Spirit Realty Capital (SRC) Tops Q4 EPS by 25c, Revenues Beats

Spirit Realty Capital (NYSE: SRC) reported Q4 EPS of $0.60, $0.25 better than the analyst estimate of $0.35. Revenue for the quarter came in at $129.48 million versus the consensus estimate of $106.72 million.

• Executed $1.62 billion unsecured credit facility in January 2019, comprised of an $800 million unsecured revolving credit facility maturing in March 2023, a $420 million unsecured term loan maturing in March 2024 and a $400 million unsecured delayed draw term loan maturing in March 2022.
• Received final settlement of $19.7 million from Haggen (the "Haggen Settlement") in relation to the Company\'s claim from 20 properties leased to Haggen at the time of Haggen\'s bankruptcy in 2015.
• Generated net income from continuing operations of $0.61 vs $0.37 per diluted share, FFO of $0.93 vs $0.94 per share and AFFO of $1.06 vs $1.06 per share, compared to same quarter 2017. AFFO excluding the impact of the Haggen Settlement was $0.84 per share for the fourth quarter 2018, which equates to an annualized AFFO per share of $3.34.
• Achieved strong operating results, including portfolio occupancy of 99.7% as of December 31, 2018 and same store Contractual Rent growth of 1.6%.
• Decreased Adjusted Debt to Annualized Adjusted EBITDAre to 5.1x at December 31, 2018.
• Had corporate liquidity of $668.2 million as of December 31, 2018, including availability under the unsecured revolving credit facility and cash available for investment.

“2018 was a strong year for Spirit across our entire business. We successfully completed the Spin-Off of SMTA, demonstrated consistent portfolio operations, achieved results at the high end of our AFFO guidance metric and attained leverage at one turn below the low-end of our target. Our relationship-driven pipeline, proprietary analytical tools, strong balance sheet and healthy portfolio put Spirit in a position to deliver consistent results. As we look into 2019, Spirit will be focused on meeting our acquisition and disposition targets, continuing our high quality operations and assisting SMTA in executing its strategic alternatives. We believe these actions are the final steps to achieve our goal of becoming a simplified, pure-play triple net REIT,” stated Jackson Hsieh, President and Chief Executive Officer.

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

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