Dallas, Texas 07/19/2013 (Financialstrend) – The firm officially announced the merger of Scottsdale’s Spirit Realty Capital with Phoenix’s Cole Credit Property Trust II in July, 2013. With a joint portfolio of about 1900 properties across 48 states, SRC has at this time nearly doubled in size which made the firm as one of the largest publicly traded net-lease REITs in the nation.
SRC’s Chairman and CEO has announced that by combining with Phoenix’s Cole II, they have made significant improvement on the strategic objectives as well as the new firm’s diversified collection and flexible balance sheet will enable SRC to take advantage on a range of future opportunities, with both organic straight portfolio acquisitions & strategic transactions.
As of Spirit, since September, the REIT has been on Wall Street, while its IPO raised $455 million in net profits from the trade of 29 million common shares at $15 per share. Cole II was not traded on a stock exchange but it was a public entity still that means its shares were also available directly to public and the REIT was as a result subject to regular financial disclosures by means of the U.S. Securities and Exchange Commission. Cole II is managed by Cole Real Estate which was also one of six REITS. Spirit Realty Capital Inc (NYSE:SRC) is a self administered & self managed REIT that was formed in 2003. The firm’s operations are carried out all the way through Spirit Realty, L. P. (the operating Partnership).
Shares of Spirit Realty Capital Inc (NYSE:SRC) had moved on to loss 0.11% on Friday and thereby closed at $9.32 per share for the day. The company had recorded intraday price fluctuations moving from as low as $9.11 to as high as $9.86 on the day. The 52 week low for the stock is at $9.11 and 52 week high is at $9.86 per share.
The company holds 84.83 million shares and 80% of institutional ownership with a market cap of $790.65 million. On Friday, there had been a trading volume of 21.70 million shares of the company.