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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, 2022

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 November 4, 2022, there were 139,660,241 shares of common stock, par value $0.05, of Spirit Realty Capital, Inc. outstanding.

 

 


 

INDEX

 

 

 

 

 

 


 

GLOSSARY

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 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

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 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

2021 Convertible Notes

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

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

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)

ASC

Accounting Standards Codification

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

Convertible Notes

2021 Convertible 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

3


 

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

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

SOFR

Secured Overnight Financing Rate

 

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,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Real estate assets held for investment:

 

 

 

 

 

 

 

 

Land and improvements

 

$

2,734,123

 

 

$

2,516,715

 

Buildings and improvements

 

 

5,713,209

 

 

 

4,962,203

 

Less: accumulated depreciation

 

 

(1,188,794

)

 

 

(1,033,391

)

Total real estate assets held for investment, net

 

 

7,258,538

 

 

 

6,445,527

 

Intangible lease assets, net

 

 

440,910

 

 

 

426,972

 

Real estate assets under direct financing leases, net

 

 

7,434

 

 

 

7,442

 

Real estate assets held for sale, net

 

 

24,344

 

 

 

8,264

 

Loans receivable, net

 

 

23,023

 

 

 

10,450

 

Total investments, net

 

 

7,754,249

 

 

 

6,898,655

 

Cash and cash equivalents

 

 

109,829

 

 

 

17,799

 

Deferred costs and other assets, net

 

 

251,832

 

 

 

188,816

 

Goodwill

 

 

225,600

 

 

 

225,600

 

Total assets

 

$

8,341,510

 

 

$

7,330,870

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Revolving credit facilities

 

$

 

 

$

288,400

 

Term loans

 

 

791,791

 

 

 

 

Senior Unsecured Notes, net

 

 

2,721,534

 

 

 

2,718,641

 

Mortgages payable, net

 

 

5,130

 

 

 

5,551

 

Total debt, net

 

 

3,518,455

 

 

 

3,012,592

 

Intangible lease liabilities, net

 

 

121,670

 

 

 

128,077

 

Accounts payable, accrued expenses and other liabilities

 

 

180,595

 

 

 

190,402

 

Total liabilities

 

 

3,820,720

 

 

 

3,331,071

 

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, 2022 and December 31, 2021

 

 

166,177

 

 

 

166,177

 

Common stock, $0.05 par value, 350,000,000 shares authorized: 139,661,826 and 127,699,235 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

 

6,983

 

 

 

6,385

 

Capital in excess of common stock par value

 

 

7,217,245

 

 

 

6,673,440

 

Accumulated deficit

 

 

(2,905,376

)

 

 

(2,840,356

)

Accumulated other comprehensive income (loss)

 

 

35,761

 

 

 

(5,847

)

Total stockholders’ equity

 

 

4,520,790

 

 

 

3,999,799

 

Total liabilities and stockholders’ equity

 

$

8,341,510

 

 

$

7,330,870

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

180,296

 

 

$

151,376

 

 

$

520,930

 

 

$

450,483

 

Interest income on loans receivable

 

 

521

 

 

 

 

 

 

1,362

 

 

 

 

Earned income from direct financing leases

 

 

131

 

 

 

131

 

 

 

393

 

 

 

394

 

Other operating income

 

 

1,956

 

 

 

1,061

 

 

 

3,550

 

 

 

1,458

 

Total revenues

 

 

182,904

 

 

 

152,568

 

 

 

526,235

 

 

 

452,335

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

14,313

 

 

 

13,103

 

 

 

42,408

 

 

 

39,599

 

Property costs (including reimbursable)

 

 

7,395

 

 

 

5,862

 

 

 

22,600

 

 

 

17,633

 

Deal pursuit costs

 

 

470

 

 

 

361

 

 

 

1,490

 

 

 

860

 

Interest

 

 

30,956

 

 

 

25,078

 

 

 

84,573

 

 

 

77,872

 

Depreciation and amortization

 

 

74,600

 

 

 

63,061

 

 

 

216,606

 

 

 

180,222

 

Impairments

 

 

1,571

 

 

 

4,435

 

 

 

11,096

 

 

 

18,965

 

Total expenses

 

