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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, 2023

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 30, 2023, there were 141,331,218 shares of common stock, par value $0.05, of Spirit Realty Capital, Inc. outstanding.

 


 

INDEX

Glossary

 

3

PART I — FINANCIAL INFORMATION

 

5

 

Item 1.

 

Financial Statements (Unaudited)

 

5

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

28

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

44

 

Item 4.

 

Controls and Procedures

 

45

PART II — OTHER INFORMATION

 

46

 

Item 1.

 

Legal Proceedings

 

46

 

Item 1A.

 

Risk Factors

 

46

 

Item 2.

 

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

 

46

 

Item 3.

 

Defaults Upon Senior Securities

 

46

 

Item 4.

 

Mine Safety Disclosures

 

46

 

Item 5.

 

Other Information

 

46

 

Item 6.

 

Exhibits

 

47

 

 

 

Signatures

 

48

 

 

 

 

 


 

GLOSSARY

2019 Credit Facility

$800 million unsecured revolving credit facility, expanded to $1.2 billion in March 2022, 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, which was terminated upon entry into the 2021 ATM Program

2021 ATM Program

At-the-market equity distribution program established in November 2021, pursuant to which the Corporation may offer and sell registered shares of common stock from time to time

2022 Term Loans

$800.0 million senior unsecured term facility pursuant to the 2022 Term Loan Agreement

2022 Term Loan Agreement

Term loan agreement between the Operating Partnership and certain lenders dated August 22, 2022, as amended or otherwise modified from time to time

2023 Term Loans

$500.0 million senior unsecured term facility pursuant to the 2023 Term Loan Agreement

2023 Term Loan Agreement

Term loan agreement between the Operating Partnership and certain lenders dated November 17, 2022, as amended or otherwise modified from time to time

2026 Senior Notes

$300.0 million principal amount senior notes issued in August 2016

2027 Senior Notes

$300.0 million principal amount senior notes issued in September 2019

2028 Senior Notes

$450.0 million principal amount senior notes issued in March 2021

2029 Senior Notes

$400.0 million principal amount senior notes issued in June 2019

2030 Senior Notes

$500.0 million principal amount senior notes issued in September 2019

2031 Senior Notes

$450.0 million principal amount senior notes issued in August 2020

2032 Senior Notes

$350.0 million principal amount senior notes issued in March 2021

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

Second 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.

AOCIL

Accumulated Other Comprehensive Income / (Loss)

ASU

Accounting Standards Update

Base Cash Rent

Represents Base Rent adjusted for contractual rental income abated, deemed not probable of collection, or recovered from prior period reserves

Base Rent

Represents contractual rental income for the period, prior to deferral or 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

Corporation

Spirit Realty Capital, Inc., a Maryland corporation

CPI

Consumer Price Index

EBITDAre

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

3


 

Exchange Act

Securities Exchange Act of 1934, as amended

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

LIBOR

London Interbank Offered Rate

NAREIT

National Association of Real Estate Investment Trusts

NYSE

New York Stock Exchange

OP Holdings

Spirit General OP Holdings, LLC

Operating Partnership

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

REIT

Real estate investment trust

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

SOFR

Secured Overnight Financing Rate

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,
2023

 

 

December 31,
2022

 

Assets

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

Real estate assets held for investment:

 

 

 

 

 

 

Land and improvements

 

$

2,742,072

 

 

$

2,740,250

 

Buildings and improvements

 

 

6,081,378

 

 

 

5,892,117

 

Less: accumulated depreciation

 

 

(1,354,807

)

 

 

(1,211,061

)

Total real estate assets held for investment, net

 

 

7,468,643

 

 

 

7,421,306

 

Intangible lease assets, net

 

 

389,100

 

 

 

423,870

 

Real estate assets under direct financing leases, net

 

 

7,404

 

 

 

7,427

 

Real estate assets held for sale, net

 

 

61,545

 

 

 

49,148

 

Loans receivable, net

 

 

52,949

 

 

 

23,023

 

Total investments, net

 

