Spirit Realty Capital (SRC) Tops Q4 EPS by 6c
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Spirit Realty Capital (NYSE: SRC) reported Q4 EPS of $0.24, $0.06 better than the analyst estimate of $0.18.
FOURTH QUARTER 2020 HIGHLIGHTS
- Invested $436.3 million, including $435.0 million for the acquisition of 99 properties, with an initial weighted average cash yield of 6.70% and an economic yield of 7.45%. Generated $43.6 million in gross proceeds from the disposition of 17 properties, of which ten were vacant.
- Generated net income of $0.24 vs $0.02 per diluted share, FFO of $0.73 vs $0.73 per share and AFFO of $0.74 vs $0.76 per share, compared to the same quarter in 2019.
- Issued 8.9 million shares of common stock, generating net proceeds of $310.9 million, to settle certain forward contracts entered into during 2020. In November 2020, the Board of Directors approved a new $500.0 million At-the-Market Program and the Company terminated its existing At-the-Market Program. As of December 31, 2020, Spirit had unsettled forward contracts for 4.1 million shares of common stock.
- Adjusted Debt to Annualized Adjusted EBITDAre of 5.3x, or 5.0x assuming the settlement of the 4.1 million open forward equity contracts.
- Produced strong operational performance, with occupancy of 99.6%, Lost Rent of 3.4% (or 1.0% excluding movie theaters) and Property Cost Leakage of 1.9%.
- Had Corporate Liquidity of $1.0 billion as of December 31, 2020, comprised of availability under the 2019 Credit Facility, cash and cash equivalents and available proceeds from unsettled forward equity contracts.
“I am very pleased to report a strong fourth quarter, as demonstrated by our growing earnings, improving credit and operating metrics and robust acquisition activity. I am particularly proud of our portfolio’s demonstrated durability and high credit quality throughout 2020, with no bankruptcies in our top 30 tenants since the COVID-19 pandemic began. In addition, the $436.3 million of capital we deployed during the quarter helped to deepen relationships with our existing tenants and develop new ones. As we look ahead to 2021, we expect to remain highly offensive, maintaining our strong operational performance while continuing to enhance our portfolio and earnings through accretive acquisitions,” stated Jackson Hsieh, President and Chief Executive Officer.
The Company is providing guidance for fiscal year 2021:
- AFFO of $3.00 to $3.10 per share and
- Net capital deployment of $700 million to $900 million (comprising acquisitions, revenue producing capital expenditures and development deals, net of dispositions).
For earnings history and earnings-related data on Spirit Realty Capital (SRC) click here.
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