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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to            

Commission file number

001-36004

 

 

 

SPIRIT REALTY CAPITAL, INC.

 (Exact name of registrant as specified in its charter)

 

 

Maryland

 

20-1676382

 

 

 

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

 

 

2727 North Harwood Street, Suite 300,

Dallas, Texas 75201

 

(972) 476-1900

(Address of principal executive offices; zip code)

 

(Registrant’s telephone number, including area code)

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.05 per share

SRC

New York Stock Exchange

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes    No   

        

  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes    No     

   

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filer

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

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.      

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No  

 

   

 

As of October 29, 2021, there were 123,315,536 shares of common stock, par value $0.05, of Spirit Realty Capital, Inc. outstanding.

 

 


 

INDEX

 

 

 

 

 

 


 

GLOSSARY

1031 Exchange

Tax-deferred like-kind exchange of properties held for business or investment purposes, pursuant to Section 1031 of the Code

2016 ATM Program

At-the-market equity distribution program established in November 2016, which was terminated upon entry into the 2020 ATM Program

2017 Tax Legislation

Tax Cuts and Jobs Act of 2017

2019 Credit Facility

$800.0 million unsecured revolving credit facility pursuant to the 2019 Revolving Credit and Term Loan Agreement

2019 Revolving Credit and Term Loan Agreement

Revolving credit and term loan agreement between the Operating Partnership and certain lenders dated January 14, 2019, as amended or otherwise modified from time to time

2020 ATM Program

At-the-market equity distribution program established in November 2020, pursuant to which the Corporation may offer and sell registered shares of common stock from time to time

2020 Term Loans

$400.0 million senior unsecured term facility pursuant to the 2020 Term Loan Agreement

2020 Term Loan Agreement

Term loan agreement between the Operating Partnership and certain lenders dated April 2, 2020, as amended or otherwise modified from time to time

2021 Notes

$345.0 million 3.75% convertible notes of the Corporation which matured in May 2021

2026 Senior Notes

$300.0 million aggregate principal amount of the Operating Partnership’s 4.45% senior notes due 2026

2027 Senior Notes

$300.0 million aggregate principal amount of the Operating Partnership’s 3.20% senior notes due 2027

2028 Senior Notes

$450.0 million aggregate principal amount of the Operating Partnership’s 2.10% senior notes due 2028

2029 Senior Notes

$400.0 million aggregate principal amount of the Operating Partnership’s 4.00% senior notes due 2029

2030 Senior Notes

$500.0 million aggregate principal amount of the Operating Partnership’s 3.40% senior notes due 2030

2031 Senior Notes

$450.0 million aggregate principal amount of the Operating Partnership’s 3.20% senior notes due 2031

2032 Senior Notes

$350.0 million aggregate principal amount of the Operating Partnership’s 2.70% senior notes due 2032

Adjusted Debt

Adjusted Debt is a non-GAAP financial measure. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Adjusted EBITDAre

Adjusted EBITDAre is a non-GAAP financial measure. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

AFFO

Adjusted Funds From Operations is a non-GAAP financial measure. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Amended Incentive Award Plan

Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, as amended

Annualized Base Rent (ABR)

Represents Base Rent plus earned income from direct financing leases and deferred revenue from development deals for the final month of the reporting period. It is adjusted to reflect acquisitions and dispositions for that month as if such acquisitions and dispositions had occurred as of the beginning of the month. The total is then multiplied by 12. ABR is used when calculating certain metrics to evaluate portfolio credit and diversification and to manage risk.

AOCL

Accumulated Other Comprehensive Loss

ASC

Accounting Standards Codification

Asset Management Agreement

Asset Management Agreement between Spirit Realty, L.P. and Spirit MTA REIT dated May 31, 2018, subsequently assigned by Spirit Realty, L.P. to Spirit Realty AM Corporation on April 1, 2019 and terminated effective as of September 20, 2019

ASU

Accounting Standards Update

ATM Program

The 2016 ATM Program or the 2020 ATM Program, as applicable

Base Cash Rent

Represents Base Rent reduced for amounts abated and rent deemed not probable of collection

Base Rent

Represents contractual rental income for the period, prior to deferral and abatement agreements, and excluding contingent rents.

CMBS

Commercial Mortgage-Backed Securities

Code

Internal Revenue Code of 1986, as amended

Company

The Corporation and its consolidated subsidiaries

3


 

Convertible Notes

The 2021 Notes

Corporation

Spirit Realty Capital, Inc., a Maryland corporation

CPI

Consumer Price Index

EBITDAre

EBITDAre is a non-GAAP financial measure computed in accordance with standards established by NAREIT. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

FFO

Funds From Operations is a non-GAAP financial measure. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

GAAP

Generally Accepted Accounting Principles in the United States

Interim Management Agreement

Interim Management Agreement between Spirit Realty AM Corporation, a wholly-owned subsidiary of the Company, and Spirit MTA REIT dated June 2, 2019, which was effective from September 20, 2019 through September 4, 2020

