Spirit Realty Capital (SRC) Misses Q2 EPS by 1c, Revenues Miss; Offers FY18 Outlook

Spirit Realty Capital (NYSE: SRC) reported Q2 EPS of $0.05, $0.01 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $102.46 million versus the consensus estimate of $137.32 million.

"We are very pleased with our second quarter results and activity, having successfully completed our Spin-Off transaction, which we believe has created meaningful value for investors and significantly improved Spirit's operating and balance sheet metrics. Spirit now has a portfolio that is 99.6% occupied, with a top 10 tenancy that comprises just 25.5% of contractual rent and an unencumbered asset base that represents approximately 80% of total real estate investments," stated Jackson Hsieh, President and Chief Executive Officer of Spirit. "We are also excited about the acquisitions pipeline we are building for Spirit as we seek to prudently deploy our well-funded balance sheet toward targeted acquisitions that fit within our heat map strategy. In fact, we have $285 million of acquisitions either under contract or letter of intent. As we look ahead, we believe Spirit offers an attractive combination of stable income and potential earnings growth."

GUIDANCE:

AFFO of $0.75 to $0.76 per share (excluding severance charges),
Pro-forma AFFO of $0.67 to $0.68 per share (excluding severance charges),
Capital deployment of $450.0 million to $550.0 million (comprising acquisitions, revenue producing capital expenditures and stock repurchases),
Asset dispositions of $50.0 million to $100.0 million, and
Adjusted Debt to Adjusted EBITDAre of 5.2x to 5.4x.

For earnings history and earnings-related data on Spirit Realty Capital (SRC) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Outlook Therapeutics (OTLK) Misses Q3 EPS by 9c
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49