 

7,979,641

 

 

 

7,924,774

 

Cash and cash equivalents

 

 

134,166

 

 

 

8,770

 

Deferred costs and other assets, net

 

 

310,801

 

 

 

313,722

 

Goodwill

 

 

225,600

 

 

 

225,600

 

Total assets

 

$

8,650,208

 

 

$

8,472,866

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Revolving credit facilities

 

$

 

 

$

55,500

 

Term loans, net

 

 

1,090,198

 

 

 

792,309

 

Senior Unsecured Notes, net

 

 

2,725,505

 

 

 

2,722,514

 

Mortgages payable, net

 

 

4,545

 

 

 

4,986

 

Total debt, net

 

 

3,820,248

 

 

 

3,575,309

 

Intangible lease liabilities, net

 

 

106,814

 

 

 

118,077

 

Accounts payable, accrued expenses and other liabilities

 

 

230,353

 

 

 

218,164

 

Total liabilities

 

 

4,157,415

 

 

 

3,911,550

 

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, 2023 and December 31, 2022

 

 

166,177

 

 

 

166,177

 

Common stock, $0.05 par value, 350,000,000 shares authorized: 141,331,218 and 141,231,219 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

 

7,067

 

 

 

7,062

 

Capital in excess of common stock par value

 

 

7,300,728

 

 

 

7,285,629

 

Accumulated deficit

 

 

(3,036,475

)

 

 

(2,931,640

)

Accumulated other comprehensive income

 

 

55,296

 

 

 

34,088

 

Total stockholders’ equity

 

 

4,492,793

 

 

 

4,561,316

 

Total liabilities and stockholders’ equity

 

$

8,650,208

 

 

$

8,472,866

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

188,205

 

 

$

180,296

 

 

$

561,765

 

 

$

520,930

 

Interest income on loans receivable

 

 

1,506

 

 

 

521

 

 

 

3,919

 

 

 

1,362

 

Earned income from direct financing leases

 

 

131

 

 

 

131

 

 

 

393

 

 

 

393

 

Other operating income

 

 

3,533

 

 

 

1,956

 

 

 

4,888

 

 

 

3,550

 

Total revenues

 

 

193,375

 

 

 

182,904

 

 

 

570,965

 

 

 

526,235

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

14,062

 

 

 

14,313

 

 

 

45,016

 

 

 

42,408

 

Property costs (including reimbursable)

 

 

8,382

 

 

 

7,395

 

 

 

24,077

 

 

 

22,600

 

Deal pursuit costs

 

 

342

 

 

 

470

 

 

 

1,174

 

 

 

1,490

 

Interest

 

 

36,919

 

 

 

30,956

 

 

 

104,993

 

 

 

84,573

 

Depreciation and amortization

 

 

79,370

 

 

 

74,600

 

 

 

236,527

 

 

 

216,606

 

Impairments

 

 

19,258

 

 

 

1,571

 

 

 

36,052

 

 

 

11,096

 

Total expenses

 

 

158,333

 

 

 

129,305

 

 

 

447,839

 

 

 

378,773

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

(172

)

Gain on disposition of assets

 

 

3,661

 

 

 

23,302

 

 

 

66,450

 

 

 

63,107

 

Other income

 

 

 

 

 

 

 

 

 

 

 

5,679

 

Total other income

 

 

3,661

 

 

 

23,302

 

 

 

66,450

 

 

 

68,614

 

Income before income tax expense

 

 

38,703

 

 

 

76,901

 

 

 

189,576

 

 

 

216,076

 

Income tax expense

 

 

(235

)

 

 

(261

)

 

 

(754

)

 

 

(640

)

Net income

 

 

38,468

 

 

 

76,640

 

 

 

188,822

 

 

 

215,436

 

Dividends paid to preferred shareholders

 

 

(2,587

)

 

 

(2,587

)

 

 

(7,763

)

 

 

(7,763

)

Net income attributable to common stockholders

 

$

35,881

 

 

$

74,053

 

 

$

181,059

 

 

$

207,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.25

 

 

$

0.54

 

 

$

1.28

 

 

$

1.56

 

Diluted

 

$

0.25

 

 

$

0.54

 

 

$

1.28

 

 

$

1.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

141,124,401

 

 

 

136,314,369

 

 

 

141,094,907

 

 

 

132,835,210

 

Diluted

 

 

141,149,865

 

 

 

136,314,369

 

 

 

141,103,395

 

 

 

132,965,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share issued

 

$

0.6696

 

 

$

0.6630

 

 

$

1.9956

 

 

$

1.9390

 

See accompanying notes.