LIBOR

London Interbank Offered Rate

NAREIT

National Association of Real Estate Investment Trusts

OP Holdings

Spirit General OP Holdings, LLC

Operating Partnership

Spirit Realty, L.P., a Delaware limited partnership

REIT

Real estate investment trust

S&P

S&P's Global Ratings

SEC

Securities and Exchange Commission

Securities Act

Securities Act of 1933, as amended

Senior Unsecured Notes

2026 Senior Notes, 2027 Senior Notes, 2028 Senior Notes, 2029 Senior Notes, 2030 Senior Notes, 2031 Senior Notes and 2032 Senior Notes, collectively

Series A Preferred Stock

6,900,000 shares of 6.000% Cumulative Redeemable Preferred Stock issued October 3, 2017, with a liquidation preference of $25.00 per share

SMTA

Spirit MTA REIT, a Maryland real estate investment trust, or SMTA Liquidating Trust, a Maryland common law trust, as the context dictates. On January 1, 2020, Spirit MTA REIT transferred all of its assets (subject to all of its liabilities) to SMTA Liquidating Trust

Spin-Off

Creation of an independent, publicly traded REIT, SMTA, through our contribution of certain assets to SMTA followed by the distribution by us to our stockholders of all of the common shares of beneficial interest in SMTA.

TSR

Total Shareholder Return

 

Unless otherwise indicated or unless the context requires otherwise, all references to the “registrant, the "Company," "Spirit Realty Capital," "we," "us" or "our" refer to the Corporation and its consolidated subsidiaries, including the Operating Partnership. Unless otherwise indicated or unless the context requires otherwise, all references to the "Operating Partnership" refer to Spirit Realty, L.P. and its consolidated subsidiaries.

4


 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

SPIRIT REALTY CAPITAL, INC.

Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Data)

(Unaudited)

 

 

 

September 30,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

 

 

Land and improvements

 

$

2,371,745

 

 

$

2,090,592

 

Buildings and improvements

 

 

4,643,690

 

 

 

4,302,004

 

Total real estate investments

 

 

7,015,435

 

 

 

6,392,596

 

Less: accumulated depreciation

 

 

(982,382

)

 

 

(850,320

)

 

 

 

6,033,053

 

 

 

5,542,276

 

Intangible lease assets, net

 

 

425,442

 

 

 

367,989

 

Real estate assets under direct financing leases, net

 

 

7,443

 

 

 

7,444

 

Real estate assets held for sale, net

 

 

12,970

 

 

 

25,821

 

Net investments

 

 

6,478,908

 

 

 

5,943,530

 

Cash and cash equivalents

 

 

15,564

 

 

 

70,303

 

Deferred costs and other assets, net

 

 

175,161

 

 

 

157,353

 

Goodwill

 

 

225,600

 

 

 

225,600

 

Total assets

 

$

6,895,233

 

 

$

6,396,786

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Revolving credit facilities

 

$

49,300

 

 

$

 

Term loans, net

 

 

 

 

 

177,309

 

Senior Unsecured Notes, net

 

 

2,717,693

 

 

 

1,927,348

 

Mortgages payable, net

 

 

5,687

 

 

 

212,582

 

Convertible Notes, net

 

 

 

 

 

189,102

 

Total debt, net

 

 

2,772,680

 

 

 

2,506,341

 

Intangible lease liabilities, net

 

 

129,300

 

 

 

121,902

 

Accounts payable, accrued expenses and other liabilities

 

 

154,623

 

 

 

167,423

 

Total liabilities

 

 

3,056,603

 

 

 

2,795,666

 

Commitments and contingencies (see Note 6)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both September 30, 2021 and December 31, 2020

 

 

166,177

 

 

 

166,177

 

Common stock, $0.05 par value, 175,000,000 shares authorized: 123,315,721 and 114,812,615 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

6,166

 

 

 

5,741

 

Capital in excess of common stock par value

 

 

6,472,964

 

 

 

6,126,503

 

Accumulated deficit

 

 

(2,800,129

)

 

 

(2,688,647

)

Accumulated other comprehensive loss

 

 

(6,548

)

 

 

(8,654

)

Total stockholders’ equity

 

 

3,838,630

 

 

 

3,601,120

 

Total liabilities and stockholders’ equity

 

$

6,895,233

 

 

$

6,396,786

 

 

See accompanying notes.

