Spirit Realty Capital, Inc. Announces Quarterly Cash Dividend for Common and Preferred Stock

Rhea-AI Summary

Spirit Realty Capital (NYSE: SRC) declared a quarterly cash dividend of $0.625 per common share, amounting to an annualized rate of $2.50. Record holders as of June 30, 2021, will receive their dividends on July 15, 2021. Additionally, a quarterly cash dividend of $0.3750 per share was declared for the Company’s 6.00% Series A Cumulative Redeemable Preferred Stock, payable on June 30, 2021. As of March 31, 2021, Spirit owned 1,880 properties across 48 states, emphasizing its substantial presence in essential real estate.

Positive

• Quarterly cash dividend of $0.625 per common share affirms strong cash flow.
• Annualized dividend rate of $2.50 signals continued commitment to shareholder income.

Negative

• None.

Spirit Realty Capital, Inc. (NYSE: SRC) (“SRC” or “Spirit”), a premier net lease real estate investment trust (“REIT”) that invests in single-tenant, operationally essential real estate, announced today that its Board of Directors declared a quarterly cash dividend on May 19, 2021 of $0.625 per common share, representing an annualized rate of $2.50 per common share. Stockholders of record as of Wednesday, June 30, 2021 will receive the cash dividend on Thursday, July 15, 2021.

The Board of Directors also declared a quarterly cash dividend of $0.3750 per share to holders of the Company’s 6.00% Series A Cumulative Redeemable Preferred Stock. Preferred stockholders of record as of Tuesday, June 15, 2021 will receive the cash dividend on Wednesday, June 30, 2021.

Information pertaining to Spirit’s dividends can be obtained through the investor relations section of the Company’s website at www.spiritrealty.com. For account inquiries relating to Spirit’s quarterly dividends, please contact Spirit’s transfer agent, American Stock Transfer & Trust 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 March 31, 2021, our diverse portfolio of 1,880 owned properties, with an aggregate leasable area of 42.9 million square feet in 48 states, included retail, industrial, office and other buildings leased to 301 tenants across 28 retail industries. 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 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 “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 SEC, including its Annual Report on Form 10-K for the year ended December 31, 2020 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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FAQ

What is the dividend amount declared by Spirit Realty Capital for common shares?

Spirit Realty Capital declared a dividend of $0.625 per common share.

When will the dividend for Spirit Realty Capital's common shares be paid?

The dividend will be paid on July 15, 2021, to stockholders of record as of June 30, 2021.

What dividend was declared for Spirit Realty Capital's preferred stock?

A quarterly cash dividend of $0.3750 per share was declared for the 6.00% Series A Cumulative Redeemable Preferred Stock.

When is the payment date for Spirit Realty Capital's preferred stock dividend?

The preferred stock dividend will be paid on June 30, 2021, to holders of record as of June 15, 2021.

How many properties does Spirit Realty Capital own?

As of March 31, 2021, Spirit Realty Capital owned 1,880 properties across 48 states.