Spirit Realty Capital, Inc. Announces Acquisition of 123 Properties for $435 Million
DALLAS--(BUSINESS WIRE)--Nov 25, 2019--
Spirit Realty Capital, Inc. (NYSE: SRC) (“Spirit” or “the Company”) announced today that it acquired 123 single-tenant properties for approximately $435 million in cash.
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Spirit Realty Capital, Inc. Announces Acquisition of 123 Properties for $435 Million (Photo: Business Wire)
The transaction was executed at an approximate 7.86% initial capitalization rate with rents of $34.2 million, a weighted average remaining lease term of 8.7 years and approximately 2 million leasable square feet.
“We are excited to announce this transaction, which added many high-quality tenants and concepts to our portfolio, particularly in the restaurant, auto-related and home furnishings industries,” stated Jackson Hsieh, President and Chief Executive Officer. “This transaction provided a unique opportunity to acquire high-quality real estate, in solid trade areas with tenants we know well at an attractive risk-adjusted return.”
Updated 2019 Acquisition Guidance
Acquisitions ($ in billions)
$1.10 – 1.30
$1.25 – 1.35
This portfolio of 123 high-quality single-tenant retail assets has many attractive characteristics, including:
The industries in this portfolio include:
Number of Properties
% of Total Portfolio Rent
Restaurants - Casual Dining
Restaurants - Quick Service
Health and Fitness
ABOUT SPIRIT REALTY
Spirit Realty Capital, Inc. (NYSE: SRC) is a net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term net leases.
As of September 30, 2019, our diversified portfolio was comprised of 1,623 owned properties and 43 properties securing mortgage loans. Our owned properties, with an aggregate gross leasable area of approximately 30.3 million square feet, are leased to 260 tenants across 48 states and 31 industries.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191125005796/en/
CONTACT: Pierre Revol
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: REIT OTHER RETAIL RETAIL COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Spirit Realty Capital, Inc.
Copyright Business Wire 2019.
PUB: 11/25/2019 04:14 PM/DISC: 11/25/2019 04:14 PM