src-8k_20200709.htm
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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): July 9, 2020

 

SPIRIT REALTY CAPITAL, INC.

SPIRIT REALTY, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

Maryland

(Spirit Realty Capital, Inc.)

 

001-36004

 

20-1676382

(Spirit Realty Capital, Inc.)

 

 

 

 

 

Delaware

(Spirit Realty, L.P.)

 

333-216815-01

 

20-1127940

(Spirit Realty, L.P.)

(State or other jurisdiction

of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer

Identification No.)

2727 North Harwood Street, 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):

 

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

 

 

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Spirit Realty Capital, Inc.

Common stock, par value $0.05 per share

SRC

New York Stock Exchange

Spirit Realty Capital, Inc.

6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share

SRC-A

New York Stock Exchange

 


 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

Spirit Realty Capital, Inc.Emerging growth company

Spirit Realty, L.P.Emerging growth company

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.

Spirit Realty Capital, Inc.  Spirit Realty, L.P.  

 

 


ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 7.01 REGULATION FD DISCLOSURE

On July 9, 2020, Spirit Realty Capital, Inc. (the “Company”) issued a press release (i) reporting its contractual rent collected for the months ended April 30, 2020, May 31, 2020 and June 30, 2020 and the quarter ended June 30, 2020 and (ii) announcing the release date for the Company’s second quarter 2020 earnings release and conference call. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The foregoing information does not purport to reflect our results of operations or financial condition for the quarter ended June 30, 2020. The Company will release its operating results for the quarter ended June 30, 2020 before market open on Thursday, August 6, 2020 and host its second quarter earnings conference call and audio webcast on Thursday, August 6, 2020, at 9:30 a.m. Eastern Time.

The information set forth in this Item 2.02 and 7.01 and in the attached Exhibits 99.1 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.

 

 

 

 

99.1

Press Release, dated July 9, 2020

 

 

104.1

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 


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.

Date: July 9, 2020

 

SPIRIT REALTY CAPITAL, INC.

 

 

By:

 

/s/ Michael Hughes        

 

 

Chief Financial Officer and Executive Vice President

 

 

 

 

SPIRIT REALTY, L.P.

 

By:

 

Spirit General OP Holdings, LLC, as general partner of Spirit Realty, L.P.

 

 

 

By:

 

/s/ Michael Hughes        

 

 

Michael Hughes

 

 

Chief Financial Officer and Executive Vice President

 

 

src-ex991_42.htm

 

Exhibit 99.1

Press Release


 Spirit Realty Capital, Inc. Provides Rent Update and Schedules Second Quarter 2020 Earnings Release and Conference Call

- April rent collection increased 17% since April 13th communications -

- May rent collection increased 5% since NAREIT Investor Presentation June 2020 -

- June and second quarter rent collections reached approximately 75% as of July 8th -

DALLAS—(BUSINESS WIRE)—July 9, 2020—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 provided a rent update and scheduled its second quarter 2020 earnings release and conference call.

 

As of July 8, 2020

For the

Month Ended

April 30, 2020

For the

Month Ended

May 31, 2020

For the

Month Ended

June 30, 2020

For the

Quarter Ended

June 30, 2020

Base Rent collected across total portfolio

77.3 %

70.0 %

75.9 %

74.4 %

Base Rent collected from top 10 tenants

100.0 %

78.3 %

84.8 %

87.7 %

Base Rent collected from top 20 tenants

91.7 %

77.8 %

81.5 %

83.7 %

 

Financial and operating results for the second quarter ended June 30, 2020 will be released before the market opens on Thursday, August 6, 2020. Spirit will host its second quarter earnings conference call and audio webcast on Thursday, August 6, 2020, at 9:30 a.m. 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 August 20, 2020 with access code 13705993.

(844) 512-2921 (Domestic) / (412) 317-6671 (International)

 

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 March 31, 2020, Spirit’s diversified portfolio was comprised of 1,772 owned properties and 43 properties securing mortgage loans made by Spirit. Spirit’s properties, with an aggregate gross leasable area of approximately 36.1 million square feet, are leased to approximately 298 tenants across 48 states and 28 retail industries.

 

1

 


 

INVESTOR CONTACT

Investor Relations

Pierre Revol

(972) 476-1403

InvestorRelations@spiritrealty.com

 

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words and phrases such as "expect," "plan," "will," "estimate," "project," "intend," "believe," "guidance," "approximately," "anticipate," "may," "should," "seek" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters but are meant to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of future events. Forward-looking statements depend on assumptions, data and/or methods which may be incorrect or imprecise and Spirit may not be able to realize them. Spirit does not guarantee that the 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 Consumer Price Index; 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; Spirit’s ability to manage and liquidate the remaining SMTA Liquidating Trust assets; 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 SEC, including its Annual Report on Form 10-K. All forward-looking statements are based on information that was available, and speak only, as of the date on which they were made. Spirit expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

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