deployment of $0.8 billion to $1.0 billion
(comprising acquisitions, revenue producing capital expenditures
and development deals, net of dispositions).
EARNINGS WEBCAST AND CONFERENCE CALL TIME
The Company's second quarter 2021 earnings conference call is
scheduled for Wednesday, August 4, 2021 at 9:30am 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 August 18, 2021 with
access code 13721012.
(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 single-tenant, operationally
essential real estate assets, subject to long-term leases.
As of June 30, 2021, our diverse portfolio consisted of 1,887
owned properties across 48 states, with an aggregate leasable area
of 45.3 million square feet within retail, industrial, office and
other buildings. Our properties were leased to 306 tenants
operating in over 28 industries. More information about Spirit
Realty Capital can be found on the investor relations page of the
Company's website at www.spiritrealty.com.
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; 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 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); 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 (“SEC”), including its
Annual Report on Form 10-K for the year ended December 31, 2020 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 supplemental financial and operating report, which
can be found in the investor relations page of our website.
(SRC:ER)
SPIRIT REALTY CAPITAL,
INC.
Reconciliation of Non-GAAP
Financial Measures
(In Thousands, Except Share and
Per Share Data)
(Unaudited)
FFO and AFFO
(Unaudited)
Three Months Ended June
30,
2021
2020
Net income (loss) attributable to
common stockholders(1)
$
85,336
$
(3,001
)
Portfolio depreciation and
amortization
59,933
53,014
Portfolio impairments
7,800
21,049
Gain on disposition of assets
(37,507
)
(658
)
FFO attributable to common
stockholders
$
115,562
$
70,404
Loss on debt extinguishment
10
—
Deal pursuit costs
257
14
Non-cash interest expense
2,344
3,400
Straight-line rent, net of uncollectible
reserve
(21,428
)
(4,392
)
Other amortization and non-cash
charges
(761
)
133
Non-cash compensation expense
3,614
3,308
Costs related to COVID-19(2)
274
738
AFFO attributable to common
stockholders(3)
$
99,872
$
73,605
Dividends declared to common
stockholders
$
74,436
$
64,402
Dividends declared as a percent of
AFFO
75
%
87
%
Net income (loss) per share of common
stock – Basic
$
0.74
$
(0.03
)
Net income (loss) per share of common
stock – Diluted
$
0.74
$
(0.03
)
FFO per share of common stock –
Diluted(4)
$
1.00
$
0.68
AFFO per share of common stock –
Diluted(4)
$
0.86
$
0.71
Weighted average shares of common stock
outstanding – Basic
115,005,740
102,678,967
Weighted average shares of common stock
outstanding – Diluted
115,557,555
102,678,967
Weighted average shares of common stock
outstanding for non-GAAP measures - Diluted(4)
115,557,555
102,762,592
(1)
Net Income for the three months ended June
30, 2021 includes $7.0 million of recoveries related to prior
period base cash rent not deemed probable of collection.
(2)
Costs related to COVID-19 are included in
general and administrative expense and primarily relate to legal
fees for executing rent deferral or abatement agreements.
(3)
AFFO for the three months ended June 30,
2021 and 2020 includes $9.1 million and $22.3 million,
respectively, of deferred rental income recognized in conjunction
with the FASB’s relief for deferral agreements extended as a result
of the COVID-19 pandemic.
(4)
Weighted average shares of common stock
for non-GAAP measures includes unvested market-based awards, which
are dilutive for the non-GAAP calculations. Dividends paid and
undistributed earnings allocated, if any, to unvested restricted
stockholders are deducted from FFO and AFFO for the computation of
the per share amounts. The following amounts were deducted:
Three Months Ended June
30,
2021
2020
FFO
$0.2 million
$0.2 million
AFFO
$0.2 million
$0.2 million
SPIRIT REALTY CAPITAL,
INC.
Reconciliation of Non-GAAP
Financial Measures
(In Thousands, Except Share and
Per Share Data)
(Unaudited)
Adjusted Debt, EBITDAre and
Adjusted EBITDAre
Adjusted Debt
June 30, 2021
2019 Credit Facility
$
13,000
Senior Unsecured Notes, net
2,716,752
Mortgages payable, net
5,823
Total debt, net
2,735,575
Unamortized debt discount,
net
11,441
Unamortized deferred financing
costs
21,585
Cash and cash equivalents
(9,403
)
Restricted cash
(58,154
)
Adjusted Debt
2,701,044
Preferred Stock at liquidation
value
172,500
Adjusted Debt + Preferred
Stock
$
2,873,544
Quarter Ended
Annualized Adjusted
EBITDAre
June 30, 2021
Net income
$
87,924
Interest
26,170
Depreciation and amortization
60,074
Income tax expense
129
Gain on disposition of assets
(37,507
)
Portfolio impairments
7,800
EBITDAre
144,590
Adjustments to revenue producing
acquisitions and dispositions
1,564
Deal pursuit costs
257
Loss on debt extinguishment
10
Costs related to COVID-19(1)
274
Non-cash compensation expense
3,614
Adjusted EBITDAre
150,309
Adjustments related to
straight-line rent(2)
(9,981
)
Other adjustments for Annualized
EBITDAre(3)
(5,272
)
Annualized Adjusted
EBITDAre
$
540,224
Adjusted Debt / Annualized
Adjusted EBITDAre(4)
5.0x
Adjusted Debt + Preferred /
Annualized Adjusted EBITDAre
5.3x
(1)
Costs related to COVID-19 are included in
general and administrative expense and primarily relate to legal
fees for executing rent deferral or abatement agreements.
(2)
Adjustment relates to net recoveries
related to prior period straight-line rent deemed not probable of
collection.
(3)
Adjustment for amounts where annualization
would not be appropriate is comprised of net recoveries related to
prior period rent deemed not probable of collection and property
costs.
(4)
Adjusted Debt / Annualized Adjusted
EBITDAre would be 4.9x if all 1.9 million shares under open forward
sales agreements had been settled on June 30, 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210803006074/en/
INVESTOR CONTACT Investor Relations Pierre Revol
(972) 476-1403 InvestorRelations@spiritrealty.com
Spirit Realty Capital (NYSE:SRC)
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