Spirit Realty Capital, Inc. Announces 2022 Dividend Tax Allocation

Rhea-AI Summary

Spirit Realty Capital (NYSE: SRC) announced the tax allocation for its 2022 dividends for common and preferred stock. The common stock dividends of $0.663 per share, paid on January 13, 2023, with a record date of December 30, 2022, will be allocated to the 2023 tax year. Total dividends for common stock reached $2.577 per share, with ordinary dividends of $2.412254. For preferred stock, a total of $1.500000 was declared, with ordinary dividends at $1.436636. Investors are advised to consult tax advisors regarding specific tax treatments concerning their SRC holdings.

Positive

• Common stock dividend of $0.663 per share reflects a steady income for shareholders.
• Total capital gain dividends for common stock amounted to $0.106396, indicating asset performance.

Negative

• Preferred stock showed no qualified dividends, which may impact investor interest.
• Dependency on tenant performance and economic conditions could pose future risks.

DALLAS--(BUSINESS WIRE)-- Spirit Realty Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company"), a net-lease real estate investment trust ("REIT") that invests in single-tenant, operationally essential real estate, announced today the calculation of the tax status of its 2022 common stock (CUSIP #84860W300) and Series A Preferred Stock (CUSIP# 84860W201) dividends.

The following is an allocation of the 2022 common stock (CUSIP #84860W300) dividends for United States federal income tax purposes:

Record Date	Paid Date	Dividend per Share	Ordinary Dividends(1)	Qualified Dividends	Total Capital Gain Dividends(2)	Unrecaptured Sec. 1250 Gain Dividends(3)	Non- Dividend Distributions	Return of Capital %
12/31/21	01/14/22	$0.63800	$0.597213	$0.000000	$0.026341	$0.011753	$0.014446	2.2643%
03/31/22	04/14/22	$0.63800	$0.597213	$0.000000	$0.026341	$0.011753	$0.014446	2.2643%
06/30/22	07/15/22	$0.63800	$0.597213	$0.000000	$0.026341	$0.011753	$0.014446	2.2643%
09/30/22	10/14/22	$0.66300	$0.620615	$0.000000	$0.027373	$0.012213	$0.015012	2.2643%
	Total	$2.577000	$2.412254	$0.000000	$0.106396	$0.047472	$0.058350	2.2643%

(1)	The 2022 “Qualified REIT Dividends” for purposes of Internal Revenue Code Section 199A are the Ordinary Dividends less the Qualified Dividends in the table above.
(2)	For purposes of Section 1061 of the Internal Revenue Code, 100% of the distributions reported as 2022 Total Capital Gain Dividends are from sales of assets that either generated Section 1231 gains or were held for more than 3 years. Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.”
(3)	Unrecaptured Section 1250 Gain is a subset of, and included in, the 2022 Total Capital Gain Dividend amount.

The common stock dividend of $0.663 per share that was paid on January 13, 2023, with a record date of December 30, 2022, will be allocated to the 2023 tax year.

The following is an allocation of the 2022 preferred stock (CUSIP #84860W201) dividends for United States federal income tax purposes:

Record Date	Paid Date	Dividend per Share	Ordinary Dividends(1)	Qualified Dividends	Total Capital Gain Dividends(2)	Unrecaptured Sec. 1250 Gain Dividends(3)	Non- Dividend Distributions	Return of Capital %
03/15/22	03/31/22	$0.375000	$0.359159	$0.000000	$0.015841	$0.007068	$0.000000	0.0000%
06/15/22	06/30/22	$0.375000	$0.359159	$0.000000	$0.015841	$0.007068	$0.000000	0.0000%
09/15/22	09/30/22	$0.375000	$0.359159	$0.000000	$0.015841	$0.007068	$0.000000	0.0000%
12/15/22	12/30/22	$0.375000	$0.359159	$0.000000	$0.015841	$0.007068	$0.000000	0.0000%
	Total	$1.500000	$1.436636	$0.000000	$0.063364	$0.028272	$0.000000	0.0000%

(1)	The 2022 “Qualified REIT Dividends” for purposes of Internal Revenue Code Section 199A are the Ordinary Dividends less the Qualified Dividends in the table above.
(2)	For purposes of Section 1061 of the Internal Revenue Code, 100% of the distributions reported as 2022 Total Capital Gain Dividends are from sales of assets that either generated Section 1231 gains or were held for more than 3 years. Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.”
(3)	Unrecaptured Section 1250 Gain is a subset of, and included in, the 2022 Total Capital Gain Dividend amount.

Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment related to SRC common and preferred stock dividends.

Additional dividend information can be obtained through the Investor Relations section of Spirit’s website at www.spiritrealty.com. For account inquiries related to your SRC dividends, please contact Spirit’s transfer agent, American Stock Transfer & Company, LLC at (866) 703-9065.

ABOUT SPIRIT REALTY

Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases.

As of September 30, 2022, our diverse portfolio consisted of 2,118 retail, industrial and other properties across 49 states, which were leased to 346 tenants operating in 34 industries. As of September 30, 2022, our properties were approximately 99.8% occupied. More information about Spirit Realty Capital can be found on the investor relations page of the Company's website at www.spiritrealty.com.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements can be identified by the use of words and phrases such as “preliminary,” “expect,” “plan,” “will,” “estimate,” “project,” “intend,” “believe,” “guidance,” “approximately,” “anticipate,” “may,” “should,” “seek,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate to historical matters but are meant to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. These forward-looking statements are subject to known and unknown risks and uncertainties that you should not rely on as predictions of future events. Forward-looking statements depend on assumptions, data and/or methods which may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the events described will happen as described (or that they will happen at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and economic conditions; volatility and uncertainty in the financial markets, including potential fluctuations in the Consumer Price Index; Spirit's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; the financial performance of Spirit's retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers; Spirit's ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit's costs of borrowing as a result of changes in interest rates and other factors; Spirit's ability to access debt and equity capital markets; Spirit's ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit's ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect Spirit or its major tenants; Spirit's ability to manage its expanded operations; Spirit's ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended; the impact on Spirit’s business and those of its tenants from epidemics, pandemics or other outbreaks of illness, disease or virus (such as the strain of coronavirus known as COVID-19); and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit's most recent filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements which are based on information that was available, and speak only, as of the date on which they were made. While forward-looking statements reflect Spirit's good faith beliefs, they are not guarantees of future performance. Spirit expressly disclaims any responsibility to update or revise forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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Investor Relations

(972) 476-1403

InvestorRelations@spiritrealty.com

Source: Spirit Realty Capital, Inc.

FAQ

What is the dividend amount for SRC common stock in 2022?

The total dividend for SRC common stock in 2022 was $2.577 per share.

When was the SRC common stock dividend paid in 2023?

The SRC common stock dividend of $0.663 per share was paid on January 13, 2023.

What are the tax implications for SRC dividends in 2022?

Shareholders should consult tax advisors for specific treatment, as the allocations for 2022 include ordinary and capital gain dividends.

Are there qualified dividends for SRC preferred stock?

No, the preferred stock dividends did not include qualified dividends in 2022.