- Generated Net Income of $0.32 per
Share, FFO of $0.87 per Share and AFFO of
$0.84 per Share -
- Invested $294.2 Million in Acquisitions
and Revenue-Producing Capital Expenditures -
- Issued 4.2 Million Shares for Net Proceeds
of $190.9 Million -
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 third
quarter ended September 30, 2021.
HIGHLIGHTS
- Generated net income of $0.32 vs $0.11 per diluted share, FFO
of $0.87 vs $0.59 per share and AFFO of $0.84 vs $0.72 per share,
compared to the same quarter in 2020.
- Invested $294.2 million in the third quarter, including the
acquisition of 31 properties for $291.8 million with an initial
weighted average cash yield of 7.27% and an economic yield of
8.62%.
- Generated $7.6 million in gross proceeds from the disposition
of three vacant properties.
- Entered into new forward contracts to issue 3.9 million shares
of common stock at an initial weighted average forward price of
$48.72 and issued 4.2 million shares of common stock to settle
certain forward contracts, generating net proceeds of $190.9
million. As of September 30, 2021, Spirit had unsettled forward
contracts for 1.6 million shares of common stock with a current
weighted average forward price of $48.64.
- Adjusted Debt to Annualized Adjusted EBITDAre of 5.0x or 4.9x
assuming the settlement of the 1.6 million open forward equity
contracts.
- Produced strong operational performance, with occupancy of
99.7%, Lost Rent of 0.1% and Unreimbursed Property Costs of
1.4%.
- Had Corporate Liquidity of $843.5 million as of September 30,
2021, comprised of availability under the 2019 Credit Facility,
cash and cash equivalents and available proceeds from unsettled
forward equity contracts.
- Received a credit rating upgrade from Moody’s Investors Service
on October 29, 2021 from Baa3 to Baa2.
CEO COMMENTS
“Our portfolio performance, driven by our high-quality mix of
tenants, industries and asset types, coupled with accretive
acquisitions, drove AFFO per share growth in the third quarter. We
look forward to continuing our momentum into year-end as we execute
our business strategy and capitalize on opportunities with our
tenants and business partners,” stated Jackson Hsieh, President and
Chief Executive Officer.
DIVIDEND
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 was paid on October
15, 2021 to stockholders of record as of September 30, 2021, and
the preferred dividend was paid on September 30, 2021 to
stockholders of record as of September 15, 2021.
2021 GUIDANCE
The Company updated its guidance for fiscal year 2021:
- AFFO of $3.29 to $3.30 per share and
- Net capital deployment of $0.9 billion to $1.1 billion
(comprising acquisitions, revenue producing capital expenditures
and development deals, net of dispositions).
EARNINGS WEBCAST AND CONFERENCE CALL TIME
The Company's third quarter 2021 earnings conference call is
scheduled for Wednesday, November 3, 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 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 17, 2021 with
access code 13723286.
(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 September 30, 2021, our diverse portfolio consisted of
1,915 owned properties across 48 states, with an aggregate leasable
area of 46.7 million square feet within retail, industrial and
other buildings. Our properties were leased to 312 tenants
operating in over 35 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 September 30,
2021
2020
Net income attributable to common
stockholders
$
38,291
$
11,211
Portfolio depreciation and
amortization
62,919
52,024
Portfolio impairments
4,435
8,106
Gain on disposition of assets
(453
)
(10,763
)
FFO attributable to common
stockholders
$
105,192
$
60,578
(Gain) loss on debt extinguishment
(1
)
7,252
Deal pursuit costs
361
597
Non-cash interest expense
1,919
3,190
Straight-line rent, net of uncollectible
reserve
(8,840
)
(899
)
Other amortization and non-cash
charges
(714
)
(383
)
Non-cash compensation expense
3,504
2,967
Costs related to COVID-19(1)
46
702
AFFO attributable to common
stockholders(2)
$
101,467
$
74,004
Dividends declared to common
stockholders
$
78,674
$
66,171
Dividends declared as a percent of
AFFO
78
%
89
%
Net income per share of common stock –
Basic
$
0.32
$
0.11
Net income per share of common stock –
Diluted
$
0.32
$
0.11
FFO per share of common stock –
Diluted(3)
$
0.87
$
0.59
AFFO per share of common stock –
Diluted(3)
$
0.84
$
0.72
Weighted average shares of common stock
outstanding – Basic
119,775,871
102,750,120
Weighted average shares of common stock
outstanding – Diluted
120,302,158
102,938,860
(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)
AFFO for the three months ended September
30, 2021 and 2020 includes $1.0 million and $1.8 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.
(3)
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 September
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
September 30, 2021
2019 Credit Facility
$
49,300
Senior Unsecured Notes, net
2,717,693
Mortgages payable, net
5,687
Total debt, net
2,772,680
Unamortized debt discount, net
11,134
Unamortized deferred financing costs
20,962
Cash and cash equivalents
(15,564
)
Adjusted Debt
2,789,212
Preferred Stock at liquidation value
172,500
Adjusted Debt + Preferred Stock
$
2,961,712
Annualized Adjusted EBITDAre
Quarter Ended September 30,
2021
Net income
$
40,878
Interest
25,078
Depreciation and amortization
63,061
Income tax expense
244
Gain on disposition of assets
(453
)
Portfolio impairments
4,435
EBITDAre
133,243
Adjustments to revenue producing
acquisitions and dispositions
1,820
Deal pursuit costs
361
Gain on debt extinguishment
(1
)
Costs related to COVID-19(1)
46
Non-cash compensation expense
3,504
Adjusted EBITDAre
138,973
Adjustments related to straight-line
rent(2)
(233
)
Other adjustments for Annualized
EBITDAre(3)
(164
)
Annualized Adjusted EBITDAre
$
554,304
Adjusted Debt / Annualized Adjusted
EBITDAre(4)
5.0
x
Adjusted Debt + Preferred / Annualized
Adjusted EBITDAre
5.3
x
(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 prior period
straight-line rent recognized in the current period.
(3)
Adjustment is comprised of certain other
property costs, general and administrative expenses and
non-recurring revenue recognized in other income.
(4)
Adjusted Debt / Annualized Adjusted
EBITDAre would be 4.9x and Adjusted Debt + Preferred / Annualized
Adjusted EBITDAre would be 5.2x if all 1.6 million shares under
open forward sales agreements had been settled on September 30,
2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211102006303/en/
INVESTOR CONTACT Investor Relations Pierre Revol (972) 476-1403
InvestorRelations@spiritrealty.com
Spirit Realty Capital (NYSE:SRC)
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