6


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Comprehensive Income

(In Thousands)

(Unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income attributable to common stockholders

 

$

35,881

 

 

$

74,053

 

 

$

181,059

 

 

$

207,673

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Net reclassification of amounts from AOCIL

 

 

8,260

 

 

 

40,204

 

 

 

21,208

 

 

 

41,608

 

Total comprehensive income

 

$

44,141

 

 

$

114,257

 

 

$

202,267

 

 

$

249,281

 

See accompanying notes.

7


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Stockholders' Equity

(In Thousands, Except Share Data)

(Unaudited)

Nine Months Ended September 30, 2023

 

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

 

 

AOCIL

 

 

Total
Stockholders’
Equity

 

Balances, December 31, 2022

 

 

6,900,000

 

 

$

166,177

 

 

 

141,231,219

 

 

$

7,062

 

 

$

7,285,629

 

 

$

(2,931,640

)

 

$

34,088

 

 

$

4,561,316

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

96,173

 

 

 

 

 

 

96,173

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93,585

 

 

 

 

 

 

93,585

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,586

)

 

 

(10,586

)

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(93,675

)

 

 

 

 

 

(93,675

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(30,279

)

 

 

(2

)

 

 

 

 

 

(1,310

)

 

 

 

 

 

(1,312

)

Stock-based compensation, net

 

 

 

 

 

 

 

 

98,982

 

 

 

5

 

 

 

5,225

 

 

 

(659

)

 

 

 

 

 

4,571

 

Balances, March 31, 2023

 

 

6,900,000

 

 

$

166,177

 

 

 

141,299,922

 

 

$

7,065

 

 

$

7,290,854

 

 

$

(2,933,699

)

 

$

23,502

 

 

$

4,553,899

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,181

 

 

 

 

 

 

54,181

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51,593

 

 

 

 

 

 

51,593

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,534

 

 

 

23,534

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(93,700

)

 

 

 

 

 

(93,700

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(3,825

)

 

 

 

 

 

 

 

 

(145

)

 

 

 

 

 

(145

)

Stock-based compensation, net

 

 

 

 

 

 

 

 

35,261

 

 

 

2

 

 

 

4,968

 

 

 

311

 

 

 

 

 

 

5,281

 

Balances, June 30, 2023

 

 

6,900,000

 

 

$

166,177

 

 

 

141,331,358

 

 

$

7,067

 

 

$

7,295,822

 

 

$

(2,975,640

)

 

$

47,036

 

 

$

4,540,462

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,468

 

 

 

 

 

 

38,468

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,587

)

 

 

 

 

 

(2,587

)

Net income available to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,881

 

 

 

 

 

 

35,881

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,260

 

 

 

8,260

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(94,635

)

 

 

 

 

 

(94,635

)

Stock-based compensation, net

 

 

 

 

 

 

 

 

(140

)

 

 

 

 

 

4,906

 

 

 

(2,081

)

 

 

 

 

 

2,825

 

Balances, September 30, 2023

 

 

6,900,000

 

 

$

166,177

 

 

 

141,331,218

 

 

$

7,067

 

 

$

7,300,728

 

 

$

(3,036,475

)

 

$

55,296

 

 

$

4,492,793

 

 

 

 

 

 

 

 

 

8


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Stockholders' Equity

(In Thousands, Except Share Data)

(Unaudited)

Nine Months Ended September 30, 2022

 

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

 

 

AOCIL