 

129,305

 

 

 

111,900

 

 

 

378,773

 

 

 

335,151

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on debt extinguishment

 

 

 

 

 

1

 

 

 

(172

)

 

 

(29,186

)

Gain on disposition of assets

 

 

23,302

 

 

 

453

 

 

 

63,107

 

 

 

39,796

 

Other income

 

 

 

 

 

 

 

 

5,679

 

 

 

 

Total other income

 

 

23,302

 

 

 

454

 

 

 

68,614

 

 

 

10,610

 

Income before income tax expense

 

 

76,901

 

 

 

41,122

 

 

 

216,076

 

 

 

127,794

 

Income tax expense

 

 

(261

)

 

 

(244

)

 

 

(640

)

 

 

(461

)

Net income

 

 

76,640

 

 

 

40,878

 

 

 

215,436

 

 

 

127,333

 

Dividends paid to preferred shareholders

 

 

(2,587

)

 

 

(2,587

)

 

 

(7,763

)

 

 

(7,763

)

Net income attributable to common stockholders

 

$

74,053

 

 

$

38,291

 

 

$

207,673

 

 

$

119,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.54

 

 

$

0.32

 

 

$

1.56

 

 

$

1.02

 

Diluted

 

$

0.54

 

 

$

0.32

 

 

$

1.56

 

 

$

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

136,314,369

 

 

 

119,775,871

 

 

 

132,835,210

 

 

 

116,503,634

 

Diluted

 

 

136,314,369

 

 

 

120,302,158

 

 

 

132,965,297

 

 

 

116,870,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share issued

 

$

0.6630

 

 

$

0.6380

 

 

$

1.9390

 

 

$

1.8880

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income attributable to common stockholders

 

$

74,053

 

 

$

38,291

 

 

$

207,673

 

 

$

119,570

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net reclassification of amounts from AOCIL

 

 

40,204

 

 

 

702

 

 

 

41,608

 

 

 

2,106

 

Total comprehensive income

 

$

114,257

 

 

$

38,993

 

 

$

249,281

 

 

$

121,676

 

 

See accompanying notes.

 

7


 

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

 

 

Total

Stockholders’

Equity

 

Balances, December 31, 2021

 

 

6,900,000

 

 

$

166,177

 

 

 

127,699,235

 

 

$

6,385

 

 

$

6,673,440

 

 

$

(2,840,356

)

 

$

(5,847

)

 

$

3,999,799

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

56,056

 

 

 

 

 

 

56,056

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,468

 

 

 

 

 

 

53,468

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

702

 

 

 

702

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85,688

)

 

 

 

 

 

(85,688

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(39,028

)

 

 

(2

)

 

 

 

 

 

(6,408

)

 

 

 

 

 

(6,410

)

Issuance of shares of common stock, net

 

 

 

 

 

 

 

 

6,559,406

 

 

 

328

 

 

 

299,440

 

 

 

 

 

 

 

 

 

299,768

 

Stock-based compensation, net

 

 

 

 

 

 

 

 

86,888

 

 

 

4

 

 

 

4,021

 

 

 

(496

)

 

 

 

 

 

3,529

 

Balances, March 31, 2022

 

 

6,900,000

 

 

$

166,177

 

 

 

134,306,501

 

 

$

6,715

 

 

$

6,976,901

 

 

$

(2,879,480

)

 

$

(5,145

)

 

$

4,265,168

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82,740

 

 

 

 

 

 

82,740

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

80,152

 

 

 

 

 

 

80,152

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

702

 

 

 

702

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(86,987

)

 

 

 

 

 

(86,987

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(403

)

 

 

 

 

 

 

 

 

(17

)

 

 

 

 

 

(17

)

Issuance of shares of common stock, net

 

 

 

 

 

 

 

 

1,999,996

 

 

 

100

 

 

 

89,864

 

 

 

 

 

 

 

 

 

89,964

 

Stock-based compensation, net

 

 

 

 

 

 

 

 

35,591

 

 

 

2

 

 

 

4,385

 

 

 

(498

)

 

 

 

 

 

3,889

 

Balances, June 30, 2022

 

 

6,900,000

 

 

$

166,177

 

 

 

136,341,685