Spirit Realty Capital Inc (NYSE:SRC) joins with the REIT


Dallas, Texas 07/18/2013 (Financialstrend) – Spirit Realty Capital Inc (NYSE:SRC) joined with the REIT which was administered by Spirit and would thereby be traded under its existing ticker symbol, SRC. The company joined portfolio of 1,900 properties across 48 states, and also has doubled in size and become one of the biggest publicly-traded net-lease REITs in the nation. The company’s flexible balance sheet and diversified portfolio will enable them to capitalize on a range of future opportunities, such as both direct portfolio acquisitions and strategic transactions. The Company’s operations are done via Spirit Realty, L.P.

The Company invests in real estate in whole of the United States that is leased on a long-term, triple-net basis to tenants with focus in retail, service and distribution industries. The Company’s portfolio of 1,122 owned properties were leased to 165 tenants. The company was started in 2003 to invest in single-tenant real estate, which refers to generally free-standing, commercial real estate facilities. Spirit Realty Capital has invested about $4.3 billion to create this diversified portfolio of greater than 1,200 properties in 18 industries located across 47 states. The company had announced that the surviving corporation after the merger will make declarations on the dividend payments for the third quarter, once the closure of merger is completed in the ordinary course.

There had been a decline of 0.27% in the shares of Spirit Realty Capital Inc (NYSE:SRC) which closed at $18.50 per share on Wednesday. The stock had presented intraday fluctuations on the range of $18.43 to $19.14 per share, after opening at $18.73 for the day. The company had recorded 52 week low at $14.90 and 52 week high at $23.06 per share.

There are 84.83 million shares outstanding with a market cap of $1.57 billion and an institutional ownership of 80% of the total capital. The trading volume on Wednesday was 13.39 million shares and the average volume is at 1.25 million shares per day.