5


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

151,376

 

 

$

112,916

 

 

$

450,483

 

 

$

351,469

 

Interest income on loans receivable

 

 

 

 

 

189

 

 

 

 

 

 

998

 

Earned income from direct financing leases

 

 

131

 

 

 

131

 

 

 

394

 

 

 

439

 

Related party fee income

 

 

 

 

 

178

 

 

 

 

 

 

678

 

Other income

 

 

1,061

 

 

 

327

 

 

 

1,458

 

 

 

1,401

 

Total revenues

 

 

152,568

 

 

 

113,741

 

 

 

452,335

 

 

 

354,985

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

13,103

 

 

 

10,931

 

 

 

39,599

 

 

 

36,396

 

Property costs (including reimbursable)

 

 

5,862

 

 

 

5,049

 

 

 

17,633

 

 

 

18,219

 

Deal pursuit costs

 

 

361

 

 

 

597

 

 

 

860

 

 

 

1,630

 

Interest

 

 

25,078

 

 

 

26,404

 

 

 

77,872

 

 

 

77,858

 

Depreciation and amortization

 

 

63,061

 

 

 

52,170

 

 

 

180,222

 

 

 

157,566

 

Impairments

 

 

4,435

 

 

 

8,106

 

 

 

18,965

 

 

 

69,929

 

Total expenses

 

 

111,900

 

 

 

103,257

 

 

 

335,151

 

 

 

361,598

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on debt extinguishment

 

 

1

 

 

 

(7,252

)

 

 

(29,186

)

 

 

(7,252

)

Gain on disposition of assets

 

 

453

 

 

 

10,763

 

 

 

39,796

 

 

 

11,809

 

Total other income

 

 

454

 

 

 

3,511

 

 

 

10,610

 

 

 

4,557

 

Income (loss) before income tax expense

 

 

41,122

 

 

 

13,995

 

 

 

127,794

 

 

 

(2,056

)

Income tax expense

 

 

(244

)

 

 

(197

)

 

 

(461

)

 

 

(406

)

Net income (loss)

 

 

40,878

 

 

 

13,798

 

 

 

127,333

 

 

 

(2,462

)

Dividends paid to preferred shareholders

 

 

(2,587

)

 

 

(2,587

)

 

 

(7,763

)

 

 

(7,763

)

Net income (loss) attributable to common stockholders

 

$

38,291

 

 

$

11,211

 

 

$

119,570

 

 

$

(10,225

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.32

 

 

$

0.11

 

 

$

1.02

 

 

$

(0.11

)

Diluted

 

$

0.32

 

 

$

0.11

 

 

$

1.02

 

 

$

(0.11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

119,775,871

 

 

 

102,750,120

 

 

 

116,503,634

 

 

 

102,553,798

 

Diluted

 

 

120,302,158

 

 

 

102,938,860

 

 

 

116,870,429

 

 

 

102,553,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share issued

 

$

0.6380

 

 

$

0.6250

 

 

$

1.8880

 

 

$

1.8750

 

 

See accompanying notes.

6


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Comprehensive Income (Loss)

(In Thousands)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss) attributable to common stockholders

 

$

38,291

 

 

$

11,211

 

 

$

119,570

 

 

$

(10,225

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net reclassification of amounts from AOCL

 

 

702

 

 

 

702

 

 

 

2,106

 

 

 

2,106

 

Total comprehensive income (loss)

 

$

38,993

 

 

$

11,913

 

 

$

121,676

 

 

$

(8,119

)

 

See accompanying notes.

 

7


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Stockholders' Equity

(In Thousands, Except Share Data)

(Unaudited)

 

Nine Months Ended September 30, 2021

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Value and

Capital in Excess

of Par Value

 

 

Shares

 

 

Par

Value

 

 

Capital in

Excess of

Par Value

 

 

Accumulated

Deficit

 

 

AOCL

 

 

Total

Stockholders’

Equity

 

Balances, December 31, 2020

 

 

6,900,000

 

 

$

166,177

 

 

 

114,812,615

 

 

$

5,741

 

 

$

6,126,503

 

 

$

(2,688,647

)

 

$

(8,654

)

 

$

3,601,120

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,469

)

 

 

 

 

 

(1,469

)

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net loss attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,057

)

 

 

 

 

 

(4,057

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

702

 

 

 

702

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(71,837

)

 

 

 

 

 

(71,837

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(98,413

)

 

 

(6

)

 

 

 

 

 

(3,837

)

 

 

 

 

 

(3,843

)

Stock-based compensation, net

 

 

 

 

 

 

 

 

233,784

 

 

 

12

 

 

 

3,366

 

 

 

(407

)

 

 

 

 

 

2,971

 

Balances, March 31, 2021

 

 

6,900,000

 

 

$

166,177

 

 

 

114,947,986

 

 

$

5,747

 

 

$

6,129,869

 

 

$

(2,768,785

)

 

$

(7,952

)

 

$

3,525,056

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,924

 

 

 

 

 

 

87,924

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85,336

 

 

 

 

 

 

85,336

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

702

 

 

 

702

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(74,436

)

 

 

 

 

 

(74,436

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(12,597

)

 

 

(1

)

 

 

 

 

 

(548

)

 

 

 

 

 

(549

)

Issuance of shares of common stock, net

 

 

 

 

 

 

 

 

4,116,932

 

 

 

206

 

 

 

145,255

 

 

 

 

 

 

 

 

 

145,461

 

Stock-based compensation, net

 

 

 

 

 

 

 

 

51,591

 

 

 

3

 

 

 

3,611

 

 

 

(360

)

 

 

 

 

 

3,254

 

Balances, June 30, 2021

 

 

6,900,000

 

 

$

166,177

 

 

 

119,103,912

 

 

$

5,955