Spirit Realty Capital, Inc. (NYSE:SRC) Positive For 2014


Dallas, Texas 10/10/2013 (Financialstrend) – On September 5, real estate investment trust, Spirit Realty Capital, Inc. (NYSE:SRC) had announced its dividend payout plan to its share holders.  Its board had authorized a payout of $0.00178 per share. This was a daily cash dividend and was calculated for time period starting July 17 and ending September 30. The dividend is expected to be paid out to all share holders on record as of September 30. The payout will happen over October 15.

The $1.91 billion REIT would have paid out close to $0.656 (Including the current announced dividend plan) dividend per share over the trailing 12 months period. This translates to a 7.1% annualized dividend yield.

Analysts are enthused by the fact that the dividend payout yield is in line with dividends paid out payouts earlier to Spirit Realty Capitals acquisition of Cole Credit Property Trust II, Inc. For the former share holders of Cole the September 5 announcement is welcome news since it means a 4% increase over the dividends paid out to them before the merger was announced

In more good news, Spirit Realty Capital forecast for 2014 indicate a slight increase in funds generated from operations for the combined entity. It expects this ratio of funds earned per share to be in the range of $0.77 to $0.82. Its Chairman and CEO Thomas H. Nolan has been quoted to have said that “ We are pleased to declare an attractive dividend, which underscores the strength of our investment strategy, and to provide an outlook for our combined company’s expected strong performance next year.”

On the back of these positive developments, the shares of the REIT stock have held steady. The share price did not see any change in value over the previous week in comparison to lot of its peers recording dip in market value.